property buying pitfalls

How To Avoid Property Buying Pitfalls

July 24, 2017 in Real Estate

Buying a home should be a time of joy. After all, this is the place where you will start or grow your family and pass it down to future generations. However, acquiring it can be a real hassle. As a buyer, you naturally want to pay as little as possible while the seller will want to charge as much as possible. This, among other things, can be a source of stress and conflict. Here are some common property buying pitfalls that you will want to avoid.

Rushing Into The Real Estate Deal

Patience is critically important when it comes to buying a home. A buyer that is in rush to close a deal will end up with a bad deal. If you are like most people, buying a home is the largest transaction you will undertake in your life. Is this something you really want to rush? Be prepared to take weeks or months to find the right deal. Take the time to perform inspections of the property, to assess the neighborhood, distance from school and work, and other key factors. Your patience and research will pay dividends.

Failing To Negotiate During The Property Sale

Buying a home is a business arrangement. Your goal as a buyer is to pay the minimum, while the seller will want you to pay the maximum. You should expect most, if not all the sellers you come across to try to overcharge for their homes, and your job is to negotiate with them while advancing which means that you request a lower offer while constantly searching for new deals. Never allow yourself to get bogged down negotiating with one seller that is stubborn and clearly trying to overcharge; by constantly searching for new deals, you will put yourself in a strong position. If you’ve done your research on the market you will know what a home in the area should go for; if the seller insists on trying to overcharge, simply walk away from the deal and search for a new one. It’s that simple.

Taking Out A Mortgage Loan When You Have Ready Cash

The mortgage rates in United States should warn you of the perils of using mortgage loans to buy a home. When you use such loans to acquire a property, if you lose your job or run into financial difficulties and are unable to continue making payments, you will probably lose the property, the down payment and all the funds you put into it. Paying for a home in cash is so much more rewarding. It reduces complexity as you don’t have to worry about mortgage companies, banks or getting approved. Cash is king when it comes to buying a house – of course, that’s when you have ready cash at your disposal.

Failing To Perform A Home Inspection

Never buy a home without taking the time to inspect it; there is simply too much money at stake. The last thing you need to worry about is an infestation of termites or other pests, or problems with the foundation, which could cost thousands to repair. Inspect the home and if you find costly problems ask the seller to lower the asking price to account for them, or walk away.

CALL US: (201) 771-1969