A recent study shows that nearly 49% of homeowners said they would do something different should they go through the home buying process again. About 42% of buyers, on another hand, think that the home buying process is quite stressful. Do you belong to the 49% or the 42%?
Buying a home is a huge investment, and of course, you want to make sure you are doing everything right and that you don’t fall into the 49% of regretful buyers or the stressed 42%. To help you, here’s a list of the worst pieces of advice that you should never believe in when buying a home.
- Don’t buy now because the real estate market will crash soon.
There is no telling when the real estate market will flourish or crash, but one thing remains true – he who bought real estate will never lose. The value of the dollar goes down every day because of inflation. Therefore, even if real estate prices go down if the value of your money is also low, then waiting will become uselessMax out your budget for a home.
2. It is common to hear people telling you to buy a property as much as you can afford. If you max out your spending limit for a house, you might have difficulty paying off the mortgage later on. If you are watching your budget, then you are not yet in the position to choose based on luxury. Instead, select a home that works for your lifestyle and situation.
It is recommended that your decision to buy should be based on the longevity of your career or job, marriage plans and family goals.
3. Give the seller a lowball offer.
You might be thinking that sellers need the money and buyers are always on the lookout for deals. However, if you give a downright insulting offer, then you probably won’t get any response, much less a chance to make a deal.
A lowball offer could also mean that you are okay with removing contingencies. Contingencies refer to requirements for buying a home. Otherwise called as safeguards, these could include passing a home inspection and/or title clearance. Would you be okay with paying a low amount during the point of sale and then spending thousands of dollars on repairing a home riddled with molds later on?
4. Save money on skipping on a home inspector.
This is to further elaborate a point briefly discussed in number 3.
Regardless of how perfect you think the house looks like, an inspection is still necessary. A licensed inspector can look beyond what you see because he can look into the foundation and groundwork of the property.
If you skip this step, you are foregoing your right to request any change before you seal the deal. This could prove to be a really costly mistake later on.
Now that you know the common bad pieces of advice when it comes to home buying,