Buying a flat or an apartment is undoubtedly one of the most crucial decisions in every individual’s life. And we know it takes years of toil, savings and planning to finally buy a flat that is perfect for you. Naturally, you must do thorough research before you take the leap and make a decision.
Moreover, a poor property investment can take a heavy toll on your financial health as a considerable amount of money is required to build this asset. Add to all this the fact that real estate fluctuates and changes regularly, and you have your task cut out.
With so many decisions to make and a myriad of options available, you can feel a bit overwhelmed, which may result in you making a grave mistake while purchasing a house. And so, to help you, we have curated this list of the top mistakes you can make while buying a flat.
1. Not Setting a Strict Budget
This is arguably one of the costliest decisions you can make when buying a flat. Consider this, you have seen the house of your dreams, it ticks every box on your checklist, and your family loves it. The only hitch is that it is a lot more expensive than you had planned. You feel you’d be able to handle a little financial stretch, so you go for it, however, that backfires on you.
It drains you out on various levels, leaving you ill-prepared to handle unforeseen medical expenses, rising school fees etc. The financial strain causes a massive increase in stress, disturbing your family life.
2. Not Researching About the Builder
Another major mistake you should avoid while buying a flat is not researching the builder. It is recommended that you always research and then buy from a trusted builder, as that ensures all the legal aspects are taken care of. This includes loan approvals, clear land titles, etc.
3. Little or No Down Payment
This is quite fundamental. The larger the home loan principal amount, the more the burden of interest that would fall upon your shoulders. Therefore, while buying a flat, it is recommended that you make as high a down payment as you can. While this would certainly feel more tedious, believe us, it’s a better decision in the longer run.
4. Overlooking RERA Norms
Another critical box you need to tick while buying a flat is checking out the RERA (Real Estate Regulation & Development Act). This norm is mandatory for all ongoing projects stating that they must apply to the regulatory authority to register them within three months.
5. Ignoring Paperwork and Legal Verification
Finally, when buying a flat, check out the legal verification and paperwork thoroughly. If you fail to pay attention to the documents, there are high chances of you losing both your money and your property.
In summary, research plays a significant role in determining whether or not you make a sound decision when buying a flat. Ensure you avoid all the common mistakes mentioned above and do your due diligence when investing in real estate.
