Top 10 Mistakes Of First Time Buyers

Buying a home may seem a frightening task, but a little preparation will ease the way. Check out these common difficulties of first time homebuyers before starting your search.


The declining home values that are annoying homeowners are just one of the factors creating an opportunity for anticipated homebuyers.If you agree, be aware that buying a home comes with plenty of potential missteps. Here are 10 all too common mistakes first timers make.

1. NOT KNOWING HOW MUCH YOU CAN AFFORD

Many beginner homebuyers spend a lot of time researching homes, comparing kitchen layouts and backyard square footage, but very little time researching their financing options. One of the first things buyers should do is talk to a qualified lender and get preapproved for a mortgage. Without first figuring out how much you can afford, you risk falling in love with one you can't. 

2. ASSUMING ACTION FORECLOSERS ARE GREAT DEALS

Just because the previous owner owed 1 Cr on a house before the bank took it over doesn’t mean it’s worth that much now. Values have slipped significantly, so you may not be getting the bargain you think with a foreclosure. Also, most homes owned by lenders or banks have been sitting vacant for months and may have been destroyed. That could require extensive renovation or repair. Weigh the costs of fixing up the property against the savings you’ll likely reap by buying a lower priced foreclosed home.

3. LETTING YOUR TRUE FEELINGS SHOW

No matter how much you have fallen in love with a house, don’t let the seller’s agent in on it. Otherwise, he will gain the upper hand in negotiations.

4. FAILING TO FIND A GOOD BUYER'S AGENT

Landing a mortgage is tough these days. So buyers should rely heavily on knowledgeable agents to help them get their finances in order. After all, buyer’s agents have a financial responsibility to the buyer exclusively and should be looking out for his best interests. Consider using an agent recommended by a relative or friend. Interview the candidates about their experience, ask if they have worked with first time buyers before and what kind of service you will get from them.

5. UNDERESTIMATING THE COSTS OF OWNING A HOME

Whether it’s a rusty pipe or a leaky roof, things go wrong and need to be fixed. Many homebuyers don't anticipate the additional costs for repair and maintenance, or for an increase in utility costs. Consider the age of your new home and how well it’s been treated by the previous owners in your budget. Be prepared to set aside a small percentage (1% at most) of the home’s purchase price annually for repairs and maintainance.


6. FAILING TO BUDGET FOR PROPERTY TAXES

Property taxes and the likelihood that they will climb over the course of your time in the house should be factored into any homebuying budget. To get an idea of how much you will be paying, call the local assessor’s office or talk to people in the neighborhood.

7. ASSUMING YOUR OFFER WILL GET ACCEPTED

As home prices get even more affordable, competition is bound to heat up. You can’t assume you will walk in there, make the offer and get it. Try not to get discouraged if you lose out on the first or second house you make an offer on.





8. SKIPPING THE INSPECTION

Before signing anything, hire a professional inspector, The seller isn’t likely to tell you there’s mold in the basement or the walls are poorly insulated. We advice buyers to find and hire their own inspector independently of the real-estate agent to ensure there’s no conflict of interest. You can find inspection companies in the phone book, or by doing a simple Web search with your ZIP code.

9. DOING TOO MUCH TOO FAST

Some buyers want to make the house their own right away. They over extend themselves on credit to do so, and assume the improvement will pay for itself by increasing the home's value. But that’s not always the case especially in today's market. Instead, buyers need to exhibit patience and make changes over time.




10. FAILING TO INCLUDE A CONTINGENCY CLAUSE IN THE CONTRACT

A mortgage financing possibility clause protects you if, say, you lose your job and the loan falls through or the appraisal price comes in over the purchase price. Should one of these events occur, the buyer gets back the money he used to secure the property. Without the clause, he can lose that money and still be obligated to buy the house.

Indian Architecture through the ages

Everything which is human made has evolved with time. Indian architecture has evolved through various ages in different regions of the country. Indian architecture was generally affected by the emergence and decay of great empires and dynasties. India faced a massive change in styles of architecture through these times, but remained to have the most famous and beautiful piece of architecture till date.

Indus Valley Civilization (2700 BC-1700BC)
The Indus Valley Civilization was a Bronze Age civilization (2700–1700 BC) that was located in the northwestern region of the Indian subcontinent, consisting of what is now mainly modern-day Pakistan and northwest India. 

