Real estate investments are major decisions—after all, a home is one of the costliest purchases that you will make in your lifetime, so you need to do a lot of thinking, considering, and researching before going through with a purchase. Buying a house is not as simple as buying a new phone or a designer handbag. It requires a far more thorough assessment. Unfortunately, most people still think buying a house is a straightforward paying and receiving transaction, which leads them to fall into real estate traps such as the following:
1) Focusing only on how a house looks
A beautiful, 2-storey villa with all the high-tech appliances and fancy décor is NOT a good investment if it is surrounded by swamps and noisy factories. The location and surroundings matter and contribute highly to the value of the house. In a city like Coimbatore, the villa projects are located in the midst of lush nature where you can relax and work is not too far away. Look beyond the beauty of a home. Instead, find one that is conveniently located close to where you work or near your children’s schools. Make sure that the community is safe.
2) Falling for so-called ‘freebies’
The moment people hear the word ‘free’, they are hypnotized. But when it comes to your future home, it pays to do a little research. Some developers offer free parking to their clients, when in fact the Supreme Court issued a ruling in 2010 that builders cannot charge their customers for parking spaces. Compare your house to similar ones nearby, and if the cost is roughly the same, then the freebie may be to your favour. If it’s the opposite, then insist on a cash discount instead. To be further on the safe side, hire a builder that has a solid reputation and years of experience.