Purchasing the very first home is like a dream come true for everybody. But this dream has every possibility of turning into a nightmare if anything goes wrong. The common mistake that one makes in the building of a house is not seeking for help and guide from anyone throughout the whole process. It is a costly affair but at the same times also saves a good amount of money. There are certain other mistakes too that need to avoid while purchasing a property from the builders.
Opting to shop for more than one can really afford:
Never assume a budget before finalizing on a loan. There are the majority of cases where even pre-approved loans do not help in certain circumstances. Before finalizing the final amount, they are going to lend, the banks go through all the necessary documents along with other loans and CIBIL records.
Going up by the quoted price:
Overlooking the actual price of the residential flat that one has to pay from his pocket is the other major mistake that you may commit. The banks give a home loan only on the actual price of the house excluding the overhead expenses that incur. These expenses include the cost of stamp duties, registration along with car parking charges which sum up and increase the price of the flat. A big part of the cost factor depends upon the location and the extended features of the flat. Never fall prey to the lucrative advertisement that is flashed by the builders and be very careful that no hidden costs to include.
Builders
Not opting for any sorts of legal help:
Neglecting legal advice or help for the interpretation of property documents is also a common mistake on the part of the buyers. Lawyers are much proficient in understanding and analyzing the context that underlies in the agreement. A lawyer can interpret and read between the lines in a much efficient manner than you. They can check if the plans are legally passed or not. It is very important to hire a lawyer who can help in reading such important documents.
Never go for the super-built up area:
There are certain builders who advertise about the flat on sale without exactly clarifying the built-up area of the flat. Later on, it is seen that the flats on sale encompass of areas like staircases, passages, lifts, etc. Therefore, it is very important to know how much the exact usable area is. The carpet area and the loading area must be clearly specified so that the buyer gets a clear idea about what he is paying for. One must also verify what is to state by the developers along with the charges that mean to pay.
Purchasing a disrupted project:
Beware of the builders who construct the building on the land where the title itself is disrupted. A heavy penalty by the concerned authority is penalized upon both the residents as well as the developers for clearing the title in such cases. You cannot even sell such properties if it is illegal. Therefore, it is very important to take time and conduct complete background research beforehand.
Getting lured by the freebie items:
Instead of falling prey to marketing gimmicks that are specially trained to attract the customers, it is advised to think rationally and look well what the builders are actually offering against the sum of money.
These are some of the most frequent mistakes that every individual tends to commit while purchasing a flat for the first time. So, before buying a house to go through the above-mentioned tips to ensure a safe and reliable purchase.