Wednesday, August 26, 2015

5 Mistakes To Avoid When Buying a Home

In India, we attach lots of emotions with our home. It is not just an ordinary purchase but something we spend a lot of time on as we have to stay a long time in that. We try to buy a home for a long term purpose, either for living with our family for many years or for having a house which could be passed on to the next generation.

As home is so much attached to our emotions hence it becomes imperative that we take extra care while buying it. There are many mistakes which a home buyer could avoid while buying a new house. The 5 main mistakes to avoid while buying a home are -

Taking advice from everywhere - What we generally do is take lots of advice from our relatives and friends before buying a house. This is a really wrong thing to do as they hardly have any knowledge about real estate. Some may have brief knowledge from their experience but they won't be able to compare one property with another. What we should actually do is take professional advice. That advice or tips can be taken personally or even from online resources.

Builder check - The first thing we should check before buying is that which builder is building that project. By getting the details of the builder you can check their background. Some of the basic things to check which will help you avoid any mistake.


  • Last project by the builder
  • Projects completed  by the builder
  • Time taken to complete
  • Time taken to give possession
  • Any financial disputes


Registration - When you have finalized you builder and the project then you should start inquiring about the registration. Registration is not just a single document. There are multiple clearances that are required. For example, some builders get approval of only two towers but build three towers. Similarly, some build more number of floors. Not checking registration is a big mistake lots of people do.


  • Check you tower is approved
  • Check you floor and flat is approved
  • Check the lift and other utilities are approved
  • Check the plot is not into some litigation


Carpet and floor Area - After doing all the checks that you are buying a genuine property. You should check your carpet area and floor area. You can browse through some wonderful websites which give all the data about these things. Realty Compass is one such website which gives you in-depth analysis about this.

Neighborhood - While buying a home, it is not just important to see what kind of house you are buying. It is also important to know which place you are staying. Does the place have proper infrastructure ? Does it have schools, hospitals and basic amenities available in the neighborhood.

It is not just the checks that are important for us but also the prices. We do end you doing lots of research and comparison before buying. To solve all your problems you can visit Realty Compass which gives you detailed research about the home you are going to buy. You can compare different projects, check different builders and most importantly which we Indians are fond of doing is compare the prices of different projects. There are many projects listed, so start you research. 




8 comments:

  1. Great points. Neighborhood is really important for me. As they say - three important things about a property is location, location and location.

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    1. Haha...true. These days with the kind of news we hear, location has definitely become the most important criteria for choosing a home. Thanks for your wonderful comment. :-)

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  2. Nice points incorporated Gaurab. Glad to have you back on blogging vlogging! :)

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    1. I am trying to come back but haven't been able to be much consistent with this. Hope to be more consistent now on. Thanks for your wonderful comment. :-)

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  3. A very helpful and informative article, Gaurab. Well-written :)

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  4. Very well mentioned points. Extremely helpful indeed. Thanks Gaurab :)

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    1. Thanks for your wonderful feedback. I hope you will like my other posts on personal finance. :-)

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