Eagerly awaiting the day when you can exchange contracts and get the keys to your new home is how buying a house is often portrayed.
However, before you embark on this journey, it’s important to realize that this isn’t always the case. In fact, it can be a long, winding, and bumpy road to travel, one that is littered with devastating potholes that can slow or even halt your progress altogether.
Happily, you will find a road map of sorts with the most catastrophic mistakes sign posted below. Keep reading to find out more.
Once you have moved into a property, it’s hard to pack up and move again. After all, it takes a lot of time and effort, as well as a fair bit of money to do so. That is why it’s crucial that you check what the neighbors are like before you sign any contracts.
One way to accomplish this is to visit the property more than once and also at different times of the day to see if there is any excess noise.
It can also be useful to knock on doors in the area around the home you are considering buying and asking if the owners have any information about problems neighbors that would make you reconsider your purchase. Although be sure to do this in the politest way possible as you will want to make a good impression as well.
Going over your budget
Another devastating mistake that it is essential to avoid when purchasing a property is stretching your budget too far. Of course, this is easy to do if your realtor shows you a home that fits your needs perfectly, but is above your budget, something that many have a tendency to do.
In fact, you can really be setting yourself up for a problem in the future if you go for something more than you can comfortably afford. This is because having to pay out more than you can afford each month on the mortgage can reduce the money that you have to put towards standard of living costs for you and your family. This is something that may seem like a worthwhile sacrifice in the heat of the moment but can get tiring and problematic very quickly after you have completed your sale.
Luckily, it is possible to find Mortgage Brokers that can help you with setting your ideal budget, as well as finding you the best rate. Something that can help keep your payments as low as possible after you have moved in.
Falling in love
Of course, you want to have a strong positive feeling towards the property that you are spending all that time and effort on purchasing, but sometimes falling head over heels for a particular place can end in tears.
This is because even when you have had an offer accepted there is still many other hoops to jump through including getting a survey done, and making the exchange. Sadly, this means that your purchase is not final at this stage, and so is still vulnerable to be surpassed by another offer, meaning that if you fall in love with a house, you could get your heart broken.
Thank you to our contributor for the information on some pitfalls when purchasing a new home. These are great reminders about careful planning. What suggestions do you have about home buying? We’d love to hear them!