Buying your first home is nothing short of a major milestone and a significant achievement. A home means so much more than just four walls and a roof. It is that one place, which allows you to be yourself and is the best representation of your persona. It also caters to your need for privacy and offers the perfect recluse from the bustle of the city.
However, as exciting as home buying may seem, first time home buyers do tend to make several mistakes. This blog will attempt to cover all the common mistakes that most first time home buyers tend to make. So, if you are planning to buy your first home, this blog is for you!
1. Choosing a risky loan: Whenever you think of availing a home loan always consult with a well-reputed mortgage broker or loan officer. Set a budget and plan your loan accordingly. Remember to make a list of all your monthly expenses and decide how much you want to spend on a home loan.
2. Believing without seeing: Often most home buyers opt for a project purely based on the reputation of the builder or go by what their friends and family have to say about the project. This is a faulty approach. What might suit your friends might not suit you. And often the strong PR ties of the brand leads to its high-flying reputation . So, always ensure that you see the project site and plan before signing on the dotted line.
3. Location: This is one of the most crucial aspects of buying a home. An aptly located property will always enjoy a high return on investment. But often first time home buyers tend to overlook this major parameter. The long lists of amenities often lure them into compromising on the location of the project. A balance- that’s what one needs to look.
4. Not visiting the property multiple times: This is another major mistake. Keep visiting the property multiple times. Do a thorough analysis of the neighbourhood, local amenities, etc. Ensure that you visit the property at every stage of its construction and check if your home has all that the builder promised you.
5. Limiting Your Search: Most home buyers have their hearts set on a particular neighborhood or city. Limiting your search reduces the vast number of options that you could otherwise enjoy. Keep looking for better options in newer locations, you never know which area might surprise you with an amazing project.
Buying a house is a stressful and nerve-racking time. However, if you consider the above mentioned points, the home buying journey will be less challenging.