Five mistakes first-time homebuyers should avoid

Tips for first time buyers

First-time homebuyers are prone to make mistakes due to the thrill of owning a property and worrying about its financial ramifications. Anurag Goel, Director of Goel Ganga Developments, advises on first-time buying blunders and how to avoid them.

Failure to create a budget- It starts with a budget, which is developed after other vital expenses are considered. The most common mistake potential first-time homebuyers make failing to have a specific home purchase plan.

Need for more research- Identifying the best neighborhood for your needs, calculating expenses in that location, and having a broad notion of reputable builders will help to avoid big mistakes.

Not comparing mortgages- Given that you will be repaying this debt for a significant period of your working life, you should pick a home loan program after extensive research and due diligence.

It is best to determine your loan eligibility- To determine your loan eligibility, getting pre-approved for a loan is a good idea. You can have a home loan approved easily with a good CIBIL score

Ignorance of tax advantages- Tax evasion would be regarded if you did not pay the taxes on your house purchase, and failing to claim the rebate correctly would result in financial losses.

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