5 Mistakes to Avoid While Buying Flats in Patna | Saakaar
Patna, which is the capital city of Bihar and the second largest city in the country, is indubitably today’s one of the finest real estate destination to invest on. Despite of this fact, there are still several things which can shatter Patnaites home buying dream, making their home ownership experience a nightmare.
Making mistakes while buying a house in Patna, could result in irreparable losses. Usually it has been noticed that home buyers, who are lured by discounts, offers and freebies, forget their respective actual requirement and thus, make mistakes.
To prevent this, here in this blog, we have listed some of the common mistakes which you must avoid, while buying 2bhk, 3 bhk or 4 bhk flats in Patna.
Things To Escape While Buying Flats in Patna
Mistake #1: Making payment of token money for buying a home, before the loan is approved
In the case of home buying, it is usually noticed that inexperienced buyers tends to make payment of token money. They basically exercise this particular practice for ensuring that their dream house is not sold to someone else.
Nonetheless, it is advisable to take the plunge, only after determining the time it will take, to get the home loan approved. Otherwise you might get caught up in legal cases, or could have to forego the said house.
Mistake #2: Not Doing Proper Research & Preparation
Before buying flats in Patna, it is important to understand family’s finances & requirements.
The wise home buyer will always analyse assets, decipher debts and get pre approved regarding finance before plunging into the house hunt.
While buying a house in Patna, make attempts to know about your neighbourhood.
Thus, it’s important to find out the quality of schools, the crime level, transport as well as the upcoming zoning issues.
Not every parts of all suburbs are ideal spots for living.
Mistake #3: Going Beyond Your Budget
It is a bitter truth that everyone want a little more than he/can afford.
Every home-buyer is aware of the feeling – you’re in seek of a home which fits your budget, however that much more expensive property just seems much more appealing.
Nonetheless, buying a home in that way out of your price range could result in derailing your finances in the future.
There will be always a real estate agent who’ll talk you to the next level.
However, here it is advised to not be tempted, as the bank always offers you a borrowing limit regarding good reasons based onto your ability of repaying the loan.
Spending more than you can afford could expose you to the potential financial shocks, including rise in the interest rates.
Mistake #4: Not having the Right Protection Clauses Inserted in the Contract of Sale
Don’t sign anything until ensuring your interests are protected.
While the standard contract for purchasing a property will provide you with a ‘3 day cooling off period’, smart purchasers request additional clauses regarding protection of their interests.
Don’t get ever tricked by an agent who says you have all the rights to always asks for changes or an extension later.
That’s not the way it works…!!
The only correct way to get modifications to a contract once it’s been signed is to terminate the existing contract and renegotiate a new one. And for every time it’s just important for the seller to agree to your requests.
Mistake #5: Ignoring super built-up vs carpet area
Properties, whose prices depends onto the super built-up area always costs more than that of those which are based onto the carpet area. Thus, it has been referred better to insist that the builder quote a rate on the basis of carpet area.
Things to keep remember while buying property in Patna
- Always choose a reputed real estate developer in Patna, while buying a house there.
- Enlist the help of professionals, who can guide you properly in the buying process.
- Check the title and legal aspects of the property.
- While buying 2 bhk or 3 bhk flats in Patna, consider a location which is not only convenient, but also provide you with better value in the future. It should have good connectivity to several other places and adequate infrastructure.
So, this was all about mistakes you should be aware of while buying flats in Patna. Hopefully we covered all the must know mistakes. However in a case if you know any other such mistakes which can lead to big financial lose, please feel free to share it with us in the comment section.