Everyone has lots of dreams about their first home they want to buy. That’s why buying a home is an exciting journey for the first time home buyers. It is not only exciting, but it is also more stressful and confusing because purchasing a house is big decision that would be a long term investment.
However, there are so many weird things which first time home buyers do, and regret later. If you are planning to buy your first property then here you can know and avoid mistakes.
Don’t consider what they want
Most of the time homebuyer don’t consider that what they want and many buyers choose wrong property and regret. Especially, the first time home buyers make this mistake because they are so much excited about their first home and they forget knowing about various things such as open space, extra rooms for guests and whoever comes, parking area, electricity and water sources.
Don’t spend time on research
Many home buyers skip research of the area where they want to buy their new home and they also regret after buying the property. If home buyer do not visit the neighborhood, they can never know the real price of the properties in the area and many time they end up paying more for the property. An inspection to check their suitability with the area is also a major factor many home buyers overlook.
Don’t know their budget
Knowing the buying capacity is one of the most important things for every home buyer. But, most of the time, especially first time home buyers don’t consider their budget before choosing their property and they also face a lot of problems after buying the property. If you are planning to buy your first home, you need to understand that what you can afford and what is actually required. Without calculating your affordability in a realistic way can put you in financial crisis. There are chances that you will never be able to find the right property if you don’t know what you can afford.
Don’t get a right mortgage
There are many mortgage lenders in India. But, choosing the right one is crucial for home buyers. Some people have no idea about how the mortgage process works. They simply assume that their credit score will get them things done, but this is not necessarily always right. Relying too much on the wrong mortgage plans can put you in trouble and the monthly instalments can turn out to be a painful affair.
Don’t consider additional expenses
Home buyers also forget considering their additional expenses and they buy a home. Without knowing additional expenses, home buying can be a painful decision. When you close a deal, make sure you have read all the documents and agreement terms you are going to sign with the real estate developer. A trustworthy real estate company will help you get a clear idea of everything you need to know, so make sure you be with the one.
Don’t have enough down payment
Down payment is one of the most powerful things to close a great deal. The more money you can offer up front, the less interest you will have to pay. When you pay at least 20 percent of the final price as down payment, it helps you get lender’s trust and it also gives you surety about your financial decision. If possible, try to increase the down payment as much as you can. People with even bad credit score can get loan if their down payment is enough to convince the mortgage lenders.
Don’t consider government schemes
When people buy their property they don’t know government schemes that can be more beneficial for them. In India, there’s a huge reform in the government’s policy and it also has a major impact on the real estate sector. So when you plan to buy a luxury villa or villa plot in Bangalore, avail the benefits of these policies and don’t miss out any opportunities.
Bottom Line: If you are planning to buy a property in Bangalore and also want to avoid these mistake, you should research and consult with a professional real estate company, agents industry people whom you can trust.