Never make this costly mistake again
Hey, folks today I am here with a fascinating topic that not many would tell you-Mistakes To Avoid While Buying a Home. Many of us dream of buying a house. The thought of buying a house is very exciting. In this excitement, many of us tend to make a lot of mistakes. I regretted it a lot after making these mistakes.
Here are the Mistakes To Avoid While Buying a Home
Being unclear about what you want and what you need is the first mistake that everyone makes. I agree that nobody is perfect. We all have dilemmas in life. But the confusion in major decisions of life is not worth it. Always be clear of your needs. Like the number of bedrooms, the locality, the floor etc. Make a list separately, between your wants and needs. Prioritize your needs and then start searching for the house.
Not Knowing the Budget
Looking for a house before knowing your budget is one mistake that every one of us makes. So before chasing properties, check your credit score and clear any balance debts. Get all your papers ready and get the Pre-approval from the bank. Once you know your budget, and then start pursuing your dream house. Money talks in all aspects of life. Knowing your budget before looking for a house is always the smart move.
Not Taking the Expert Advice
DIY’s are in trend these days. Never go for a home search on your own. It’s better to take the professionals advice. Real estate agents will have access to multiple listings of properties that can broaden your search. Professionals can help you stay within your budget, fix appointments with sellers, negotiate your best deal, and guide you through the documents. Always find a professional whom you trust and who have a positive experience.
Deciding Too Soon
Are you a newbie in buying a house? If yes, don’t rush in after going through a couple of properties. It’s a human trait that if we are looking for something in excitement we settle for the first one. It feels like it is just custom made for you. I have made this mistake. We often fear that a home will get snapped up by someone else if they don’t put in a bid immediately. I am writing this in my own experience before finalizing the house look for at least a minimum of 5 houses. Falling in love with the property very soon is not a good idea anytime.
Not Doing Enough Research About the Locality
The locality is just like a second home. We breathe and live there. It is not a good idea to decide just by looking at the house. Do some enough research about the locality and the neighbourhood. If you have kids, check for the schools and the daycare. Never forget to look for the clinics & hospitals near your house. Never know when the emergency strikes.
Find out what is available in the locality like playgrounds, nearby bus stops, metro station, traffic surge, shopping space and pharmacy. Don’t jump to the conclusion only by looking at the house, the architecture, and the number of bathrooms. Not bothering about the locality can be one of the costly mistakes many of them do, while buying a house.
Settling for Less Down payment
It is one of the costly mistakes that many of us make when we plan to buy a house. Before approaching for a loan make sure you have the maximum amount for the down payment. Many of us settle for fewer down payments. The higher down payment means less interest. By paying more in down payment, you can significantly reduce your total paid amount for the house.
Make sure to have at least 20% of the down payment amount ready before looking for a house.
Forgetting the Closing Cost
Closing cost is nothing but the registration amount, agreement fees, and expert incentives. I have seen many of us will not have enough bank balances by the time of registration. While calculating the budget, never underestimate the closing cost. Make sure to keep some amount untouched for covering the closing costs, lawyer fees and other expenses.
Spending All Your Savings
It is very irresistible to buy a house as soon as your savings could support the purchase but wait a little longer. Don’t spend all your savings on just the house. Buying a house usually come with additional expenses. You may also need to pay for repairs, closing costs, and improvements once the home is yours.
Hurrying to Refurbish and Renovating the House
Once you buy a house, chances are you will have to make a few design changes to make your home just right for you. Making some small changes is fine, but don’t go over the board. Don’t rush to renovate the house. Live in the space for a few months if you still feel the need to change the space then move on with the renovating work. Avoid making this costly mistake if you have just bought a house or if you are planning to buy a house.
Ignoring the Inspection
Before making the final payment, make sure to get the house inspected by an engineer. The inspector will check the structure, mechanical system & construction of the house. If you find any faults in the structure or the building make sure the seller fixes them before the final agreement.
Many people ignore getting the house inspected by an expert. This mistake can cost you more in the future. Avoid making this mistake while buying a house.
Owning a house is a dream for many, but in the process of buying a house don’t make these costly mistakes. Well, I have made some of these mistakes, so today I thought of listing some common mistakes most of us do.
Let me know in the comment section, which was the mistake you made, in the process of buying a house.
Hope this read clears out your doubts on while buying a home!
Also, read our blog on Why are Duplex Houses in Demand These Days?