5 common mistakes that home buyers make
Buying a home isn’t a cakewalk. The entire process if confusing and takes too much logistics. One small wrong decision can ruin up lifelong savings. Some common mistakes which buyers often make are making low ball offers, waiting too long to get the “perfect” home, and getting diverted by the “glitzy” details and ignoring the actual quality of a home.
Today, it’s much easier to get swayed in the whirlwind of home shopping and make mistakes that could leave you with buyer’s remorse later. Here are 5 common mistakes that home buyers often make:
Not Getting Pre-Approved Before You make your purchase decision
This is heartbreaking when you fall in love with a house that you can’t afford! To avoid such conditions, one of the first things you should do is get pre-approved for a mortgage. You need to know about your savings and what you can afford and what the monthly payments look like. Be absolutely practical and realistic about what you can actually afford.
Not Seeking Consultancy from an Experienced Professional
Although there is so much information available online, you should still consult a good professional early on in the home-buying process. Today the market is full of consultants both fake and genuine. It’s your duty to pick the honest and experienced consultants. One such consultant is SPN based out of Agra who is offering genuine advice to their clients. So, if you are in North India and you are facing trouble taking property buying decisions you can consult them.
Emptying your savings
Don’t get swayed by the offers. Check your savings and spend accordingly. Save an adequate amount to make a down payment, for closing costs and moving expenses, and don’t forget to save for repairs that may come up in the future.
Missing the hidden costs of homeownership
As a new owner, you’ll pay for property taxes, different types of insurances like mortgage insurance, hazard insurance, repairs, maintenance, and utilities, to name a few. So not having enough cushion in your monthly budget —can easily put you in the red if you’re not prepared.
Not Being Able to See the House beyond Its Appearances
This is a major concern where we should not only focus on the appearance of the home but also do a proper background check. People get so busy looking at superficial details and forget about things that they can’t change about the house like the location, the yard, or that it’s on a busy road. When making a buying decision, keep in mind both cosmetic details that can be altered, and those that are expensive or impossible to fix.