Avoid 5 Mistakes When Purchasing A Residential Property

Buying first time home is the dream of every individual. Being a long term investment, it is essential for every homeowner to think wisely and consider all the pros and cons of the property. The moment you apply for a home loan until its approval and pre-purchase building inspection needs to be minutely considered before your beautiful dream becomes a nightmare. Therefore, this post is created by considering the general property mistakes that people do while buying a new residential property. 

Mistake #1: Paying Down Payment Before The Loan Approval

Normally, inexperienced buyers make a deal with token money without caring about a loan approval. They want to ensure that their dream house must be there and will not be transferred to another. Indeed, they are doing the biggest blunder. Getting a loan in is risky, it requires lots of paperwork and other formalities. If there will be a weak area in loan approval and did not approve. You can be caught up in the legal case. And, on non-payment of the remaining amount on time your initial investment will be sink. It can become a hard time for you. 

Therefore, it is essential to wait for loan approval. If you talk freely with the builder, the genuine builder will surely give you some time to get to know about a loan approval. So, think about this aspect and never invest your penny unless or until you are 100% sure or get an approval certificate from a financial institution.

Mistake #2: Ignoring Purchase Agreements Terms And Conditions

Some buyers do not read all the details of buying agreements. This can be intentional or unintentionally, but in both cases you can be vulnerable to fraud or forgery. Therefore, it is always essential to read and understand all the clauses of agreement. If you are unable to know the legal or foreign language (when investing in another country) you should hire a legal advisor. He will read and tell you all the details and can protect you from futuristic issues.

Mistake #3: Buying Without A Pre-purchase Inspection

Buying property without pre-purchase building inspection report is the most common mistake. Many newbie investors, try to avoid inspection cost, therefore, do not care for the inspection report. If you doing the same means you are also mistaking. As the pre-purchase inspection includes all issues related to pest issues, electricity shortage, water crises, pipe leakages, inappropriate home structure and many more. If any of the problems lies with your house, you will need to spend a great investment in repaying and solving these problems. On the other side, getting a report within 24 hours can save you from all upcoming issues. 

Mistake #4 Not Discussing Fixed And Variable Cost

In a rat race of builders, they are reducing property rate to get more possessions. Therefore, new investors looking for attractive offers get into their trap and buy a home. Indeed, the slashing property prices are becoming a burden on buyers in the form of variable costs like maintenance and other charges. Therefore, before getting into their fake trap you must be aware of their razor and blade policy and discuss in advance for all such costs.

Mistake # 5: Ignoring Building Area

The property is divided into super built and carpet area. Where super built areas always have a higher price than carpet. So, try to convince your property dealer or owner to charge property as per the carpet area. This will save you great amount.

Things to keep in mind while Buying

• Always make a property guide professionals like an advocate, pre-inspection building officer or company.
• Always buy property from reputed buyers, as they can ensure the quality of used material.
• Try to be within your budget, as it will affect your long term installment tenure. 
• Always check locality and other connected buildings like offices, hospitals, school, market, malls and a good neighbor.
• Verify and check the title and legal formalities of property.
• In case of confusion, take your time to think and then make a best decision.