What NOT to do when buying a home!

Finding the ideal house is often very tricky and involves a lot of decision-making. It is therefore not best to rush into it to avoid some major mistakes. Here are some of the things to avoid when buying a house.

Dec 15, 2015 08:12 IST India Infoline News Service

Purchasing a house is a very big decision and must involve many considerations before making the final decision. A home is often the biggest asset that most people ever own. Finding the ideal house is often very tricky and involves a lot of decision-making. It is therefore not best to rush into it to avoid some major mistakes. Here are some of the things to avoid when buying a house.
 
Lack of clear intentions
 
People often buy houses for investment purposes or as a residence for them and their families. Lack of a purpose for the house makes it hard to select the right property. People purchase homes for residential purposes or investment purposes. If the house is for family dwelling, there are factors to consider such as the convenience of its location to the place of work and social amenities like schools or shopping malls.
 
It is also good to consider other factors such as the ideal size of the house depending on the number of family members. If the purchase is for investment purposes then it also good to consider factors that will attract tenants.
 
Lack of legal assistance
 
It is important to get the legal help in checking the property and the documents related to it before making the final purchase. This helps in clearing out any potential negatives that may arise from the paperwork, the environment and the condition of the house. The absence of such factors may lead to bad purchases where the sale may be fraudulent or the purchase of property that may soon be litigated.
 
Lack of proper consideration of expenses
 
Purchasing a house involves various expenses and most times buyers fail to recognize this fact. Besides the amount needed to purchase the house, there is also the amount needed to pay the professionals involved in the process including the brokers and the lawyers. Some extra charges may also arise from other amenities such as club membership fees, maintenance or parking fees.
 
 It is always advisable to check for such expenses to avoid further inconveniences in the future. It is also wise to consider the cost of furnishing the house so that there will be enough money left for that after buying the house.

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