Mistakes to avoid before buying your house
Buying your dream home is the most memorable day of your life. For this feeling to last a lifetime, it is significant that you pay full awareness of the purchase of a home and make informed decisions.
Here are some of the common mistakes that you should not make before starting the home buying process.
Not Checking Your Credit Report
Before you think about buying a home, check your credit value. It is essential to examine your credit report and see if you are eligible to get a mortgage loan. Also, after checking your credit score, get the approximate calculations on how much money your lender will lend you. After deciding your budget, look for a property accordingly.
Does not pay attention to hidden costs
Your credit worth may get the loan amount from the house required, but do not ignore the fact that the purchase of real estate does not just mean the price of the property. Your home buying process includes several hidden costs, such types of taxes, and even renovating and decorating your new address. These prices may seem reasonable, but they can really make a big hole in your pocket and hurt your budget.
Not Thinking of the Future
Never go to a property just because you can easily afford this. Think about long-term expenses. As the years go by, the family would grow and the expenses would increase. Consider your future expenses and whether you can pay your EMI for that period. Also, do not buy a home because you feel an emotional connection with it. Think of other aspects that affect the value of your home. This can influence the resale value of your home as well.
Entrusting your real estate agent and creditor blindly
One general mistake that home buyers often make is to rely on the real estate agent blindly. Your agent must be familiar with all market trends, correct property and prices, but do not trust him completely. Be a smart shopper and do your own search and do not find brokerage houses, go to different online portals that provides unbiased and hassle-free services and no brokerage houses and then take the final call. In the same way, do not have blind faith in your money lender. Significantly, check all creditor policies and ask as many questions as possible. Your creditor can hide things like the processing fee or any other hidden cost.
Do not get everything on paper
After negotiating with the seller, both parties can be set up at a specific price. To your dismay, you may find that the seller recedes because he has a better deal. Therefore, it is always best to secure agreements and consent in writing before beginning the home buying process. Not only with the seller, but you must do the documentation with everyone involved in the process of buying your home, including the real estate agent and the creditor.
Not Checking Inside & Outside the Property
Try to go see the property with, a family member, a friend or a trustworthy builder who is conversant with setting properties, go with them to check out the property. A builder will surely have an idea and tell you how much it will cost you to repair any noticeable problems.
You can use this as a haggling tool to ask the seller to decrease the price. Do not be afraid to ask how many years the cables or wirework and the ceiling are either when the boiler was installed and when the renovations were made.
Check the environment – see the condition of the streets, bars, and stores nearby to get an idea of the area. Make sure you check the property at different times of the day – there is every probability that the street might be really tranquil at mid-day, but get to be rowdy and cacophonous during rush hour.
Also, check the outdoors of the property. There may be large trees nearby, which could cause subsidy problems?
Also, ask if you will be needing a license to park?
Floods – is the property prone to flooding? To get a building insurance for houses that are known to be prone to flooding is expensive and can be difficult to find. If you do not get a building insurance, then you will not be able to receive mortgage.
Noisy neighbors – ask the vendors if there were any problems with the neighbors. If you are viewing an apartment, find out if the neighbors above have hardwood floors or the likely noise there may be.
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