By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Social BuzznessSocial Buzzness
  • News
    News
    Stay informed with the latest news on politics, business, sports, and entertainment by visiting our website. Our platform offers comprehensive coverage of current events, featuring…
    Show More
    Top News
    The Delhi government has also ordered all taxi operators plying in the national capital to install GPS in their vehicles.
    Delhi Government asks IT Ministry to block apps of Uber, Ola, TaxiForSure
    September 18, 2022
    Replacing high-carbon energy fuel with low-carbon energy fuel will help to fight climate change and leads to economic growth.
    Impact of economic growth on climate change
    September 26, 2022
    Cars24 is to hire over 500 employees across verticals in the next quarter, which it declared on Friday. Here you can read full article.
    Cars24 Plans To Hire Over 500 Employees Across Verticals In The Next Quarter
    February 3, 2023
    Latest News
    EV Startup Zypp Electric raised $25M to hit 30 Indian cities by 2025
    February 11, 2023
    Zoho To Hire 1,000 More Employees In Fy24, Committed To No Layoffs
    February 3, 2023
    Cars24 Plans To Hire Over 500 Employees Across Verticals In The Next Quarter
    February 3, 2023
    Physics Wallah to hire 2500 employees across verticals by March
    February 3, 2023
  • Business
    Business
    Looking for small business ideas or the latest business trends? Look no further than SocialBuzzness. Our platform provides valuable insights and resources for entrepreneurs and…
    Show More
    Top News
    Hiring a staffing agency is an excellent way to employ a pool of candidates that have similar backgrounds to your needs.
    What Clients Look For When Hiring a Staffing Agency
    January 27, 2023
    If your anxiety is related to your job, you may be suffering from workplace anxiety, sometimes referred to as work stress.
    What are the Ways to Guide to Managing Workplace Anxiety
    November 3, 2022
    Because a resume is a living document that changes over time, the first document of your resume might not be the most impressive.
    How to Write an Effective Resume
    September 15, 2022
    Latest News
    10 Strategies for Effective Business Management
    April 5, 2023
    How to Choose the Right Accounting Software for Your Business?
    February 28, 2023
    Challenges of Small And Medium Enterprises at the Start of Trade
    February 28, 2023
    Best Home Rental Sites in India
    February 24, 2023
  • Technology
    Technology
    Whether you’re a tech enthusiast or simply interested in staying informed, our platform provides valuable information on the latest technology news and trends. Visit Social…
    Show More
    Top News
    Even so, most iPhone models offer the same quality, performance, and features as the latest Android models.
    Android VS iPhone: Which is better for you?
    March 19, 2022
    Technology has dominated every part of the social order and is now the lifeblood of modern civilization. Similar is with education sector.
    How is Technology Transforming Education in India?
    November 1, 2022
    Are you searching for website ideas? If you need help deciding what type of website to develop, you've come to the right place.
    Top Website Ideas For Newcomers
    April 16, 2023
    Latest News
    Challenges Facing Cloud Computing And Virtualization
    May 1, 2023
    Top Website Ideas For Newcomers
    April 16, 2023
    How to Start a Social Media Campaign from Scratch
    April 3, 2023
    Why is Social Media Engagement Important for Online Businesses?
    April 3, 2023
  • Finance
    Finance
    Social Buzzness offers the latest financial blogs on trending topics, providing insightful articles on finance, investing, and the economy. Stay informed on the latest news…
    Show More
    Top News
    The amount of money lent out by banks and other institutions over the last ten years has never been higher.
    The Lesser Use Of Real Money
    March 14, 2022
    Loan management software in your lending firm might be substantial adjustment, but it is necessary to maintain your lending process.
    How Loan Management Software Can Streamline Your Lending Process
    March 9, 2023
    There is no doubt that cryptocurrency has become a trend today & is reaching greater heights. It also gained popularity of Digital India.
    What is cryptocurrency? How does it work?
    October 10, 2022
    Latest News
    How to Invest During a Recession?
    May 1, 2023
    How to Obtain SR 22 Insurance
    April 4, 2023
    Enhancing Employee Performance Through Monetary Incentives
    March 10, 2023
    The Reverse Mortgage System in India
    March 9, 2023
  • Success Stories
    Success Stories
    Discover inspiring success stories of entrepreneurs by reading our real-life articles at Social Buzzness.
    Show More
    Top News
    OYO hotel is a great one. It is all about service and the idea that you are never too far from excellent service and food.
    OYO Hotel Rooms Founder and CEO Ritesh Agarwal – Inspiring Success Story
    January 28, 2023
    BharatPe, a fintech startup based in Bangalore, has launched a new payment solution that does away with a lot of conventional banking methods.
    Shopkeeper’s best friend- Bharatpe success story
    March 6, 2022
    We are all aware of the recent achievement of Meesho in winning the #1 most downloaded app in India. Meesho, India's no.1 reselling app.
    The Success Story of India’s No.1 Reselling App- Meesho
    March 7, 2022
    Latest News
    Shark Tank Judges of India and Their Inspiring Story
    April 16, 2023
    Success Story of Bill Gates, Microsoft co-founder
    October 13, 2022
    Top Indian Entrepreneurs Success Stories that will inspire you
    October 15, 2022
    Apollo Tyres unveils tyres for premium bikes
    October 10, 2022
  • Explore By
    • Knowledge Corner
    • Education
    • Lifestyle
    • Travel
    • Entertainment
    • Health
Reading: Common Mistakes First-Time Home Buyers Should Avoid
Share
Notification
Latest News
How to motivate yourself to study
How to Motivate Yourself to Study – 10 Tips That Work
Education
Cloud computing is a boon to large and small businesses by reducing the cost of managing their databases. Read more to know about it.
Challenges Facing Cloud Computing And Virtualization
Technology
It leads to huge economic and political uncertainty, which haunts the investor not to invest in times of recession.
How to Invest During a Recession?
Finance
The thyroid is a small butterfly-shaped gland located near the neck below Adam's apple secrets thyroid hormone.
Thyroid Symptoms and Cure – A Lifestyle Guide
Health
Fatty liver disease is a common disease caused by excessive accumulation of fat in the liver. Fatty liver doesn't cause serious problems.
What are the Supplements Causing Fatty Liver?
Health
Aa
Social BuzznessSocial Buzzness
Aa
  • Business
  • Entertainment
  • Technology
Search
  • Home
  • News
  • Business
  • Finance
  • Technology
  • Explore By
    • Education
    • Success Stories
    • Entertainment
    • Health
    • Lifestyle
    • Travel
  • Quick Links
    • Bookmarks
    • Write for us
Follow US
  • Advertise
Copyright © 2022 Socialbuzzness. All Rights Reserved - HRI Consultants.
Social Buzzness > Finance > Common Mistakes First-Time Home Buyers Should Avoid
Finance

