Home buying is a significant accomplishment in anyone’s life, and the decision comes with a bundle of emotions.
While on the one hand, it brings a wealth of joy; on the other hand, it is a stressful process.
Not only this, but home buying is a long term commitment and has to be a thoughtful one.
For welcoming a new life, you would have considered factors like the type of home, amenities, and luxuries; but, have you considered the mortgage yet? Or, have you planned out the finances?
If not, you may be making some common home buying mistakes that first-time buyers commit.
In this blog, we will list the top 6 home buying mistakes to avoid so you can make an informed decision.
1. Not Checking the Credit Score
Are you planning to purchase a home with housing finances?
Then it would help if you did not neglect the importance of credit score. Any lender would check for your credit-worthiness before sanctioning the loan.
Therefore, to avoid getting your loan application rejected, check for the credit score.
2. Not Carrying out the Financial Planning
Not planning the finances has to be one of the most significant home buying mistakes.
Financial planning includes looking into your savings, forecast for future income, and considering the down payment. A down payment could be anywhere from 10%-25% of the property’s market value.
This also includes assessing the amount of loan you should be taking so that when EMI starts, you don’t feel the financial strain.
3. Deciding in Haste
Home buying is a long-term investment; therefore, you have to look for features that look good today, and for the coming years.
If you are purchasing a home at a younger age, you should consider the old age requirements as well.
Many people have to reluctantly shift their homes as they age since their current homes do not accommodate their needs at all times.
This includes checking the number of floors at home, whether there is a lift or not, the number of bedrooms, and more.
Based on your family requirements, the following factors must be taken into consideration:
- Number of rooms required
- Amenities in the vicinity
- Parks and entertainment zones
- Educational institutes
- Easy commute
4. Not Checking the Builders’ Background
This is a big blunder to not run a background check on the builder’s credibility. With that being said, it is not easy to do the verification by yourself, either. That is when a real estate professional guides you in purchasing homes from a credible source. Make sure to take these precautions while buying a flat or a home.
5. Not Looking Beyond the Surface Level
Making a purchase decision based on the first glance is one of the biggest home buying mistakes, the first time buyers make. Don’t let the glossy countertops, staged furniture, or fresh paint misguide you.
It is integral to dig deeper and carry out inspection. It would be best to look for the construction quality, natural lighting, and more to ensure the property is liveable. Not to forget, you should also look for:
- HVAC system
- Potential damages
- Plumbing and electricity issues
- Location of the home
It’s best to take these precautions while buying a flat or home. This is also a reason you should consider an experienced realtor to help you out with home searching. A real estate professional brings a fresh perspective from their years of experience, which brings to our next point.
6. Overlooking Role of a Real Estate Professional
Many first time home buyers tend to turn to the internet and take home-buying decisions in their hands. However, the reality is that most listings online are sugar-coated. To get the insights and help point things that you may have overlooked, you should consider a real estate professional.
On the Closing Note
If you are looking to purchase property in South Delhi, reach out to our professionals at Buniyad who carry a wealth of knowledge and expertise in residential properties. Select your dream home that suits your lifestyle with trusted realtors.