8 Avoidable Mistakes First Time Property Buyers Make: LISTS

1. They Buy Beyond Their Budget

First time property buyers need to be careful that they do not spend more than their budget.

It is far too easy to find first time property buyers in an effort to secure a more comfortable home going for property that is clearly beyond their present finances.

They go beyond their budget and when they have acquired this property they find themselves struggling for daily sustenance.

Sometimes after they have bought the house they later find out that they have overlooked other extra costs associated with property ownership.

2. They Look for their Dream Home At Wrong Neighborhoods

First time property buyers also have a funny habit of looking for their dream homes in the wrong neighborhood.

Due to cash strapped it is very common not to find a suitable property that they want. Most of their dream homes can be found in big cities and affluent suburbs which most often are beyond their budget.

3. Skipping Thorough Home Inspection

Skipping a thorough property inspection is an easy flaw of first time property owners.

The novelty and excitement of a new property might make some people feel like there’s nothing that would possibly change their minds about wanting to buy it.

Not until they’ve moved in and realized that there are major and very costly maintenance issues such as mold, termites, a leaking roof, electrical issues or foundation problems

4. Picking The Wrong Real Estate Agent

It is of great importance that first time home buyer should find and work with the right real estate agent.

Choose an agent you can trust and feel comfortable talking to. You need to be able to voice your worries to them and most importantly, make sure they understand your wants and needs. They should understand you as a first time buyer and relate with you as such with patience where required.

5. Following Every Real Estate Agents Words Without Thinking

Having a good real estate agent can be the first time home buyer’s best friend and adviser but you need to think for yourself as well.

Don’t mindlessly listen to everything your agent says. Take their advice and listen to what they have to say but also think through their advice.

Something that may not seem like a big deal to a real estate agent may be a big deal to you. You know yourself better than your agent could ever know you.

Your agent is important. They know more about the housing market, current trends and can help you negotiate a fair deal but you know your wants and needs.

So know how to work with your real estate agent and how to listen to him

READ: How To Verify a Land in Nigeria: What You Must Know. #Ask us 08063337234

6. Making Verbal Agreements

We cannot always count on verbal agreements. It is not even a good business rule to follow.

The person you trust and you make verbal agreement might promise you something, shake on it with you, only to find later that his circumstances has changed and won’t consent to any such agreement being made.

Without evidence of the agreement, you will find yourself with little choice.

If you want something and the seller agrees to give it to you, make sure you get it in writing. That couldn’t be more important.

7. Buying In Unfavorable Market Conditions

The housing market can be a little bit complicated. Making matters even more complicated is the fact that the housing market is also constantly changing. It’s better for you as a buyer to look at houses when the market favors buyers.

It all comes down to supply and demand. If there aren’t many houses up for sale but a lot of people looking for houses, the housing market is going to favor sellers. They’ll be able to sell their property at a higher price than they would in a buyer’s market. You really want to try to hold off until there are more houses for sale and less people are buying. This is called a buyer’s market.

You’ll get a better price on your house because more less people looking at more available houses means sellers have to make their home as appealing as possible in order for it to sell. This often means doing upgrades to the home and lowering the price, making it the ideal time for you to buy.

Do a little research into the market in your area. If you aren’t sure what to do with the information you find, talk to a reputable real estate agent to help you make sense of the information you have.

READ: Why You Should Buy A Land From BuyLekkiNowNow

8. Having little Knowledge of Real Estate

Yeah, having the right real estate agent can just be all you need to buying your first home. However it is safer to have a good knowledge of the real estate business. That way you are not cheated and you don’t make mistakes the agent might overlook. After all any mistake made would be on you.

Buying a first home can seem stressful and overwhelming, and it isn’t without its share of potential pitfalls.

If you’re aware of those issues ahead of time, you can protect yourself from costly mistakes and shop with confidence.

For many people, a home is the largest purchase they will ever make, but it need not be the most difficult.

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