The peak home buying season may be never over, but there are still steps you can take to ensure a speedy sale. Setting the right price and making up your home are both essential to attracting buyers, but what else can you do to get the offers rolling in?
While buying a home many people make deadly mistakes that cost them a lot of money. These mistakes increase the home buying cost with little information, buyers can avoid paying more than the market value. If you are planning to buy a home then it is the right time to know about the most common mistakes most home buyers make. Here are the common home buying mistakes to avoid
Buying home in market
Many people buy a home in seller’s market which is a wrong approach. In a seller’s market home price is always high as there are few homes than the buyers. Due to the limited stock homes prices increase. At the end buyer pays more to purchase a home. Purchasing a home in buyer’s market is highly recommended. In a buyer’s market there are more homes than the buyers due to which prices decrease.
Selecting a wrong location
Location is an important factor to consider while buying a home. Price of a prime location home increases whereas price of a bad location home decreases. This is because no one wants to live in a home which has worst location. Always prefer to buy a home which is near to schools, hospitals, commercial centers, business areas and through important transportation services.
Buying beyond the budget
Another mistake to avoid is to buy a home which is out of your budget. Big homes with gardens are very attractive but also expensive. If you will buy a home beyond your budget then your mortgage will also increase. Then you will have to pay more on the loan repayment which will upset your monthly budget. So never go beyond your budget to buy a home.
Not doing proper research and preparation
There are several projects and real estate housing schemes in all small to major cities of Pakistan nowadays. The wise home buyer will analyze assets, interpret debts and get pre approved for finance before plunging into the house hunt. Get to know the neighborhood – remember you’re not just buying a house; you’re also buying a location. It's important to find out about the quality of schools, the crime level, transport facilities and possibly upcoming neighborhood issues.
Not looking other homes
Many people buy a home without seeing other options in the market. This is a big mistake which you should avoid. It’s always recommended to visit other homes too as you should have many good options. This will help you in selecting a good home with a reasonable price. Therefore always remain professional while buying and never fall in love with a quick home.
Not inspecting the home
Normally a new home is flawless as it has sound structure and new finishes. But old homes have many structural and finishing issues. Ignoring these issues will cost you more as you have to spend money on repairs. Home inspection has two major advantages. Firstly it helps in calculating the renovation costs. Secondly it helps in negotiating the right price.
No price negotiation
Some people make high price offer in hurry. They assume that home is reasonable and chances are high that other people will try to buy it. This is an unprofessional approach. Just keep in mind that it takes many months to sell a home. So always make a reasonable price offer as there is always 10% price negotiation margin. As a buyer you should negotiate to bring the price down.
The sellers have an agent guarding them, looking after their interests and advising them, but most home buyer’s go solo. Sure you’ve read some articles and done your research on the Internet, but this is likely to be your largest purchase ever. And those emotions will cloud some of your decisions so make a wise decision.
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