Buying a home is a long-term commitment therefore, deliberation and accurate planning are important. For most people, owning a home is a huge milestone and it certainly is the largest financial investment of their lives. There are many things to be considered while buying a home but the following are the things that you should avoid if you don’t want to end up in remorse.
1. Do not rush: First of all, no matter how long you’ve dreamt of owning a home or how excited you are to finally be able to buy your own home, just do not rush into anything. The biggest and the foremost mistake home buyers tend to make is to not plan enough, ahead of the purchase. Consider all the aspects before buying it.
2. Do not step out of your budget- You may find a home beautiful and your heart may say, “This is the one”, but let your brain play the part here. Usually, banks loan up to 80% of the property’s cost and the 20% goes as a down payment, but buyers sometimes forget to consider the miscellaneous charges. So, plan your finances well, do not just end up draining all your savings.
3. Do not forget to research: It is okay to wander a little longer in search of your dream home. While buying a home, explore different options because comparison is the only way to find the best deal for you. Always check the authenticity, since RERA has come into force, a lot of information related to the registered projects can be downloaded from its website.
4. Do not adjust: When you buy a home, you put in your life’s earnings, so don’t just settle for anything. Have a thorough discussion with your family to figure out all the things you require in your home. Determine your price range and continue the search till you find everything or at least most of the things you want in one place.
5.Do not neglect the future requirements of your family: You may own a scooter today and might own a car tomorrow. As a family grows, the needs also grow, but the home you buy today is not going to change accordingly. So, it is better to keep in mind the future requirements of your family while buying a home.
It is easy for anyone to get into a whirlwind while buying a home. No doubt, the process is complex, scary, exciting as well as overwhelming but proper planning will lead you to the place where your head and heart will sing in a sync that “This is my home”.