If you are planning to buy property in Bangalore, you should be careful when making a purchase decision. Soon GST will come in effect and some reports claim that property rates will go up just after that. Although it somehow depends on the real estate developers, but those who are ready to buy a house should start acting now.
Here are the 4 mistakes homebuyers make the most and repeat. You can learn from their experiences, so that you won’t do the same when buying a property.
- Inaccurate Cost Analysis
Once the GST is implemented, the costs of properties are expected to rise, but it doesn’t necessarily mean that it will affect all the properties. It is better not to overly calculate the home buying price and resist yourself from making an offer. If your decision is final, it is better you step out and book the property. Or if you are in the house hunting process, make sure finding a reliable real estate developer in Bangalore.
- Not Hiring A Professional Real Estate Agent
If you feel like you can save more money without hiring a real estate agent, there are chances that you may end up making a costly mistake. Or if you hire an inexperienced person, it will also lead you to several problems. Remember that real estate in India has seen a huge transformation in processes, documentation and policies. So if you are hiring an amateur, there are chances of making big mistakes. With the right agent, you will not only save money, but you will also get the right property in less time.
- Waiting Too Much
If you have found the property or planning to get one, don’t delay. The new government implements and changes the policies like it was never before. From demonetization to GST, everything is still unclear to many. Such changes lead to inconsistency in the market that does more harm than good to buyers. So, if you have decided to buy a property in Bangalore, make sure you act fast. Since, the changes in tax rates are significant, and now when everyone is speaking about 18% tax, before the things become complex, make your offer and get one as soon as you can.
- Get Pre-Approval For Loan
With the changes in policies and taxes, your expenses will go up. So better you get your credit report soon and check the current status. If it gives you positive signs, then go for pre-approval of loan, but if it doesn’t give you what you expect, make sure fixing the problems and improve your credit score. Buying a home with bad credit is possible, but all you need to do is to make wise moves. Getting pre-qualified for a loan will help you get the confidence and an actual understanding of the affordability.
India is known for experiments. From education to IT and real estate industry, the authorities keep experimenting things. But the positive and negative impacts of such actions determine the profitability for consumers. Now is the right time to buy property in Bangalore, but if you are doing or repeating any mistake, this time you probably won’t even get the time to regret. So better you get in touch with professionals and choose a property that matches your needs.