Common mistakes while buying a home
We all love to live in our own dream homes. Home buying process is a great experience, but many people find it extremely difficult. People just make many mistakes which are costly, but can be avoided. Here are the tips to avoid common mistakes while buying a home.
No knowledge of property market
There are two types of property markets; buyer’s market and seller’s market. When houses are more and buyers are less, it’s the buyer’s market. On the other hand, when buyers are more and properties are less, it’s the seller’s market. In buyer’s market, buyer gets the property at low price and vice versa. Many people try to buy a home in seller’s market and pay more prices due to less properties and high demand. It’s better to buy property in buyer’s market.
Want a home you can’t buy
Another mistake to avoid while buying a home is to fall in love with a property we cannot afford. Normally beautiful homes with gardens and prime location are expensive. We should not fall in love with specific home, as we need to be practical. We should always look for the houses which are in our budget and we can afford to buy.
Not looking other homes in the market
Buying a suitable home is a complete process, but many people buy home without seeing other options in the market. This is a big mistake which we should avoid. It’s always good to visit other homes too as we should have many good options. This helps us in comparing the homes to select good one with reasonable price.
Not looking the flaws in a home
Normally new home is flawless as it has sound structure and new finishes. But old houses have many structural & finishing issues. When we ignore these issues, we have to pay more in form of repair / renovation costs. Therefore we should always avoid this mistake by properly view each and every detail of house and its condition.
Offering too much price in a hurry
Some people make high price offer in hurry as they assume that home is reasonable and chances are high that other people will try to buy it. Whereas reality is very different as it takes months to sell a home. It’s always better to make a reasonable price offer as there is always 10% price negotiation margin.