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Buying a home is an exciting time in everyone’s life and buying your first house is a great achievement, however, there are various things to be aware of so you don’t get buyer’s regret.
In this real estate article, SouthDelhiFloors will be telling you everything you need to know about the first-time property buying process.

You know first-time property buyers get pulled in all sorts of different directions from family, neighbors, friends, and others on the home buying process. You know there’s a lot of noise out there so I thought it’d be really advantageous for you if I came up with a list of common mistakes that first-time property buyers are making in.

We really hope that you can avoid making these common mistakes.

Get yourself pre-approved for a home loan —–
 Let’s begin the first misconception and biggest by far are those first-time property buyers going out and seeing properties in Delhi without being financially qualified. This one is so important guys I don’t know if every first-time property buyer as it is a common practice to not talk to the bank loan department until we go out and see homes but that is the wrong way to do it.
You have to get pre-approved for the loan, get financial qualifications before you go out and see homes.
Why is this important?
Why do property consultants tell you to do this?
Well, you don’t know what kind of property you can afford until you’ve been told what you can comfortably afford.
There’s going to be options in the apartment buying process where you can go this way or without it.
you are out seeing a property but your budget and what you pay that’s not entirely your choice, that’s the duty of home loan departments to let you know your eligibility.
To come up with the numbers there’s going to be the many bank websites out there, There’s going to be the EMI Calculators Online and you might think that you can afford something but until you speak to with a loan department and they tell you what you can afford everything else is meaningless. All of that other process is absolutely meaningless, You may think you can afford a swanky 5 bedroom house close to your preferred locality When in reality you can only afford a four-bedroom builder flat in South Delhi.
So go out there, do your due diligence. Guys I know you want to hit the road, I know it’s very exciting, I know you want to open up doors and go through and to see properties and you have your checklist but the first thing before we even get to your checklist of what you want in your dream property is to go out there, get financially approved for home loan and talk with a local bank home loan guy.

Be practical as you can’t get everything right in a property —–
 I hope you write your checklist in pencil and not pen because we’re going to have to make some adjustments that builder flat with the three stilt car parking, open kitchen, park facing, wider road, corner… That house does not exist it only exists in your mind and if it does exist guess what it’s way more than your budget so it’s time to start revising and know that you’re going to have to make some adjustments to your house should meet about 80% of your criteria and then it’s up to you to make up that last 20%.
There’s more value to buying a brand new property rather than end up buying something outdated and then slowly upgrade it along the way.
Construction quality and materials have drastically changed over the last 10 to 15 years.

Choosing the right property agent for buying a home——
 The ideal kind of property consultant in South Delhi should be able to represent both sides fairly. You may think that the property consultant will cut their Commission let’s say 1% but they really help out smooth the real estate transaction.
Well, what if the house is overpriced by five percent, are you really saving money? this is probably the largest financial transaction you might have done up until this time in your life. You want someone in your nook, You want someone that will help you out in the real estate transaction when the property deal goes sideways.
If something goes wrong that experienced consultant is always going to be on your side. A good real estate agent will help you in the overall process of finding the property, do the research work and even suggest the best home loan interest rates to suggesting the best real estate attorney for drafting and to execute the documents.
SouthDelhiFloors.com is one such multidimensional real estate portal that is expert in negotiations in the South Delhi area. We have in the last three decades sold many high-value properties to the top of the kind of clients. There are many real estate websites that estimate property prices or why the home should be priced that way.
Guys, it is not rocket science, the best way is to observe the value of the recent transactions that have been done in that particular locality.
It is a much easier way to look at the recent sold, compare the interiors and exteriors of the property. This is basic stuff and does not need a fancy algorithm to come up with prices.

Don’t expect your house price to immediately increase after buying it ——–
 It is absolutely wrong to expect that your property price to increase in value guys very soon. The reality is after you buy your home it might not increase in value, in fact, it may even decrease in value depending on the local real market.
You should be buying your next home because it’s a smart financial decision because it’s the right thing to do for your family because it increases your quality of living and if the market goes a bit south side, You can’t control the market if the market just happens to go up as you purchase your house and as you’ve held on to your real estate investment, Many congratulations you got lucky and this is a tough one guys because the truth hurts and if you’re disagreeing with this maybe you need to take a broader look.
I’m all about increasing value and adding value and I just want to be straight up with you it’s naive to think the other way.
Hey, I’m not saying go out and buy an overpriced property and then you might have trouble selling it for more later. I’m not saying buy in a South Delhi locality that doesn’t show appreciation, I appreciate adding value and I love finding great property deals, but you should be buying for the right reasons and you should have the right mindset if your whole idea is all planned and scripted out you’re going to buy your first home living it for five years have your first kid get pregnant with your second and then sell that house that increases in value by 30%, then get a bigger house well what if the market goes down.
If your goal is to dive into the market at the exact right time and then resell and jump out at the exact planned time. You are not going to win you are going to lose, You should be buying your home for the right reasons like I said earlier to increase your quality of life for yourself, for your family.

Underestimating the maintenance expenses ——
 Underestimating your property maintenance charges like utilities and unexpected repairs really eat up a lot of money more than you may have initially thought.
The general rule of thumb is to budget about 0.5% of the property purchase price for yearly maintenance repairs.

Make an informed decision by yourself ——
 What I mean don’t let anyone ever tell you or drive you to make a decision or to put in a buying offer before you are ready.
If you’re unsure about it, It will be certain that it will not turn out in your favor, you may lose out on a house because you’ve taken your time to analyze it and by the time you’re ready it’s already sold off.
It is easy to fall in love with a property but there are more houses that will come up for sale in the market.
Now with that being said if you are in a property market where the market moves very fast and you’re consistently scanning, The good properties get taken off the market during under construction stage also,
It may be time to reconsider your strategy, It is okay to take your time and to learn about the market but once you are ready and once you know the market and once you’re ready to put in a buying offer, Do it quickly and do it aggressively.
There is a difference between dragging your feet and feeling hastened, You don’t want to feel rushed you don’t want to drag your feet, educate yourself, learn about the South Delhi real estate market so when you are ready you strike and you strike quickly.

Don’t just love with every home you see —–
 Another common mistake is falling in love with the house and we talked about this a little bit earlier, Guys don’t do this, It’s going to be very rare that the property that you buy will immediately meet all your needs now and all your future requirements.
If it meets the current and all future needs, it does great good for you but if you’re like the rest of us You’re going to love the property now and then in four or five years or seven years, You’re going to get the desire to move.
Logically, When it comes to buying a home and if you fall in love with a house that’s available to buy in the market you will overpay for it or you’re going to get outbid and then you’re going to compare that home to every other house that comes on the market.
Don’t do this, Have a brief memory when it comes to homes that are available in the market to buy.
Because someone else is going to buy it. Properties you have seen are going to pass, they’re going to go under sale. A better house is going to come up for sale.