Buying the New Abode of Your Dreams? Steer Clear of These 4 Blunders!

Owning a house is undoubtedly a significant accomplishment, especially if you have invested in apartments in Mumbai or in any other metropolitan city in India like Bengaluru, among others. For the majority of individuals, purchasing a home is equivalent to realising a long-held dream. Due to the size of the investment, purchasers frequently experience stress while they assess and put their finances together. Before they can eventually reap the rewards of their asset, they must also analyse the property and ensure they are making the appropriate deal. 

Top 4 Blunders First-Time Buyers Should Steer Clear of While Making Their Investment

Not doing adequate research

Before making an investment in a real estate property, do some market research on a range of properties. Make sure you have visited a number of residences that various developers have created before settling on one. This will give you a better idea of what you can afford in terms of the size of the property, your lifestyle, the facilities supplied, the availability of fundamental conveniences, connectivity, and social infrastructure. Verify with various developers if you will receive any financial perks and post-purchase assistance.

Not doing a cost-benefit analysis

The majority of first-time house owners regularly overlook unexpected and supplemental expenses of their budget. These consist of fees for packing and moving, taxes, stamp duty, registration fees, repairs, upkeep, and residence interiors, amongst others.  Before deciding on your budget, it's crucial to take into account all of these expenses so that you are ready for the whole expenditure.

Picking the inappropriate property

Numerous factors must be taken into account when buying a property. When shopping for a house, it's crucial to consider your lifestyle and your family's requirements going forward. If you intend to be in the house for an extended period of time, you must determine if it is suitable for you and whether it satisfies all of your demands and requirements. For instance, it might not be a deal-breaker for some if the building lacks a gym. However, it could be a problem if the building's location has poor means of transportation and connectivity. Also, purchasing a home with more rooms makes sense if you have plans to grow your family, so make sure you accordingly buy a flat of the right configuration, so as to not eventually regret having invested in a smaller one.

Selecting a developer only on the basis of cost

The cost of hiring a reputed developer may be slightly higher, but it's safer to do so than to hire a less expensive developer who may wind up costing you more in the long run. Selecting a trusted developer will help you avoid problems like facing delays in project delivery or being delivered an apartment that doesn't match the builder's promises.

Your life's greatest investment can be your dream home. To be sure you are not being taken advantage of, you can research the market worth of comparable houses nearby. Check to see if there is a reliable supply of electricity and water whether it be flats in Ghatkopar, Mulund, Powai or any other place. This will help prevent unpleasant shocks in the future. You must be familiar with the proverb ‘Haste makes waste,’ but cross checking the above tips will ensure that you don't make any blunders when buying a new home.