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5 Mistakes to Avoid While Buying A Residential Property

The process of buying a home possibly involves a good amount of financial investment. Hence, there is a considerable amount of risk involved. Sure, you must’ve heard about the new apartments about to be launched by the builders in your vicinity, be it Coimbatore or Chennai. However, you should not let the risk of committing one of the most common mistakes as other homebuyers, come in the way of owning your own residential property where you and your family will be able to live and grow in peace.
Common mistakes to avoid while buying a home
Many homebuyers, usually the first-time homebuyers, are seen to be committing some rather silly mistakes, which is why their investment fails to give them a good return. Either they don’t prepare themselves well, or let the double-crossing real estate agents coerce them into buying a property that is not in anyone’s best interest.

Here is a list of the most common errors made by homebuyers and how to avoid them

1. Not doing enough research:
The first priority of any potential property buyer is to properly research the property and all the aspects related to its location, neighborhood, value as compared to the other properties in that area, the size of the property, the quality of the water supply available, power cut issues, sanitation etc. in the right order.

2. Not being prepared for the purchase:
Another concern you have is to have a wholesome understanding of your family’s finances and requirements in regard to a home. To avoid selecting a house that doesn’t cater to your family’s interest, you should plan your finances – probably apply for a loan, which is up to you. A wise homebuyer will always secure his purchase by having his loan request pre-approved before even going property hunting!
3. Lured by lucrative advertising:
This is what you should most definitely avoid! Of course builders in Chennai, Coimbatore, among other cities are building fancy new houses and offering them to the buyers at lucrative rates for the festive season. It will be your call to make – whether you want the festival discount, or you want to wait for the prices to fall on their own which might never happen. It is a tough call definitely, but you shouldn’t let fancy advertising rule you against your logical research-based property search.

4. Not preparing a budget:
Always set the most economically feasible budget which will not completely exhaust your finances. Additionally, set a separate range up to which you can extend your purchase so you can fit into it other expenses involved in setting up the property to serve as a comfortable home, including purchase of necessary furniture, furnishings and fittings, among other gadgets etc.

5. Underestimating the full cost of buying a home:
Many property buyers do not include in their budget the full costs involved in buying a house. Apart from the cost involved in moving into your new home, you will have to set aside a fund for miscellaneous expenses that might crop up once you start living at the house, like installation of water purifiers, air conditioners, security systems, along with insurance and property taxes etc.
You will be able to find many new and old properties launched by builders in your city, be it Coimbatore or Chennai. To find your ideal home, do your proper locality and property research and you’re good to do.
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