Is it time to plan the buying of your own Flat in Kolkata? And for the first time?
A truly special chapter of life, without a doubt.
However, take a pause here. As a first-time home buyer, how savvy are you about the ‘rules of game’
in the real estate market? Aware of the exact steps to take & thereby perfect the buying & possession
process?
If not completely you say, then waste no more minutes & take a thorough look into-
5 Prime Errors First Home Buyers Tend To Commit
& thus gain the best deal on own dream home
# 1 Neglecting Home Loan Pre-Qualification
One core error to avoid as a ground rule. Learn that having a pre-approved home loan, in effect, makes you are credible in the eyes of the builder.
It comes as concrete proof of your paying capacity & also helps you as a buyer to assess your loan repayment potency.
Therefore, depending on your creditworthiness and savings, find out what kind of home loan you are eligible for.
This practice guarantees no unpleasant surprise or unpredicted T&C & automatically lets you estimate own apartment buying budget.
# 2 Budget Extension On Emotion
Top amongst the mistakes first time home buyers make. As highlighted by one reputed real estate executive, when hunting for their first home, people often get emotionally attached to a property.
Like they have seen the house of dreams, which the whole family loves as well; but it is way above their budget and loan eligibility.
So, the buyer feels that a little financial stretch in the initial months can be handled & steps ahead of their own buying potential.
However, the truth is, that it’ll drain you on various levels. You will find it hard to cover essential & emergency expenses of daily livelihood like unforeseen medical expenses, rising school fees, insurance premiums, etc. The financial strain will cause stress, disturbing your family life in the new home.
#3 Not Being Logical
Many buyers forget to weigh upon old age, disabilities, sickness & such other life factors when choosing their first home.
And in the long run, such buyers are often forced to sell their first property – especially in old age & hunt again, for a flat more suitable for that age. For example, the absence of an elevator in a building may not bother you, as long as you feel comfy to take the flight of stairs, as many times as required.
However, the same may not be true during your senior years or right now for your parents & other elderly family members.
To avoid this house buying mistake, the best practice is to sit down with all family members & make a list of priorities in terms of location, layout, and amenities before beginning the home search, so that you or anyone in the family don’t feel uncomfortable in the dream flat.
#4 Falling For ‘Zero Down Payment’
Yes, it appears as the readiest option to avail & own a house at an early stage in your career.
But look in depth before taking the leap. Be alert that low or no down payment eventually implies
A higher interest burden & extended repayment tenure – almost ‘trapping’ you in the loan cycle for life.
While the ideal 20% down payment can become impossible, try at the least to go for the average scale of 6%-10%.
#5 Lacking On The Legal Aspects
Another must-to-focus on point. If you want to buy a home, without any pitfall & keep it as a future
investment option, make sure to foolproof all the required legal terms associated with possessing the abode.
How to? Getting in touch with a reputed building house is the criterion that ranks top in here.
Since a well-known builder is sure to execute the sale & property transfer procedure, following every regulation.
In essence, owning a home is a lifetime matter. So be conscious & smart while undertaking the journey of buying it. Allow Team Realtech to help you.
With the goal to cater Home Sweet Home to everyone, we offer you the most dapper Flats in Kolkata to explore & choose from.
Ring us whenever it’s relevant.
