There are a few things in life that can make you truly feel like a grown-up, and buying your first home is one of them. And during such momentous occasions, it helps to have an outside perspective so you can look at the situation objectively. Though those who have bought more than one home or even just the one would have some experience on hand, those who have never, do not. Which means that these people should be the ones to watch out for common mistakes made, as they can directly impede the possibility of securing a good home for a great price. On that note, take a look at some of the things you should not do when buying a home, below.
Miscalculate Your Expenses
Or to be more precise, your expenses after you factor in any home loans you take out. Most people take out mortgage loans or home loans to help facilitate the transaction, because let’s face it, none of us are Brad Pitt and cannot really pay hundreds of thousands of dollars upfront. Hence, we have to turn to banks or other lending institutions to help us out. Additionally, you will also have to make allowances for taxes and insurance, which also add to your monthly living costs. By calculating this before you start looking at houses, you will be able to set a realistic base so you do not run into trouble a few months after purchase.
Be Deceived By Appearances
Any first-home buyer could always overlook a few things in the house that need work, but this is exactly what you should not do. Some sellers cover up any issues with a solid paint job and other frills and fancies that disguises them, but you should be vigilant enough to look past these. If you want, hire a building inspector for the job so you can be thorough. Though it might cost something, when comparing it with the amount you could stand to lose by making a bad investment, you are actually up on the deal.
Place An Offer Too Fast
Sure there could be a bunch of people in line clamouring for the same property you have your eye on, but that is no reason to jump in and place and offer before you are absolutely sure. You have to do a bunch of things first, including figuring out your budget, getting pre-approved for the loan amount you want to take, and also as mentioned above, whether you can afford to pay for your new house with all of your current expenses. Only once you are 100% certain that you can indeed pay for this property, should you make an offer.
Again, this is where a professional would come in handy because they can act as the go-between and simplify matters for you. Some sellers out there are one-time sellers, whilst others do this as a business, and it is mainly the latter you should be wary of. You cannot trust that they are selling you a fantastic house from the get-go, so if you sense they are being too friendly or overly sugary with their words, let these serve as warning bells. Remember the professional sellers are salespeople for a reason, so do not let their gift of gab sweep you off your feet. Always remain focused.