Are you planning on purchasing a new home? This must mean that you have finally achieved one of your dreams in life. Well, you must have worked hard for it that is why it is only reasonable that you choose the one that you want. The question is, how will you choose the perfect house? Do you have a list of things that you preferred for that house?
Some might argue that they can just purchase any house that they like because they have the means to buy one. You have the money but would it be better to do some research and consider other things to make it a worthwhile purchase? But if you still insist on buying it without thinking of consequences, well, you might regret this decision in the future. Just like you, there have been people who have been to that buying situation. Because of compulsiveness, well, let’s just say that they are regretting their decision now. That is why, if you want to make sure that you will have worthwhile purchase, make sure to avoid mistakes especially the COSTLY ones.
When buying a new home, avoid committing these mistakes:
1. Love at First Sight – when it is your first time buying this particular property, everything seems to be beautiful and perfect. Just like what you can see on Margaret Ville. Fearing that they might lose this great choice, that is why they immediately jump in and place their bid on it. While others may be happy about this purchase, little did they know they have overpaid for it. So, it would be better to shop around first, commit to visiting at least five of the houses for sale before you finally choose the perfect “home for you and or your family.
2. Purchasing a Foreclosed Property – if you are living in a country that had just survived the great recession and mortgage crisis, purchasing a house through a short sale is a not-so-great-deal for you. Many first-time buyers have thought that they have done a great deal when they purchased a below-market property. They were happy with their decision but only to find out that they have purchased an overpriced property. Well, even real estate market can fluctuate and it happens once in a while. That is why it is important to look into the current condition of the market. Also, look into its historic value of the property before purchasing. It will also be better if you are guided by professional like a real estate agent who has a wide knowledge about these this market.
3. Hiring an Inspector – it might only be applicable to some, but you should watch out for inspectors who are would say that he can finish the inspection for one hour. Also, don’t hire the one that advises you not to attend for the house’s inspection. To make sure that inspection is being done properly, aside from hiring the one that is recommended by your real estate agent, it would be better if you can choose the one on your own. You might also want to check his or her experience, background, and even his or her credentials. It would also be better if you are present during the inspection and take his r advice, seriously. No matter how you love the structure of the house, if it will become a structural issue in the future, it is best to have it corrected before you purchase the place.
4. Failed to Note/Discover the Hidden Fees – this is the common mistake that almost all first-time buyers commit. It is like you have already secured a loan and paid the down payment only to find out that you need to add more because of hidden fees. These fees may include escrow fees, appraisal fees, utilities, insurance, add-on taxes, and others. It would also be great if you have some left to serve as your emergency fund. This will help you to cover for any repairs that you might encounter, soon. Aside from these, you will still be spending on insurance expenses, taxes, interest, and mortgage principal. So, make sure to budget your monthly income, accordingly.
5. It Is Not Part of The Writing – first-time buyers assume that all of the accoutrements that they saw when they visit the house on sale, sometimes, they assume that these things will be included on the purchase price that they will be paying. If you want them, it is best to talk to the seller and negotiate for it. This will ensure that you understood the things included in what you have paid. Otherwise, you are just expecting for something that was not even included in first place. Avoid hurting yourself by not committing this mistake.
6. Buying with The Help of a Professional – while DIY-ing things can help you save money, time, and effort, home buying can’t be one of those. There are so many things that you to understand and accomplish to make sure that you will be getting that property. Except if you are a real estate agent yourself, getting a house without the guidance of pro, well, things will be difficult and even be overwhelming. Avoid getting into confusing situations or worst, losing the house that you have been eyeing to be yours – hire a licensed real estate agent to help you secure your dream home. Also, those real estate agents have access to a list of condo and property new launches.
Home – this is one of the important things every hard-working person listed in their life goals. Lucky for those who didn’t need to work to achieve it but it would be better if you work for it. For those who dreamed of it, just continue with the positive attitude at work ad in life, and you will see you will buy one for yourself, soon. With the listed mistakes above, let this list serve as your guide when you are planning on purchasing a house. You should do a bit of research on things related. This will also ready you, avoiding any costly mistakes.
You might want to hire a professional that you will be working with. It may mean additional cost, but since you are on a home buying journey, these things are worth spending for. If it will ensure that you will be living in a durable and comfortable house, then it is worth it.