First Search for Homes then Home Loans
This is the most common mistake that first time home buyers make. The moment they realize to buy a house, they immediately start looking for homes, search on real-estate sites like those of 99 acres, magicbricks etc, fix meeting with real estate agents etc. This is where they actually commit the first mistake.
No doubt, it’s quite emotional and normal to look for homes and talk about housing stuff while searching homes. But experts say you should not do that. A good home buyer start their home search only after they are up to date with the current home loan rates. Home loan is the pre-requisite for every home buyer. You should check wthether you are eligible or not for the home loan. Just imagine, you have selected a house by giving all your time and efforts and you get to know that you are not eligible for the home loan to buy that house. How bad you will feel? To avoid this, first go through the home loan rates and qualify yourself for a descent home loan. Then, start looking for a home search.
Not taking Help from Professionals
Don’t take me wrong but we Indians talk a lot. Whether we know things in the right senses or not, but we talk, make things and sometimes misguide people intentionally or unintentionally. If you are buying a home for the first time, make sure you do not fell into such traps. Instead of listening to every friend and colleague, take some professional help. It may cost a little more but trust me it would be far better than getting stuck into misguidance or some greedy real-estate agent’s trap.
But before you do that, do proper research for a good professional help.
Spend All Savings on Down Payment
Now this is a blunder. Every 2 in five first home buyers make this mistake in their life and regret later. We all get very excited while purchasing our first dream home but this does not mean that you will cross your financial limits. You can not rely on your monthly income to pay EMIs of your home loans. Spending all your savings on Down payments will left you with no savings at all in the end which can show DISASTROUS results in future. So better would be, plan smartly and apply for home loans with small down payment options.