Back to Blog

Are you planning to buy a house? You must plan ahead of time and make the right deal at the right time to ensure that your investment has been done rightly.

To be honest, you need to understand that property investment is actually a business where you have to pay heavily for your mistakes.  

Now let us talk about some mistakes which you must not commit while buying a property. Scroll down to read in details.

• Not knowing which is the potential area

The area of the property is of immense significance even if you are buying it for residential purpose. Therefore, if you are not emphasizing on the area of your future home then you are committing a mistake!

The ace property investors recommend that you have to treat every property as your future investment. You have to keep a projection that you might sell it off one day for cash or move into a bigger home.

Hence, you have to give priority to the area where your streamlined residential project is located. You have to inquire Which is the top apartments in Noida Extension or elsewhere before making the final deal. 

This enquiry is essential because an area with growth potentials promises to give you much higher returns when you put it up on sale.

• Not knowing your eligibility for home loan

Home loan happens to be a very convenient alternative for property investors who do not have ready cash for making a property purchase. 

But there are various conditions under which home loan is sanctioned to an individual. The amount of home loan that will be given to different applicants also varies to a great extent.

Among the eligibility criteria that make you a potential applicant are the source of income, citizenship right, age, and IT return. There are many other factors too.

Similarly, your previous loan repayment history and credit score also determine if you will be considered eligible for a home loan. These factors also determine the sanctioned amount that you will get as a loan. 

If you do not consider these criteria while applying for a home loan and make a final decision regarding purchasing a property, you are making a mistake. 

• Not appreciating that there is no ‘golden’ time in real estate

Many property investors wait for the 'golden' time to arrive when they will buy a property. 

This is a mistake. The right approach is to buy it whenever you come across your dream property. 

The reason behind this is, property prices never go down. So, waiting for that ‘golden’ opportunity to come will end up in a situation when another buyer buys it, and you lose your chance.