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Common Mistakes to Avoid While Buying a Residential Flat

1. Not Setting a Proper Budget

One of the biggest mistakes is buying a flat without clear financial planning.

❌ Ignoring extra costs like:

• Registration & stamp duty

• GST (for under-construction flats)

• Maintenance & parking charges

✔ Tip: Keep at least 10–15% extra beyond the flat price for additional expenses.

2. Ignoring Location Research

Many buyers choose a flat only based on price or builder promises.

Mistakes include:

• Poor connectivity

• No nearby schools, hospitals, or markets

• No future development potential

✔ Always check infrastructure, safety, water supply, and resale value.

3. Not Checking RERA Registration

Booking a flat without RERA approval is very risky.

❌ Risks include:

• Project delays

• False commitments

• Legal complications

✔ Always verify the project on the official RERA website before paying any amount.

4. Overlooking Legal Documents

Skipping legal verification can cause serious problems later.

Important documents to check:

• Land ownership papers

• Approved building plan

• Sale agreement

• Completion & occupancy certificate

✔ Take help from a property lawyer if needed.

5. Trusting Only the Builder’s Words

Verbal promises are not legally valid.

❌ Common false promises:

• Free amenities

• Guaranteed possession date

• No extra charges

✔ Ensure everything is written in the agreement.

6. Choosing the Wrong Flat Size

Buying too small or too large a flat can create future issues.

✔ Consider:

• Family size

• Future needs

• Storage & parking

• Carpet area (not super built-up)

7. Not Comparing Home Loan Options

Accepting the first loan offer can increase EMI burden.

✔ Compare:

• Interest rates

• Processing fees

• Prepayment charges

• Loan tenure

✔ A good credit score (750+) helps you get better deals.

8. Skipping Site Visits

Photos and brochures can be misleading.

✔ Always visit the site to check:

• Construction quality

• Neighborhood

• Access roads

• Noise & pollution level

9. Ignoring Maintenance & Society Charges

Low flat price doesn’t always mean low cost.

✔ Ask about:

• Monthly maintenance charges

• Clubhouse fees

• Parking charges

10. Emotional Buying Without Comparison

Many buyers book flats under pressure or emotional attachment.

❌ Common triggers:

• “Limited offer”

• “Last unit available”

✔ Always compare at least 3–4 projects before finalizing.