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Mistakes Home Buyers Can Avoid Making

Mohit Jain
 


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There is no doubt that real estate Bhopal is such a hot topic and most people keen on investing are falling over themselves in trying to get a piece of the pie. While all this is good news, lack of proper information can make your investment plans a potential landmine. Kindly take note that most of the missteps taken by most homeowners are clearly avoidable; following are a few of such mistakes:

Not knowing what they can afford: While it is a good thing to spend your time checking out on checking different layouts and designs, it is more important to do a research on your financing options. You want to avoid falling in love with a house that far beyond your reach even with financing. Take time to understand how to use home affordability calculators before going too far.

Letting emotions run high: There are a few times when someone gets a house that fits into their dream homes squarely and for them this is nothing short of an answered prayer. The trouble with shopping for a house with your emotions is that when the seller’s agent realizes you have fallen head over heels for their offer, they are likely to use it against you during the negotiations.

Failure to look for a good agent: There is no doubt that getting a mortgage can sometimes be a tough assignment. This is why you need to spend a little money to get a reputable and dependable buyer’s agent. You want to make sure you get recommendations about how good an agent is from family and friends. Don’t be embarrassed to ask if they have experience working with new home buyers if you are one and they extent of the services they offer to them.

Failure to anticipate the real cost of home ownership: Home ownership is not a small matter, have no doubt about this. Apart from the initial costs of buying the house, there are additional costs relating to maintenance and repairs. As a result of this, you must carefully consider the age of the home you intend to buy as well as how well the previous owner must have treated it. It is always important to set aside about 1% of the cost of the house to cater for annual repairs and maintenance.

Going too fast: Don’t be to type of home buyer who wants to finish the transactions on the same day. The problem with this tendency is that you are likely to overextend yourself on matters of credit. Exhibiting some patience as a potential home buyer is likely to work to your advantage in the long run.

The article has been written by Mohit who is a real estate agent and has worked with Ruchi Realty Holding's Ltd for 2 years now. She has worked for Ruchi Reality on the nationally awarded residential project in Kolkata name ‘Active Acres’. You can find more details about villas in Bhopal on their website.

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