More than an investment, owning a place you can call home is a dream come true. It is a dream that everyone has. Everyone wants to live in a house of their own, with their family, and live a happy life. But dreaming for this reality is one thing, and working for it is another. Reaching this stage is a lot harder than it seems. In a rush to reach this goal, many people make common mistakes that they could have easily avoided. To make sure you do not rush the process and make the same mistakes, here are 3 things you need to know about owning a home:
1. Buy a Home in Your Budget
When buying a home, it is of utmost importance to have a budget and stick to it. A house is an investment. There is no shortage of luxurious homes in India. You can easily be enchanted to buy a 3-BHK in Gurgaon because it promises more than what you are looking for. You instantly fall in love with it, and so do your family members. But is it in your budget? If it is not and you still somehow shake up your pocket for extra savings and go for it, the EMI every month will gradually eat up all your savings. Savings will soon turn into debt and that is not the place you want to live in.
2. Buyer’s Guilt is Inevitable
Buyer’s guilt is when you have a bought a house but not completely satisfied with your purchase, and later on think, ‘I wish I could buy that property.’ It happens when a buyer does not have a budget. Consequently, they check out properties beyond what they can afford, and at last compromise with a house they can. No one likes to have this feeling of regret, but it is inevitable. There are plenty of options in the market, even in your budget, there will be properties you would wish you would have bought instead of the one you did. But it’s okay. You have decided on a house. Now stick to it. You did not make a wrong purchase.
3. Keep the Resale Value in Mind
You will only find out whether the house is good for you and your family after you start living in it. This realisation may take up to one or two years. And if you have bought a house in a hurry without considering its resale value, then you are likely to face a loss when trying to sell this house to buy another. This is why it is always recommended to know the resale value of the house before buying it. A high resale value means that you can sell it anytime and move into another house without much loss if you do not like it. If you buy a house without knowing its resale value, you will be making a grave mistake.
Buying a house is a decision that has to be deliberate. If you rush the process, you will end up making regrettable decisions along the way. Avoid them by following these aforementioned tips when buying a house.
