Common Mistakes When Choosing a House and how to avoid them

first home buyer dreaming house

first home buyer dreaming house

Buying your next home can be a daunting task, especially if it’s your first home.

Let’s look at the all most common mistakes made by home buyers that you should avoid.

When you select a house, you must make sure that it meets the appropriate requirements. You will not know the details of a possible home if you do not check it properly

There are several mistakes that make you buy the wrong house:

1. You do not talk to the real owner
brokers are the first people you meet, but they do not always know everything about the house. It’s best to talk to the owner himself to ask more detailed questions about equipment, tiles and piping behind the wall. If you do not meet the owner, there is no way to get a complete picture of the house.

2. They do not check floors
Look under the carpets to check the condition of the floor. For example, damp floors could indicate problems with the water pipe.

3. You do not check the wall
Quick cosmetic repairs to the walls can hide nasty cracks. If the brick wall has cracked, it is possible that there is a movement underneath. This is a big structural problem that can be expensive and time consuming. You should always pay attention to fresh paint. In many cases this is just a cool and harmless picture, but it can also hide a big problem. Check carefully if the current owner covers something, such as: B. Water damage.

4. You do not check the basement
There are many problems associated with the basement. As it is located in the lower part of the house, the basement can have humidity problems. Check for excess moisture, especially during the rainy season. If the basement is wet, this could indicate a big problem.

5. You are not checking the windows
you can not look at the windows. Open and close each of the windows. Also, make sure everyone blocks properly. New, cheap windows can look big, but they will not last for decades. Poor window quality leads to a power bill even in winter.

6. You do not check the roof
checking the roof can be difficult, but it is necessary. Older homes may have multiple layers of roofs and one of them could be asbestos, which is dangerous to your health. If you are aware of potential problems, have the roof checked by experts.

7. They do not check the trees
many potential buyers love houses with lush green surroundings. However, nearby trees can be a problem and should be inspected. In drier areas, trees are dangerous in summer. Trees with huge branches could destroy your house during heavy storms. High deciduous trees can also regularly block roofs in autumn.

8. They do not check the electrical system
it is difficult to decipher the problems of electricity and plumber, because they can easily be hidden with the naked eye. You need to check the electrical boxes to see if any exposed wires are available. You may need professional help to find out if the facilities are in good condition. Ask the owners if there were electrical short circuits in the past. Even if you are unfamiliar with electrical systems, it is easy to see if it is a few decades. If you are not sure, bring a technician during the second visit to the house. Make sure that the expert brings tools and test equipment to ensure that the electrical system is always reliable.

9. You do not review building permits and violations
After completing the walk through, you should investigate any licensing or compliance issues. Check with local fire departments and home automation to make sure the structure is clear. Visit the neighbors to find out if they have any complaints or problems with the house. If there are problems, make sure they can be fixed easily. Sometimes you are dealing with a hypersensitive neighbor, and if the person can cause you many problems in the future, you should include this in your buying decision. Check if the house has recently been extended and in some cases this could lead to problems with neighbors and local authorities. Permits may never have been filed and there is no tax adjustment.

It’s exciting, but full of complexity.

Although this is probably the most important financial transaction you will ever make, we have found that many home buyers are poorly prepared to make sure they make a good buying decision.

And it’s not her fault.

The system is built against them, much of the power lies on the seller side.

Let’s look at the most common mistakes made by home buyers that you should avoid.

1. Do not do the right research and preparation

Understand the finances and needs of your family.

The clever buyer will analyze the assets, decipher the debt, and seek approval for the finances before diving into the hunt at home.

Get to know the neighborhood – remember that you do not just buy a house; You also buy a location.

It is important to know the quality of the schools, the extent of crime, the transport and possibly future zoning problems.

Not every district is an ideal place to live.

2. Choose the wrong mortgage

In order to put yourself in the best bargaining position, it is important that you have your loan approved (not just pre-qualified) before you go hunting.

Find out how much house you can afford – but you can not just go to a bank website, use calculators to see how much you can borrow, and assume that you get a loan.

There is a big difference between what the banks say they can lend you and what they will actually do.

It is important that you carefully choose your financing package.

Do not go to a bank only; Instead, use an independent financial broker who has access to a range of lenders and financial products.
3. The target object is influenced by “The Market” goal of the home market

Do not allow yourself to be influenced by the “market” anymore than by your own needs.

Of course, the real estate market evolves in cycles and there are times when they are suitable for buyers and there are seller markets when prices are booming.

However, wait for the “right moment” or the price to play with the future of your family.

Sometimes conflicting news in the media can astound you and you’ll be tempted to postpone the buying decision.

If you know your budget, organize your finances, and think about your current and future needs, you should rarely influence short-term market conditions, which will be a long-term lifestyle decision.

