COMMON MISTAKES MADE BY FIRST-TIME HOME BUYERS

After living for years on rent, you’re now ready to buy your own apartment. The joy of moving into your own home cannot be explained in words, it can only be experienced. Apart from being a prudent financial decision, investing in your own home is also an emotional decision that announces you have crossed a major milestone in your life. However, there are many elements in the process of home buying which you must be aware of, such as hiring the right Home Buyer Agent Services fl. In this article, we will tell you how you can avoid these common mistakes made by first-time home buyers. hubtown premiere andheri

Borrowing more to buy more than you need

It is natural for first-time buyers to be over-enthused and excited about this new development taking place in their lives. After all, they are about to enter a new phase in their lives. However, in their excitement to go as far as possible, they often tend to buy an unaffordable property, and for funding the same, they go for a home loan for which repayment is a big stretch for them. Due to this, what should ideally have been their asset, becomes a long-term liability. What should have been a source of mental peace, becomes a source of mental stress. Since a home purchase is a long-term commitment, we suggest you buy a property that adequately fulfills your objective, in a budget that does not put unnecessary burden on your in the form of huge EMIs month on month. hubtown premiere residences

Not doing enough research on home loan

Consider yourself lucky if you are funding your home entirely on your own. However, should there be a gap between your funding and the property cost, you will have to take a housing loan to cover the shortfall. You will be happy to know that there are a plethora of home loan options available from banks and housing finance companies. Therefore, it is extremely important that you do a thorough research on all aspects of the offerings, from interest rate to repayments terms and more. Do keep in mind, that a shorter repayment period will attract a slightly lower interest rate as compared to a longer repayment period. If you opt for the maximum repayment period, your EMI will surely be low but the total amount that you will end up paying will be more than what would have been, had you taken the loan for a shorter duration.

Trying to be an expert in everything

Buying a home is a complex process and involves dealing with multiple financial and legal processes at every step. If you feel that with a little bit of online research, you have become an expert in the home buying process, you are sadly mistaken. You never know that due to which small miscalculation in any of your decision, you may have to pay a price that could have been avoided had you hired a professional for the same. Hence, we suggest you begin by talking to a property brokerage firm and take their professional help in finding your dream home which perfect fits into your budget and configuration requirement. Similarly, it will be a good decision if you hire a lawyer to take care of all the legal aspects of both the property and the transaction.

Not planning for the future

We assume that right now you are a married couple looking for their own apartment. For your present needs, the 1 BHK configuration that you are looking out for may be perfect. However, you must factor in the fact that soon your family size will increase with the arrival of your little bundle of joy, who will require his or her own space after a few years. So, if you can afford the extra EMI for a 2 BHK configuration, we suggest you go in for it and effectively plan for your future requirement right away. Also, with relatives coming over at frequent intervals, the extra bedroom will come in handy.