Mistakes That First Time Home Buyers Should Avoid

Buying your first home is always amazing and a unique experience. But for some of the first time home buyers it often turns out to be scary as they do not have any prior experience in dealing with properties and commit some very common mistakes that most do. Here are some of the mistakes most first time buyers do. Knowing these can help them not to turn their dream house into a nightmare. 

1) Spending Too Much

Always be clear and realistic about what you can afford and what you can’t. The sale price of the property isn’t the only cost involved but there are many hidden costs involved when owning a home. you may need to spare something on the repairs and renovations and further the cost of living is also high as there are plenty of bills to be paid like property taxes, electricity and water bills and other maintenances. 

So always take a close look at your finances. Be aware of your current fixed costs and always leave some room for stretches in the budget. Like if you are buying 2 BHK flats in Crossing Republik calculate your power consumption based on the space.

 

2) Spending Too Little

As spending too much can give you trouble so can spending too little. If you spend too little on a home thinking that you just need a roof to live in you’ll outgrow quickly. Since only the cost of buying the house is not involved but you’ll also incur the expense of moving which can be quite pricey.

Also may be that such a house requires a lot of maintenance cost. So always think ahead. If you are planning on starting a family soon you will need a better house and perhaps stretching your budget a little bit to stay in a house for longer is a better financial decision rather than shifting properties.

 

 

3) Buying With Your Heart

Always visit the property at least twice, don’t just be awestruck by the gorgeous house, its beautifully painted walls, POP finishes or the ensuite bathroom. Always choose the appropriate location and neighbourhood as well. If you have kids and this beautiful looking house is located on a busy road it might not be safer for them. 

Always be smart with your choice and no upfront decisions are required. Visit the house at least twice and go through every aspect of the house, every room, its cons and pros, its location and neighbourhood and really try to picture yourselves living in that house. There are many options to buy 2 BHK flats in Crossing Republik but always do a good research.

 

4) Missing Hidden Closing Costs

Many closing costs are also related with a real estate deal and if you miss out on them before buying you will find a significant increase in you cost once you have bought it. There are many "closing costs" like lawyer fees, transfer taxes, realtor’s commissions and moving costs that should be taken into account when deciding what price range you can afford summing them all up.

 

5) Not Doing Your Research

This is the greatest mistake as many don’t consider a market research and blindly believe the opinions of others. This is an unforgiveable mistake. Don’t just stick with what your realtor, relative or friend says. Many times the realty agents feel the pressure to make a sale and might not very well pay attention to your requirements. 

So take up your own responsibility and do your own market research and do it first-hand. No one else but you are crystal clear about what you want more. Check for the development of the location, study about the future prospects, walk the neighbourhood, learn about neighbours, check for proper water and power supplies, research the local school and only then make a decision.