Here’s a checklist of common errors homebuyers must avoid to make a smart purchase
Other important things to check when buying a home
It's better to get a pre-approved home loan. Maintain a good credit score. Assess your short and long-term goals and have a suitable financial plan before you start house-hunting. Thoroughly check the vicinity and neighbourhood at different times of the day. Evaluate commuting options and connectivity to your workplace.
When you’re buying a home, advice is never in short supply; every friend, family member, and colleague seems eager to point out the ‘right’ steps to take. But in the rush to follow every piece of well-meaning guidance, it’s all too easy to overlook a small misstep that doesn’t fit the checklist. And before you know it, that tiny error has snowballed into a costly blunder, a stark reminder that sometimes the abundance of ‘right’ advice can blind you to the minor wrongs that matter most.
Thus, to make your home buying process a bit easier, we list a few common mistakes that you, as a homebuyer, should definitely avoid.
Going over budget
Even a 10 year old understands that he cannot buy a chocolate worth Rs.100 if he has only Rs.10. Homebuyers, however, are known to stretch their budgets a little when they go home-hunting. A slightly better unit for a little extra cost, is tempting.
Ignoring additional costs
“It has been observed that the total cost of property increases by around 10 to 15 per cent when buyers add their interior designing and maintenance costs, moving and packing expenses, etc. These costs are often not accounted for when deciding the homebuying budget, thus straining the buyer’s pockets later”
Additionally, buyers must understand that the bigger the home, the higher the maintenance cost. “Moreover, maintenance costs are recurring expenses, along with utility bills, and daily household expenses. All of this should be taken into consideration before deciding the budget for your new home”
Resale value
Several reports have stated that property prices are skyrocketing. Thus, not asking experts about the resale potential of the house you plan to buy will be foolish. “Brokers can easily tell the approximate appreciation value of all categories of houses in a particular area. Ask multiple brokers and get an idea of the resale value of the home for at least the next five to 10 years”
Home inspection
A decade ago, only a handful of companies offered such services. Today, homebuyers are increasingly undertaking home inspections not just to check the Vaastu of the house but also to assess other key aspects, such as the condition of the house and any hidden issues. “Whether you buy a brand-new home or a resale property, you can conduct a home inspection to ensure that the home you are purchasing is in good condition. Check the flooring, wall finish, ceilings, electrical systems, plumbing, doors, and windows, and categorise the repairs (if any) into three categories—major, minor, and cosmetic. This way, you are mentally and financially prepared to service the home as you please”
Layout and floor
Considering your lifestyle and health conditions, it is essential to ensure that the house you select has a suitable layout that aligns with your needs. For e.g. if you like reading, it should have a quiet corner which receives ample natural light, where you can place your bookshelf and a cosy chair to create your reading nook.
“The house we currently live in has a beautiful balcony, and our morning routine includes having a cup of tea there. Unfortunately, today, either balconies are missing, or are quite tiny. However, we made sure to book a new house with a decently sized balcony so that we can continue our daily routine. It may seem like a small thing, but my husband and I are busy with our office routines throughout the day, and those 30 minutes in the morning are the only time we can spend together peacefully, which is important for us”
Emotional decisions
Don’t fall for attractive offers or get emotionally attached to a property just because the sample flat looks beautiful. Making decisions based on emotions can lead to major disappointments later. Conduct thorough research on the developer, property, vicinity, and crime rate. If possible, visit the locality a few times to get a complete understanding of the area. Being impulsive can lead to hasty and problematic decisions. Also, don’t let the seller pressure you into making a quick decision, remember, there are plenty of houses available in the market.
