Buying a home is not just a financial investment but an emotional one as well which is why most of us either make a lot of hasty decisions or delay our decision at the risk of losing out on a good deal. You hear that your friend has bought a flat in one of the best apartments in Electronic City and now you feel pressured to buy one as well. But, don’t want to make the same house-hunting mistakes that you have seen your parents and friends do. We get you! To know how to avoid those mistakes, read on.
- Skipping Pre-Approval
You feel that you have finally found your dream home in one of those upcoming apartments in Electronic City which is just a stone’s throw from your workplace and has all the amenities that you can think of but now you realize that it is far above your reach. What to do now? This is one common mistake that most buyers tend to do and that is to not seek pre-approval of the loan they are eligible for and go around shopping for houses. Pre-approval makes you a strong buyer and saves time for both yours and the seller’s. You need to have an idea about the amount you can afford and the monthly installments to avoid any surprises.
- Falling Too Much In Love with the House
The granite kitchen counters and the terrace garden remind you of your grandmother’s place and you have simply fallen in love with the house. But the location doesn’t seem to be great as there isn’t much of any development and seems to be overtly noisy unlike that residential project in Electronic City which is in a great location but needs a bit of paint.
Often, we tend to get swayed by our emotions and invest in beautiful homes in poor locations only to regret later.
This also works the other way round when we nitpick tiny details of homes in excellent locations and eventually end up losing out on a great deal.
- Looking at Interest Rates from a single lender
You can avoid this mistake by doing a simple Google Search and go to that financial institution which offers you the mortgage best suited for your needs.
- Making purchases which require large credit
So you think that before investing in that fancy residential project in Electronic City, a car would be great, but that’s just where you are wrong as purchases like a car or anything that requires a large amount of credit would affect your credit score and set you back while seeking a home loan.
- Waiting for the perfect home
We hate to break this to you but unfortunately, there are very few flats for sale in Bangalore that are near to perfection and if you have found something that ticks off at least 8 of your requirements, you have yourself a winner. Hence this is not your regular saree shopping where you go looking in the shop after shop for that one perfect saree. The best ones are usually the first ones that you see.
- Not Verifying Documents Properly
Though very basic, this mistake is still committed by a lot of buyers who fall prey to fraudulent builders. If looking for a flat in the I.T hub of Bangalore, always go for OC obtained projects in Electronic City. Ensure that the title, building plan and clearances are in place before you plan to invest.
- Not Seeking Legal opinion
Get a legal opinion if you have to but make sure that your rights are well-protected.
- Not checking if the apartment has rainwater harvesting
Though it has been mandated by the BWSSB to all apartments to perform rainwater harvesting, there are still several apartments in Electronic City itself which are yet to enforce this rule. Make sure that the apartment you have in mind has the process in place. Mahendra Developers is of the few builders to having implemented this stringently.
- Not checking if the project is RERA Approved
The RERA Act which has been brought into existence in 2016 to protect the interests of the buyers has been a boon to them and has also helped in boosting the real estate sector. But, unfortunately, there are still a lot of builders who need to get approval from RERA, unlike Mahendra Homes who is RERA Approved.
- Going beyond your limit
A common error that most buyers do is going beyond their means in the pursuit of your dream home. This would only deepen your debt and leave you unprepared for any sudden surprises.
Now that you have all the required information, we hope that you don’t repeat these mistakes. Happy house hunting!