Top 5 Mistakes First-Time Buyers Make in Kolkata and How to Avoid Them

Buying your first home is an exciting venture but at the same time in a diverse market like that of Kolkata it also is very overwhelming. From choice of localities to getting the finance in order and the legal processes which follow, first time buyers do have a tendency to make mistakes.

At Property101, we have mentored many first time buyers through their process and we have noted out that which some very common errors are made and with the right info they can be avoided. Here’s what we think are the top five and how you can avoid them.

1. Not Having a Practical Budget

In many cases buyers get into the market without first determining what they can really afford which in turn often results in disappointment or financial stress down the road. In Kolkata property prices range from that of premium high rises in Salt Lake to budget flats in Howrah.

How to avoid it: Calculate out your budget beyond the purchase price to also include registration fees, stamp duty, maintenance charges, and what may be required for renovation. At Property101, we assist clients in finding homes which fit well within their long term financial plans.

2. Location Research

A home’s setting also affects your lifestyle which in turn plays a role in its resale value. Many first time buyers go for a certain look of the home or the price point but do not pay attention to commute times, local infrastructure or growth opportunities.

How to avoid it: Research your neighbourhood for connectivity, schools, hospitals and what is in the pipeline for development. In areas like New Town, EM Bypass, and Rajarhat we are seeing great growth at the moment.

3. Disregarding Legal Review

Skipping out on proper legal procedures is a big no no. Without the issue of title deeds, encumbrance certificates, and RERA registration into play you are at risk of buying into a dispute or a property which has outstanding issues.

How to avoid it: At Property101, we provide that all of our recommended properties are RERA registered and free of legal issues. Also we have a legal expert to review all property docs.

4. Not Thinking of the Future

First time home buyers tend to buy what they need at present without which out to be issues of growth in the near future marriage, children, or career changes. This in turn causes them to outgrow the home faster that they may have.

How to avoid it: Plan ahead. Select a property that has enough space, amenities, and is in a great location which you can see yourself living in for the next 7 to 10 years.

5. Focusing Only on Price Tag

As we all do when shopping around for the best deal, we may tend to go for the cheapest property but that doesn’t always turn out to be the best investment. Price alone may indicate poor quality construction, a poor location, or low resale value.

How to avoid it: Assess value in a well-rounded way. Look at build quality, amenities, developer reputation, and neighbourhood growth before you decide.

Final Thoughts

In Kolkata the real estate market is a great play field for first time buyers but you do have to come in with research and strategy. Out of the common mistakes which are made do not be a party to them which in turn will save you money, time and stress and also see your investment appreciate over time.

At Property101, we present you with a smoother and more secure buying process. From budgeting and research of the area to legal processes and negotiations we are by your side at each step which in turn makes your first home purchase very rewarding and a memory to treasure.