When we buying a home, a lot of times we tend to ingore some facts because of our personal preference or lack of knowledge. Here are the 10 common mistakes that home buyers usually do.
10 Easily Avoidable Mistakes Home Buyers Make
Buying real estate is a cut-throat game. You can improve yours by avoiding these 10 common mistakes
Source: from HGTV
1. Not knowing what you really need
If you're not sure or not in agreement on what it is you and your parter want in a home: fights happen. Before you start the process, have a good, long co-think about what’s important to you. Do you really need that garage, or can you live without it? Even if shcools aren’t important now, they might be down the line. How about public transit, and proximity to work? Dog park? Whatever your must-haves are, make sure you and your partner hashed it all out before you hit those open houses, becuase public domestics are never good.
2. Buying the furniture before the home
Be-especially-ware of sectionals, harvest tables, rugs and king size box springs! There are too many stories about abandoned furniture items that met their demise at a homeowner's newly purchased property. Channel that buying enthusiasm into making a smart real estate decision instead.
3. Buying without an agent
Well... you can go for it, but know that it's not as simple as you think. Agents have bought and sold a lot more houses than you have, they know what to look for, and the questions to ask. They make sure you are protected and that your contract is secure. Talk to friends and find a good one.
4. Falling in love
Do not lose your heart and mind to house lust! House hunting is emotional, and often in unexpected ways. Try not to get too caught up in the vision of you in the house before it’s yours. Love makes people do crazy things like bidding out of your price range. Remember what your family told you about finding your soul mate? There's a special someone out there for everyone, and so it is with a home. (There’s plenty of fish in the sea, etc.)
5. Not doing your research
Information is power, and in a game like real estate, it could make you or break you. First off know the market; know what to expect price-wise in your area of choice. Scour listing sites for price history and make sure you have a good agent that knows your area. Once you find a property worth bidding on, make sure you dig a little into the surround area -- are there future construction projects that may compromise your view? Are there zoning issues for parking, if you're thinking of putting in a drive or a front pad parking spot? Are there plans to extend roads or public transit infrastructure that may affect the value of this property in the future? All these factors seem like a headache now, but they'll become horrid migraines should you find yourself dealing with them for real.
6. Judging a gem by its cover
Houses are full of potential. Train yourself to see past the peeling wallpaper, the lurrid purple drapes, the poisonous turquoise bathroom and the melamine kitchen. While it's very important to be realistic about how much time and money you're prepared to invest, many terrible first impressions can be traced to a cosmetic factor that's easily surmountable with a coat of paint. Aesthetic differences should not be deal breakers -- if the bones are good, a fresh coat of paint goes a very long way.
7. Getting fluffed
On the flipside, don't fall for fluffing! Resist the fresh-baked cookie smell, strategic floral arrangements and ubiquitous throw pillows, and focus your swimming gaze on the facts: size, storage, layout, dry basement, crooked walls, ceiling cracks, slumping exteriors, windows, etc. Houses are staged for sale. Don’t get seduced by the sleek presentation
8. Skipping the home inspection
In hot real estate markets, bidding wars mean that conditional offers can make the difference between winning your dream home and losing it. But buying a home without a home inspection could be the most costly mistake you make. If the seller hasn’t offered a pre-inspection and there’s no time for you to have one done, be prepared for the worst once the place is yours.
9. Forgetting about closing costs
Be a stickler about your budget, and accommodate for all those fees that enamored home buyers put out of their minds in favour of decor-dreaming. Lawyers or notary fees, agent fees, home inspections, land transfer taxes, property tax, utility bill adjustments, property insurance, moving expenses -- it all adds up, and is somehow always more than you think.
10. Not sticking to your budget
This is by far the most common mistake that every home buyer makes. It's soooooo easy to let it get out of hand. Yes, the place is amazing! But is it worth being house poor over? No vacations, no extracurricular activities, and forget about all that decor you've been dreaming about -- the reality once you step over that threshold can be significantly less rose-coloured than before you signed that paperwork, so stick. to. your. budget!
If you are interested in renovating, buying or selling your homes, please contact Eric Tiftikci.
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By An H