Any individual who is buying a home for the first time is sinking their entire life savings and the savings for their foreseeable future into the investment. Some of them are first-generation home buyers and do not have people in their circle to guide them when making a decision. Like any inexperienced person, they are bound to make mistakes that could prove to be costly.
Here are common mistakes that first-time homebuyers make while investing in apartments in Chennai and how to avoid them.
Having an open budget
However financially stable an individual is, one should never have an open budget when looking for a house to buy. Sometimes they find a property they like, only to find it is out of their budget later on when planning the finances. This often happens when viewing luxury properties. Homes of all ranges are available on the market. It is imperative that you fix a budget based on how much you can afford to pay back the mortgage each month. This budget should also be shared with the realtor you are dealing with, so they can show you the appropriate properties instead of wasting your time. It also helps you avoid overextending yourself, lowering your credit scores, and landing in a financial crisis.
Having a narrow focus
When searching for homes people are often too focused on the size, rate, and legal titles. They fail to take into account other critical factors that add to the cost of a home. For example, when buying pre-owned homes, it is important to check the amount of wear and tear, and how much work and expenses go into renovating them properly. If these costs are not taken into account beforehand, you are in for a surprise especially if you are working on repairs after you move in.
In the case of new homes like apartments in Chennai, you need to check the soundness of the materials used, and the quality of construction. Additionally, you can check the list of amenities to see if they fulfill your dreams of a comfortable life in your new home.
Falling for Discounts
Discounts and deals have become a staple in customer attraction. Some developers do offer genuinely great deals with significant discounts in their rates, but there are plenty of scammers out there too. They advertise lots of freebies too with the purchase of their property. Check the running rate in the area where the project is located and ensure that the developer is offering you a rate close to it. Go for trustworthy developers with lots of experience in developing property in Chennai. Have a look at their past offers to figure out in what pattern they are giving out discounts. You can even use this research to get the best deal on your dream home.
No long-term plans
A home is an investment that will last a lifetime and beyond as a legacy. You need to include your home in your long-term plans. Are you permanently settling in that city? Will you need to sell it later on? Are you renting it out if you move elsewhere? Whether it is for you or to rent out, one should look for amenities and nearby facilities that add value to the property and your life. Apartments in Chennai with premium amenities also attract high rentals. Also look for homes that are close to hospitals, schools, colleges, or industrial and IT corridors. This makes the process of renting your home very easy.
These are the most common mistakes that first-time homebuyers make. When it comes to investing in properties that are safe, offer a luxurious life, and appreciate in value in the future, you can come down to Lifestyle Housing. We have 4BHK homes in Chennai suitable to larger families and for renting out as student housing. Our 3 BHK flats for sale in Chennai are also popular with first-time home buyers. Our sales and finance team will expertly guide you to finding your perfect home.
