Hello and welcome to Investors Den! Today we will talk about those 10 mistakes to avoid when buying your first home in Gurgaon. Everyone dreams of having their own home, but buying the first home is a very big decision and there are some common mistakes in it which people make again and again. So let’s discuss those mistakes today so that you can buy your dream home without any hassle.
- Not estimating the budget correctly
Mistake number one, not estimating the budget correctly. While buying the first house, it is important that you make a realistic estimate of your budget. Many times people go to buy a house without analyzing their financial situation properly, and later they face a lot of difficulty while repaying the loan. Therefore, before buying a house, make sure to calculate your income, savings, and monthly expenses properly.
- Do not pay attention to location
The second big mistake is not paying attention to the location. While buying a house in Gurgaon, do not focus only on the condition of the house, but its location is also very important. Make sure to consider the accessibility of school, hospital, market, and public transport. Many people invest in a location just by looking at a cheap house, where later they face difficulty in commuting and fulfilling daily needs.
- Estimating Future Growth
Mistake number three, estimating future growth potential. Whenever you are buying your first house, it is very important to understand the future growth potential of that area. Are there upcoming infrastructure projects in that area? Can property prices increase there in future? Only after knowing the answers to such questions can you determine the right value of your property.
- Not taking information about legal documentation
Fourth mistake, not taking information about legal documentation. Legal documentation is the most important aspect while buying a house. Check documents like title deed, sale agreement, possession certificate, RERA registration thoroughly. Sometimes people buy property without verifying the documents and later they have to face legal issues.
- Ignoring maintenance costs in the project
Mistake number five, ignoring the maintenance costs of the house. After buying a house, its maintenance is also your responsibility. Include maintenance costs like society charges in your budget. Many times people focus only on the property price and later struggle for maintenance.
- Not checking the reputation of the builder or developer
The next mistake is not checking the reputation of the builder or developer. The real estate market in Gurgaon is very big, and many builders are active here. Do check the reputation, past projects, and customer reviews of the builder from whom you are buying property. This will help you for quality assurance and timely delivery.
- Not comparing loan options properly
Mistake number seven, not comparing loan options properly. While taking a home loan, you should compare the interest rates, processing fees, and loan tenure of different banks and financial institutions. You may not get the best deal just by going with one bank. Explore multiple options and choose the best loan according to your budget.
- Not considering re-sale value
The eighth mistake is not considering the re-sale value. The resale value of the house you are buying today is also important in the future. Are the property prices in that area stable or in an upward trend? By getting answers to such questions, you can secure your investment.
- Ignoring extra hidden costs
Mistake number nine is ignoring extra hidden costs. Many times people overlook extra costs like stamp duty, registration charges, parking charges, and GST while buying a house. All these hidden costs also affect your overall investment, so it is important to consider them as well.
- Not taking professional advice
And last but not the least, not taking professional advice. Buying a house is a complex process, and if you are a first-time buyer then it is important to take the help of a professional real estate consultant. Consultants like us can help you in finding the right property, legal issues, and negotiation.
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So these were the 10 mistakes to avoid when buying your first home in Gurgaon. If you keep all these things in mind, you will be able to buy your dream house without any tension. If you find this information helpful, please like, share, and comment on our youtube video. Don’t forget to subscribe to our youtube channel and if you need any help, please call us on the given number. And if you have any questions, do ask in the comments.
“See you in the next blog, until then, Happy Investing!”
