Buying a property comes in handy with loads of stress.

For years we have been dealing with clients, and trust me, everyone’s different in some or the other way.

For all these reasons, we decided to share this blog.

After reading this you will know the most common mistakes buyers are making.

We promise, to keep it concise and informative.

Okay, so let’s begin.

Once in a while, everyone thinks of buying a property.

And, especially for Indians, having an own place is more than just a property owned.

Investments like these require some serious introspection, as they call for the life long saving of yours.

Being a buyer you have already so much on your plate, which includes understanding the different facets of buying which includes mortgage, requirements, earning vs expenses, et al.

While we were talking about what’s best for you in our previous blog, rent or purchase, whilst speaking of the everything you should know before going for either.

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Now, it’s time to extend your knowledge about things you might do wrong before buying:

1. Paying token money for reservation

P1

This is very common these days, people paying token money for reserving the house. Unless there is no documentation, there are bright chances that you might get betrayed.

And, many have been!

Especially in Mumbai, or we can talk about any metropolitan, where the demand for properties is huge.

You are undoubtedly gambling with your future. Plus, you have no security of that transaction, so Do not get into any fraud like that.  

Also Read: Why is it best for NRIs to invest in Real Estate?

2. Not discussing complete costs with the broker

P2

Besides the actual cost of buying a property, there are some costs you might be overlooking.

So, this is one of the most important subjects you should be speaking to your consultant about.

What are the fixed and variable costs?

For instance, investing in real estate binds you to pay taxes, then moving charges, renovation costs, then transportation, and so on.

For instance, there is going to be a difference between what banks indicate and the loan you actually get.

 

3. Waiting for the appropriate time

P3

Are you seriously thinking property prices will go down anytime in the future?

If you are looking to purchase a property in any metropolitan or big city, this is something next to impossible.

Stop letting the baffling media reports mislead you.

There is a huge influx in cities, plus real estate construction acquires 20-30% employment of the nation, then you see, on the top of which land is one of those things which they are not manufacturing anymore, and there are many other reasons why this is the lowest price it can be.

So, wait no more and purchase a property.

Also, Read Pros and Cons of buying a home in Mumbai.

4. Disregarding your budget

P4

Like I already explained, there are going to be hidden costs in purchasing a property.

So, if you fall in love with a home you just saw, which is out of your budget.

Firstly, don’t let the seller know, for obvious reasons.

Secondly, try making negotiation, but do not go beyond your set budget.

Remember, you do have financial constraints and banks don’t spare the loan takers.

 

5. Not consulting Spacio Realtors

P5

It is cardinal to consult reliable and eminent Consultants and brokers to get the best deal.

You can not quite comprehend the market without a professional.

Being into consulting and broker services for long enough, we have had plenty of experiences where people choose to do solo hunt for a home and end up getting duped.

Also, Read Reasons to buy a property before 2017 ends.

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Disclaimer

Thank you for visiting our website. We are currently updating our website towards compliance of the newly introduced housing law for the State of Maharashtra i.e. the Real Estate (Regulation and Development) Act, 2016 and the rules and regulations notified thereunder.

In the interim, no information, images or material which is currently available / displayed on the website relating to builder projects shall be deemed to constitute any advertisement, invitation, solicitation, offer or sale of any such builders product offerings. Please contact us for any enquiry.

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