When it comes to buying a home, the experience is both daunting and exciting. It’s a time for you to venture into a new chapter of your life, that is full of emotions and prospects for your new future. There are lots of factors that go into buying a home, and as we live in a world that is somewhat consumed by the material elements of owning a home (in terms of having the biggest and flashiest house), so its unsurprising that sometimes rational decisions are overlooked and due to this, problems and mistakes arise. The overall aim of buying a house is to not only own a property, but to own a property that you can afford and make sensible financial decisions about. Here at We Buy Any House, we have compiled the top 10 mistakes people make when buying a home and offer a solution or alternative so that you don’t find yourself in a similar situation.
1- Work Out the Math’s:
It may sound obvious, but you need to take the time to sit down and get involved in some long math’s. The idea of a house sounds way more idyllic than the reality of it, and this will become apparent when you begin having to shell out for each and every cost. Parting with your hard-earned money is already hard enough, but what is worse is when you feel out of your depth financially. By understanding all your finances, you will gain a better understanding of how becoming a homeowner will affect you.
2- Looking Outside Your Budget:
It’s important to understand exactly what you can afford before you begin looking at houses and viewing them. Once you fall in love with a certain property or location, it will be emotionally hard for you to walk away without the house- especially if you have had time between the viewings to envision yourself living there. A great way to avoid disappointment is to sit down before you even begin looking at properties, in order to establish what you can truly afford. Looking at things in your financial budget will reduce the risk of causing yourself emotional hurt in the long run.
3- Understanding the Property Market:
The apartment in dubai for rent property market is ever changing, and its fluidity is something you should try and stay on top of. The condition of the market is imperative to understand as it can directly impact the decisions you make and considering we have just been in a global pandemic; the property market is still not 100% stable. Having thorough knowledge will ensure that despite curveballs coming your way, you will be able to preempt the outcomes before it negatively impacts you.
4- Opting to House Hunt Without an Estate Agent:
When you’re seriously looking for a home, it’s important to recruit the help of an estate agent or real estate broker. Without them, you will not receive the ethical rule by which they are held, which states that they must act in the best interest of both the buyer and seller of the property. Estate agents/real estate brokers are one of the best ways to help you on your property journey and can help you to get to the best position possible.
5- Not Putting Down a Large Enough Payment:
One of the biggest mistakes prospective buyers make is not putting a large enough down payment on the property. The greater your down payment, the less money you will have to pay on your monthly mortgage spending- which could amount to a significant number. Opting to put down a larger payment will work in your favour as it will establish and obtain homeownership faster.
6- Concentrating on the Superficial During Viewings:
When it comes to house viewing, it’s your opportunity to look at the house in its entirety and see the potential of the property itself. Although you may be consumed by the beauty of the house, including the way it’s currently decorated and designed, it’s important not to lose sight of the superficialness of the house viewing. Viewing a property is much more than just ‘seeing’ a house, it’s your chance to understand the property structurally and futuristically- all while having the attention of your estate agent for the duration of it. It’s your time to ask questions and see the house as a project- flaws and all. A few things to ask/make notes about include:
- Checking the walls for signs of damp.
- Inspect all the window frames- looking for signs of rotting in any woodwork.
- Take note of any plumbing problems by flushing all toilets.
- Checking the electrics by turning the switches on and off.
- Asking about the location/area/amenities around.
- Checking the boiler and how long it’s been there.
- Check the exterior of the house to see if there are any problems with the roofing or guttering.
7- Remember to be Rational:
Looking for your new property is an emotional time, however, it’s important that you remember to make rational decisions and not let the emotions of the process allude you to a decision you will regret. It’s important to remember that there is no ‘perfect’ or ‘dream house’, and wherever you end up, there will inevitably be work that needs to be done. Additionally, it’s worthwhile to remove the idyllic notion that you will find your dream house asap- as the likelihood is, is that you will be house hunting for some time, so patience is key. Finally, no matter how long it takes- don’t settle or give up!
This article was written by a quick house sale company We Buy Any House. If you’re wondering “how can I sell my house fast?”, head to the We Buy Any House website for more information relating to all property related enquiries.