Mistakes to Avoid While Buying a New Home in India

It's almost everyone's dream to buy their own house in the city of dream Mumbai. But finding a house to buy in your budget is no easy task as property prices in this city are already skyrocketing. So it's a good option to purchase a house in the suburbs of Mumbai. Goregaon could be a great pick as the price of a property in Goregaon is comparatively low.

Some people even spend years just looking for the right house to buy! And they are not wrong as it is such a huge investment that the person needs to be extra conscious while making any decisions related to buying a house to avoid any type of mistake. However, to accomplish this dream, people at times take measures that put immense pressure on their finances. The question then arises should you go to buy a home? Well, it should not be to the extent where you ruin your finances and jeopardize your final. Thus here we have discussed a few mistakes that you should try to avoid while buying a new home

• Not checking out all the options
Because of the lack of research on the local real estate market or reliance on a broker with a limited portfolio, we usually buy a house because it fits our budget. There is always a sense of helplessness involved - we wish we had more options, but there do not appear to be any. This is a patent mistake. In a metro city like Mumbai, new residential projects in Goregaon West are being launched regularly, and fresh options on the resale market become available almost every day. And almost all of these projects offer you ready possession flats in Goregaon West and represent a better deal. Thus it's important to check out all the options before buying or investing in property.

• Not planning ahead
You should never buy a property just because it's in your budget and you can afford it easily. Because you also need to consider about the long-term expense. As years pass by, your family would grow, and so would your expenses. So you need to plan about your overall future expenses and see if you will be able to pay your equated monthly installment (EMI) for that long. Also, do not buy a home because you feel an emotional connection with it. Think about factors that can add value to your home. They can affect the resale value of your home too. Therefore buying properties in Goregaon west is a great option as the suburb is well connected to the city.

• Not keeping the down payment ready
While buying a property in Goregaon west, you will need to pay a down payment from your own sources, which may be around 10% to 25% of the property's value. So, if you are purchasing a house valued at Rs 50 lakh, the down payment that needs to be arranged should be between Rs 5 lakh and Rs 12.5 lakh. If you don't keep the down payment and other funds ready, you might end up spending your emergency fund or retirement fund, or you may be forced to take a loan from your friends or relatives.

These are not the only mistakes that one can commit while purchasing a house. But it will help a person step in the right direction towards a satisfying and future-safe home purchase.

Closing Note
Thus now, if you are searching for a new residential projects in Goregaon West to invest in or looking for a ready possession flats in Goregaon west to move in, visit 34 Park Estate by The Chandak Group - https://www.chandakgroup.com/34parkestate-goregaon/ . They will offer you some of the best properties in Goregaon west in your budget.