Buying a home is a big step for most investors. The real estate market in India is fluctuating. With a tricky demand and supply ratio, finding the right home in budget is also tough. Developers these days come up with a variety of offers for investors to increase sales but affordability is often a problem for most homebuyers. Buying a home can become stressful especially if the investor is unaware of the market scenario. Additionally, the process of investing in real estate in India is a bit longer which makes it all the more inconvenient. In most Indian cities, the rate of the property heavily depends on its location. Hence, selecting the right location is very crucial for investing in residential property in India. Homebuyers should make sure to conduct thorough research before investing. See to it that the developer you choose is reliable and has completed projects in the past. Here are some common mistakes every homebuyer should avoid.
Not considering the overhead costs
Buying a residential property in India needs proper financial planning. Most people seal the deal without considering the overhead costs. Apart from the property price, investors also have to pay registration fees, property tax, etc. Make sure to consider these expenses before finalizing a property.
Not evaluating your requirement
Every homebuyer has a different intent behind investing in a residential property. So, before you lock in a property make sure it is in sync with your requirement. Stretching the budget without any planning can create financial stress in the long run. Make sure you know how much space your family needs and which location is suitable.
Investing without checking the property
It is very important to check the property before buying. Check the condition of the property and see if it needs any repairs. Additionally, also ask about the electricity and water supply before investing.
Keep in mind the stated points when investing in a residential property in India.