Making the decision to purchase your first home is a big emotional investment, and it can be somewhat overwhelming as well. It can be easy to feel lost when there are so many different decisions to make or choices to choose from. Many first-time homebuyers make mistakes – often it is simply because they are not sure what they should look out for. A large reason why many first-time homebuyers make mistakes is because of a lack of knowledge or experience, which disables their ability to make an appropriate decision. Whether you are applying for your first home loan or you are eager to find affordable land for sale in Delhi, we want to ensure you are mindful of these five common mistakes, as these 5 mistakes could cost you a lot of money and time. On that note, we want you to avoid making common mistakes while buying your first home so that your buying experience can be smart and stress-free.
1. Ignoring Hidden Costs That Break Your Budget
It’s all well and good to save the money for the down payment, but not considering ancillary costs like Ongoing stamp duty, registration fees, legal fees, society maintenance costs, and property tax can be a costly lapse in awareness, because many first-time home buyer grants don’t typically cover ancillary costs. Look to build into your budget an extra 10 to 15 per cent on top of the purchase price to safeguard your penny pinching from any undesired surprises.
2. Skipping Legal Checks That Can Ruin Your Purchase
Not checking if the property is RERA approved, examining the land titles, or finding out the builder’s reputation can lead to many issues. If you’re taking out a loan against property, unfinished documentation can result in delays or rejection of your loan application. Do not let your dream home risk it. Take the legal research seriously.
3. Falling in Love with the First Home You See
It’s easy to love a property that you first see. However, to think emotionally when making such a big decision can result in great regret later. You will be paying EMIs and maintenance costs for years, so be sure that you think about what you can comfortably afford and whether the location makes good sense for your long-term plans. When looking for property, you also should ask yourself whether the property has good resale value or growth potential (i.e. future development). The desire to stop searching is often attributed to fatigue or weariness rather than the certainty that one has found what they were looking for. It is very common to feel that it is time to make a decision at the first sign of fatigue – don’t let fatigue lead you to decide prematurely! Use a mortgage calculator to think more deeply about what you can truly afford, and take your time to find the right place for you!
4. Forgetting the High Cost of Ongoing Expenses
A lot of new buyers forget about ongoing monthly society fees, property taxes, repair likely, and the cost of furnishing a home. These ongoing costs can quickly add on and deplete your savings. You should still fully utilise your first-time home buyer incentives and grants to help you plan for a financial cushion of at least 6 to 12 months of post-moving-in costs.
5. Going Solo Instead of Getting Expert Guidance
Buying a house on your own might seem like a way to save money, but in reality, it can be a lot more expensive. You may miss a lot of important components without a professional and mess up an important document like the sale deed, title deed, property tax receipts, RERA registration, no objection certificates, etc. A professional will help you with the paperwork, help negotiate a better deal for you and without legal issues. When there is somebody, you can trust throughout the process, it will make your purchasing decision faster, easier, and you will have the comfort that your investment is in capable hands.
Buying your first home should be a thrilling adventure rather than a stressful task. There are a number of things to avoid, to use for your benefit as a first-time home buyer and, certainly, to consult with the experts, so that you can make clear, informed decisions about your purchase.
Neevilas Homes has been involved in helping buyers since 1983, and we’ve assisted thousands of families in finding their first home, property, and plots in Delhi. Whether it’s loans, legalities, or other elements throughout the entire process, we have the expertise to support you and to be there through it all.
If you’re looking for affordable, legal plots with great connectivity in Delhi, Sabhapur Extension is the right choice. More and more first-time homebuyers are opting to come to this area for its great value and future expansion.
When you are ready to start looking for a home, you can look to Neevilas Homes with confidence – we have been a trusted name for over 42 years, and we can help you find a home with confidence.