For most people buying a house is a once in a lifetime decision. It brings long-time liability and responsibility with it. Faulty house deal can land you in financial and psychological distress. Jayesh Dave, Founder and MD of Jayraj Builders Vadodara, advises to do a complete financial analysis and research before making your final decision.

Listed below are the list of things you must avoid while making a home buying decision:

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1.Keeping your options limited:

People often make hasty decisions in fear of losing good home deals. It becomes important for you to fix meetings with some of the brokers to survey the properties you are considering. You are definitely going to find an alternative.

2.Not knowing what you want:

You will be able to find best property options only if you know what exactly you are looking for. For instance, you must know how many bathrooms and bedrooms you need or the must have features you want.

3.Getting obsessed with the ready-to-shift units :

Some people get obsessed with ready-to-shift units while buying home to evade paying rent and EMIs simultaneously. In many cases you will find that under-construction properties offer better options in terms of cost, amenities, location and liveable space. Paying monthly rent along with the EMIs simultaneously for two or more years for long term benefit isn’t a bad idea.

4.Not getting your home loan pre-approved:

According to Jayesh Dave, getting your home loan pre-approved before entering the realty market is prudent, as the owners and developers want a proof of your purchasing capacity. This would also help you in assessing your loan repayment potential.

5. Not thinking about your family’s growth in future:

While purchasing your home you must factor the current and future size of the family. You are advised to consider the space if you are planning to expand your family in future.

6. Not setting your budget :

You are advised to set your budget before you go to market to purchase your house. There are several expenses that incur apart from EMIs and down payment. Registration charges, property and other taxes, etc, are some of the expenses for which you should prepare yourself before purchasing your dream home.

7.No or low-down payment :

Lower the down payment, more will be the principle loan amount and hence more will be the interest burden on you. So, try to make maximum down payment to decrease your burden to an extent.

8.No home inspection:

The property you are going to buy may appear perfect, but it is advisable to take a closer look before fixing the deal and signing papers, suggests Jayesh Dave MD of Jayraj Builders Vadodara. You must check the property room by room and look for any deviance from the layout plan or any other corner of the property. Inform the owner if you find any.

9.Getting trapped in the contract:

People often ignore the last clauses of the contract and usually end up in getting into endless battles due to unethical contracts that trap the buyer into the cycle of trouble. It is advised to read the contract very closely before you sign the document.

For more information, contact consultants at Jayraj Builders Vadodara.