Biggest Mistakes First Time Home Buyers Make
The more experience you gain with real estate buying, the more you will learn about the process of buying property in India. In between the perplexing terminologies and logistics of purchasing a home in India, it is really very easy to make a wrong move and end up making a wrong investment. So, if you are a first time home buyer, skip all buyers’ regrets simply by learning about some common mistakes that first time buyers often make and how to avoid them efficiently to break a wise and profitable deal in real estate. Whether it is affordable housing projects or any luxury projects, you need to be equipped with right skills and knowledge to make a wise purchasing decision.
Not Having Pre-Approved Loans before Shopping Around
In many cases, first time home buyers fall in love with the house which they can’t afford. And to prevent this from happening, you need to get pre-approved mortgage loan. But before applying for the loan you need to know what you can easily afford and how much you can repay as monthly instalment. With the help of the mortgage broker or consultant you can easily figure out the amount that you can afford to take as loan. Most of the banks will pre-approve you loan if the amount is higher, but you don’t have to overextend simply be realistic and take loan which you can afford to repay.
Not Seeking Advice from Property Consultants
The internet is flooded with plenty of details about any residential or commercial projects. But it is always wise to seek help from property consultants prior to buying home or investing in Property for Sale in India. The consultants will educate the first time home buyers about the complicated process and even help them to close the deal by handling the paperwork on their behalf. Plus the consultants will also offer valuable insights about the property, its locality and connectivity, based on which home buyers can make wise and informed purchasing decision.
Not Making Informed Offers
One of the common mistakes that most of first time home buyers make is allowing their emotions to lead the offer. You must always make the offer when you are serious about the property and ensure the offer is based on comparable sales instead of just how much you love the property. The price offering must reflect the property value and the best negotiation is when the seller and buyer both feel that the offer is the win-win situation for them.
Only Exploring One Option and Not Others!
This is another common mistake that is made by most of the first time home buyers in India. They usually fall in love with the property or house which they see first and avoid exploring other options. But, this mistake must be avoided as chances are you may get better options and better deals when you explore more. You may even get better apartments or flats within your specific budget with some extra without any additional cost. But this is only possible when you explore more and find better deals in realty market of India.
Considering Only One Lender for Mortgage Loan
When it comes to buy any realty or property in India, you need mortgage loans and ensure that you do due diligence before opting for any mortgage loan. You have to discuss with experienced loan officers that can find the best rates and mortgage products for you. You need to discuss with them about your personal needs and financial conditions so that they can easily help direct you towards the best mortgage products as per your personal needs and financial situation.
Not Seeing the Past and Its Appurtenance
This is basically a two pronged issue and both are quite complicated indeed. In the first case, finding a property which is updated with luxury amenities and finishing and decorated alluringly and this is called eye candy. But buyers usually forget to look for superficial details, location, yard and other amenities.
In second case, buyers usually overlook the home which needs fresh paint and cosmetic updates and they simply make the deal for which they regret later. So, when buying a home you need to keep both these factors in mind.
So, these were some of the mistakes which first time home buyers usually make when buying 2BHK Flats, land or luxury apartments in India. So, avoid these common mistakes next time when you are about to make a realty deal and keep yourself updated with latest information available online.
