5 Mistakes To Avoid While Buying a Home
October 7, 2017
Buying a home should be a deliberate process carried out with care and caution. As any wrong step from your part will shatter the idea of a dream home, the purchase should be made only after careful scrutiny of certain associated factors. Whether buying a house or a flat or an apartment, there are some guidelines to be followed to ensure that the buying process is completed hassle-free.
Here is a list of 5 mistakes that should be avoided while buying a home.
1. Financial burden
Many are lured by the charm of big houses even if there is no use of those extra bedrooms for their family. By doing so one is making a long-term burden on their finance with the bulk EMI amounts and loan repayments. It is always advisable to stick to your budget and choose a house ideal for your family’s requirements rather than opting for what you cannot afford only to regret it in the future.
2. Over-looking resale value
At times, the eagerness of owning a home results in overlooking factors like resale value that may affect one in the long run. Always keep in the mind the possibility of selling the property in future due to unforeseen circumstances. Consider the location, condition and environment to analyse the resale value.
3. Ignorance of carpet area
Most builders and developers advertise the size of the house or flat to be an attractive figure. But do not fall prey to this marketing gimmick as the prescribed dimension might only be the super-built up area that includes staircases and passages and not the actual useable carpet area. One should always verify whether the advertised area is adequate for the family considering the super built-up and carpet area.
4. Going by quoted price
Another mistake that most tend to commit is to go by the quoted price and to overlook the actual amount that one has to spend in the buying process. Always consider the overhead expenses such as stamp duty, registration, and car parking and maintenance charges in case of flats and apartments.
5. Ignoring family’s growth
Keep in the mind the current and future size of your family during home purchase. If there are chances for your family to expand in the future, consider additional space requirements and choose a layout that incorporates these needs. Also opt for spaces that gives options for future modifications such as splitting or extension of the living and dining areas.
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