Common Mistakes First-Time Home Buyers Should Avoid

Social Buzzness
Last updated: 2022/10/10 at 9:30 AM
Social Buzzness
Share
6 Min Read
You make sure it benefits you for the long term, keeping all this in mind, here are some common mistakes first-time home buyers should avoid.
SHARE

From a very young age, many people dream about owning a house for their families and themselves also. There is no place like home in the world, as everyday stress is relieved at home only, there is no feeling like home, especially one’s own house. It is one of the crucial decisions in your lifetime. And while making such a prudent decision, always take advice from the senior members of the families and should be well aware of every aspect of the home purchase. Dreaming is easy but aiming is difficult. To make your dreams work you must have an aim in mind. The aim of having a house is one such thing. It takes many years of planning, and savings so that we don’t have to overextend our budget and focus on other expenses also. It takes a lot of research work to purchase a house from a trusted builder. Keeping all this in mind, here are some common mistakes first-time home buyers should avoid:

Contents
Other than Finance one must consider the following things as well:Conclusion

● Overextending your budget- Before taking home at rent or owning your own house one must keep in mind to set a budget before making any decision. If you like a home way above your budget or loan eligibility. You may feel that a little stretch in your budget might not affect you. But in the long run, we forget to keep in mind the daily changes in inflation will affect our day-to-day expenses like rising school fees, medical expenses, and interest rates. This creates financial stress that you are not able to handle.
● Not purchasing from a trusted builder- when purchasing with an unknown builder they may save you some money but you end up compromising in quality, at that stage your mind keeps telling you to save some money without taking into consideration the long-term investment will always give you more significant profits and there value will not depreciate in a long run, as well as not being assured of the building being legally approved. You might also start getting delays for the legal work. Whereas if you buy a house from a reputable builder you can rest assured of all the legal profession in terms of proper approval of the documents etc.
● Loan eligibility- If you are planning to take a home loan there is a certain eligibility criterion. Eligibility criteria could either be different for different clients or it may depend on the requirements of the person availing the loan. Individual banks offer different interest rates on loan one must be aware of the same.