4. Exceed your budget

Every buyer knows the feeling – you are looking for a house that suits your budget, but this much more expensive object just looks more attractive. the real estate mortgage

Buying a house out of your price range could endanger your finances in the future.

It is in human nature that we want something more than we can afford, and there is always a real estate agent who will talk to you at the next level.

But do not be tempted – the bank has usually offered you a credit limit for good reasons, based on your ability to repay the loan.

Spending more than you can reasonably afford will expose you to potential financial shocks, including rising interest rates.

You also have to consider changes in your future circumstances.

5. Fall in love

If you think a home is ideal, do not let the agent’s agents know you.

Agents are good at reading the emotions and negotiating the last penny on potential buyers.

A clever home buyer knows that there are many houses – and one of them is the right house for the right price.

If you can not afford it, go ahead and keep looking.

6. Not everything about the price

We all know that you earn your money in the property when you buy, but that does not mean that you have to buy cheap.

You make your money by buying the right real estate, not a cheap property. land investment

The price is what you pay, the value is what you get.

This means that you will not only make your purchase decision on the price.

You can still buy cheap real estate in secondary locations or on main roads, but you’ll be stuck with a second property – not a good idea.

However, if you have found the right property, it is important to make an appropriate offer.

The one who secures your home but does not pay too much.

Do not bid on the seller’s price.

Instead, get a comparative market analysis from your buyer.

This analysis will uncover the pricing and recent sales of similar neighborhood homes.

With this kind of knowledge, a prudent buyer can make an appropriate offer.

7. Did not insert the correct clauses of protection in the sales contract

Do not sign until you are sure your interests are protected.

While the standard purchase contract for a property gives you a “3-day cooling-off period” (this differs from state to state), clever buyers demand additional terms to protect their interests.

 

8. Underestimate the total cost of buying a home

Many buyers fail to finance the full costs associated with buying a home.

First, there are initial costs. Economy Real Estate Market Grow Wealth House Dream First Home

Things like stamp duty, prices, exam fees, loan application fees and mortgage insurance.

Aside from planning the cost of relocation, you should be prepared for the unexpected when moving to your new home.

It’s funny how things that have worked for years are collapsing, as if they knew there was a new owner.

Prepare a budget for these annoying and sometimes expensive glitches.

So … do not underestimate the running costs of owning your property.

Ownership can cost much more than rent with costs such as insurance, insurance and maintenance.

9. The purchase “Fed Up”

You’ve searched for a few months, but you have not found the house of your dreams.

Agents are deceiving you; You may have been sold by someone who had deeper pockets than you.

You are tired! Home buying stress stress

A big mistake of home buyers is to buy a property in desperation.

They buy something sensible, rather than something that really suits their needs because they have enough of the emotional roller coaster to buy a home.

It is a decision that you can regret for a long time.

Instead of buying in frustration, stop looking for a moment, or even better, call an agent of the buyer to save you time, look into nooks and crannies that you did not think of, and find those quiet sales , – Out-of-market properties.

For more information about buyer agents, read the article “The Secret Weapon of Home Buyers.”

10. Do not organize professional inspection of the building

It is important to hire a competent and independent professional (not recommended by the point of sale) to check your potential new home.

Watch out for major defects, but do not disturb minor defects that are easy to repair.

If you are not sure how to interpret the report, discuss it with the building inspector and ask questions such as – would you buy this property?

11. Misunderstanding the role of the real estate agent

Real estate agents are friendly people and when shopping for a home you will spend a lot of time with various agents.

However, the smart home buyer understands who works for whom. Couple estate agent meeting to buy a property meeting

If you have not hired an agent from exclusive buyers, the agents work for the sellers.

Do not get me wrong – a seller can not work in the interests of the buyer and the seller.

In fact, they are legally and morally obliged to work for their client the seller.

Torn home buyers, however, know how to balance the playing field by assigning an agent of the buyer to represent their interests.

For more information about buyer agents, read the article “The Secret Weapon of Home Buyers.”

12. Go solo

Sellers have an agent who protects them, takes care of their interests and advises them, but most home buyers go solo.

Of course, you’ve read articles and researched the internet, but that’s probably going to be your biggest purchase.

And those emotions will hurt some of your decisions.

You would not go to court without a lawyer on your side – would you like? inspect the property

You probably have a good head on your shoulders and may even have good knowledge about the buying process of a home.

What you probably do not have is the view.

When, how and when you buy a house, all decisions that will have big consequences.

Therefore, it is important that you have the same protection on your side as the seller.

That is why it is important to hire a professional buyer representative to represent your interests.

For more information about buyer agents, read the article “The Secret Weapon of Home Buyers.”

13. Think, this list is exhaustive

It is not. There are many other issues to consider.

But hopefully this will help you to avoid some common mistakes if you plan to buy your next home.

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