Buying a house is one of the most important life decisions. This is where you will grow roots and see your children grow and leave the nest (if applicable). It is so important because whatever decision you make, you will have to stick to it for the rest of the time you decide to keep the house.
It is in your best interest to get surgical when it comes to deciding the home you want to live in. Unfortunately, many times, decisions are made due to pressure, good marketing, or deceiving looks. If you are planning on getting a new home, don’t be a newbie and check out some of the common mistakes when buying a new house.
Not Doing Extensive and Proper Research
If you go with the first two houses you saw because your heart got too attached to it, you are in for a virtual disaster. You must make a thorough research, first of all, the available homes, and then of the condition, neighborhood, antiquity, and everything you can find out about each house.
Also make research on how close will you be from school, the supermarket, downtown, transport, and some upcoming zoning issues.
Not Sticking to Your Budget
“We will do better financially in the future.” “I’m sure I will be in a better position in five years”. These are the some of the things that we tell ourselves when we see a house that is beyond our budget. We have all been through that.
Although the thoughts might sound optimistic, the truth is that buying a house that is above your budget will cause your finances to derail in the near future. It is within human nature to want just a little more than what we can afford and there will always be a real estate agent to convince us.
If your bank has limited the loan is because they know that this is what you can afford to pay. If you get a house that you can afford but very sensibly, you will wind up having financial issues, including an increase in interest rates.
Letting your Heart Guide You
If you have fallen in love with a home, try to move those emotions to your head. To a cold head. Now, if you are visiting homes with a real estate agent, do not let hem know you fell in love with it.
Agents are good at reading your emotions and they will tap into those to convince you that the house of your dreams is what you need and you can afford.
Being a wise buyer means that you know that there are more houses out there, the right one with the right price, waiting for you.
Looking for a Home by Yourself
You probably are smart and have made extensive research. But what you probably do not have is perspective. Sellers have agents protecting them and looking after their interests. If you go by yourself, your emotions can cloud some of your decisions.
Not Organizing a Professional House Inspection
Of course, you walk in the home and you see some cracks here, a door squeaking, or a leak in the sink. But do you know how to tell if you have aluminum or copper wiring in your house? Exactly, you need a professional inspector to check not only for flaws but for potential issues.
Now, don’t freak out when they come with a large scroll of things that are not right. Remember it is their job to go in specifically to find those faults. Don’t let some minor faults trouble you too much. There is no such thing as a perfect home, and the moment people use a house, it begins to deteriorate. It is a law of Physics.