Common Mistakes Made in buying Home For The First Time
“Real estate is an imperishable asset, ever increasing in value. It is the most solid security that human ingenuity has devised. It is the basis of all security and about the only indestructible security.” – Rusell Sage, American Financier, and Politician
If you’re thinking about investments, then stepping into the real estate world could be your breakthrough. Real estate in the Philippines has proven to be a solid investment throughout the years. That is why more and more people are into home buying. But whether you realize it or not, there are two end results when you make a decision. It’s either you succeed or failed. Congratulations when you manage to own your dream home. You just made the right choice to achieve want you to want. However, for those first-time homebuyers, buying a home can be an overwhelming experience – and sometimes, they made the wrong choice.
Yes, shopping or a home is an exciting experience, yet it can also be exhausting and a little bit scary. For you not to commit costly mistakes, we list down some common mistakes most homebuyers make when it comes to choosing and buying a property. Here are those:
Mistake #1: Not Educating Yourself on the Buying Process
Never jump into the real estate world if you know nothing at all. This would only give you complications and headaches in the long run. It does not matter if you are a first-time homebuyer or a second timer, you need to know at least the basic when it comes to homebuying process. Perhaps, you can do some research online to educate yourself on the steps involved when buying a property. This is to make sure you will not jump to any conclusions or decisions later on.
Mistake #2: Not Preparing to buy a house
The moment you decide to purchase a home, make sure you have enough savings in your back account. When you have enough budget, then you can afford the down payment, a fee for the inspectors, the attorney, the appraiser, etc. Keep in mind that your money is important when buying a home. Not preparing your finances is one of the common mistakes most homebuyers make. Moreover, if you have enough money, then it would be easier and faster for you to have your new home.
Mistake #3: Compromising on the Important things
This is another mistake most homebuyers make. Keep in mind to consider the most important things you need. For instance, if you are planning to have a family and have kids, do not buy a property that has only one-bed room. This will only lead you to buy another property that would match to your needs. One thing is for sure; you do not want to spend too much for it.
Mistake #4: Neglect to Inspect
Just because the property looks good in the picture, that does not mean it would also look good in person. Before you decide to pay for the down payment, make sure to check the property whether you like the overall appearance of it or not. Not just with the appearance, you also need to balance and think twice if that particular property suits your lifestyle.
Mistake #5: Not Hiring a Real Estate Agent
If you are a first-time homebuyer, it is advised to hire a real estate agent. Perhaps, some of you might think that you need to have a separate budget for their fee and it is just a waste of money. But keep in mind that agents are there to guide and help you achieve your dream home. Moreover, real estate agents are there to make you understand whenever there are things that confused you. Not hiring a real might not be a good idea especially when you are a first-time homebuyer.
Mistake #6: Not Shopping Around
Just because you like a particular property, that does not mean it is suitable for you. Always remember that there are a lot of real estate properties that are available for you. When buying a property, do not stick with only one. You should shop around and consider its pros and cons of each property. If you think that that particular has a lot of pros, then perhaps, that might be the one for you to buy.
Mistake #7: Buying on Emotion
Yes, buying a property can be overwhelming and we tend to get excited whenever we see a beautiful property. Again, when it comes to home buying, you need to think about its pros and cons. That means you are not just going to think on how beautiful the property is, but you also have to consider whether the property is the right one for you.
If you want to achieve a desirable outcome, you must avoid these mistakes mentioned above. Moreover, knowing these things will help you understand what and what not to do when it comes to homebuying.
Joseph Sayaff is a freelance writer in the Philippines. Born in the village of Babupatti (Raniganj) in the district of Pratapgarh. Joseph Sayaff is taking full advantage of writing articles that will help the real estate industry, Amaia Scapes trece martires. Joseph Sayaff is writing since 2006.