5 Common Home-Buying Mistakes

Gearing up to buy your dream home? MakaaniQ lists five common mistakes you should avoid in the process:

Don't stretch your budget too much

We all go through this feeling -- the home that does not fit your budget always seems more appealing than the one you can afford. But it is essential that you make sure you do not stretch your budget too much. Those few lakhs of rupees might not seem too much initially, but they can be a problem when there are other costs to meet in future.

Don't get swayed

It is possible that you end up liking the first or the second home you come across while you were in the process of buying your dream home. But, don't get swayed; do proper due-diligence, see enough properties to compare, and then take an informed call.

Don't forget to consider added costs

Unlike renting, owning a home comes with several additional expenses, over and above your monthly installments. When you own a home, you will be responsible for paying property taxes, home insurance premiums and other maintenance charges, even occasional repairs. All of these, when summed up, might go beyond the monthly amount you kept as your estimated budget.

Don't be too rigid

You can go ahead and list down all the specifications you desire in your dream home but don't be too rigid about them. When you buy a home for the first time, usually you have to compromise on a few counts due to a limited budget.

Don't overpay for a perfect home

There are chances that a homebuyer would find a perfect home in the allotted budget. So, be patient and give your search enough time; do not overpay or extend your budget for buying a perfect home. 

Don't take too many opinions

When you are buying a home, it is advised that you take opinions from family and friends, especially the people who have already purchased real estate. But nothing matches your own research. Research thoroughly before putting your money in real estate. Too many conflicting opinions from other people could leave you confused. You can even hire a professional.