Home Buying Mistakes

Home Buying Mistake 1: Deciding upon right property to buy
Usually one tends to make a mistake while deciding upon which property to buy. One should make sure the right choice of property based on the requirements whether he or she is looking for a residential apartment of 1bhk, 2bhk or 3bhk, a bungalow, a row house.

Home Buying Mistake 2: Deciding on location
While buying a residential property, one has to decided upon a location based on neighborhood, infrastructure development in that area, if you have a family then you have to take into consideration of nearby schools, colleges, hospitals, shops, transportations, how far is the work place from your house etc.

Home Buying Mistake 3: Buying property you cannot afford
While buying a residential property one has to decide if the property is well within your budget. You may get a loan from banks but it is safer to take a loan amount, where your EMI (equated monthly installment) is calculated to about 30% of your earnings, to be on the safer side.

Home Buying Mistake 4: Choosing the financing institution or banks for loans
Make sure that you check all the competitive bank and financial institutions for Loans. Check the ongoing interest rates on loans as interest rates differ from banks to banks. Decide upon whether to go with fixed interest rates or floating interest rates. Make sure that before you buy a property your loans are pre-approved.

Home Buying Mistake 5: Forgoing property inspection
Inspection is mandatory before buying a property; even a brand new real estate property might have defects. If required hire a professional to get your property inspected before buying it.

Home Buying Mistake 6: Don’t take hasty decision
While buying a property you need to be practical and avoid falling in love with property at first sight. You need to be constantly on look for the best deals. Compare at least three properties before you make a decision to ensure that you’re getting the right choice of property at the right price or you may regret later for buying.

Home Buying Mistake 7: Don’t wait for real estate market to fall or rise
No one predict precisely when the real estate market is going to rise or fall. So deciding upon when to purchase a property based on the expectation from real estate market is not worthwhile. If you are financially and emotionally ready to purchase a property it is a right and good time to buy.

Home Buying Mistake 8: Not having a backup plan
It is always better to have a contingency plan while buying a property. You should have back up plan for both banks issuing loans or the property you want to buy. If anyone refuses you will have a back up to go for another bank for loan or another property to buy, this will in turn save you from hassle and save time.

Home Buying Mistake 9: Relying on oral agreements
Do not rely on oral agreements make sure that you get everything in writing. Written agreements are always better than the oral ones when it comes to contract.

Home Buying Mistake 10: Not reading the fine print
You need a trustworthy legal advisor to review all the documents, paper work, contract and discussing with you before you sign off. If there are any mistakes please rectify as papers related to real estate properties are very critical and you cannot afford to make any mistakes. If you have any questions make sure all your questions are answered.