Signing the dotted line for your dream luxury flat in Gurgaon is certainly a most awaited moment. But until that moment it’s a long and tedious process that leaves a lot of room for mistakes to be made.
Here is a guide on what mistakes to avoid while buying a house.
Research is the most vital aspect of securing a good and profitable property. While your real estate agent is obligated to provide you with thorough information, it doesn’t hurt to go the extra mile to avoid being duped. Every aspect of property ranging from registration, previous ownership, the background of the builder, any pending litigation to connectivity to educational and commercial hubs, locality, water, and electricity connection is highly important. It is necessary to know everything about your perfect residential project in Gurgaon that you see yourself potentially living in.
Failure to do this obligatory research can prove to be financially detrimental in the future.
Not Budgeting and Underestimating Costs
Before beginning to look for the perfect apartment for sale in Gurgaon assessment of your credit score as well as charting a budget is highly important. Factor in costs other than the down payment and EMIs on your house loan like taxes, government fees, registration charges, legal and broker fees, etc. The growth of your family needs to be taken into consideration while budgeting as it affects future finances.
Sticking to the budget is important too. The inability to do so might cost you considerably and might tamper with your financial position in the future.
Not inspecting paperwork
Scrutinizing the documentation for legitimacy and clauses that the builder might not have mentioned can save you a lot of trouble. Investors can hire lawyers that specialize in real estate for verification of paperwork.
There is a possibility that failure to do so can cost you more money or potentially even your property.
Not getting home loan pre-qualification
Getting a home loan pre-qualification is an assurance to the developer of the buyer’s payment capacity. It also assists in the assessment of loan repayment potential and helps in budgeting. Not knowing your repayment capacity can make your real estate investment experience worse.
Being too picky
The dream luxury flat in Gurgaon that you potentially see yourself or your family growing in certainly has to be perfect. First-time investors generally go house hunting with a long list of requirements but a limited budget. Failure to find all your expectations matched, you might extend your search often overlooking other opportunistic residential projects in Gurgaon that you may have come across. While house hunting requires an emotional outlook, thinking realistically is more fruitful.
Similarly, sometimes when the “perfect home” is over their budget, first-time investors tend to chase the prospect anyway disregarding their financial plans. This mistake is economically taxing and therefore it is necessary to be able to walk away.
Not getting everything on paper
The prospect of a lucrative apartment for sale in Gurgaon is bound to attract multiple offers. The possibility of your seller backing out on a deal or deceiving you must be factored in. To avoid any conflict, it is better to secure the agreement and consent in writing. Everyone involved in the home-buying process including the seller, real estate agent, and the lender needs to be incorporated into the paperwork.
While to err is certainly human, a situation that involves such high emotional and financial stakes leave little to no room for mistakes. But with the help of the right consultants and external help such situations can be evaded making your real estate investment the best decision of your life.