Many different things can break your home buying dream and turn your homeownership into a nightmare. So, here we list down many common mistakes that you must avoid while buying a home in Delhi NCR.
With these mistakes during the home buying process, you will lead to irreversible losses in the future. This is a time when desperate home buyers are lured by attractive offers, discounts, gifts, and make they forget their genuine necessity and therefore, make many mistakes.
Paying the token amount for holding the unit before the loan is approved.
Many first-time homebuyers tend to pay the token amount, just to confirm that their preferred unit in any project is not sold to someone else. In this condition, it is advisable to take this step, only after determining the processing time to get the home loan approved and if you have Plan B if your home loan does not get approved. If not, you may be caught up in legal trouble or will have to surrender the token amount.
Instead of this, you can choose any residential project in Delhi NCR, which only demands the booking amount, from any reputed real estate developer like DLF Developer. Here you can buy apartments and floors without any token amount.
Not paying attention to hidden charges.
Your credit eligibility may get you the home loan, but do not overlook the truth that real estate investment does not just mean the price of the property. This process comprises many hidden costs attached to home buying like different fees and taxes, home renovation and decoration, etc. These costs are hidden but can ruin your home buying budget planning.
Not carefully reading the buyer agreement before buying a home.
As a home buyer, if you are doing this, you make yourself exposed to fraud or falsification. This also indicates that as a home buyer you have not verified the documents and that’s why are not aware of the residential property has all the mandatory approvals. And to deal with this condition you need a lawyer or an expert real estate property consultant, to read and make you understand the documents carefully and look out for any loopholes.
DLF One Midtown is a residential project in Moti Nagar, West Delhi from DLF Developer. This real estate development is one of the best communities. You can trust on their residential project DLF Capital Greens where you can buy your home from options like 2, 3, and 4 BHK apartments at a very reasonable price.
Buying a home in a neighbourhood that faces problems, like power cut, water crisis, or lack of infrastructure.
This mistake can give you a lifelong problem and, in the future, you will not get a good appreciation of the investment. Therefore, assess the location appropriately, before buying a home in the area. If you are looking for a luxury residential project in Delhi’s well-developed neighbourhood then DLF Midtown is a residential project which you can consider.
Aiming for Short term investment return
The biggest mistake or we can say over the expectation that a first-time property investor makes is; they expect an excellent return on investment as soon as possible. But you should know that property investment is a wait & watch game, where you need lots of patience.
The real estate industry pays off well in the long run and most experienced players will tell you to put your saving into a residential development that will reap huge benefits over the years rather than in a few-month scheme which might not be as lucrative.