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Blog4 pitfalls to avoid when you are buying a home!

4 pitfalls to avoid when you are buying a home!

08/10/2022
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Home buying is a long process. For first-timers, it is easy to commit mistakes. Often home buyers make these mistakes and end up with Buyer’s remorse. It’s a feeling of having anxiety, feeling low, and making you feel doubtful if you have made the right choice. Here are some of the common mistakes which you should avoid.
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NOT CHECKING FOR LOAN ELIGIBILITY

Home buyers tend to over or underestimate their loan eligibility. Always try to get a pre-approval from your Bank before you start your home search. A pre-approval is an amount a bank agrees to lend you based on factors like your savings, credit score, and debt-to-income ratio. Do not spend all of your savings in your pursuit to purchase your dream home. Home buying should not cost everything you have, hence spend wisely. Not saving enough for your home buying can also lead to trouble. Save enough, so you could pay your down payment (20%), closing costs, homeowners insurance, property tax, maintenance, etc.

IGNORING THE NEIGHBOURHOOD

Sometimes homebuyers focus more on the home and miss out on the neighbourhood aspects which could cause a lot of issues once you start living there. You could miss out on potential disturbances such as HT lines, graveyards, slums, public drains which could cause havoc with your peace of mind. Noisy neighbourhoods, due to religious institutions, main road proximity or industries is also a dealbreaker. If you have young kids or senior citizens living with you, a locality that is close to schools and hospitals is always a good choice.

NOT DEALING WITH CREDIBLE DEVELOPERS

Purchase your home from a trusted builder. Do not go shopping for houses only basis of attractive price points. The saying ‘Everything that glitters is not Gold’ hold true in Real Estate. Although the term discount might be exciting to hear, it could lead to you compromising on a lot of other aspects of the home. Look for it once it meets your criteria in home buying. Look for multiple options available before you shortlist the right home. Get quotations and insights from multiple sources on the project you are looking before you cut the cheque. Always look out for existing customer’s feedback on a project or a developer.

MAKING AN OFFER TOO SOON

Although home buying is an emotional process, do not get attached to one property just because it matches certain criteria at the surface level. Do not waive off on a home inspection, as you can miss out on a lot of details before buying. Though there might be pressure to close the deal from agents or from your own family, do not rush to make the offer. Take the process slow and close only after you have fact-checked every claim of the developer, and you find the deal genuine.

CONCLUSION

Hope you enjoyed reading this article and now know what mistakes to avoid while making the biggest investment of your life. If you have any stories to share from your own home buying journey, do feel free to share the same in the comments below!
Our experts at www.propsoch.com will be happy to help and give unbiased insights on home buying.
Avoiding these four common pitfalls specific to the Bangalore real estate market, you can pave the way for a successful and satisfying home buying experience in the Garden City. Set a realistic budget, prioritize a comprehensive home inspection, conduct thorough neighbourhood research, and take your time to make informed decisions. With these strategies, you'll be well-prepared to find your dream home in Bangalore without falling into the common traps that many homebuyers encounter. Happy house hunting!
 
 

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