Don’t Go House Shopping Before You Read This
Buying a new home is an exciting time for both you and your family (if you live with them). It is a chance to start anew, begin afresh, and explore the joys of a different lifestyle. Unfortunately, though, it also comes with a plethora of risks.
Most buyers make the mistake of jumping straight into the market, head first, trusting their instincts along the way. The property market, however, is a dangerous place, and many people wind up getting burned – buying homes that simply aren’t fit for purpose.
In this post, we’re going to take a look at the pitfalls that people make while house shopping and how to avoid them.
Pitfall #1: Buying Based On Emotions, Not Economic Reality
Most of the time, it doesn’t matter if you buy something for emotional reasons. If you see a dress you like and buy it on a whim, it is not going to have consequences for your life chances years in the future.
The same, however, is not the case for real estate. Because buying a new home is so expensive, the decisions you make today can have ramifications for years to come. It is not a good idea, therefore, to buy because you’ve fallen in love with a place. Use your head, not your heart, and protect your finances. Beautiful homes hit the market all the time, meaning that you’ll always have a choice.
Pitfall #2: Failing To Get An Inspection
As a buyer, you have no idea whether the property you want is in good condition or not. Yes, you can detect obvious issues, such as doorknobs that don’t work correctly, but you can’t see any of the deeper issues, such as problems with the foundation.
For this reason, getting a real estate inspection is vital. You need a professional who can rule out any substantial issues with the house or condo that could come back to bite you in the future. You don’t want to move into a property only to later find out that you must spend tens of thousands of dollars on restoration work.
Pitfall #3: Failing To Buy In The Right Areas
Where you live is just as crucial as the condition of the property in which you live – if not more so.
Many people find a property that they love in an area that doesn’t meet their economic needs. As a result, they wind up commuting for hours every day or being a long way away from family and friends.
Where possible, limit yourself to searching in a specific area that works best for your life right now. You want a location that will serve you well, even if your career develops over the coming years.
Pitfall #4: Not Planning For The Future
This pitfall is related to many of the others discussed above. Here, buyers focus exclusively on their needs right now instead of planning for their lives in five or ten years. A two-bed condo might be great for a young professional couple, but may not be sufficient for raising a family.
[a contributed post]
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