7 Common Errors Buyers Make While Buying an Apartment

Deciding to buy your dream home brings you to the threshold of a major milestone in life. The goal is beautiful, but the process may be quite challenging, particularly for first-time home buyers.

Here are some of the most common mistakes to avoid when buying an apartment.

• Not accounting for the growing needs of the family - Each stage of life comes with a different set of needs and necessities. One of the most common mistakes homebuyers make is not anticipating future requirements. As a young professional, you may be happy buying a 1 BHK or 2 BHK condominium, but when you have children, you may need an additional children's room or study. Your ageing parents may need to move in with you. Buying a home is often a once-in-a-lifetime event, and this means your family's future needs must be part of the plan.
• Not researching enough - The starting point of your home search must be your chosen location. Researching the location is very important because it has a far-reaching impact on your lifestyle. How long will your work commute be? Is there an upcoming metro nearby? Are there good schools and entertainment centres for the children? Are there good medical facilities available nearby? What is the infrastructural development of the locality like? What is the likely asset appreciation in the area, say, five years from now? These are all questions that must be answered before you decide to invest in a property.
• Going beyond the budget - Buying a home is one of the most important financial decisions you will make. Choose a budget you are comfortable with and stick to it. Use an EMI calculator to check your monthly outflow. Do not forget to include other expenses like parking, registration, and stamp duty and recurring charges like property tax and maintenance when calculating your expenses. One good way of optimising your budget is negotiating discounts with the developer. You may also want to avoid splurging on the interiors and plan to remodel when you have some additional funds or try interior designing if you are creative.
• Relying on real estate agents - Relying blindly on real estate agents may not be a good idea. Most middlemen charge you 1-2% of the property value, which can be a significant expense. The real estate agent system in India works on commission to show you new and resalable properties, but these agents do not provide adequate guidance or verify the sellers. It is a good idea to opt for online platforms like Blox, which charge zero fees but use tech tools to connect you to top developers with a track record of delivering high-quality projects on time.
• Not checking loan pre-qualifications - Securing proper funding for the apartment you plan to buy is one of the most important aspects of buying a property. Not comparing lenders, loan products, checking loan pre-qualification, and credit eligibility are some of the top mistakes to avoid while buying an apartment. If you are not sure about the tenor or choosing between a floating and fixed interest rate, it is a good idea to consult a financial advisor. You may also want to consider getting a life insurance policy to offset the risk of taking a home loan and securing your family.
• Not buying from a trusted builder - When you set out to look for a real estate property, it is very important to do some research on the background, track record, and financials of the builder or developer. Some of the greatest challenges that homebuyers face come from delayed or shelved projects. The introduction of RERA has brought homebuyers a great deal of protection, but most Indians still do not understand their legal rights. Always opt for a RERA-registered project when you look for a property to buy. This will ensure you do not face any financial loss if the developer cannot deliver on time.
• Overlooking paperwork and verification - Documentation and paperwork are the most important part of buying a real estate property. Verification of the title, documents, and permits is of prime importance. This is because, unless the title and deeds of the property are scrutinised and verified, the legality of the ownership can come into question. Again, buying from a verified and trusted developer can help you because such a developer will be forthcoming in providing you with these permits and documents. Contact a lawyer if you need help understanding some of these.

Your Blox Relationship Manager is an expert who will handhold you through home-buying and make it an easy, stress-free experience. All the developers listed on our platform are verified, and the properties are RERA-registered. Bank on the expert guidance of your RM to avoid making these common homebuying mistakes.