Business
1

Top 4 Mistakes House Buyers Tend To Make

December 10, 2017
0 Comments
4 minutes read
Top 4 Mistakes House Buyers Tend To Make

Buying a new house is not an easy task, and it won’t get any easier if you keep repeating the same mistakes over and over again. Getting a house is one of the biggest purchases you will make in your life, so it’s important to avoid these top four mistakes, especially if you are a first-timer:

Looking for a house before settling on a loan

Although this is an unspoken rule, many buyers still forget to settle on a loan first before looking for a house. The majority of sellers are more likely to consider an offer if you as the buyer have already secured a loan.

In addition to increasing your appeal to sellers, having a loan approved in advance allows you to get a more realistic idea of what kind or size of house to target. This narrows down the number of houses that you or your real estate agent need to find in the market.

Skipping building surveying and inspection

Many people forget one important thing during the buying process: hiring a professional for inspecting the property and the house itself. Oftentimes, a professional building surveyor Chelmsford offers will bring to light things that are overlooked by ordinary people, like foundation issues, problems with pipes, or a window seal that needs replacement.

Sometimes, sellers are not obligated to make repairs even if your hired surveyor does spot some damages, but you have the right to negotiate as the buyer, and this can even make or break the deal.

Comparing selling prices online

One huge mistake that people make when looking for a potential house is that they compare selling prices posted in ads online, or anywhere else, for that matter. Remember that the prices sellers put out are not always final.

If you have an agent, they can provide you with comparable property sales, information which only experts can acquire. Simply put, comparable sales are the prices of previously and recently sold houses similar to the one you are looking for as a buyer. Having an idea of the comparable selling price of the property you plan to buy gives you justification and negotiating power over the sellers, because you know the value of the house they are selling.

Forgetting the essentials

Some people buy a house to escape the burden of monthly rent. Although buying a house is more practical in the long run, it is not immediately a money-saver. Securing a loan and closing a deal is not the end of the buying process. Consider other expenses like mortgage arrangement fees and other legal fees, moving costs, Essex surveyors, and stamp duty costs, among others.

If you lived in a furnished flat, remember that moving to a new house means buying appliances, and curtains, carpets, and even light bulbs.

Keep in mind these tips, and always ask for a professional’s help when deciding on a purchase as huge as a house. In this way, you can be sure to avoid these common mistakes of house buyers, and you can get the best house for you and your family.