Currently, the real estate market of Navi Mumbai has many potential projects especially Taloja properties, are garnering the attention of home buyers. However, before embarking on a purchase of a residential property.
Let us take a look at the most five common mistakes of a home buyer:
1.Don’t overstep boundaries:
Often buyers go over and above the price they can actually afford. They are often entranced by the properties costing a lakh or two over their budget and fail to factor the reason that other costs also rise when the base cost of the property increases. In these cases, even a pre-approved loan is also of no use. The buyer who is willing to invest in a Property in Taloja should check their CIBIL score and other ongoing loans before deciding the property’s budget. There are many online loan calculators that give a general overview of how much loan amount a person can avail.
Most buyers looking for Projects in Navi Mumbai derive their calculations only on the quoted price of the flat. They do not calculate the overhead costs such as the registration cost, documentation cost, and other charges. Banks provide only 80 to 90% of the loan amount of the actual home price and do not cover the overhead expenses. Buyers have to bear the initial down payment and the other costs from their own personal finances.
Many property advertisements promote that they are offering 1000sq.ft flat at cheap rates when the actual area of the apartment would be less than the advertised area. The promoted area would include the staircase, the pathway or others. So, it is important to find out how much the usable area or the carpet area is. Loading is the term for the difference between super built-up area and carpet area. Home buyers investing with the builders in Navi Mumbai should have clarity regarding the space factor and for what they are actually paying.
Many Real Estate Developers in Navi Mumbai start their projects on land that may be tied up in potential disputes. It is important for the home buyer to know whether they hold a clear title to the land where the project is upcoming. Hiring a lawyer to check the validity of titles is essential. When the buyer is willing to invest a huge amount of money in property, spending a few thousand on lawyers should not be a problem. Ignoring this factor can turn out to be a huge mistake in future in case of disputes.
These mistakes can be avoided by a buyer by conducting a proper research and investing in a property that is fielded by a renowned real estate developer in Navi Mumbai who also has many other successful projects to their credit.