Also Read – ” Beware of Quick Loans Apps “

● Basic requirements for availing home loan from a Bank – one should make use of the home loan eligibility calculator in which various factors such as your age, income, loan tenure, existing loan obligations, and pending EMIs are taken into consideration and your eligibility can be calculated. This reduces the risk of your loan rejection and you can buy your dream house without any hurdles.
● Talking to only one lender: Sticking to one lender can be a big mistake and you end up paying more money. The more you research about the lenders and keep comparing prices you will start getting better deals with the lowest rates possible and there are high chances of reducing losses. Try to talk around different lenders, and mortgage dealers and start comparing rates, lender fees, and loan terms.
● Overlooking the hidden cost- Most people overlook that there are certain hidden costs or expenses taken into consideration while taking a home loan such as registration fees, taxes, transportation costs, maintenance charges, insurance, etc. These are unavoidable expenses that should be taken into account.
● Moving too fast- since it’s likely the largest investment you will make in your lifetime. So, you make sure it benefits you for the long term, first time home buyers should avoid rushing into and take into consideration the payment of interest.

Other than Finance one must consider the following things as well:

● Family’s acceptance -If you are planning to live with your family then their acceptance is also important, before buying a house one must keep in mind the comfort of the family members as well in terms of the number of rooms, ambiance, etc, as it is a place where you are going to create memories with your loved ones.
● Selecting the right town- if you are an independent woman then your safety must be the priority therefore you should look for a society that is safe for you to travel freely at any time. The goal must be to select a society where you and your family feel accepted, and where their culture and values match yours.

Conclusion

Before buying a house one must always consider the aftermath of buying a house, we should always keep in mind how this will affect their other expenses and whether it is worth going into long term debt.

You Might Also Like

How to Invest During a Recession?

How to Obtain SR 22 Insurance

Enhancing Employee Performance Through Monetary Incentives

The Reverse Mortgage System in India

How Loan Management Software Can Streamline Your Lending Process

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Social Buzzness October 6, 2022
Share this Article
Facebook Whatsapp Whatsapp Telegram Copy Link Print
By Social Buzzness
Follow:
Socialbuzzness is a website which covers all kinds of news like entertainment, technology, business, finance and many more. We give you the latest news with understandable language. Having a good lifestyle is necessary to be successful after reading our lifestyle articles you surely will be motivated.
Previous Article There is no doubt that cryptocurrency has become a trend today & is reaching greater heights. It also gained popularity of Digital India. What is cryptocurrency? How does it work?
Next Article The term cybercrime refers to crimes that involve using computers, computer networks, or network devices to commit some malicious acts. What is cybercrime? Explain its various phases
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
11.6k Followers Pin
56.4k Followers Follow
- Advertisement -
Ad imageAd image

Latest News

How to motivate yourself to study
How to Motivate Yourself to Study – 10 Tips That Work
Education June 15, 2023
Cloud computing is a boon to large and small businesses by reducing the cost of managing their databases. Read more to know about it.
Challenges Facing Cloud Computing And Virtualization
Technology May 1, 2023
It leads to huge economic and political uncertainty, which haunts the investor not to invest in times of recession.
How to Invest During a Recession?
Finance April 29, 2023
The thyroid is a small butterfly-shaped gland located near the neck below Adam's apple secrets thyroid hormone.
Thyroid Symptoms and Cure – A Lifestyle Guide
Health April 27, 2023

Welcome to the Social Buzzness. This is a website where you will find blogs related to technology, business, news, lifestyle, health and many more. It is obsessed with providing fresh content to all the readers with realism and multiple fact-checking.

Quick Link

  • Home
  • About us
  • My Bookmarks
  • Write for us

Top Picks

  • News
  • Business
  • Finance
  • Technology
  • Success Stories

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

Follow US

Copyright © 2022 Socialbuzzness. All Rights Reserved - HRI Consultants.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?