Buying a home is an exciting experience, and also a fairly stressful one. It’s fully understandable that you may wish to rush the process through as soon as you have made a decision, so that you can enjoy your new home as quickly as possible. However, there are some traps you need to avoid, so tread carefully. These are the warning signs to look out for.
Failing to read the paperwork.After what can amount to months of negotiations, you may want to get on with it and sign the paper work as soon as possible. Everything has been discussed, you know where you stand, and it’s time to get the deal done. But slow down – you need to read the paperwork fully before going any further. Things may have been left out or added which you were not aware of. You need to check that everything you wanted in that paperwork is there. After you sign, you may not be able to rectify any mistakes.
Missing hidden costs.Make sure that you ask up front about costs for everything. Your best bet will always be to find an agent who does not include any hidden costs in the sale, but your dream house may not be represented by a company like this. Know what you are agreeing to before you make any commitments, as the financial burden could otherwise be higher than you are able to take on.
Not checking things over.The home may look perfect to your eyes, but unless you’re in the building business yourself, you probably aren’t an expert. Don’t be shy about looking around properly and trying to identify anything that might cause problems. Homeowners might not tell you everything that is wrong with the property because they want to make a quick sale at a high price, so it’s your duty to check things out. You can hire an independent inspector to check the building over and give you a report about anything that may need to be fixed, as well as how much it will probably cost to do so.
Not being realistic.When you find a home that you fall in love with, it’s easy to let your romantic dreams take over and forget to be realistic. How far will you have to commute to work? Will you have enough room for your family, and any potential future growth of your family? Will you have too much space to deal with? Are the heating bills going to be too high for your budget? Are you taking on a financial burden that you can’t really handle? Ask yourself all of these questions when thinking about your new home. When the honeymoon period is over, will you feel like you’ve made a mistake?
Not knowing the market.
How does the seller’s asking price compare to the market average? Are they asking way over the normal, or are they actually bidding low? If you pay too much for your house because you haven’t checked the market, you will be kicking yourself when you go to sell in the future. If the house is priced very low, however, you might want to ask some tricky questions about why. Knowing the market will help you to spend the right amount, without getting any nasty surprises.
There’s a lot to navigate, and that can add to your stress levels as you search for a new home. But it’s better to do your homework now, than to make a mistake which affects you more further down the line.
[Source: Don’t Fall into These Traps When Buying a Home by Michelle Arios.]