Avoiding Homebuying Mistakes
Posted: Jul 29, 2019
A new buyer is often faced with marketing pitfalls when buying a home. Sometimes it is due to listening to not so good advice, a degrading market, or maybe just dumb luck. However, with the correct knowledge and sense, these mistakes could be avoided.
Believing in the false hype: It is always a big NO to jump in for buying a house without doing proper research about the real estate market. You may have seen some sort of advertisements presenting their so-called best deals in the market just to attract buyers. DO NOT believe them. First-time buyers easily fall into these traps and take the wrong decision which can later cost them a fortune.
Not choosing the right agent: This is often a simple mistake that turns into a marketing disaster for the buyers. The real estate agents may seem experienced with a certified license placed on their table, however, that doesn’t mean that they are aware of everything about this territory. Some may be just working in order to achieve their sales target.
Destroying your savings: An important question stands: How much should you pay for a house? The answer is: Pay what you can afford. Submitting all your hard-earned money to satisfy your down payment for the house is a fool’s play. Borrowing money from relatives, cashing out your account without thinking about your future expenses means making a hole in your own boat.
Rejecting professional advice: If you are someone who knows everything about the market then you would not need any advice or you just won’t take one. For a first time buyer, it is far more important to know about the current market trends before you go for house hunting. Searching through online guides and books can help. Hiring a professional agent or a lawyer for consultation is always advisable.
Choosing the wrong location: Location is one of the major factors when it comes to buying a home. Even if you bought an amazing house at a poor location, it would still be a bad investment. You must choose wisely becasue that is where you would have to spend your next couple of years if not a lifetime. A location should be safe and decent. Know about it by asking the local people.
Avoiding safety inspections: The house that you see amazing from the outside may not be good from the inside. Even the best homes have flaws. Don’t overlook issues such as cracks, seepage, or any other structural damage. Don’t let the fresh coat of paint fool you. These flaws can be hidden under the fresh coat of paint or carpet letting them go unnoticed. How to spot these problems? Consider a professional to do an inspection of your house. If any flaws are found then you can ask the builder to compensate for the damage or even negotiate for a lower price of the house. Don’t try to overlook these vital inspections just to save money because you may think of buying good furniture with it but you may not know that your walls keep crumbling behind your back.
There’re various aspects of homebuying for which thorough research is compulsory. As a buyer, you must know about market trends and pitfalls. Being someone with good enough knowledge and common sense will get you much farther into the home buying process making you a proud owner in no time.