Buying a new house is amongst those things that remain the dream for most individuals while for some it becomes a decision where they end up settling with a lot of compromises. It is a moment of next-level excitement where they feel happy for the new journey as well as get nervous about what lies ahead in the process. Talking about the process, you might want to get your hands on the best say, 3BHK Store Medallion Flats at Aero City but you are also making the impulsive decisions that are putting you at loss or away from your dream house. With this segment, we brought forward the most common mistakes a fresh buyer tends to make in the real estate market and how this “do-not list” will help you to make the best decision whether it is your first time or you are a seasonal buyer. Medallion Mohali
Let’s keep our focus on fresh buyers, for now, the purchase of their first apartment takes a lot of thinking, big decisions, and moving around of a big investment. Since the decision won’t only put an impact on your life but your family will experience the same so make sure every step is taken after a lot of calculation. There are a few certain things that fresh buyers either commit or simply overlook that eventually count as a potential error which they should look to avoid at all cost. We have compiled a few of the top things to keep in mind or avoid while you are out there hunting for your perfect apartment. Let’s get started:
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Underestimating the process of loan sanctioning
One thing that fresh homebuyers think that they can get their hands on any sort of loan with ease once they start looking for a home. But the ground reality is that you have to be eligible enough in the banks you are applying to, what is the ideal loan amount and after that, you have to put in an application that will go for approval, and later the amount will be disbursed. A lot of time and paperwork goes into this so make sure your amount is realistic enough that you can pay it later on easily and have patience during the whole process. Medallion Mohali
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Applying for a loan way above your budget
Just because a bank is willing to lend you their money doesn’t mean you can go on and ask for any sort of amount. In such cases, it is advised to proceed with a cool and level-headed mind since any impulsive decision won’t only put you in a bad reputation with the bank where your loan can be canceled but you can face trouble later on in paying the same. A 3 BHK apartment in Mohali is an ideal choice to go for but taking a bet of spending way above your budget is a decision that looks like a liability in the future for you. Medallion Mohali
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Not putting a tab on the small side expenses
You might have taken a specific amount in your mind that will be deducted once you are done with buying the property but have you taken into the account all the small expenses that will come along? It may sound small at first for instance the payment for stamp duty and document registration of the property papers but such expenses add up to a significant amount later on. Along with this, you may have to do few quick repairs or additional fixings in your house so make sure you are keeping a tab on every money spent for the house until you are settled in.
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Gathering information for the advantages associated with the home loans
If you have planned to do the payment of the house in terms of the loan then applying for the same with your spouse is a good idea. This is because the application will get a better probability here getting approval and you are now one step closer to your dream house. This also comes as a good financial support term where you are unable to pay in tenure for some personal reasons but your spouse covered it well on their behalf.
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Applying for the home loan without correct research
Mind you that home purchase is not a small investment like buying a vehicle or any college admission. For most of the buyers, it is the only shot of their life hence it is not a bad idea to invest as much time as possible in the research before investing your hard-earned money. Even if you are applying for the loan, you should check with different banks, their interest rates, other offers, and the eligibility as well. The EMI for the loan applied should not put you in any sort of financial restrain—that means you can pay it off easily while enjoying your usual lifestyle. Medallion Mohali
