Buying a home should be a pretty straightforward process. But, of course, little things often get in the way.
Worse still, these can often turn into big things that derail and disrupt proceedings to such an extent that you wish you’d never go through with the purchase in the first place.
Fortunately, if you’re in this position, this post can help. We run through some of the most common house-buying pitfalls that you will eventually run into, and how to sidestep them.
Falling For The “Dream House”
Just like relationships, there’s no such thing as the “dream house.” However, it is a trap many people find themselves falling into, often without realizing it.
What happens is simple: you find a house you think is amazing and then fall in love with it, thinking that it is the only house you could live in.
Then, the seller asks you for a higher price and you feel justified paying it because the property is “perfect.”
Of course, when this happens, you can run into financial problems later, which is something you want to avoid.
Therefore, keep a level head and approach house-buying as a kind of business decision. Look for properties that meet your needs and remember that there’s always another home that could be good for you.
Skipping The Due Diligence
Many buyers also fall into the trap of skipping due diligence. They don’t check the paperwork or the quit claim deed, which gets them into trouble.
Again, don’t be one of these people. Always go through all the documentation and look to see if there are any liens against the property. Make sure that everyone is clear before signing anything or transferring money to an escrow account.
Forgetting About Future Life Changes
Forgetting about future life changes is another issue that crops up a lot. Buyers will often commit to a property without really thinking about whether it is the right choice for them long-term. It might meet their needs right now, but it may not in the future.
Therefore, try to map out your life. Think about where it’s headed and what you want from a property in the future, not just today. Think one year, five years, and ten years out to see whether a house would really suit you.
Assuming You Can Renovate Later
Assuming you can always renovate later is another common buyer pitfall. Many imagine they can make whatever changes they want without considering things like HOA rules and planning permission.
Therefore, look for properties that are as complete as possible. Try to minimize the amount of work that you need to do once you make the purchase. Don’t get into a situation where upgrading is essential but you can’t do anything because rules are in the way.
Overlooking Neighborhood Noise
Finally, many buyers make the mistake of overlooking neighborhood noise. They go in the morning without realizing that things get loud at night.
Therefore, check the property at different times of day. See what the noise is like and whether it’s enough to disturb you.
