8 Missteps to Avoid While Purchasing a New House
- Real Estate
- October 11, 2022
When thinking of buying a home, there are several thoughts on your mind: What neighbourhood should I choose? How many sq. feet should my house be? How would I make this new place feel like home?
We understand that buying a home for the first time is momentous. It is a huge step that can change your life in significant ways. It is best to not get carried away when buying a house, you keep a rational head instead. Making the wrong decisions while buying a house could result in unredeemable loss.
So let’s dive in at the biggest missteps you should avoid making when purchasing a home.
1. Keeping your options limited:
The fear of losing a great home deal often leads people to make rash decisions, which is not a great way to go about purchasing a new house. You have to meet a few brokers and survey various properties before making a decision. With the kind of inventory we offer, you can be assured that there will always be an option that fits your budget and other requirements.
2. Getting emotionally attached:
It is easy to get attached to a property that suits all your needs. It may just be your dream house. However, you should think about the practical details before jumping into a decision. Before choosing a property, make sure that it fits your budget as well. Likewise, check the builder’s reputation and track record in terms of delivery, especially while purchasing an under-construction house.
3. Overconfidence about a home loan sanction:
The real estate market is in favour of homebuyers. However, it would be quite upsetting if your home loan is turned down due to various factors such as existing expenditures, insufficient funds, poor credit scores, etc. To avoid all this, you can opt for pre-approved loans. These loans are based on some basic calculations and not on a detailed analysis of the borrower’s profile.
4. Overlooking the forthcoming requirements of the family:
As your family grows, their requirements and needs also grow. Kids will require educational facilities and clubs for recreational activities. Elderly citizens would require medical facilities available quickly. Thus, while purchasing a house, it is crucial to consider the needs of a growing family. Since you only buy a house once in a lifetime, you need to consider your future while purchasing it.
5. Not conducting proper research:
Before you go to buy a house, it is essential to create a list of the factors you are looking for in your new house, factors such as your budget, the facilities you want, the location you are looking for, and so on. Once you have these details, you can start researching for projects that meet the criteria. Nowadays, several projects online offer the virtual walk-through feature. This saves time as you can browse through several houses without physically visiting them.
6. Not buying from an authorised builder:
When you buy a house from a trusted builder, you can be assured that the building has the legal aspects covered in terms of clear land title, approvals for plan and other things. You can also be confident of the quality of the construction and timely delivery. In case you end up purchasing with an unknown builder to save some money, you may end up compromising on the quality of the construction. You may also face delays in receiving possession of your home.
7. Avoid buying a resale house:
A resale home is mostly considered a safe investment by several people. However, you have to consider the cost of repairs depending on how old the property is. Upkeep charges for such houses are much higher and tend to take a big chunk off your budget. So, you can avoid resale homes and choose a ready-to-move-in home from a respected developer.
To summarise, the negligence of most of the factors mentioned above could cause you loss. Before you begin searching for your dream home, be prepared by doing your research. Buying a home is a lengthy process and involves financial and legal aspects. Hence, it is advisable to buy a home from a trusted builder.
At Ajmera Realty, we offer ethical business practices. So you can be assured that the quality of your house will be top-notch and you get possession of the house without facing any issues.