First Time Home Buyer Avoid These Costly Mistakes}

Submitted by: Wave City Center

Step out of your place in search of a residential project in Noida and you will come across hundreds of options forth you. Right from an under developed sector to soon going-to-be a well-developed locality, you can find good option for residential property in every nook and corner of the city. However, picking the one that suits best for you can be a considerable decision, for which you are solely going to be responsible.

A perfect home is not the one which has world-class facilities, thoughtful amenities and excellent interiors. Instead, a home becomes perfect if it fits as per your style and makes you feel comfortable when you are inside it. Whether you are buying your first home or are helping someone get theirs, here are few common and potentially costly mistakes that you must certainly avoid by all means:

1. Overestimating what you can afford

One of the biggest mistakes most home buyers commit is to focus only on the down payment and monthly mortgage amount when assessing their affordability. They usually avoid all other costs and are often shocked to see the amount they actually have to pay when they get to the closing. As a buyer, you must remember that monthly payments not only include mortgage, but also taxes, interest and insurance.

YouTube Preview Image

Getting pre-approval for a mortgage loan is a smart idea. Doing so can help you know the amount a bank is willing to lend you, prior to making an offer for a residential project in Noida. However, the pre-approved amount you are going to borrow from a bank is likely to be more than what you can actually afford after calculating certain factors like taxes, insurance and other costs like building maintenance.

2. Letting your emotions hamper your home-buying decision

Don’t get too much attached with any of the residential projects in Noida. Buying a home is also a form of future investment and so getting emotionally attached might end with you spending way more than you can afford or could have got as a deal.

Prioritizing your requirements like what you want to be there in your home is a smart thing to do. You must make a list of significant features like whether you want your office or child’s school in vicinity, modern-styled bathrooms, a backyard, etc. Once the list of your wants has been figured out, identify what you aren’t willing to have there in your home. Narrowing down such essential aspects can greatly help you through the search process.

3. Not planning ahead

Once you are sure about 2-3 residential projects in Noida, make sure you get a thorough inspection done for each of them. Look for the construction planners involved in the planning of the building. Besides, check for construction materials being used if possible. You must also determine certain factors like location, building structure, etc. in case you intend to sell your house in future.

Besides, go with a big and spacious house if you have or plan to have children in near future. Planning ahead and considering your future requirements can help you get a home as per your need and preference.

These above mentioned pointers are some of the mistakes that first-time home buyers generally make, whether knowingly or unknowingly. Attentive consideration of all these points will certainly get you a good home and protect you from spending more than what is actually needed.

About the Author: Wave City Centre is located in the heart of Noida and is spread across sectors 25A and 32. Housing both residential and commercial properties, this impressive development includes luxury apartments, studio apartments, premium offices, mall and multiplex in Noida besides more. Get more information at

wavecitycenter.in

Source:

isnare.com

Permanent Link:

isnare.com/?aid=1953536&ca=Real+Estate }

This entry was posted in Insurance. Bookmark the permalink.

Comments are closed.