Buying Your Own Home: What You Should Avoid?
The pleasure of moving from a rented home to a new home of your own is incomparable. Buying a home is one of the most fruitful investments and the home itself is one of the most precious possessions. That is why; it is necessary that you think twice and consider numerous aspects before taking the final decision. Oftentimes it so happens that people, in their willingness to secure a home as early as possible, end up making a bad investment and then regret it throughout. This is certainly not desirable. With the rise in the number of property dealers and residential projects coming up almost each day, it is hard to resist the temptation. However, keeping a few things in mind and avoiding a few mistakes can help you move in the right direction. So, here let’s look into some of the most common mistakes made by property buyers.
Not Doing Enough Research
If you are planning on buying a flat near Dumdum metro station or any other location for that matter, it is better that you check all the ongoing projects brought by the reputed dealers around that particular location of your choice. Doing little online search and negotiating with just one dealer is a common but dangerous mistake property buyers make. Never choose a dealer with limited options just because it fits your budget. In a metropolitan city like Kolkata, new projects are being launched every day and with a reputed dealer, you can easily find property, the costs of which satisfy your budget too. With them, you can make an overall better deal.
Not Communicating the Buying Power
It is but obvious for any prospective property buyer to negotiate with the dealer well before investing. However, many buyers fail to show off their actual buying power. Demonstrating the purchasing power is necessary because it gives the seller sufficient reasons to take his client seriously and strive towards offering a great deal. There are several window shoppers out there too, so, you need to prove that you are not one among them. Remember, success at the negotiation table is determined by two things- a pre-qualification for a home loan and a satisfactory down-payment.
Thinking Too Small
You might be a bachelor or a newly married couple right now. So, a single bedroom flat or a small and cosy studio apartment might seem enough to meet your limited requirements. But a family grows over the time and this growth curve is often ignored, which is a major mistake. Property investments are serious investments, so, it is unlikely that you make such investments every now and then as your demands from the property changes. Bachelors will marry and couples will eventually have children. Also, elderly family members, who can now manage on their own today, might need your assistance in a few years. Simply put, it does not harm to think big and fix the budget, keeping future demands in mind.
Avoiding these mistakes can ensure that you take the first step towards a future-safe home purchase.