Jayesh Dave MD Jayraj Builders Lists Things To Avoid While Purchasing a Property

Source: TopTen.com

Buying a home is a once in a lifetime decision for many people. The decision comes with it a long-term liability and responsibility. A wrong decision can land you in a lot of psychological and financial distress. Jayraj Builders, Vadodara therefore advises you to do complete financial analysis and research before making your final decision.
Here are top 10 things that you must AVOID while purchasing your dream home:

Table of content

1. Not knowing what you want

2. Not fixing your budget

3. Keeping your options limited

4. Getting obsessed with the ready-to-shift units

5. Not getting your home loan pre-approved

6. Not planning about your family’s growth in future

7. Low-down payment

8. Avoid Bad negotiation

9. Not inspecting the home before moving in

10. Not reading the contract properly

1.Not knowing what you want:

Before you go out into market searching for your house, make sure that you decide the kind of property that best suits you. For instance, you should plan how many bathrooms and bedrooms you need or the must have features you want in the property.

2.Not fixing your budget:

You are advised to set your budget before you go to the market looking for a property. There are several expenses that incur apart from EMIs and down payment. Registration charges, property and other taxes, etc, are some of the expenses for which you should prepare yourself before purchasing your dream home.

3.Keeping your options limited:

People often make decisions in fear of losing good home deals and end up in a web of problems. Thus, it becomes important for you to fix meetings with some of the brokers to survey the properties you are considering. You are definitely going to find a better alternative.

4.Getting obsessed with the ready-to-shift units:

To evade paying rent and EMIs simultaneously, some people get obsessed with ready-to-shift units. In many cases you will find that under-construction properties offer better options in terms of cost, amenities, location and liveable space. Paying monthly rent along with the EMIs simultaneously for two or more years for long term benefit isn’t a bad idea.

5. Not getting your home loan pre-approved:

You are advised to get your home loan pre-approved before entering the realty market as the owners and developers want a proof of your purchasing capacity. This would also help you in assessing your loan repayment potential.

6. Not planning about your family’s growth in future:

While purchasing your home you must consider the current and future size of the family. You are advised to consider the space if you are planning to expand your family in future.

7.Low-down payment:

Lower the down payment, more will be the principle loan amount and hence more will be the interest burden on you. So, try to make maximum down payment to decrease your burden to an extent.

8.Avoid Bad negotiation :

You should be aware about the estimate rate of the property. Good negotiation doesn’t mean that you will make a low-ball offer, but aim for a reasonable price. If the price can’t be reduced then go for one of the widely practised tactics – ask for certain add-ons and upgrades in the property.

9.Not inspecting the home before moving in:

The property you are going to buy may appear perfect, but it is always advised to take a closer look before giving final thumbs up to the deal and signing papers. You must check the property room by room and look for any deviance from the layout plan, which should be informed to the developer as soon as possible.

10.Not reading the contract properly:

It is always advised to read the contract properly before signing the documents. People often ignore the last clauses of the contract and usually end up in getting into endless battles due to unethical contracts that trap the buyer into the cycle of troubles.
The house you will buy is going to be your home for years to come. Avoiding the above-mentioned things will make your life much easier and trouble free.
Click here to know more about things to consider while purchasing a commercial property.