Mistakes to Avoid When Buying a Home

Let's be real—buying a home is probably the biggest financial decision you'll make, and mistakes can cost you lakhs. Here's your guide to sidestepping the pitfalls that trap many first-time buyers.

Mistake #1: Falling in Love Before Checking the Foundation

That beautiful modular kitchen won't matter when the monsoon reveals a leaking roof. Emotional decisions lead to expensive regrets.

How to avoid:

• Hire a professional home inspector (₹15,000 investment can save lakhs)

• Visit during different weather conditions

• Check for water stains, cracks, and electrical issues

• Ask for maintenance history

Mistake #2: Maxing Out Your Loan Eligibility

Banks might approve you for ₹80 lakhs, but that doesn't mean you should borrow it all. Your lifestyle shouldn't become a casualty of your EMI.

Smart approach:

• Follow the 28/36 rule: Housing costs under 28% of income, total debt under 36%

• Factor in annual increments and potential job changes

• Keep 6 months of EMIs as emergency fund

• Remember: You need to live, not just survive

Mistake #3: Ignoring the 'Hidden' Costs

The price tag is just the trailer. Registration, stamp duty, GST, and maintenance are the full movie.

Real cost breakdown:

• Stamp duty and registration: 5-7% of property value

• GST on under-construction: 5-12%

• Maintenance corpus: Often ₹1-2 lakhs upfront

• Interiors and moving: Minimum ₹3-5 lakhs

Mistake #4: Skipping the Legal Due Diligence

That "too good to be true" deal might actually be too good to be legal. Property disputes can turn dreams into decades-long nightmares.

Essential checks:

• Verify ownership documents and title deed

• Check for pending loans on property

• Ensure proper approvals from local authorities

• Confirm RERA registration for new projects

• Get a legal opinion—always

Mistake #5: Choosing the Wrong Loan Structure

A 0.5% difference in interest rate over 20 years can cost you lakhs. Yet most people spend more time choosing their phone than their home loan.

Loan wisdom:

• Compare at least 5 lenders

• Understand fixed vs. floating rates

• Check prepayment penalties

• Read the fine print on processing fees

• Consider loan tenure carefully—longer isn't always better

Mistake #6: Believing Everything the Broker Says

"Just 5 minutes from the metro" might mean 5 minutes by helicopter. Brokers earn from closing deals, not from your happiness.

Trust but verify:

• Personally check all claimed amenities

• Measure distances yourself using Google Maps

• Talk to existing residents

• Research the builder's track record

• Get everything in writing

Mistake #7: Forgetting About Resale Value

Your forever home might not be forever. Job changes, family growth, or better opportunities can change plans.

Future-proof factors:

• Connectivity and upcoming infrastructure

• School and hospital proximity

• Developer reputation

• Floor plan flexibility

• Parking availability

The Mistake That Tops Them All: Doing It Alone

Pride comes before a fall, and in real estate, falls are expensive. Professional guidance isn't an expense—it's an investment.

Get help with:

• Legal verification from property lawyers

• Financial planning from advisors

• Technical inspection from engineers

• Market insights from real estate consultants

Remember: Every mistake avoided is money saved and stress prevented. Take your time, ask questions, and when in doubt, pause and research.