Buying a new home is your chance to finally fulfil the ultimate dream of home ownership. Along with being your sacred haven, a home is also a great investment for you and your family’s future. However, since the purchase is one of the biggest decisions you will make in your lifetime, there are many things that can go wrong, turning your dream into a nightmare. In order to be sure that you are on the right track, avoid the following 5 mistakes while buying a home:
1. Going Overboard On Your Budget
Many home buyers tend to go shopping for homes and start loving the additional features offered by real estate projects in Pune. However, it is important to have a set budget and try your best to stick to it. At the onset, it may not seem too much to stretch your budget a little to buy a home you really love. However, you must consider the possibility of a reduced income or other financial setbacks before you blow up your budget considerations.
2. Forgetting to Calculate the Added Costs
In the excitement to buy a new home, many customers forget to calculate the other overheads associated with owning an apartment in Pune. Right from home insurance, property taxes to monthly maintenance costs, there will be a lot of expenses coming your way when you buy a home. Don’t forget to calculate these expenses in your budget planning.
3. Opting for A Nominal Down Payment
Many builders in Pune will offer you a property at a minimal down payment. However, remember that if you pay a lower down payment, it translates into higher EMI, not to forget higher interest. Plus, if for any reason you need to sell the property at an early stage, you will have a lower equity in the property and thus, might end up with a non-profitable deal. It is best to pay as much down payment as you can to get lower EMIs and interest.
4. Buying Everything New to Match a New Home
Many people feel that when they buy a shiny new apartment in Pune, they must match it with a new car, new furniture or new electronics. However, buying a new home is going to affect your finances in a big way, so it is best to refrain from overspending at least for a few initial years. Start living in your new home and analyse the things you really need, save up and then buy them one by one.
5. Not Thinking About the Neighbourhood & Its Future
Many buyers are lured by real estate projects in Pune that are highly affordable. However, if you don’t consider the neighbourhood, you might be in for many unpleasant surprises down the road. It is important to analyse the location and ensure it has basic amenities like water, electricity and a strong infrastructure. Also, make sure the location has good future prospects in order to gain appreciation on your investment.
Buying a home can be stressful and overwhelming and it may come with its share of potential pitfalls. However, if you are well-informed about the possible issues, you can prevent costly mistakes and buy with confidence!
