Common Mistakes You Should Avoid As a First-Time Home Buyer
Article Source: http://EzineArticles.com/9222344
Link: http://ezinearticles.com/?Common-Mistakes-You-Should-Avoid-As-a-First-Time-Home-Buyer&id=9222344
Becoming the owner of a house is the dream of several individuals since it's a usual sign of an achievement. Several first-time home buyers are prone to commit many blunders, though these can be avoided easily with a little research and planning done in advance. Here are the top three mistakes that need to be avoided when purchasing a new home. Take care to stay away from these mistakes.
1. Deciding to
Purchase a New Home Even If You Would Be Shifting Again Soon
If you are staying in rented home, which is convenient but only the point of 'Not owing a house annoys you' then you might have to reconsider the choice of buying a house. Though buying a house is a perfect investment option, its makes sense to stay in that to avoid rent. However consider the depreciation value of the property, which shouldn't exceed the value of income over the duration you plan to sell.
2. Setting
Unrealistic Expectations
This is yet another deadly mistake, which needs to be avoided. Don't set any unrealistic expectation. When buying a new house, the purchaser has to initially know well about the local real estate market and what their budget can fetch them. A realty agent can assist you in deciding this and eventually you can set realistic expectations. Purchasers have to stay aware of what their budget can get them in the housing market.
Ex: A purchaser who has been pre-approved for a loan amount of INR 40 lakhs cannot hope to purchase a house which is 2,500 sq-ft, 3 baths, 4 bedrooms, and located in the Mumbai city centre.
3. Selecting the Wrong Realty Agent
It's very important for a buyer or seller to employ the right real estate agent to represent them. Several new house purchasers ignore this part and happen to employ an agent who asks for very less fees. This is a grave mistake as the person might not have the skills to offer good services. The agent of a buyer should be an efficient adviser or counsellor instead of a salesman. They need to know what the needs of the buyer are, explain to them about the current market conditions, and assist in finding suitable houses. So, take care to select the right agent.
4. Not Willing to Be
Flexible
When buying a house, it may be occasionally required to be flexible. If the buyer is not prepared to buy a house that occupies has to be flexible with the date of possession. The purchaser may need to agree to allow a few days after finalizing to purchase the house so that they have good amount of time to shift. If he's not flexible, it might lead to rejection of several great offers.
Buying a new house is a big investment and a massive step ahead in life. It's crucial for a purchaser to be focused and stay away from these blunders at all costs.
Answers
No results found.