Owning a home in a city like Bangalore is a major life decision. It is a major step before one decides to start a family and settle down. Owning a home also indicates security, stability, and freedom. Considering these important factors, you must take the necessary precautions before making this decision. Although home buying is a tried and tested exercise, the real estate market dynamics are constantly changing. Major events always affect the buying process, and you must be updated on the probable mistakes that should be avoided while buying a dream home.
1. Unplanned decision making
Buying a home is not a casual process like buying clothes or groceries. It is a major financial decision that requires a serious investment of time and energy. A systematic way of going about the process is by making a list of important criteria for the home you want to buy. The list will include the size, location, amenities, physical infrastructure, and budget.
Depending on these criteria you can start shortlisting the locations and projects in these locations. The location needs to have all the basic facilities and be easily accessible to your work location. You must gather all the necessary information about the builders and developers in Bangalore for the respective properties.
2. Overlooking Legalities
Considering the high value of land and property, the importance of having clear titles cannot be overlooked. Zero ambiguity in paperwork is non-negotiable. The property and land titles, approvals from all the authorities, and clearance certificates of ongoing projects in Bangalore should not only be checked but a copy should be demanded in order to be on the safer side. These documents should be verified by a legal counselor before one can think of investing in the home property.
3. Neglecting finances
Buying a home involves large financial transactions. For instance, villas in Whitefield can be worth a few crores. The financial planning should be accurate to avoid any surprises at a later stage. If you are taking a loan, checking your credit and having a pre-approval becomes necessary before finalizing your favorite property.
Your budgeting process doesn’t stop at that. You need to factor in the additional costs that are incurred while purchasing the property. These include loan processing charges, registration and stamp duty, floor-rise charges, maintenance and club-house deposits, and other charges that the developer may charge for preferential services including vehicle parking. You should also factor in post-purchase costs like interior designing and renovation.
Sometimes you find a property that calls out to you and feels perfect when you visit it. There could be times when you and your family may get carried away by emotions during shortlisting. One must be practical and not make hasty emotional decisions while buying your dream home.