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Mistakes Not to Commit While Buying a New Home
Mistakes Not to Commit While Buying a New Home
Here are some common home-buying mistakes that you must avoid while making your purchase.

A new house is not an every-day deal. It's different from other purchases in terms of its longevity, capital investment and expected returns.

You may have mixed feelings - excitement, nervousness, confusion, pride - while exploring housing options. And so, it is possible that you may get slightly overwhelmed and make a slight slip somewhere.

Here are some mistakes you should avoid while buying a new house-


Loan eligibility

Most times people are so excited by the idea of buying a new house that they jump straight into the process without fulfilling some important pre-requisites. One such pre-requisite is deciding how you would finance the purchase. If you plan to take a home loan, it is important that you check your credit score and eligibility well in advance.

If your loan gets rejected after you have booked the house, you may face a severe financial crisis.


Budget

It is very common to feel strongly about things that are not within our budget. But, one essential condition for making a right purchase is to stick to the budget. Before you start exploring, finalise a price bracket and look within that bracket only.

Remember that apart from the cost of the house as stated in the papers, there are many additional costs involved, too.


Speedy purchase

It is understandable that you may want to buy the house of your choice as soon as possible. But, you must take time to check all aspects of the deal thoroughly. Some buyers willingly skip home inspection in order to fast-track the process. This, however, can lead to problems and unexpected expenses in the future.

It is also important to check the developer/builder's background before investing in a project. Give yourself time not just to complete all of the required checks, but also to properly make up your mind.


Proper diligence

Sometimes it happens that people finalise upon the first house they see. But, it is important that you look at enough options before finalising upon one. You must explore enough properties so that you can compare one with the other.

Also, when you think you have shortlisted one, make sure you visit the house more than once. Multiple site visits help you analyse aspects of the house that are beyond the appearances.


Peoples' opinions

It is true that you need suggestions from friends and family before making a purchase as important as a new house. But, it is also true that taking too many opinions can lead to unnecessary second thoughts. It is advisable to consult those who either have knowledge of real estate or have recently made some purchase.