- Not Seeing Beyond Decoration
The first home buying mistake many people make is they don’t see what they will actually get. Many home buyers fall for decoration and they really don’t care about what’s inside. But remember that you will only buy a house, not what’s inside in the demo house. Just focus on the construction, architecture and features you will be getting. If a house is staged well, it is not necessary that it will be a perfect match for your belongings.
- Not Inspecting the Neighborhood
You don’t just buy a house, you become a part of a social infrastructure when you seal the deal. It is very important that you research the neighborhood first. Check what’s available in nearby areas and also make sure that you attend community meetings to know more about the neighborhood through the experiences of your potential neighbours.
- Treating Real Estate In a Wrong Way
Don’t feel that your real estate investment is similar to stock market. When you really like a real estate market to invest in, you will need to spend time on it. The losses you suffer in stock market can be recovered, but if you invest into a wrong property, there are very less chances that you can stay away from loss. Real estate investment is a long term approach, so don’t think about getting higher returns in just a few days.
- Not Thinking About Resale
You may think that you are going to stay in a house forever. Especially when you decorate your home, you get attached to the property, but if you really want to focus on investment, always keep a resale strategy in your mind. No matter how many upgrades you opt for while building it, make sure you think of it as an investor. Do not add unnecessary stuff, instead focus on what is going to add value to your house.
- Trusting the Advertisements Blindly
Do not assume that everything you see in a real estate advertisement is a fact. Hire a professional real estate agent and learn the language used in the sector. There are things which you will probably get confused with. The built-up area, carpet area, square yards may boggle your mind. So it is better you visit the site and check everything before saying “yes.”
- Not Being Realistic
Just because the bank has told you that you are pre-qualified for a good amount of loan doesn’t necessarily mean that you’ll get it when the real deal takes place. Even if you get it, it doesn’t mean that you will be able to pay the monthly instalments without worry. Before you start house hunt, make sure that you calculate your budget and have a realistic idea of the affordability. There’s no point in buying a house that can turn out to be a costly mistake after the next couple of months or years.
- Not Seeing Many Properties
When home buyers see the first property, there are high chances that they will fall for it. But if you listen to the real estate experts, they always suggest checking more properties before you close a deal. It is not always wise to avoid visiting other properties just because you will get confused. It is absolutely crucial for smart home buying that you visit many places and compare them. But always make sure that you choose a reliable real estate developer because this is the key to successful home buying.