princess_morbucks
18-02-14, 10:30
http://business.asiaone.com/property/news/itching-buy-new-home-do-the-legwork-first
1) Using the wrong agent
Your agent can make or break a deal on your behalf. If you really want a certain property, make sure your agent is on-the-ball and one step ahead of the competition. Agents who are slow to respond could cost you your dream home.
2) Not applying for a loan beforehand
Shopping for homes without knowing how much money you can loan is a definite mistake. You might end up shopping for houses you can't actually afford and get your hopes thoroughly dashed if the loan doesn't come through.
3) Using up all your money
If you got approved for a loan, don't rush into buying a home that fits the budget exactly. Be conservative and leave room for extra expenses like taxes, renovations and other such needs.
4) Relying on other people's opinions
When buying a home, it is sometimes useful to hear the thoughts of others to decide if your investment is worth it. However, pick and choose which advice to take. For example, if the person giving you advise has never bought a private home before, don't take their advise word-for-word when you are considering a private purchase.
5) Not doing a thorough inspection
The property could be really hot on the market and you know many people are competing for it. Nevertheless, do not make an offer unless you are very sure of what you are getting in to. Make a thorough inspection, or a few inspections if possible.
Never be hasty when giving hundreds of thousands of dollars away.
6) Inspecting the house too much
Asking for too many viewings could scare the sellers and ruin your chances of buying the home. People who put up their homes for sale are often apprehensive about selling. Asking for one too many viewings could convince them that selling was a bad idea in the first place.
7) Getting too attached before buying
If you start to fall in love with a property, pull yourself back to reality. Getting too attached can only mean disappointment if your bid for the house falls through.
8) Not knowing your buyer potential
Before you buy, be aware of how many options you have with the property and renovating it. Don't set your hopes up too high.
9) Not experiencing the property before renovations
You should experience the space to determine functionality of the space. This way you can cut down on unnecessary renovations and focus on areas which need it more.
10) Not deciding which is more important: Size or location
Since location determines price, consider size versus dollar value per sq ft. If you have a budget, you need to sacrifice one for the other.
11) Being unable to modify expectations
Give and take with your expectations. Be ready to moderate your preferences according to what you can get on the market.
12) Expecting a perfect home
No house is perfect. Consider lifestyle concessions you have to make for the house you are going to buy. Also take into account the mortgage options with the house you are considering to buy
13) Not being realistic
Before committing to a house, you must be sure that you can afford it with your current lifestyle. If not, are you willing to change your lifestyle for the house?
14) Being hasty
Just because you really want it doesn't mean you should take the plunge as soon as the option becomes available. Take a step back and re-evaluate the deal, and ensure you are facing favourable interest rates and housing prices before signing that cheque.
1) Using the wrong agent
Your agent can make or break a deal on your behalf. If you really want a certain property, make sure your agent is on-the-ball and one step ahead of the competition. Agents who are slow to respond could cost you your dream home.
2) Not applying for a loan beforehand
Shopping for homes without knowing how much money you can loan is a definite mistake. You might end up shopping for houses you can't actually afford and get your hopes thoroughly dashed if the loan doesn't come through.
3) Using up all your money
If you got approved for a loan, don't rush into buying a home that fits the budget exactly. Be conservative and leave room for extra expenses like taxes, renovations and other such needs.
4) Relying on other people's opinions
When buying a home, it is sometimes useful to hear the thoughts of others to decide if your investment is worth it. However, pick and choose which advice to take. For example, if the person giving you advise has never bought a private home before, don't take their advise word-for-word when you are considering a private purchase.
5) Not doing a thorough inspection
The property could be really hot on the market and you know many people are competing for it. Nevertheless, do not make an offer unless you are very sure of what you are getting in to. Make a thorough inspection, or a few inspections if possible.
Never be hasty when giving hundreds of thousands of dollars away.
6) Inspecting the house too much
Asking for too many viewings could scare the sellers and ruin your chances of buying the home. People who put up their homes for sale are often apprehensive about selling. Asking for one too many viewings could convince them that selling was a bad idea in the first place.
7) Getting too attached before buying
If you start to fall in love with a property, pull yourself back to reality. Getting too attached can only mean disappointment if your bid for the house falls through.
8) Not knowing your buyer potential
Before you buy, be aware of how many options you have with the property and renovating it. Don't set your hopes up too high.
9) Not experiencing the property before renovations
You should experience the space to determine functionality of the space. This way you can cut down on unnecessary renovations and focus on areas which need it more.
10) Not deciding which is more important: Size or location
Since location determines price, consider size versus dollar value per sq ft. If you have a budget, you need to sacrifice one for the other.
11) Being unable to modify expectations
Give and take with your expectations. Be ready to moderate your preferences according to what you can get on the market.
12) Expecting a perfect home
No house is perfect. Consider lifestyle concessions you have to make for the house you are going to buy. Also take into account the mortgage options with the house you are considering to buy
13) Not being realistic
Before committing to a house, you must be sure that you can afford it with your current lifestyle. If not, are you willing to change your lifestyle for the house?
14) Being hasty
Just because you really want it doesn't mean you should take the plunge as soon as the option becomes available. Take a step back and re-evaluate the deal, and ensure you are facing favourable interest rates and housing prices before signing that cheque.