Homebuying can be a complicated process. In addition to the elaborate payment and registration processes, are our own doubts and inhibitions that accompany such a big decision. Together, they often lead to homebuyers making wrong or less-than-optimal decisions. These decisions have far-reaching effects on their financial health and living standards. In this article, we list down some of the major mistakes that we often see homebuyers make.
Dictated By The Market
Many homebuyers are left waiting for that elusive price trough to invest in a home. As a result, they miss out on prime property, before it begins to appreciate in value. Investments must be made on the basis of the fundamental value of the asset, which for a home lies in the quality of amenities offered, local development and connectivity, and the developer’s brand.
Didn’t Ask Enough Questions
No matter how impressive a sales pitch or a sample residence may be, asking questions is crucial in helping a homebuyer arrive at an informed decision. Besides drawing out information about future development plans and specific offers, questions can also help buyers focus on their core needs, and ensure they don’t just end up with a great home, but the right one too.
Exceeding The Budget
Buying a home that’s beyond your budget is a perfect recipe for stress and worry. This often happens because buyers fail to check their loan eligibility or their ability to make down payments, before deciding on a home. It’s a must to have a clear idea of the size of the financial commitment and your own affordability, before making a real estate investment.
Making A Compromise
While it’s important to not exceed budgets or be dictated by passing trends, it’s equally important to not compromise. After all, homes are long-term assets that deeply affect the growth of families and progress of cities. For buyers, therefore, the key is to retain their long-term vision and choose a home that fulfils their aspirations.
Underestimating The Effort Required
Homebuying is a fulfilling experience. It’s also time consuming and elaborate. Many homebuyers tend to be blindsided by the extra cost and time it takes to apply for loans, pay stamp duties and register a new home. That’s why it’s never too early to start the process of buying a new home.
Don’t Be Limited By Advice
No advice or external inputs will be as exhaustive as the research and due diligence a homebuyer conducts themselves before buying a home. And while conducting research, it’s important to garner a range of perspectives, whether it’s from a sales representative, a fellow resident or even articles on the internet, such as this.
Following these guidelines will keep homebuyers away from clutches of disappointment and despair, and put them in the orbit of great products, like the world-class residences Tribeca Developers have created at The Ark in Pune. Because once the mistakes have been avoided, making the right choice becomes easy.
Maharashtra-RERA vide Reg. No. P52100004160, P52100028472 and P52100020446 - https://maharera.mahaonline.gov.in/