5 Things You Should Avoid Doing While Buying A Home
Buying a home is like living a dream. You wake up every day, work hard for it and save every single penny you earn to turn this dream into reality. As a big portion of India is first time home buyer, hence they tend to do a lot of mistakes, which can prove disadvantageous for them on a longer run. So, Gateway Propmert has tried to list some of those things that you should avoid while buying a home.
Are you planning to buy a home only to show it to the society or you really have funds to cope up with the future financial burdens? It is one of the foremost and most important questions to ask yourself. There are many around us who become impatient and impulsive, irrespective of the fact that you may not be able to bear the finances. Doing show off and impressing your relatives by just purchasing a home can seriously make you debt-ridden.
Hold on If You Are Planning a Job Change
Buying a home takes a huge toll on all your financials. Whatever you have saved in your bank accounts will be gone in paying the down payments. Most probably, you will apply for a home loan, hence bankers will seek information of the nature of your job, organisation for which you are working and the tenure of your association with the company. Plus, you will have to plan a way to pay the EMIs. And amidst all this, panning a job change is something that you should literally keep on hold, else banks will take you as a job hopper and will refuse you home loan application.
Failing to Pay Bills
It is a common practice among millennial that they don’t think twice while swiping their credit cards. But, what they don’t realise is the kind of financial burden that they are imposing on themselves. While it may look cool to flaunt your money, it makes a big impact on the chances of getting a home loan if you fail to pay these bills on time. Your credit score or CIBIL score, by which banks analyse your creditworthiness, will drop by a huge margin. So, if you are planning to buy a home, it is advisable to clear all your standing bills on time so that you achieve a good CIBIL score.
Stop Dependence on Conventional Methods
If you are someone who is not a tech-savvy kind of person, then it’s time now when you should change your habit. Everything these days is online. From buying needle to buying a home, everything is available on the internet. That time has become history when homebuyers used to purchase a property on the basis of hoardings and radio advertisements. You can research many properties on the internet, compare prices and ask for the best deal, which is not a case in the conventional methods of home purchase. Also, the real estate sector is becoming technology driven, like property registration is about to become online and projects are getting registered on RERA websites.
Become a Talker if You Are Not One
Each one of us born with different personality traits, some are talker while some are quite unsocial and introvert in nature. However, when it is a matter of property purchase, you need to change your habits as well as the mind-set. Contact someone who has recently bought a property and ask them what were the things that they kept in their while buying the property. Have a word with someone who is living in the same society or locality. As they are far more aware of the problems persisting in the area, hence, they can tell you if it is worthy enough to invest your money in that property or not.
Buying a property is a tedious task. It not only takes a toll on your finances but also impacts your mind and body. Things are more difficult when you are a first-time homebuyer. Everyone will take advantage of this opportunity, but you have to avoid the above-listed things so that you end-up in buying a property of your dream without a hassle.