Many times even the most professional and knowledgeable people can make mistakes while Buying their first apartment. So to stay on the safe side its always good to be prepared before making that leap.
Here are 5 things that you should avoid while buying your first apartment
1) Lack of Planning
As the popular saying goes “Failing to Plan is Planning to Fail”. If you try to dive into Real Estate without a plan on how you intend to go ahead with your Investment and without thinking of all the factors that could affect your decision, you are setting yourself up to fail. If you intend to go on a trip with your friends to a new place, you need to take a map! If you don't, you will most certainly and eventually end up taking a wrong turn somewhere.
So always make sure you know what it is that you are looking for. Populate a list of all potential investment plans, filter them out based on your requirements and then after some consultation make your final decision.
2) Thinking from your Heart
Heart is meant for pumping blood to your entire body, and probably certain other things, but definitely not for thinking. Buying a home is about the economics, so don't let emotions take control over it. It is a common trap where people tend to listen to their heart rather than logic. It is understandable that this is where you wish to see yourself in the future and also raising your family. But, you don't want to end up losing out on the best investment plan possibly still out there for what you perceive to be more satisfying.
Property or any investment needs to be done after an analytical research first.
3) Self Reliant
Whether it is a matter of ego, or just for saving money, it is not advisable to take the whole journey solo. There are tons of things out there regarding Real Estate that you may not know. So, thinking that doing it by yourself owing to your perceived confidence or just trying to find the cheapest route to the investment may just lead to a greater loss in the near future. People who are in the real estate industry are themselves keeping up with all the changes and trends. It is a continuous learning process, so coming into the industry as a new person and directly making decisions for yourself isn't the wisest thing to do. Consult a Property Advisor or Property Management Company and they will give you some good insight.
4) Too Early or Too Late
Being involved in any form of extremism can be dangerous. Whether it is investing too early without having researched sufficiently, or just spending too much time on deciding that you've now become unsure of whether to go forward or no.
Making a decision just as soon as you've made up your mind for investment isn't very wise as there are always somethings to consider and discuss before going ahead with the decision.
Similarly, procrastinating too much before making the decision can also be harmful. Chances are that you've over-reasearched the matter and are now even more confused regarding what to do. This situation is popularly known as “Paralysis by Analysis”.
So it is ideal to just do some bit of research and consultation, and then make your decision based on what facts you've already learnt.
5) No Ready Money
This is another major issue faced just when you like the unit, you realise the finances arent ready and if the money isn't readily available for buying it can push your investment back for a later time. This isnt a very wise thing to do. Chances are that this delay may bring about changes in the price which you weren't aware of.
Simultaneously, people who have availed the loan option, some of them aren't able to pay monthly payments, which then increases the amount and also the interest rate, making it harder for them to pay it back.
So always ensure, that you are in a good financially stable position to pay them back rather than assuming you will be able to do it in the future.