| PART – 2 | TOP 20 MISTAKES OF A HOME-BUYER |
Table of Contents
Part-2 of Top 20 Mistakes of a Home-Buyer
A home is frequently the most significant investment a person makes in their lifetime. Due to the delight of purchasing a home and the concern about its financial implications, first-time buyers are frequently prone to making mistakes. Before you spend, conduct thorough inspections and research to ensure a successful and stress-free home-buying experience. Read this list of mistakes that first-time homeowners make. Please avoid using these.
Please take note of these 8 Points of the Top 20 mistakes of a Home-Buyer
- Failure to check PMAY Eligibility: If you are purchasing your first home, find out if you are eligible for PMAY benefits. First-time homebuyers receive an interest subsidy based on their income category under the PMAY-CLASS Scheme. If you are in the EWS, LIG, or MIG income brackets, you can get an interest subsidy of approximately Rs. 2.5 lakh. This amount credited to your loan account, and your EMI or loan term will reduce as a result.
- Not verifying loan eligibility: Most people purchase homes with housing finance assistance. The logical first step for home buyers is to decide what type of home loan they are eligible. Estimate and stick to a budget based on your creditworthiness and savings. You may like a particular house, but it is useless if you cannot afford it without incurring significant debt.
- Choosing the wrong home: Because of housing finance, we can purchase homes at the start of our careers. Many first-time buyers do not consider old age, disabilities, or illness when purchasing. As a result, such buyers are frequently forced to sell their first home near the middle of their lives to purchase a more appropriate home for that age. For example, if you are young and can walk quickly up and down a flight of stairs, the lack of an elevator in an apartment building may not bother you. However, this may not be the case at the age of 50.
- Excessive borrowing to purchase an unaffordable property: In their enthusiasm, first-time home buyers frequently make the mistake of choosing homes beyond their financial means. As a result, they tend to borrow excessively and invariably come to regret their decision. Because your house will not be your only liability in the future, overcommitting to it will be financially and mentally stressful. Home purchases are long-term commitments with long-term consequences (both positive and negative).
- Do not pursue discounts: While there is no harm in looking for discounts when purchasing a home, make sure that it is not the only factor you base your decision on. A builder who offers you a higher discount and other perks may be unable to provide quality construction or amenities that give you the quality of life. The project may be delayed if the builder lacks the necessary financial resources. As a result, before deciding on a builder, it’s critical to look at their track record.
- Ignoring the family’s future requirements: As the family grows, so do their needs and requirements. Children will require educational institutions as well as recreational opportunities. Medical facilities for the elderly should be readily available. Consider the needs of a growing family when purchasing a home. Because buying a home is a once-in-a-lifetime event for many people, consider your future needs when purchasing your first home.
- Overestimation of repair and renovation costs: High repair and renovation costs frequently surprise first-time home buyers. Buyers may make two mistakes. First, they may obtain a repair estimate from only one contractor, and the forecast may be unrealistically low. Second, reality TV shows distort their perception by making renovations appear faster, cheaper, and more accessible than they are in reality.
Buying a home takes time and involves legal and financial considerations. SSS Realtors is aware of the problematic situation. So, seek the assistance of our specialists when performing tasks that necessitate in-depth legal or financial knowledge.
After all, we recognize that purchasing a home is a significant emotional and financial investment, and we want it to be perfect! Contact us if you want to make wise real estate investments and live a happy life.
This was Part -2 of the Top 20 Mistakes of a Home-buyer, There are More Points you need to know from the Top 20 Mistakes of a Home-Buyer in Part-2. Click on the Link Below :
Top 20 Mistakes of a Home-buyer: Part – 3
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