The real estate market
is one place every one fears a lot. Fraud is frequent in real estate sector, which
could be anything from low-quality construction and delay in handing over the
property to builders absconding after taking the money from aspiring home
owners like you and me.
If you are looking to
buy premium apartments in Bangalore, there are quite a few realtors who offer excellent
apartments. So, if you have made up your mind to buy an apartment, then here
are top 7 mistakes that you should avoid.
1. Focusing on Flashy Details Rather
than the Essentials
Quality construction
should be your first priority and concern rather than enticing external designs
of the apartment you are looking to buy. Realtors can be good at luring you
into lacquered glass, vitrified tiles and other exquisite details, however,
taking a closer look at the plumbing, quality of the construction materials used
and other details that assure long sustenance of your apartment is important.
Note: There’s nothing
wrong in having a beautiful house, but only after the basics are in shape.
2. Avoiding Projects that Involve Huge
Down Payments
Most customers who look
for flats and apartments tend to choose realtors who settle for minimal down
payment. While this might sound great initially, the process only makes a deep
hole in your pocket.
Those who pay small
down payments will then go on paying heavy monthly instalments, making a big
mistake. First, huge down payments are helpful in keeping your pressure of
monthly payments low. So, you will be left with more to make substantial savings
and stay prepared for unexpected expenses that come as time passes.
3. Choosing a Risky Loan Scheme in a
Hurry
There are various types
of financial units that function within the real estate industry. You know for
sure that buying a premium apartment without any kind of financial assistance can
be difficult. Everybody needs some kind of loan to buy a property. Now, this is
exactly where it can get tricky when you might end up choosing a risky loan
scheme.
In India, two most
reliable housing loan providers are - LIC and SBI, who provide highly
competitive rates and are reliable as well. However, there are other international
corporate bankers who offer home loans too. Unfortunately, they can lure home
buyers into the trap of free market which ultimately results in huge monthly
installments.
4. Not Researching
Most of the people have
major time constraints, which prevents them from doing the necessary research
and falling into the trap of buying the property that they first see. You may
have the hawk’s eye when it comes to property, yet not making the necessary
research may not be the best idea always. Look around your choice of locality.
Compare a few properties, a few builders, their construction standards and then
narrow down on buying one.
Consulting friends and
acquaintances and if possible, looping in some of your friends into buying apartments
from the same project can be a great way to go about buying a property. It is
always better to have family and friends close by.
5. Not Reading the Documents
Thoroughly
Realtors can talk home
buyers into investing in the property without giving them an opportunity to
thoroughly check the paperwork. Most of the people looking to buy apartments or
flats get carried away by the sweet talks of the sales guys employed by the realtors
and do not get the properties checked by a lawyer to validate if its genuine. One
aspect that results in this is time constraint. However, this may cost you your
lifetime earnings. So, do not get lazy to read the documents of the property
you are planning to buy. It costs only a few thousand rupees to hire a lawyer
and get the papers verified, but you can save lakhs.
6. Over-Spending on Interiors
Most of us have a dream
of making our houses look extremely beautiful. As most of the time we cannot
get into buying high-end villas or houses, we satiate our hunger for beautification
with interiors. However, going overboard to decorate your interiors too much
may not be a great idea. Do as much that is good for the house and is essential.
Save the rest for future maintenance requirements. What you probably don’t know
as a first-time apartment buyer is that any property is a huge commitment. You
will keep seeing new expenses looming up from time to time. While there is
nothing abnormal about this, it is better to stay prepared for the expense that
crop up. So, instead to overdoing your interiors, you can save that money for
future.
7. Falling for Too-Good-To-Be-True Schemes
There would be many
property dealers who lure you by showing properties that are very attractive.
Understand something - no real estate company can afford to give properties at
throw-away prices. You will have to pay a good price for a premium property.
The situation of Indian real estate is such that no real estate company will be
able to give it away to you incurring loss for them.
So, do your research
well and stay away from fraudulent schemes that ultimately lead to huge
financial pitfalls.
Summing
Up
Many people in our
country are running up and down the corridors of the courts trying to get their
money back, which they lost by investing in fraudulent property schemes. After
all, you spend your lifetime savings on an apartment. You can’t afford to lose it
to fraudsters who are waiting to cheat you off your hard-earned money.
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