Are you etting ready to buy your first home in Pune? Purchasing a new home can be exciting, exhausting, and overwhelming, too. You want a home that you love, at a price you can afford. However, big or small mistakes along the way can restrict the happiness from your dream home. The more you buy real estate, the more you learn. The confusing terminology, logistics, piles of documentation, etc. can make it scary for new home seekers. We bring you some common pitfalls to avoid so that you can skip the problems and simply enjoy your new home in Pune.
1. Not Getting Pre-Approved
The worst thing for a family is falling in love with a home that they can’t afford. That’s why it’s best to get a pre-approved loan. This way, you’ll know how much you can afford and what kind of monthly payments you’re looking at. Remember that even though a bank or financial institution might offer a higher amount of pre-approved loan, don’t go overboard with your budget. Be realistic of what you can afford and your future self will thank you!
2. Making a Small Down Payment
You might notice a lot of ads promoting 0% down payment in the city. While this seems like an exciting offer, it has its downfalls. Though it may be a good idea for certain homeowners, most millennial buyers regret not putting down enough payment. When you pay a bigger down payment, your monthly instalments are lowered. This gives you an opportunity to live a better lifestyle in your new home. If you want to buy a house in 2-3 years, start investing from today itself to save up substantially for the down payment.
3. Overlooking the Extra Costs
There’s a lot more involved in owning a house than the monthly payments. If you only calculate your EMIs, you’ll find it challenging to make your ends meet by the end of the month. Some common expenses you should save for include moving costs, loan fees, building maintenance, property tax, insurance, etc. Set aside some money to help you cope with the additional expenses that might arise during the home buying process.
4. Not Thinking About the Future
It’s impossible to predict the exact future of the neighbourhood, but you can make an informed decision to avoid regrets. Look at the development plans in the area to understand the appreciation of your property. Also, analyse the kind of traffic growth to ensure that your peace won’t get disturbed. Don’t forget to check about the rates of properties around and see if there’s been an increase or decline in the last few years.
5. Making Too Many Compromises
Sure, buying a home is synonymous with compromises for many. You may not get the space you want in a location you desire. Or you may not be able to afford a bungalow close to your work. However, when you’re buying a home, you don’t always have to compromise. Especially on the big things. For example, if you’re recently married and plan to have kids, consider buying a 2BHK rather than a 1BHK. After five years, it may not be possible to buy a bigger home again. Similarly, if you like lots of amenities, wait for a few months till you find a home that complements your lifestyle.
Buying a home can be stressful and overwhelming for most of us. And unfortunately, there are many pitfalls along the way. But being well-informed about potential issues can protect your family from costly mistakes. When you buy a home, make sure you choose a trusted builder in Pune who is RERA registered and offers a complete transparent deal. Since a home is one of the largest purchases you make in your lifetime, you should make sure that it brings you maximum happiness with minimum hassles.
Happy House Hunting!