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5 Mistakes to Avoid While Buying a Home

03 Nov 2016


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5 Mistakes to Avoid While Buying a HomeWhile buying a house can be a great investment, it is important that you be aware of any mistakes you could make. As a homebuyer, you could be lured by by the sales pitch if you don't keep your actual requirements in mind and may end up landing in trouble.

 

The following are the common mistakes you should avoid when looking to buy a home:

 

1. Paying token money before the loan is approved

Sometimes, buyers tend to pay the token money in order to ensure that the house is not sold to someone else. It is advisable to take the plunge only after making sure that the home loan is approved. If the loan is not approved, you may get caught up in legal cases or will have to forego the said house.

 

2. Not Reading the Purchase Agreement

If you do not read the purchase agreement before buying the house, there are greater chances of exposing yourself to fraud or forgery. This also means that you have not verified the document and hence, are not sure if the house has all the requisite clearances.

 

3. Not Discussing the Fixed and Variable Costs

Not being aware of the expenses involved may put you in trouble. It's vital to be aware of all the expenses beforehand, to avoid any unpleasant surprises later.

 

4. Choosing a Locality that has Lack of Infrastructure

A locality may face issues such as electricity shortage, water supply problems or lack of social and physical infrastructure, which can make life difficult. Therefore, evaluate the location properly before buying the house.

 

5. Ignorance of the Super-Built Up Area and Carpet Area

Properties which are priced on the basis of the super built-up area always cost more than those priced on the basis of the carpet area. For your understanding, get a quote of the carpet area rate.

 

Some Tips:

 

   - Take help from experienced professionals, even legal professionals, who can guide you in the property buying process.

   - Always choose a renowned builder when buying a property.

   - Calculate your monthly expenditure and evaluate your loan eligibility before buying a property.

   - Choose a location that can give you good returns on your investment.

   - Check the title and all the legal aspects of the property.

 

Authored by Goel Ganga Developments, one of the premium real estate developers in Pune

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