Doing anything for the first time can lead to mistakes. There are several common mistakes that sellers make at the time of selling a house and there are also some mistakes that buyers make at the time of purchasing a house. The process of purchasing a flat for the first time ever can be quite exciting and at the same time, it can be quite confusing as well. This can be specially challenging, if you are not aware of the process. Therefore, it is important to avoid some of the most Common Mistakes Buyers Make. In this blog, we will discuss about the mistakes that buyers tend to make and how these can be avoided. Irrespective of whether you are trying to buy a commercial or residential property, the options might become too overwhelming. So making mistakes is but obvious.

Common Mistakes Buyers Make when buying Property for the First Time

1. Getting Emotionally Attached

It is quite easy to get emotionally attached to a property that caters to your requirements. It is however important to check the practical details as well before making any final decision. The first and the most important thing that you need to check is whether the property is within your budget. Apart from this you will also have to check the reputation of the builder and their track record in terms of delivery. This is all the more true when you are buying an under construction property.

2. Going Over Budget

You probably might have seen the property and your entire family likes it, however, it is going beyond your budget and your loan eligibility. It might feel as if the financial stretch can be handled in the initial months, but the actual truth is that, it might drain you out across various levels. It might also be difficult for you to cover the unforeseen medical expenses, insurance and the rising school fee of your children. This financial stress might cause you a lot of stress and might disturb your family life.

3. Not Purchasing from a reputed Builder

When you are buying the property from a reputed builder, you can be sure that the building as well as the legal aspects will be covered in terms of the clear land title, proper plan approvals etc. You can also be rest assured that the construction quality will be good. If buying an under construction property, you can be rest assured that the property will be delivered in time. On the other hand, when you are purchasing the property from an unknown builder, that might save some money, however, you might have to compromise on the quality and there might be chances that the construction is not legally approved. You might also face issues getting the delivery of the project that might go beyond deadline.

4. Not Doing Proper Research

You should keep a list ready for the things that you are looking in your new house like your budget preference, your location preference etc. Once, you have this in place, you can start researching for the projects that meet these criteria. These days most of the projects are available online. You can therefore opt for a virtual walk through as well. You can therefore also browse several projects that you could have, if you had to physically visit each project. Research will help you understand the kind of projects that are available in the market. It is important for you to know what to Expect When Buying a Home.

5. Not Checking Loan Eligibility

You should never proceed with the purchase of the property till you are sure of the financial status. Typically a property purchase requires a down payment that ranges from 10 to 25 percent of the actual value of the property and the remaining amount can be availed from the bank as loan. There is an estimated loan figure for which you are eligible. This process will ensure that you will not have to face any unpleasant surprises later.

6. Avoid buying a house that’s on resale

There are several people who believe that the resale house is a safe investment. Here, however, it is important to consider the cost of repairs as well depending on the age of the property. Moreover, the upkeep charges of the resale properties are also higher and this can take a toll on your budget. Therefore, it will be better to avoid buying resale properties and rather opt in for ready to move houses from a reputed builder.

Conclusion

If you avoid making the above mentioned Common Mistakes Buyers Make, you will be able to buy the property that will be a good investment. To ensure that you do not make any costly mistakes while buying a house, it is highly recommended that you check out the Real Estate Terms. Collaborating with a reputed real estate company like Grrow Property Management can also benefit you greatly.