Top First-Time Home Buyer Mistakes to Avoid
First-time buyers, much like first-time sellers, are not prone to making beginner’s mistakes. But with proper guidance, these beginner mishaps can be reduced if not completely avoided. Even with the proper research and guidance, home shopping is not that simple. Following are some beginner mistakes buyers should avoid.
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Not Hiring the Right Realtor
First-time property buyers who employ an estate agent without the requisite skills and expertise are not doing themselves a favor. First-time buyers who do not hire a real estate agent are in the same boat. A buyer must choose a reputable and experienced buyer’s agent to guide them for their first purchase. A professional realtor has a good understanding of the property market and is capable of dealing with all sorts of legalities.
Not paying close attention to the neighborhood
Not paying close attention to the property’s location is another beginner’s mistake buyers should avoid. The property’s location is the most important factor that buyers should consider. If your first purchase is in a rundown location far from the city, it will be a non-profitable investment. The location determines the property’s resale value, the likelihood of the property selling quickly.
Ignoring an inspection
While skipping the home inspection makes the offer more attractive to a seller, it is not the ideal decision for a first-time buyer. A home buyer might wind up in a money hole of a house without the inspection or a catastrophe provision. As a result, the buyer should ensure that the property checks out before closing on a sale.
Buying a House They Can’t Pay For
Sometimes buyers will be able to save up money for the down payment with ease. However, this does not imply that they can actually pay for the property in full. Apart from the down payment and the installation charges, buyers should keep aside some extra money for additional charges. These charges include the real estate agent’s fee, the property-owners insurance tax, property tax, etc.
Focusing Mainly on the Exterior instead of the Foundation
Most first-time buyers are inexperienced and focus on the build of the house instead of the foundation. While the marble countertops in the kitchen and the wooden floors are attractive, the property’s foundation is what matters. If you are buying your first house, check out its foundation first.
If the roof is leaky, little natural light enters the house, plumbing and electric wiring are faulty, etc., it’s not worth the purchase. However, if the seller reduces the house’s price, you can still consider buying it.
Not checking out the comparable properties
Your estate agent will help you locate comparable sales for a listing. They are often residences with identical floor plans and features and are located in the same area or building. Before buying their first property, buyers should look at comparable local houses to determine what the listed property is worth.
If the opening price for the property is too much, buyers will have to decide if they pay for the house or not. Comparable properties can aid in determining the assessed value of a home. As a result, buyers who are purchasing their first house must pay close attention to the comparable properties. One of the best option to live these days is Moffett Field apartments for rent.
Not hiring reputable movers
Lastly, not hiring well-known movers because of their charges is also a beginner’s mistake to be avoided at all costs. Almost every person buying their first house only focuses on the house and completely disregards the moving process. Hiring small-time movers can save money, but they can damage your belongings or even lose them.
It is not that challenging to look for a reputable moving company with today’s technology. Nowadays, most moving companies have a dedicated Facebook page that can be researched for reviews. This makes it easier to pick the right moving company. Although a reputable moving company would charge more money, it is worth every penny.
Muhammad Junaid is the CEO of VM Sol, senior Analyst, and Search Engine Expert. Extensive experience being an IT Manager in Kingdom Valley Islamabad. Work for years with local and international enterprises. Also, represent well-known brands in the UAE.