4 MISTAKES BY HOME BUYERS WHILE PURCHASING A PROPERTY

1. Trying to Time the Market : If you have a medium to long term horizon and are an end user then don’t wait for the property prices to drop. Pull the trigger for the one who you feel is fulfilling your requirements in terms of location , direction, payment plan.

2. Organised and Planned Approach : Make sure you have arranged all your finances on the day you do your deal. If you want to take a loan get it sanctioned earlier, Start the preparation of your registry a few days before the due  date so that you can get the stamp paper, get the appointment finalised , file the TDS before hand and check the registry for any mistakes.Otherwise , there is a last minute rush which could lead to mistakes.

3. Make sure you get the Mutation done in your name: Many purchasers forget to get the mutation done in their name after getting the registry done. Follow up with your real estate consultant for the mutation process. Make sure you get all the formalities( signing and arranging the documents) of mutation done on the day of the registry itself.

4. Always give the final payment in the form of a draft : In a place like New Chandigarh where i am working , the Tehsildar can be called anytime for other duties and the photo of the purchaser and the seller takes place with the tehsildar. So in an emergency if the registry does not take place then atleast you can withhold the draft. Also , it ensures that the seller has a motive otherwise if you have done all the payment then you have taken away the financial incentive. I know making a draft involves certain charges but it is your insurance.