Top 5 Mistakes to Avoid While Purchasing Your First Home

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Purchasing a home is undoubtedly an overwhelming process. But, many people are capable to handle the process swiftly because they have been purchasing homes for quite years. However, the main problems are associated with rookie home buyers as they don’t have any prior experience.
Purchasing a home takes years of commitment, saving, and planning. It’s one of the most important decisions in your life and one single mistake can shatter your dream to pieces. And while taking some crucial decisions, you also need to be aware of all the aspects of a home. In this article, we will discuss the top 5 mistakes that you should avoid while buying a house for the first time.

You Get Attached Emotionally

It’s very easy to become emotionally attached with 2 BHK for sale in Mulund, especially of the house if perfect as per your requirements. It might be your dream house, but you must see the practical details before you make any decision. One of the most important things you need to remember is the budget. The house must be relevant as per your budget. Additionally, you should also check the reputation of the builder as well as their records.

You Overextend Your Budget

This is the most common mistake people make while purchasing their first home. You’ve come across 2 BHK flat in Mulund East and your family loves the interior, but there’s a catch. The price of the house is extremely above your budget as well as the loan eligibility. Many people purchase highly expensive homes assuming that they will handle the financial stretch in the initial months. However, the reality is different and it will decrease your other prospects of life. You will find hardships to cover basic medical fees, tuition fees, insurance, electricity bills, etc. Financial stress will cause disturbance in your family.

You Don’t Research Enough

Researching before making purchasing a house is very important. Make sure you have a list regarding your requirements of the house including your preference, budget, and location. Once you are done with this step, start searching for 2 BHK Apartments that will meet the criteria. Nowadays, you’ll be able to find many projects online that will allow you for a virtual walkthrough. This way you can browse through multiple projects within a short time. Additionally, research will help you to know the marketplace of the projects.

You Run for the Discounts

Even though you should look for discounts while purchasing a 2 BHK Flat, but make sure that the discount is not the only factor behind your purchasing decisions. Just because a builder is offering a great discount doesn’t mean that they can deliver quality amenities and construction that will enhance the comfort of your house. Additionally, if the builder experiences financial problems, your project might be delayed. Hence, it’s very important to check the previous records of the builder.

You Don’t Check the Loan Eligibility

You should not purchase a home until you understand your financial condition as well as your status. While purchasing a new home, you need to deposit an initial down payment of 10-25%. The rest of the money should be paid in installments. Hence, you need to check the eligibility of your estimated loan figure. This will allow you to know the exact amount of loan you can take from the bank.


These are the top 5 mistakes you need to avoid while purchasing a home for the first time. Since homes are a one-time investment, make sure the process is correct.

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