The decision to buy a new home brings with it a roller coaster of emotions and a euphoric feeling. However, blindly spending money on a project is not at all acceptable. This can pose a range of issues — the project may be stuck in the construction phase or expectations of quality and timely delivery are not met. However, there are steps that can be taken to minimize these probabilities. So it’s always best to exhibit your due diligence before investing in a property. Remember, prevention is always better than cure when it comes to buying a house. Below we have mentioned common mistakes while buying home.
Let’s check some of the most common mistakes while buying home:
Not Getting Everything in Writing
Read the agreement papers well and make sure you’re getting what you’re promised. Most importantly, what you should insist on getting in writing is the completion time. The delivery time-frame is a must-have component of the written agreement that you should not miss.
Overlooking the Added Costs
Owning a home is not just about replacing rentals with EMIs. You have to think of property taxes, utilities and the maintenance costs, which will keep increasing year after year. All these expenses clubbed together, can often add up to an overwhelming amount. While buying an apartment, ask the developer about utility costs and the price that you will have to pay for annual maintenance.
Stretching the Budget
Stretching the budget for a better home, or a home at a better locality is a mistake that most people often make. New homebuyers, in their state of excitement, look at the higher side of their affordable income, without thinking about what if the income goes down, or if there’s a job cut or a medical emergency. Situations like these can be devastating, especially if you have taken home finance. Hence, when you are willing to buy flats in Kolkata or elsewhere, go for the ones with amenities that you actually need.
So, if you are willing to buy apartments in Kolkata, keep these aspects in your mind before investing in a property will ensure that you don’t fall prey to common home buying mistakes and most importantly, prevent buyer’s remorse from overshadowing the joys of owning a home.