Buying a home that you can finally settle in with your family is a big achievement in itself. You might even be obsessed with the idea of owning a home after spending a few weeks in the market and make some bad decisions which will inevitably affect you later in life.
Here are some red flags that you must avoid at all costs when buying a home:
1. Wealthy Competitors
When there are too many people weighing in their funds desperate to buy that particular home, it will end up in a financial disaster for the ones who can hardly afford it. Maybe you have a couple thousand rupees to spare but don't go overboard with the bidding that will cost you more than the house's actual worth.
2. Too many Repairs
The seller of the half decent house might influence you to think that it will cost you only a small amount to repair the numerous problems that need to be taken care of but when the time comes to actually fix every problem from things plumbing to electric sockets and so on, you will have a bad time explaining to the family why you were convinced to buy such a wreck of a house in the first place. Be smart and know when to kindly say no to such offers.
3. Above Your Affordability
Buying a house is not the same as buying a phone for which you can spend more than your capacity while planning to pay out the loan in a short time. You must always have at least half of the cost of the house to invest in interiors if not equal to the price. Don't spend a chunk of money that can be used to buy a similar house in a cheaper price and with the liberty to invest in upgrades.
4. Without Your Partner's Approval
You might be buying the house with your savings alone and think you're entitled to buying whichever house that you feel like buying but doing so will make everyone else blame you for every small problem that arises with the house in its later years. Convincing your partner, or any loved one who will be living with you is a crucial step to consider before investing your life's savings in a house.
We hope these tips will help you choose the best home right for you and your family. Share this article to enlighten your friends!
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Published on 30, June 2017 by Nishant Acharya