Mistakes To Avoid When Buying Home

Buying a house is the dream of many. Everyone wish to have a house which could be named OWN, irrespective of the size of the house. Buying a house is a matter of heavy amount. Thus, you must be very careful before buying. People commit several mistakes unknowingly. These can be avoided with the prior knowledge about them.

1: You don’t possess financial readiness

Many banks allure the buyers for the loans. But without liquid cash in hand, it is never suggestible either buying or constructing the house on the basis of the loans. Most of the banks offer only 90% of the actual rate of the property. Thus, you must be ready at least with 10% of the rate of the property.

2: Haste to buy

Often many youngsters, who started their career, get haste to buy a house. Even after earning enough amounts to afford a house, you must take a span of time before deciding to lock the amount in an asset. As you must be prepared for the future, saving the amount in the genuine areas is helpful that allows utilizing the amount whenever the house is planned to buy. This reduces the loan amount and gives some time to find the best suited house. Most of the times, the EMI may be several times more than the rent you pay.

3: Sticking with the banker shown by someone

Most of the times, the builders have tie-up with the banks and suggest the buyers taking the loan from the bank. Yet, you must have a small research over the details of loans offered by different banks. Most of the times, the builder or agents get commission by the banks for bringing a loan taker. Thus, you may be guided with wrong information which leads you to suffer in future. It is always advised to meet the bank manager of different banks directly and know the details yourself.

4: Buying a house as trusted people said it is good

Own house is not a simple issue for all of us. You are one who is about to stay. Instead of listening to others, taking them as suggestions is always better. There will be several things to check like the history of builder, the construction quality etc.

5: Houses in a far from the city place are cheaper

Many prefer buying a house in faraway places as these houses cost lesser amount. This may be happier while buying but may make you feel difficult while staying. While buying these houses you must make sure that the minimum requirements like school, hospital, public transportation facility and market are accessible with a short distance travel. For everything you can’t travel a long distance, every day. Even then, this is possible for those who have two wheelers or four wheelers. If the houses are scattered in the area, there is high risk of security. Considering these things before going to buy a home at far places is rather important.

6: Totally dependent on the agent or the builder

Most of the people neglect knowing the inclusions and exclusions of the total property rate. To avoid nodding in ignorance, you must make a list of questions and information that need to seek:

  • Is the property and the land of the property without legal obligations
  • The carpet area of the house
  • The rate per square feet
  • Whether the builder has taken all the permissions required for construction
  • Whether the cost of the amenities like car parking, water, security are included or not
  • How much space is provided for parking
  • What quality of interior materials like taps, wash basins are used
  • What is the Undivided Share of the land, if the property is an apartment
  • In case of town ship venture - who is going to maintain the venture after the possession, what kind of security measure are taken, water facility, parking, whether the property rate include the membership in club houses and community halls etc
  • In case of buying resale house – the reason the house is getting sold, checking the earlier sale deed and the Parent document; confirmation of clearance of loans, if any, over the property

7: Impressed by the sample house

The sample houses are neatly decorated by the experts to make the house look bigger and elegant. The furniture and wood work doesn’t meet the requirement of the actual family as they definitely vary in sizes which could fit for the sample house. The wall sizes also vary that makes the rooms look bigger. Instead of confirming with the builder, you can’t think that the house looks exactly same as the model house.

 8: Ignoring the aspect of comfort

This is the common mistake by many of the people. The comforts depend on the requirements of the family. If you have elders at home- accessible toilet facility in the house from their room, if you have children at home – a small play area in the surroundings, for the health sake – proper ventilation etc. are ignored over the beauty of the house. Most of the houses are not planned according the convenience but only for the appearance. The house must be chosen according the maximum possibilities of fulfilling the requirements of comforts. If you are believer of vastu, check clearly whether the house is vastu compliant or not before buying.