Common Home Buying Mistakes to Avoid as a First Time Home Buyer

Written by Posted On Sunday, 29 May 2016 21:55

To buy a home for the first time is a little scary and exhausting but exciting too. There is an undercurrent of pleasure and satisfaction when you actually end up buying a home of your dream, that too at an affordable price. However it is not as simple as it sounds. People make mistakes and the dream turning into reality gets delayed, sometimes disastrous even. So in the first place, before purchasing a home we must avoid making mistakes.


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1. Going Above your Budget

Work out on your budget if you haven’t yet. List the monthly expenses like the grocery, credit card bill, loan payments if any, health insurance and so on. The take-home that is left after deducting the monthly expenditures will make you decide on your budget each month for paying off the EMI of the property you want to buy. Be careful to look for something that you can afford.

2. Not Getting a pre-approved loan

Before deciding on a home make sure you get a pre-approval concerning your loan and how much the bank intends to lend you. Your search for your dream home and the desire of possessing it will turn futile, if, before purchasing you get to know that the bank has not approved the amount required for the property.

3. Forgetting to Calculate the additional expenses prior to buying a home

Remember as a home owner you will now have certain additional expenditures every month. While staying at a rented home previously you did not have to pay property taxes which you would have to now, any repairing required for your home now goes from your pocket, or for example insurance against disasters. Say, if you are purchasing a home in the new residential projects in Lucknow, it is obvious you would have to pay the monthly maintenance charge. Therefore these types of extra expenses should be considered when buying a home.

4. Compromising on your basic requirements

You are not going to buy a new home every other day. Buy yourself something which is substantial. It will not be right to go for a studio apartment or a two bed-roomed flat if you are planning kids. Nevertheless you have to be wise weighing your affordability and maybe compromise a little to fit into the budget accordingly. A major compromise still might prove a strain in future.

5. Forgetting to Check the condition of the home before investing

Do not neglect to inspect the physical condition of the house, to look for any potential damage or any construction error. This might save you from making mistake by investing in it and possible financial loss later.

6. Doing it on your own without an experienced agent

If you are serious about buying a home take the help of an agent with a good reputation in the property market. This would assure you of a good deal abiding by the ethical norms.


A first time home buyer can be a proud owner, if he becomes aware of the issues related to home shopping and protect himself from making errors.

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