Mistakes you should avoid while buying a new property
When it comes to buying a house, it can be a great investment and an even greater place to call home; there are specific pitfalls to avoid at all costs. There are many budget flats in Kolkata that are coming up in recent times, but even for these, there are certain glitches and traps that can be avoided if you remain careful and alert. Many people stick to the idea of being a homeowner and make a purchase even though they know they might move again to another location soon.
- If a potential homebuyer is not sure whether he has plans to stay at his current location for more than two years, it is probably not a good time to make a purchase. With closing costs along property taxes and the possibility of losing assets, homebuyers who move soon after purchasing a house might lose more money than the equity they pay down. It is always preferable to go for rented ones in this regard.
- It is better not to get obsessed with buying a ready unit in order to escape the burden of paying rent and EMIs simultaneously. Many a time, an under-construction property might offer better options in terms of location, livable space, amenities and price. The only drawback is the window period. You might buy apartments in Kolkata but after you get possession it may not satiate your demands, hence survey well.
- Get a copy of your credit report even before applying for a mortgage loan. If you have an impressive credit score, better mortgage loan deals at lower rates of interest will come your way. There are many ways to improve your credit rating, it might turn out to be time consuming but it is a matter of your hard earned money, so avoid taking risks.
- If you think it is alright to skip the process of home inspection before buying a residential property, you are actually mistaken. You may save some money in the process, but in the long run, it may prove to be risky. If you avoid this process then you are taking the worst risk for your home.