5 Critical Mistakes people make when Buying a Home, How You Can Avoid Them?

Critical Homebuyer Mistakes and How You Can Avoid Them?

Buying a home is a great dream that many of us have. However, it is always advisable to move cautiously and do not make mistakes while you go for buying your dream house. Here are a few tips from our side.

Buying a Bigger House than you need and afford!

It is good that you want to have that extra space for your home, but one should always keep in mind the affordability factor while looking for such long time investments. Hence it is always advisable that you settle for something which you and your family can easily afford for a loner time period. Remember that it is you have has to pay the EMIs to the bank, so it is always better that you fully understand your financial boundaries and freedom as well as limitations.

There is no need for you to unknowingly “open the door” to dark future and embarrassment by getting a home loan that you cannot afford on a long term. We recommend that you settle for a nice and comfortable property that is just ideal for you, financially as well.

Thinking “short-term”!

As most of the experts in the trade believe, investment in property is always a long term plan, hence there is no need for you to look for short term gains.

You should never think on a short term basis. Life should be taken seriously and always given a long shot, towards your big goals. Hence, look for long term prospects while settling in for real estate investment.

Are you waiting for the “bubble”?

This is unfortunate and another wrong thought. There are people who wrongly prefer to wait and see the bubble burst. This is surely not advisable. Hot markets come and go, similarly, cold markets come and go. Markets become over-priced, then over-time become under-valued. If you are waiting for a severe correction in real estate prices, then it is not a good idea, because you might be waiting a long time.

The best time to buy a good real estate is always when you are in good shape, both physiologically as well as financially. This means that you need to seriously look at making such investment ideally while you have a stable job and when you do not have any major liabilities on your pocket.

Selection of a real estate agent

This is a very important and an integral part of your real estate investment deal. It is always better that you go with an agent as it a safe way to make sure that you go get a transparent and completely organised way to complete the real estate acquisition process. However, you surely need to check the credentials of the investment agent before signing him on assignment.

You must contact different agents in order to make sure that you are getting the best. Ask questions and then trust your instincts as to which agent is the best one for you.

Overlooking Location

This is another important mistake that people do. One has to always remember that location of a property is one of the most important criterion for selection. Hence it is always advisable for you to clearly look at the location factor and ask some of the below questions to yourself.

How far is the property from schools, shopping complexes? Is there a medical center or hospital nearby? Is there any metro station close to the property? Answering these, would surely give you a clear idea about the positivity about the location of such properties.