Are you thinking of purchasing a home for the first time? Looking for a home can be exhausting and exciting at the same time. For some the process may seem a bit daunting as well since there are so many things to look at during the home purchasing journey.
A lot of people make mistakes when buying a house and any oversight in buying a house can continue to haunt you for the rest of your life. You should arm yourself with the advice that follows to avoid committing costly mistakes and shop for the perfect house with confidence.
- Buying Homes Made of Unusual Materials
- Not Negotiating Properly
- Impulsive House Buying
- Not Paying for a Professional Inspection
- Buying a ‘Short Sale’ or ‘Real Estate Owned’
You shouldn’t buy a house that isn’t made using mortar and brick. Buying homes made of timber, cob, wattle, and daub may appear nice but they are not recommended materials for use in a house, especially in urban settings. You should stick to homes made of standard materials when it comes for buying a house that will be used as a primary place of residence.
Every homebuyer wants a home at the lowest price possible. The best method to achieve this is through negotiations. Know that most sellers advertise the house a bit above the market price. You should research about the market price of properties in the area, similar to the one you want to purchase.
Also, avoid low-balling during the buying process. Low-balling simply refers to making an unrealistically low bid for the house, which is far lower than the market price. This will only waste time both for you and the seller.
When it comes to real estate, there is no such thing as love at first sight. You should look at no less than seven properties before signing any contract. It’s easy to fall in love with a beautifully designed house, and forget all the faults that can be revealed with closer inspection. But this oversight can be costly for you in the long run.
Instead of jumping on the first or second house you see, it’s much better to look for different houses and closely examine them for defects and faults. This will ensure that you don’t feel any remorse or post-purchase regret when buying the house.
A number of first home buyers make the mistake of buying a home without getting it inspected by a professional. They think that they are saving money and time by not having a professional house inspection. However, this can prove costly for you. Without a thorough inspection of the house by an expert, you won’t be able to know about pest and mold infestations, structural problems, and other things that can prove to be expensive to fix.
Many buyers don’t know about the real estate buzzwords marketers use to sell foreclosed houses such as ‘short sale’ and ‘real estate owned’ (REO). Some brokers use these terms to lure first time buyers and making them think that they are buying the property at a bargain, when in fact they are overpaying for the property. Moreover, foreclosed properties may come with titles that are encumbered with liens and judgments that you may have to pay to close the deal.
By keeping in mind the above tips, you can avoid making costly mistakes when buying a house. Note that you must weigh in different options when buying a house. Also, you can drastically reduce the risk of making mistakes by working with a professional realtor.