Shopping for a new home is exhausting yet exciting and also brings along a degree of anxiety and scare. Data suggests that there are a few typical mistakes that can be said to be made by home buyers. In Pakistan, the absence of enough information and misguidance are which further adds to the probability of home buyers repeating the mistakes. Here we try to list those common mistakes down so any reader when goes out to buy the home can see to avoid them. Following aspects must be considered carefully when you dream for buying a new home;
- Having no idea what you can afford
When you visit a perfect home, you immediately begin to imagine your life there. In the state of excitement, you can’t even think to live anywhere else. And you forget the cost at that moment. This exuberance might lead you to make a spur of the moment decision that you might later regret when it comes to maintaining the home. Taking a decision in this situation will lead you to face the following two problems; you may end up looking at homes (not in your budgetary limits) or buy a home which can become a burden for you in future to clear the dues. So, when you like a home, take a deep breath and do your math before you commit to buying it.
To avoid this mistake: You can list down your income and necessary expenses and then see what you are left with and what the requirements of that specific home will be.
- Not hiring a Realtor
Realtor is a person who professionally deals in the sale and purchase of real estate. A realtor understands market trends and what the on-ground realities are for a specific area when you actually get down to living in it. A realtor can guide you in the right direction, help negotiate your bid, counter an offer, and organize the closing process. Hence, you must hire an expert real estate agent (realtor) who ma, at times, rescue you from making a blunder. To choose the best realtor; Interview several potential realtors and select one of them. Always be open and truthful to your realtor in order for them to find the best option for you.
Paying the realtor fee will ultimately end up being worth it.
- Didn’t calculate additional expenses
Many first-time homebuyers don’t have an idea about additional expenses of moving in and setting up a new home. They just consider the initial home price, which later creates problems for them. One must make sure to calculate all other expenses of homeownership. There are a number of closing and moving costs, which should be considered before you make an offer.
Once the deal with the seller has been finalized then all expenses are your responsibility from there on.
- Loan Issues
Most buyers meet home-buying costs through loans. Purchasing a home is the most difficult and unpredictable when homebuyers need loans for this. Make a realistic analysis of the funds you have and the expected shortfall. Talk to many banks and understand their costs and payback periods in detail before making the decision.
- Don’t do the required research
You must consult most appropriate and well-known departments dealing with sale and purchase of the homes. Visiting more than one agency/seller/lender is necessary in order to get the best deal. Moreover, the more you research, the better the deal you get. Mostly, buyers fall short of making the required research not ending up with the most attractive offers. As a homebuyer you must explore all your options before committing to anything.
If you can be watchful for the above mentioned aspects before purchasing a home, the chances of you regretting your decision later on are very minimal.
GOOD LUCK! Happy Home Searching.