Caution yourself from these mistakes before buying home

BY Sangeeta 4TH MAY 2017

Mistakes are a part of life. From day to day, or once in a while we are all prone to perform something which is not beneficial to us. Though it is well said that we learn from our mistakes, but it is best to avoid them from creating a havoc in our lives. Some are small which hardly hurt, while the big ones make us pay in such a way that we no more can say it's a learning, but definitely a loss.

And, while it comes to money matters and important things like real estate investments it is best to be aware of them and avoid them at any cost.So, some of the mistakes to be cautioned from before you buy your dream home are:

  • Token Money: Do not pay token money for buying a home before the loan is approved, and this is often done by naïve players in order to ensure that your dream house is not sold to someone else. It is advisable to take this step only after being sure of the time it will take to get the home loan approved and the possible options, if it doesn’t get approved on time. Otherwise, there are great chances that you get caught in the legal issues and will have to let go off the desired house.
  • Fixed and Variable cost: One of the easy mistakes done is to not discuss the fixed and variable cost with your builder. You will get a big shock if you are not aware of the expenses that you have to incur while you buy your home. There are builders who slash their property prices but simultaneously increase their maintenance and other charges invariably, and hence it is important that you discuss the fixed and variable prices beforehand.
  • Super built-up versus carpet area: Make sure you do not ignore the super built-up along with the carpet area. Properties which are based on the super built-up area are usually more costly than those of carpet based. It is better for you to insist on a price quote based on carpet area.
  • Purchase agreement: One of the most common mistake people do while buying their dream home is missing out on reading the purchase agreement and make themselves susceptible to fraud or forgery. Not reading this agreement also will denote that you haven’t verified all the documents and are not aware if the house has all the requisite clearances. This is also a place where one needs to thoroughly read the agreements and documents along with their lawyer and see if there aren’t any loopholes.
  • Location: Not being aware of your home locality in terms of electricity shortage, water supply or infrastructure. These are certain things which remain life-long or till the time you stay in that place, and ignoring these or lacking them in proper form can mean a long-term hassle. So, it is very important that before you buy a property one should check the location or locality thoroughly.

So, once you think of buying yourself that dream house make sure you caution yourself of these mistakes and avoid them at all cost and buy that property smoothly where not only you dwell but also your generations dwell peacefully.