5 Worst Mistakes you Just DON’T want to make!

Imagine you are buying a property or your dream home and you are on the verge of completing the formalities of getting that home registered in your name, but, at the last moment you realize that the dream home that you have almost got registered in your name is beyond what you can afford and you will not be able to stretch you budget till that extent. What will you do?

This is just an example, however, you would not want to risk your earnings or overstretch your budget which would make it really difficult for you to manage later. Many of the first time home buyers often end up making worst mistakes which later prove to be very tough to be corrected or rectified.

Hence, understanding the mindset of the first home buyers, we are enlisting the 5 Worst mistakes that you should avoid making while buying a property.

1. No Market Research: when you begin to search for your dream property it is important that you are well informed about the property trends in a particular locality and the property rates existing there. Hence, you must carry out a proper market research so as to avoid paying more amount than the actual price of the property.
2. Relying on Agents: Agents show you multiple property options to choose from but, thinking that the agents are working for you, then that is where you are making a mistake. Agents work for the builders and hence, will try to sell the property to you anyhow.
3. Having Doubts: Not getting doubts cleared is a big mistake. It is okay to ask as many doubts as you have as the agent or the builder understands the concerns any first home buyer would have. So, find out all the details about the property you want to buy, its actual price, the amenities the builder is offering you, the total built-up area, the carpet area, loading, etc. and get all your doubts cleared.
4. Finding property without financial approval: Buying a property in straight cash is not what we can do. We all plan to get loan to pay the amount for the property. Hence, searching a property before having a financial approval is a mistake that you can avoid by applying and getting approval on the loan. This way you will also be aware of the total amount the financial institutions are ready to give you as loan.
5. Overextending the Budget: sometimes, when we see multiple property options, we compare and choose the best out of the options available and agree to overextend our budget if the property tends to exceed our budget by a wide margin. This is one of the common mistakes that we do. But, we do not realize that in the long run, it gets difficult to rectify this mistake. Hence, choose a property that s close to your budget.