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5 Mistakes To Avoid When Buying a Home

Home is where a heart is. Hence, while buying a house that we plan to make our home, we need to put little more than just our hearts. I call it caution and carefulness. You can read them in the tips below-


Five Mistakes to Avoid When buying A Home

1) Going Overbudget- Oh you have seen that colourful Dossier from the Builder and, even though your budget is 2BHK, you want to get investing inside 3BHK flat at per SQ feet cost more than your budget? Hmmm since you made a budget, better is to follow it unless the margin of change is minimal enough.

2) Mistaking Advertised Super Built area as carpet area- Actual carpet area would be lesser than what is advertised. Read the fine print. Do a carpet Area Analysis and buy a house with higher floor efficiencies

3) Not Doing thorough Research before finalisation- The glitz, the increasing demand created by builder/marketer and indeed the low offer price may entice you. However, before you get lured in and finalis\xe, do check expert and social ratings of the project. Check out the other existing or completed project by the same builder and if possible, do check for feedback from existing buyer.  Remember, a stitch at a time saves nine.

4) Uncertain of your Tenancy- If you are planning to move to another city, you may want to contemplate projects there. A lot of people make mistake buying a house thinking to rent it out. Renting out a house is not easy unless the area it is in has a high rental value attached to it and is a location for rental merits.

5) Not factoring "Added cost"- Buying a house is not a cake walk. There is additional cost likes registration, maintenance, duties, utilities, property taxes etc that comes along and needs to be factored. It is not just your "rental amount" replaced with "EMI" but lot more. So do not forget to consider them.

Recently a friend of mine had a bad experience with a company called Realty compass. Do not let people or companies fool you in name of your dreams. Be well prepared and play safe. It is your money after all. Companies like Realty Compass etc are not worth your time and money.

Remember a smart investor is a happy investor. Weigh your pros and cons before investing into real estate and make your house a fond investment memory to live by.

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