Buying a house is a big deal in India and people often make mistakes owing to the lack of knowledge while making this big decision. These mistakes may include not doing proper research, thinking that buying a house is cheaper than renting it, and not finalizing the budget before buying a house. In truth, these should be avoided to buy the perfect house and make your investment worthwhile.
Somewhen, we all have bought something and then later regretted buying it because it was not up to the expectations. With few things, you can afford these mistakes as you can buy a new and better one in its stead later. However, you can’t do the same thing when it comes to buying a house. It is an expensive expenditure and you should never have a reason to regret that purchase. Because buying a house in India is a big deal, people get nervous when buying a house and often make mistakes, and that often happens due to lack of knowledge and research. But, you can avoid these mistakes. Here is a list of mistakes that many homebuyers commonly make and should be avoided:
1. Not doing your bit of Research
Before going out to buy a house or even check them out, do the due research. Read about houses, how to buy them, how not to buy them, what points to consider, types of houses, etc. To make the research even narrowed, make a list of things you want in your next home. This will make it easier to find a house that meets your expectations. Furthermore, read about the real estate developers present in the city, their reviews, and their reputation.
2. Thinking that Buying a House is Cheaper than Renting it
This is one of the flawed thoughts that make people buy the wrong house for themselves. Conceptually, it does make sense when you make the monthly payment for EMIs, it goes towards securing the house rather than rent which you pay but it does not add up to anything. Without doubt, it is great when you decide to pay monthly for EMIs and not for the rent. However, this does not mean that buying a house is cheaper than renting it. In fact, it is expensive because you also have to bear maintenance and certain other miscellaneous expenses which were earlier shared by you and the landlord. There are several other things you need to take responsibility for which you may have skipped as a rent payer.
3. Not Deciding the Budget before Buying a house
Decide your budget beforehand. Otherwise, you will just keep checking out properties after properties, and never buy it. And even if you do make a purchase, it will seem like a compromise and you will not be happy with it because you could have bought an ideal house. That’s why, deciding the budget is always wise. You will be much happier that way.
Irrespective of whether you buy state-of-the-art property in Noida or 1-BHK in Gurgaon, what matters is that you should be happy with your purchase.