Mistakes to Avoid When Buying a Home.
Buying a house is one of the lifetime investment that we engage in and therefore you need to be very careful before you settle to buy any house. You will find that many people save for a life time so that they can buy the house of their dream, while others will take a loan from the mortgage companies. It is therefore very important that you make sure that you buy a house that you will love the rest of your life, and if need be that you sell it, you will be able to find a good buyer and you will not sell it at a loss. Here are some of the mistakes that you should avoid when it comes to buying a house.
1. Don’t buy a fixer upper.
For some reasons, people buy a house that is total piece of crap, with a hope that they will renovate it and make it a beautiful house once again. In real sense, the reason why people prefer buying the fixer upper is that they are less expensive and they are located in some of that neighborhood that only the rich live. The truth of the matter is, even if you will be staying in a good neighborhood, you will have to use a lot of money to do the renovations, the amount that is almost equivalent to buying a new house, and when the time to sell this house comes, you will not find a buyer that easy and even if you find, the probability is that you will sell that house at a loss. It is important that you buy a new house so that it will give you better returns in future, and you will not have to spend on renovations.
2. Perform a Pre Purchase home Inspection.
It is very important that you perform an inspection on the house that you are intending to buy before you can part with your money. You should make sure that this inspection is done by a professional home inspector who will be able to identify the structural problem in the house, the dampness, the electrification as well as termite inspection among other issues related to the house. It is always good to listen to the inspector, if he warns you against buying a particular house because maybe it has many issues, not unless you want to risk. Nevertheless, if the report doesn’t show major problems with the house, and your mortgage company still agrees to finance you for it, you can use this to your advantage so that you can negotiate a better price with the seller.