The civilization is noted for its cities built of brick, roadside drainage system, and multistoried houses. The baths and toilets system the cities had is acknowledged as one of the most advanced in the ancient world. The mature phase of this civilization is known as the Harappan Civilization, as the first of its cities to be unearthed was located at Harappa. 


 
Post Maha Janapadas period (1500 BC - 200 AD)
The Buddhist stupa, a dome shaped monument, was used in India as a commemorative monument associated with storing sacred relics.  The stupa architecture was adopted in Southeast and East Asia, where it became prominent as a Buddhist monument used for enshrining sacred relics. Fortified cities with stupas and temples were constructed during the Maurya empire (321 BC– 185 BC).  

Wooden architecture was popular and rock cut architecture became solidified. Walled and moated cities with large gates and multi-storied buildings which consistently used arched windows and doors are important features of the architecture during this period. The Indian emperor Ashoka (273 BC - 232 BC) established a chain of hospitals throughout the Mauryan empire by 230 BC.  A long tradition of art and culture was already established well before the beginning of 20th century in India. Indian painting can be broadly divided into two categories - MURALS and MINIATURE.

Early Common Era - High Middle Ages (200 AD -1200 AD)
Universities housing thousands of teachers and students flourished at Nalanda and Valabhi between the 4th-8th centuries. Maru-Gurjara Architecture show the deep understanding of structures and refined skills of Rajasthani craftmen of bygone era.

The South Indian temple consists essentially of a square chambered sanctuary topped by a superstructure, tower, or spire and an attached pillared porch or hall (maṇḍapa, or maṇṭapam), enclosed by a peristyle of cells within a rectangular court. North Indian temples showed increased elevation of the wall and elaborate spire by the 10th century. Richly decorated temples including the complex at Khajuraho were constructed in Central India.


Late Middle Ages (1100 AD - 1526 AD)
Vijayanagara Architecture of the period (1336 - 1565 AD) was a notable building style evolved by the Vijayanagar empire that ruled most of South India from their capital at Vijayanagara on the banks of the Tungabhadra River in present-day Karnataka. This resulted in the creation of a distinctive imperial style of architecture which featured prominently not only in temples but also in administrative structures across the deccan.

 









Islamic influence and Mughal Era (1526 AD-1857 AD)
Mughal tombs of sandstone and marble show Persian influence.The Red Fort at Agra (1565–74) and the walled city of Fatehpur Sikri (1569–74) are among the architectural achievements of this time - as is the Taj Mahal, built as a tomb for Queen Mumtaz Mahal by Shah Jahan (1628–58). Employing the double dome, the recessed archway, white marble and parks while stressing on symmetry and detail was visible during the reign of Shah Jahan.

Colonial Era (1500 AD—1947 AD)
Under colonial rule, architecture became an emblem of power, designed to endorse the patron. Numerous outsiders invaded India and created architectural styles reflective of their ancestral and adopted homes. The European colonizers created architecture that symbolized their mission of conquest, dedicated to the state or religion. The British, French, Dutch and the Portuguese were the main powers that colonized India.

 







Republic of India (1947 AD - Present )
In recent times there has been a movement of population from rural areas to urban centres of industry, leading to price rise in property in various cities of India. Urban housing in India balances space constrictions and is aimed to serve the working class. Growing awareness of ecology has influenced architecture in India during modern times. Though old, this Eastern tradition has also incorporated modern values as India became a modern nation state. As the country became more integrated with the world's economy, traditional Vastu Shastra remains influential in India's architecture during the contemporary era. Climate responsive architecture has long been a feature of India's architecture but has been losing its significance as of late.

During all these times, though India had been designed and demolished many a times but still it stands proudly and attracts millions of tourists from abroad because of its beautiful piece of architecture. Indian architecture reflects its socio-cultural sensibilities which vary from region to region.

Nest Infratech is the real estate and infrastructure development wing of the multi-billion dollar multinational company, the Nest. The company gives shape to some of the most ambitious and luxurious living spaces across the country. Nest Infratech believes in building future by keeping the past architecture records as an inspiration to do great things in an creative way.