HOUSE HUNTING NO-NOS
Emotions are probably the worst enemy any first time home buyer can encounter. Allowing your personal feelings get the best of you may result to mistakes in your purchase which may cost you loads. Since this task entails several other implications such as budget constraints, it is crucial that every individual take into account what they should avoid to make the best possible decision. Here are the most common mistakes in looking for your residence.
Insisting on the unaffordable. Yes, you may find a certain home that mirrors all your fantasies, but not being able to pay for it will only cause dejection. To stay clear of these, search for properties within your budget only. Start with the low range prices first, and if you find something in this level that suits your preference and is enough for you, there is no need to take a peek at more choices.
Sticking to a single option Since most of the homes are quite identical or almost have the same features especially if they are constructed by the same person, there are several models for you to choose from in case one does not meet your expectations. Moreover, if you happen to stumble upon something that has major repair problems, it would be better for you to move on since you are likely to find a similar structure anyway.
Plunging too quickly on a purchase If you are worried of not finding anything you like or getting outbid, it would be tempting to immediately get something without careful considerations. However, this is risky because discovering your dislike for the house later on and wishing to relocate may be stressful, and wallet-draining as well. You will have to go through the process of looking again, plus be subject to pay certain fees such as agent's commission and closing costs. Meanwhile, if you decided not to move at all, constant repairs will be pricey as well so it's best to wait until something you really want comes along--there are always new properties on the market anyway.
"I can fix anything" ideology Be honest with your finances and capabilities. If you fancy something that needs massive renovation, assuming that you can shoulder the work and the money on your own will always lead to trouble. This is especially true if you suddenly find yourself unable to finish something you have started. The repair expenses and replacement for the materials you have already wasted will go beyond your budget, and will cause further conflicts.
Rushed offers Although the pressure is always there for you to quickly lay down funds, you should be aware of when it is necessary to make a quick bid or make another deliberation. For example, you might want to take in the overall atmosphere of the neighborhood and see whether there are possible problems you may encounter in the long run.
Dragging moves While it is necessary to think thoroughly in buying your residence, it is also crucial to be aware when to act. Taking too long on buying something you are sure of may result to other bidders snagging it instead, hence you will have to repeat the time-consuming process and waste periods you could have used for other things instead, such as your job.
Exceeded bids It is true that the marketplace is competitive, and you may feel the need to raise an extremely high price without realizing it may bring future headaches. First, if it does not appraise within or beyond your offer, you will not be granted a loan unless the price is reduced. Second, if you want to put it for sale assuming the market condition is worse when it was bought, you might be unable have a buyer for the establishment.
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