There are some very common regrets experienced by real estate buyers and investors; and this is especially true for majority of the first time home buyers. However, the good news is that many of these mistakes are avoidable. The best part is that you don't need to be a real estate expert to avoid these regrets, you just need to plan and prepare in advance and of course avoid common mistakes. In fact, you just need to follow the suggestions and tips that are given below and you are sure to avoid the emotional turmoil created by a real estate regret.
Hire the services of a property lawyer
It is overwhelming to even imagine that the property that you bought is being claimed by someone else. Moreover, in India, legal hassles and property cases take decades to be resolved and it is the most unsolicited situation for any home buyer. That is the reason why the title deed of the property that you buy must have a clear title deed. To avoid this very detrimental real estate mistake, one must hire the services of a legal expert who can confirm the authenticity of the title deed. It may cost of you a small amount, but is certainly worth the peace of mind that you get in return.
Research and invest in a property with a good appreciation potential
The last thing that any real estate investor wants to do is to get stuck with a property that is hardly appreciating, or worse is depreciating; especially, as it is glum to sell a real estate property at a loss. To avoid this real estate regret, you must indulge in a thorough research, speak to reputable real estate brokers and weigh the pros and cons of investing in a property in that specific locality. More often than not, the appreciation of a property depends on a number of factors such as proximity to educational institutes, hospitals and shopping avenues, and hence these aspects must be considered carefully before investing in a property.
Compare property prices in the locality
One of the most known regrets of real estate buyers is that they paid too much for their property. Before buying a real estate property, you must ensure that you are purchasing the property at the lowest possible price. You must negotiate with the seller before buying, and more importantly you must know the property rates in that locality to negotiate efficiently. You do not want to be in a position where you know that someone bought a similar property in the same locality for much less, do you?
Do not buy property under peer pressure. Analyze your financial condition and buy a property only when you are in the position to bear the weight of monthly EMIs. Last but not the least; make a list of all that you want in your property and then determine on the purchase of a house that ticks all the boxes in the list. This is to ensure that you do not regret the purchase at a later stage, especially as buying a property is a costly affair and is simply not easy to buy a second property very soon.
Hire the services of a property lawyer
It is overwhelming to even imagine that the property that you bought is being claimed by someone else. Moreover, in India, legal hassles and property cases take decades to be resolved and it is the most unsolicited situation for any home buyer. That is the reason why the title deed of the property that you buy must have a clear title deed. To avoid this very detrimental real estate mistake, one must hire the services of a legal expert who can confirm the authenticity of the title deed. It may cost of you a small amount, but is certainly worth the peace of mind that you get in return.
Research and invest in a property with a good appreciation potential
The last thing that any real estate investor wants to do is to get stuck with a property that is hardly appreciating, or worse is depreciating; especially, as it is glum to sell a real estate property at a loss. To avoid this real estate regret, you must indulge in a thorough research, speak to reputable real estate brokers and weigh the pros and cons of investing in a property in that specific locality. More often than not, the appreciation of a property depends on a number of factors such as proximity to educational institutes, hospitals and shopping avenues, and hence these aspects must be considered carefully before investing in a property.
Compare property prices in the locality
One of the most known regrets of real estate buyers is that they paid too much for their property. Before buying a real estate property, you must ensure that you are purchasing the property at the lowest possible price. You must negotiate with the seller before buying, and more importantly you must know the property rates in that locality to negotiate efficiently. You do not want to be in a position where you know that someone bought a similar property in the same locality for much less, do you?
Do not buy property under peer pressure. Analyze your financial condition and buy a property only when you are in the position to bear the weight of monthly EMIs. Last but not the least; make a list of all that you want in your property and then determine on the purchase of a house that ticks all the boxes in the list. This is to ensure that you do not regret the purchase at a later stage, especially as buying a property is a costly affair and is simply not easy to buy a second property very soon.
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