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Mistakes you are likely to make while buying a new home

The popular choice among most people nowadays, while buying a new home is to directly get it from the builder himself, whether it is a townhouse, a condo, or a detached house for that matter. They think of it as a good idea because of multiple reasons; like ease in customizing for exact tastes, higher energy efficiency ratings, lower maintenance costs, to name a few.

However, there are a few things people tend to overlook while buying a new property, and end up making very common mistakes which in turn ends up being fatal for them and costing them a lot of money.

So the next time you go looking for a new house or residential property, make sure you check for the most common mistakes made by new buyers, that are listed below.

#1 Falling in love with the show home

Most new properties have a show home ready to lure in expected buyers. And this show home acts as a trap more than often for the onlookers. They get so impressed by all the amenities and attributes of the show home that they buy the house based on the look and feel of it. However, the end result at times, is far from what the show home looks like, and buyers feel duped in the end.

#2 Trusting the floor plan

Always be skeptical about what you see in the floor plan. Most sellers calculate the balcony and terrace measurements in their total square footage calculation, and give their buyers the illusion of have a large house. Therefore, the best thing to do is to ask your dealer for a breakdown of room sizes and get it in writing, so that in case of discrepancies later, you can negotiate a price reduction or try and nullify the deal.

#3 Being ambushed by hidden closing costs

When you get to signing your agreement, what you do not realize is that most of the closing costs are actually estimates. As you near your possession date, these costs keep rising because the dealers keep adding new things like hooking up a gas pipeline, mortgage discharge fees, etc. Therefore, read the adjustments given to you in your document carefully, before signing them.

#4 Accepting delays without a fight

Most new-home buyers tend to accept delays by the builders with a pinch of salt. However, that should never be the case. The law clearly states that if, in case a builder misses the possession dates, the buyer has the choice of seeking compensation, agreeing to the delay or simply breaking off the deal.

#5 Purchasing at the wrong time

A lot of buyers do not analyze property rates while deciding to buy a house. If you are buying a house as a means of investment, it is better to close-in the deal as early as possible, to avoid builders raising the prices.

Also, keep in mind that there are other factors involved as well, that may prove useful to you while looking for a house to buy.

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