First Time Home – Buyer Mistakes To Avoid

Gated Communities: What to expect from them?
February 27, 2018
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Are you gearing up to buy your first home? Buying your first home is exciting, stressful and scary – all at the same time! First time home buyers always tend to make mistakes; but the good news is that this process of buying can be far more smoother and easier if you avoid these mistakes:

 

Spending up all your savings

Buying your first home without a plan could be very risky; so spending up all your savings without a backup plan is definitely not advisable. Save enough money for the down payment, registration and moving expenses – not to forget the unexpected expenses you have to be prepared for! Being a homeowner comes with a lot of responsibilities; it will be your duty to fix any issue that may arise in the future – if any appliances break down, or if there is a leak, or if there needs to be a cleanup done every other year – It all comes at your cost, which is why having a savings fund becomes extremely vital.

So, it’s important to set a realistic budget for what you can afford and stick to it!

 

Enquiring with only one (loan) lender

We often tend to get in touch with the lender referred by a relative,friend or a real estate agent. The interest rates offered by different vendors may vary significantly, which is why doing some research about it helps a great deal! So be sure to talk with at least three lenders before you make your decision.

 

Skipping the home inspection

Before closing the deal, it’s necessary to check what shape the house is in especially if you are buying a previously owned home; because you wouldn’t want to be spending again on unexpected repairs. So make sure you visit the site once and inspect it thoroughly to avoid making a serious financial mistake.

 

Not thinking about the future

No matter how much research you do before buying, it’s almost impossible to predict the future of your chosen neighbourhood. So make sure you have the answers for the mentioned questions below to avoid unnecessary problems in the future.

 

  • How long has the property been on the market?
  • Has the property repeatedly changed hands?
  • Which way does the property face?
  • Is the property government approved?
  • What can they tell you about the local neighborhood?
  • Does the area have any hidden issues to be aware of?
  • What are the amenities offered?
  • Is there room for negotiation?

 

If you are happy with the answers you get to all these questions, then you are good to go for it!

 

White County by White Projects is an iconic gated community for residential plots in Bangalore South (electronic city) built with global standards in mind. White County exemplifies class and ensures comfort like never before.

 

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