When you plan on purchasing an apartment, the first thing that you must evaluate is your financial capacity. Since, purchasing an apartment requires extensive financial investment, it is important that you first evaluate your expenditure versus your earnings. Once you take a home loan, you will have to pay Equated Monthly Installments (EMI) to repay the loan, which can prove to be quite hefty. The amount of EMI payable each month will depend on the loan amount acquired and the interest rate. Thus, based on your present financial condition, you should evaluate the amount of home loan that you can apply for and the EMIs that you can pay, without it becoming a burden on your finances.
Additionally, you must ensure that even after taking a home loan, you are able to comfortably maintain your present lifestyle. Thus, the first mistake that you must avoid making is to stretch your financial capacity too much in order to purchase an apartment. There are some other mistakes that you should avoid making while purchasing an apartment and some of these have been discussed in the following section.
Mistakes to Avoid while Purchasing an Apartment
If you are looking to purchase a 2 BHK flat in Noida or in other parts of Delhi NCR, it is advisable that you purchase the flat only from a reputed real estate development firm. This will ensure that the materials used for the construction of the apartment complex are all excellent, and you can also be assured that the property is being developed in strict adherence to existing legal norms. Sometimes, home buyers make the mistake of purchasing properties from lesser known builders, and often end up in getting entangled in legal hassles. Some of the other mistakes that you must avoid making are as follows:
- Not checking out different residential properties: Do not purchase the first apartment that you see. Considering the fact that you will be making an extensive financial investment, it is essential that you check out a few residential properties before selecting one. You must evaluate all aspects of the residential properties like the number of rooms within the apartment, overall evaluation of the apartments in a complex, facilities available in the vicinity of the respective residential complexes, and also the market goodwill of the individual builders. You must select a residential apartment only after you are sure that it meets all your requirements.
- Don’t forget to check out the security system of a residential complex: While purchasing an apartment, it is important that you evaluate the security system of the residential complex. The entire property should have both manned and electronic security systems, to ensure complete safety and security of the residents.
Thus, while purchasing an apartment, it is essential that you avoid making mistakes like stretching your budget too much or not purchasing the property from a reputed realtor. By doing that, you will definitely be able to ensure that the apartment that you purchase meets all your requirements.