Dream Home: Things to avoid while buying it

We all make mistakes. But if you make a small mistake when buying a dream home, it can cost you a lot. Here’s a quick list of things to avoid while buying your dream home.

1. Not keeping your choices open: People often act quickly because they don’t want to miss out on a good home deal. But it’s important that you meet with a couple of brokers to look at properties in the places you’ve chosen. With as many options as there are on the Indian real estate market, you can be sure that you can always find something that fits your budget and other needs.

2. Being obsessed with ready units: Don’t be obsessed with buying a ready unit in order to avoid having to pay rent and EMIs at the same time. A property that is still being built can sometimes be a better choice in terms of location, living space, amenities, and price. The only problem is the time window. But if you do a lot of research, you might find projects that are close to being finished. Considering the other benefits, it might not be such a bad idea to pay rent every month for about two years.

3. Not getting pre-approved for a home loan: Getting pre-approved for a home loan is an important step before getting into the real estate market because owners and developers want proof of a buyer’s ability to pay. This would also help you, as a buyer, figure out how likely you are to be able to pay back a loan.

4. Not taking into account the growth of your family: When planning to buy a dream home, you should always think about how big your family is now and how big it might get in the future. For example, if you want to get married or have children, you should think about how much space you will need in the future. Also, think about any extra costs that might make it harder for you to pay your EMIs.

5. Stay with your plan: Before you start looking for your dream home, make a plan for how much you can spend and stick to it. Remember that the down payment you made at the beginning is not the only cost you have. Registration fees, brokerage fees, maintenance fees, and the Goods and Services Tax (GST) are some of the other costs you should factor into your budget when buying a home.

6. Don’t spend too much on home accessories: It’s exciting to move into a dream home, and you might be tempted to buy everything new, from furniture to kitchen appliances to bathroom fixtures. But be careful not to do too much. Set a budget, and don’t go over it. It might not be a bad idea to use old furniture or buy second-hand furniture.

7. No or little down payment: The bigger the principal amount of your home loan, the more interest you’ll have to pay. So, don’t book your home with a small or no down payment. This might let you buy a house early in your career, but it would also make your home loan last longer and eventually cost you more in interest.

8. No home inspection: The house you want to buy may look perfect on the outside. But look more closely before you sign the papers and take over. If the house is ready to move in, check it room by room to see if it doesn’t match the floor plan or if there are any places that might need fixing. If anything goes wrong, you should tell the owner or developer right away. This could even help you get a discount on the total price you “ask” for.

Here You can Also read about points to consider while purchasing a dream home.

Disclaimer: The opinions shown above are mainly for informational reasons and are based on market research. Deal Acres is not responsible for any actions made as a result of relying on the provided material and makes no representations as to its accuracy, completeness, or reliability.