Like most people, buying a home is probably one of the largest investments of your life. If you are a first-time homebuyer, you need to consider several aspects. Here are five common mistakes you must avoid before you make your final decision.
It is common that you consider only the purchase price while calculating your budget. However, there are several additional charges and fees that you must take into account. Some of these include valuation expenses, home insurance fees, stamp duty, registration, and property taxes. If you are buying a resale house, you must also consider any repairing and renovation expenses that may be required. If you need to avail of a home loan, you need to determine the monthly installment to ensure you are able to service the mortgage without any financial difficulties.
You may prefer a home within the city limits to reduce the travel time to your place of work. This may result in having to pay a higher amount as properties in the city are usually more expensive. However, this must not be your only deciding factor. You need to consider other aspects, such as availability of good schools and medical facilities in close vicinity, conveniently located stores for daily essentials, and other recreational facilities. Therefore, it is crucial that you do not skip the research.
Home purchase is a huge investment and you do not want your heart to rule over your mind. It is important you not only consider the current development but research future prospects of the location. Furthermore, you need to check the condition of the property before you make your decision. A detailed diligence will have a significant impact on the value of the property if you want to sell it in the future.
If you have availed of a loan to purchase your house, it is crucial you do not ignore homebuyers insurance. This policy will protect you in case of any damage to the house due to an unfortunate incident. Such insurance policies also provide coverage for damage or loss of personal belongings.
- Get tempted by attractive offers
Several developers have attractive offers like ‘buy now pay later’ to encourage buyers. You must be cautious when you consider investing in such properties. Avoid the temptation of being able to buy a home with a lesser amount payable upfront. However, it is vital that you consider factors like construction delays or increase in rate of interest before making any decision. Buying an under construction property from a reputed and reliable developer is advisable.
Purchasing a home may prove to be a long and complexprocess. However, it is essential that you keep the above points in mind when looking for houses because this investment should not be rushed. After you become a homeowner, it is equally important to buy a houseinsurancepolicy that will safeguard your home.