Buying a home is one of the biggest financial investments you’re likely to make in your lifetime, which is why it is crucial to make a carefully planned decision. First-time homebuyers can sometimes be prone to making certain common mistakes that may not seem all that big initially, but can impact their quality of life and financial stability in the long run.
Here are the 3 common home buying mistakes to avoid.
Mistake 1: Compromising on the essentials A good location with excellent connectivity, a home with a well-planned layout and design, a wide range of recreational and lifestyle amenities, and proximity to schools, hospitals and employment hubs, are some of the essentials that go into the making of a perfect home. Before you decide which home to invest in, it is advisable to draw up a list of the must-haves in your home. If a quick and easy commute to your workplace is important, then don’t compromise on it. If having a gymnasium or a swimming pool in your residential complex is essential, make sure you’re not going for anything less.
Mistake 2: Not taking stock of your finances Biting off more than they can chew is a mistake that first-time homebuyers often make. It is advisable to take on a home loan that you can comfortably pay off over the years. Building up a good credit score before applying for a home loan is an effective way to expedite the process. Moreover, make sure to select a home loan that is best suited to your requirements. It is also a good idea to be aware of the tax benefits that you can avail of as a homebuyer.
Mistake 3: Not investing with a trusted real estate developer When you’re putting your hard earned money into a home, it goes without saying that the investment must pay off. Investing with a trusted real estate developer assures you of quality construction, on-time delivery and a well designed home equipped with a wide range of amenities. All these factors enhance the scope for steady appreciation, which is why, buying a home that has been built by a reputed real estate developer should be your topmost priority.
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BACK 7, May 2018