Are you an aspiring first-time home buyer?If your answer to that question is “YES” ,then you need to be well informed on the biggest mistakes that the first-time home buyers make and avoid them. The real estate market is not easy to wade through especially to those buying these homes for the first time.The five biggest of these are explained below:
- UNDERSTATING THE COST AND EXPENSES INVOLVED IN PURCHASING A HOME.
Most first time home buyers tend to overlook the additional costs involved before,during and after purchasing a given home.When you just look at the price of the home you want to buy without considering other cost such as paying the real estate agents involved,paying the lawyer involved in drafting the transfer agreement and payment details as well as other taxes that may be involved depending on where you are purchasing the home,then you are bound to fail.You need to do proper research regarding the area where you are going to buy the home and gauge if you can actually cope with all the expenses.Failure to do a proper home purchase may prove problematic in future.
2) FAILING TO DO A PROPER INSPECTION OF THE HOME BEFORE PURCHASING.
Most first time home buyers get over-excited and want to close the home purchase deal as fast as possible.They are mostly driven by emotion and buy the property without doing a proper inspection.They base their decision on mere outside appearance of the property or quick and hasty look without consulting people who are well versed with real estate matters such as architects,interior designers and built environment engineers.The homeowners then end up with a very poor structure after a few years.
3) FAILING TO CONSIDER FUTURE CHANGES AND ADJUSTMENTS THAT MAY TAKE PLACE.
Some people who are purchasing homes for the first time may buy houses not considering that they may have a bigger family in future.This becomes an inconvenience if the house you bought suited only one child and then after 5 years you have three or more children.
They also do not look at prediction of the environmental and climatic changes that may take place where they have bought the home.A lot of discomfort is caused if when a climatic change one never prepared for such as flood occurs.
4) RELYING ON UNRELIABLE REAL ESTATE AGENT.
The advice you get from real estate agent plays a very big role in the quality and the value for money you receive from the home you purchase.Most homeowners get advice from real estate agents whose knowledge on various emerging issues and trends in as much as home purchase is concerned is questionable.These first time home buyers end up making decisions based on poorly researched advice may be problematic in future especially issues to do with payment details and procedures.
5) BEING DRIVEN BY EMOTIONS AND PRESSURE WHEN PURCHASING A HOME.
Some people end up buying their first home not because they can afford it or have planned for it but because their close friends are homeowners and the pressure is on them to own a home too.Some also base their decision on impulse because they have seen a beautiful house.This may prove problematic in future as one may end up purchasing an improper home.