Are you in the market for buying the first place? Shopping for a dream house or a condo unit is an exciting part of journey i.e. from renting to home ownership. But it is sometimes scary because buying a property is a big future investment and of course it is really difficult to make a decision especially for the first home buyers.
A thorough research, understating the market trends and avoiding the mistakes are the top secrets for making a well informed decision. That’s why every buyer needs to pay attention to the major considerations as well as know about the major mistakes so he knows where he should be more cautious in house hunting. Did you know the about the common mistakes that homebuyers make? Read on to learn about the most common mistakes you should avoid when purchasing a home.
Don’t Get Emotional
The most common and costly mistake the homebuyers make is that they fall in love with a home or a condo unit just because of its appearance and let their emotions make the final decision. Almost every condo community is beautiful and has hundreds of condos, beautiful infrastructure, floor plan and provide plenty of perks that make them more attractive. Many buyers don’t bother to investigate the developer’s reputation and later they regret their decision when they have to deal the leaky roofs and other issues. So, don’t fall in love with the house at first sight and investigate properly then choose the best condo such as Saskatoon condos keeping in account all the important factors.
Not Calculating the Total Expense Realistically
It is really important to figure out the budget realistically because there is a big difference between what banks or developer says what you can afford and what you can actually afford. The first homebuyers forget to include the credit card payments, utility bills, monthly budget, groceries, insurance payments, association fee (if buying a condo unit) and other charges when calculating total monthly expense. It is significant to figure out the actual cost to know that how much you can afford before starting house hunting otherwise you’ll end up in making a wrong decision.
Not Hiring the Real Estate Agent
The buyers assume that buying a home is easy and they can deal all the paperwork so they do not prefer hiring a professional real estate agent. But they realize this mistake soon when they have to negotiate the pricing, deal the documentation and rules. Hiring an experienced agent is the best option as he’ll make the process hassle-free by negotiating the pricing, terms, and concessions. They are experts and know what rules to checks and how to avoid traps while buying a property. So, an expert will give you a better advice and solution as well.
Skipping Home Inspection
Skipping the home inspection is a common cost that can ruin the future investment. No matter, you’re buying a house from your friend or investing in a condo after getting good reviews, it is necessary to visit the place with a professional to know about the material used in construction, which things need to be fixed and how much a house really worth. A professional developer can give you a good advice whether you’re choosing a right home or not. Consider buying Regina condos that built using quality material and will be a great future investment.
Ignoring the Future Prospect
Yes, it is true that no one can predict the future of selected area property but some factors have a great impact on the value of the property. Most of the buyers do not consider the future prospect and they face unpleasant surprises in the end. The neighborhood, development projects in the area, value of the neighborhood, zoning laws, condo association laws and building highways are some main things that can help you in identifying the value of a house in future.