Common Mistakes First-Time Home Buyers Make (How to Avoid Them)
Just like your first job, salary, and its spending, home buying too is a special act when done for the very first time. Labeling it ‘special’ would be an understatement; it is indeed a milestone in one’s personal life. In spite of that, people tend to make mistakes primarily due to lack of guidance. Hoping that you’d never join this elite list of wrongdoers, here are some mistakes first-time home buyers make and how to avoid them:
Ignoring the Neighborhood
Regardless of a mansion’s aesthetic beauty, architecture, and build quality, the locality of the site must be carefully researched before considering purchasing it. The nearby public transport, hospitals, schools, and future developmental plans must be noted while visiting the locality via multiple routes at varying phases of the day.
Going with the Hype
The popular abbreviation fear of missing out (FOMO) is a real entity. We all tend to overestimate the value of a product that’s high in demand and is fast-selling. To avoid this from happening, it is important to negotiate (with the broker), evaluate the pros and cons, and compare with alternatives before locking in a deal.
Disregarding Resale Value
Of course you want to reside in the mansion for the rest of your life. But practically, don’t you think there’d be a day when you’d be moving to a different city and have to sell the current residence? Even if it wouldn’t, there’s no harm in choosing a home that’d appeal to future buyers when resold.
Avoiding Broker’s Presence
Purchasing a residential property is an act that involves high costs. Having said that, it is highly recommended to approach it through a knowledgeable agent or broker. Of course this will be an additional cost, but in the long term, it’ll be worth it.
Not Having a Budget Range
Shopping for homes without a budget range is a huge blunder. Having well-researched price points (that include additional costs that might occur) not only provides clarity but also shows sellers you’re serious about the buy. This aspect gains further significance when home loans come into play.
