Avoid these common mistakes while investing in real estate
Living in a fast-paced world demands security and stability. Owning a property is the safest asset, as it grants a sense of security and opens the door to an additional income. Unlike other investments, there is no massive loss associated with investing in real estate. However, if not being cautious at the time of investing may result in spending extra money on the hidden cost or being duped by fraudulent agents.
Being a little more investigative, vigilant and curious while making a deal is always a good idea. Here are some of the mistakes to avoid while making a significant decision of buying a property.
Not researching thoroughly
While buying a property, do not be in a rush. Before investing in any property, indulge in market research. Analyse the market rates of the property you are planning to buy, check the monetary value and the scope of growth in the desired location. Always examine the road connectivity and basic civic amenities in the neighbourhood before signing the deal. Property buyers often overlook this crucial step.
Overlooking the finances
Buying a property is not a cakewalk. It is a significant decision that impacts your life every day in more than one way. When you find a property that is just perfect for you- stay put, take a step back and calculate the finances. A property needs much more investments than just the buying cost of the land. There are many hidden costs such as maintenance, furnishing and interiors, repairs, renovation costs, and utility charges. If you are planning on buying the property on a home loan, then discuss these things at length with your bank.
Not investigating the builder’s standing
Investing in a property is a huge decision that requires transparent communication and trust. Always check the developer’s credibility and check their previous projects before making the purchase. Ensure that the project is RERA approved and the developer has provided all the legal documents and permits. You can also visit their social sites and see what their previous clients say before closing the deal.
Overseeing the property type
What is the purpose of this property you are investing in? Is it a commercial space or a residential space? Understanding your own property needs is a must. Don’t rush the deal before understanding this aspect of real estate. It is always advisable to select a prime location with unmatchable connectivity across the city and civic amenities in the reach.
Skipping expert advice
Not seeking expert advice is one of the most common mistakes property buyers commit. Seeking guidance from an expert in the real estate industry may save you from fraudulent brokers or entering into a non-beneficial property deal. Communicating with a trusted advisor can help you land a suitable property at a fair price and free of any legal complications. It is a good idea to consult with a financial advisor as well.
If you need advice on the purchase of property or suggestions on the best housing locations in the city, then consult our real estate experts.