Buying a home is certainly a daunting task, especially when you are looking for low budget residential spaces. First of all, budget constraint is often a limitation for the homebuyers, says a majority of property developers of Kolkata.
In spite of being the life’s biggest financial transactions, many home buyers are not even equipped with a wise decision. A flat with a hefty price tag might end up ruining your expectations. Being unaware, homebuyers are prone to make mistakes in such cases.
Let’s take a quick look at the four major mistakes that a homebuyer is prone to make so that you can stay protected from making one.
Lack of Proper Research & Preparation
Finances need to be taken into consideration in the first place, especially when you are planning to buy a flat. Even if you are likely to avail a home loan, a wise homebuyer should analyse assets, decipher debts and acquire pre-approval for finances before making a home purchase. Hence, proper research has to be done before shortlisting.
Apart from the finances, you also get to know the neighbourhood. Paying for a house also means that you are purchasing a location as well. Find out if your preferred area has the availability of basic civic amenities to verify if the flat is really worth the price.
Following the “Market” Blindly
Following the market trends without knowing a little about the pricing strategy can bring you down to hot waters. Remember, the property market moves in cycles and there are times when it is conducive for buyers and sellers both. So, when your search is mainly online, you have no other way but to depend on the online resources for information. But, at the same time, if you are waiting for the “right time” or prices to go down, you are making a big mistake. Remember, pricing strategy never goes up or down. A flat is priced depending on its location, amenities, and facilities. Online ads simply offer mixed messages and being a responsible buyer you have to verify that.
Going beyond the Budget
Buying a home that fits your budget is the best decision you can ever make, but a potential homebuyer often tends to go beyond the limit he can afford. The reason? He gets simply baffled by the online advertisement of the property, But, remember, a property beyond your limit can derail your finances in the future. But, don’t be tempted by such advertisements, because when you are availing the home loan, the bank will verify your capability to repay the loan and offer you only the amount that is apt for you. So, if you are going beyond your budget and probably have made a down payment, there are chances that the bank does not offer you the rest of the amount.
Not estimating the full cost of a flat
Buying a house involved a huge cost, which is not provided by the bank. If you are buying a flat online, the price of the flat along with your EMI will be displayed in most of the property buying websites. But, homebuyers often forget to count the amount required for registration of the flat and its decoration. Moreover, a home buyer needs to pay the acquisition costs. Apart from the moving costs, you need to be prepared for the unexpected expenses as well. So, basically, the cost of a flat includes a lot more than simply paying the bank loans. Unfortunately, homeowners often forget to count that, especially when they are going online.
The Takeaway Point
When it comes to buying a flat especially in the metro cities, a lot of things should be taken into account. Even if you are opting for flats in the metro suburbs, you need to consider the availability of civic amenities.