So you’ve finally decided to buy a new house. Congratulations! The coming days are going to be a tiring whirlwind as you go about filling forms and setting up inspections.
Beyond that, you may find yourself working with the designers and perhaps renovating – but these things are way ahead into the future.
For now, you need to focus on the purchasing process and make sure that you don’t fall prey to seller tricks.
Here is a list of 5 traps you might come across when purchasing a home and how to prevent them from taking a toll on your buying decisions.
1. Buying Blindly
In the excitement to finally own a house, some people can overlook the basics.
Consider what you needs are. Unless you have a clear picture of what you are looking for, you’ll just keep searching all over the town, waiting to bag the perfect house.
Without market research, you can easily fall prey to the tricks of some real estate agents.
Lack of market research is one of the most common reasons that buyers fall into a terrible purchase. Be patient, be methodical and have a plan.
How to Avoid a Blind Buy
First, decide what your expectations with the property are, what type of property you want. Take your time and thoroughly research to get an idea about the market value.
2. Inaccurate Inspection Reports
It’s not unusual for buyers to realise after the purchase that some of the inspection reports were wrong or outdated. On rare occasions, particularly if you ar buying at a distance, you may find the inspector is not even licensed.
We live in a land of termites and home eating bugs. Therefore, building inspections should go beyond structural issues.
Your pre-purchase inspection must include a thorough Pest Inspection by a qualified Pest Inspector.
How to Avoid Poor Reporting
Always make sure that the inspection reports show the right results and are obtained within a reasonable time frame.
Ensure that the building inspection is completed according to the industry regulations in your state and that they are carried out by licensed inspectors.
If you’re not satisfied with the reports, you can even have your own building inspections done.
3. Hidden Costs
The ultimate trap: hidden costs. A lot of first homeowners end up paying more than they bargained for.
Real estate agents will not always divulge these costs at the beginning of a transaction. When the final contract comes, buyers find themselves going way over their budget.
How to Avoid Hidden Costs
You’d have to uncover all these costs by directly approaching the lender. Better yet, get everything in writing to avoid any disputes in the future.
4. Real Estate Oversights
Sometimes it is not the result of shady agents, but simply that of human error. Real estate agents themselves live in a complex world of legislation and regulations.
One mistake on their part can be costly for you – even if it was accidental. Misleading and deceptive conduct in property transactions can be even more traumatic.
This is usually confined to those purchasing homes with property. If you are looking to purchase a modular home then you will need to come prepared with additional questions about the materials, guarantees and time frames.
However, there will still be issues regarding foundations, plumbing and electrical that need to be followed up.
How to Avoid Real Estate Blunders
Try and arrange a referral from someone you know, like a friend or family member. Go for an agent whom you can trust and who has your best interests at heart.
5. Hastening the Closing Process
It’s common for sellers to try and rush the closing process, in the hopes of tricking you into paying extra
This is a critical part of the purchasing process. You won’t want to rush into anything that might cause trouble for you afterwards.
How to Avoid Being Bullied into a Sale
Beat them at their own game and take it slow. Take the process at a pace that’s convenient to you.
Insist on seeing all the paperwork a day before you sign it so you don’t get caught blindsided.
You want your home purchase to be an enjoyable experience. It’s easy for a first-time buyer to make basic and fundamental mistakes.
But it is also true of seasoned buyers, who, have been down this road before become a little too casual in the process.
If you want your home buying to be a success and enjoy what you have bought, then avoid these common errors.