Tips From Real Estate Penticton Experts: Home Buying Mistakes You Should Never Commit
This post is a must read for people planning to purchase a home. It includes tips from real estate Penticton experts regarding mistakes to be avoided when buying home. Read on to know about some of the most serious home buying mistakes people commit.
Buying a house in spite of having plans of relocating within a few years
You must be thinking what’s wrong in buying a house even if you have a plan to relocate within a few years as there’s always the option of renting out or selling the property. Yes, you can definitely rent out or sell your home; however, finding a suitable tenant or buyer is not an easy task. In fact, it would not be right for you to assume that you will be able to get the best deal on your property whenever you decide to move. You should buy a home in spite of having plans of relocating soon only if the property is located in a region with a flourishing rental market.
Busting the budget
Often when shopping for homes people become giddy and start checking more options than they actually should. They keep demanding more, for instance, a specially designed office nook, granite countertops, and several other attractive features. This ends up stretching their original budget by several thousand dollars; and that’s the biggest of all home buying mistakes. If you end up busting your home buying budget for getting a home with all the amenities you have been dreaming about, repaying the mortgage would become even more difficult for you. The best way of avoiding this mistake is getting your mortgage application preapproved. This would ensure that the home sellers and the real estate agent representing you have a clear idea about your maximum upper limit.
Forgetting the added costs
You are absolutely wrong if you think that buying a home would only require you to replace your monthly rental payments with monthly mortgage payments. There are several other expenses that you will have to bear after buying a home; these include property taxes,
maintenance costs, costs for utilities, etc. You should consider all these expenditures to find whether you can actually afford purchasing a home at the moment.
Not getting everything in writing
When you are buying a home, you are actually making a deal and no deal is complete without a written contract. The seller would make you a number of promises; make sure the written contract has each of those promises mentioned in it. If you are represented by a trustworthy and experienced real estate agent, he or she would definitely get everything in writing for you.
Skipping the inspection
You shouldn’t skip inspecting the home you are planning to purchase even if it appears to be in perfect shape. Ideally, you should get the property inspected by a professional. The professional would inspect the property for discrepancies and damages you would have never looked for. For instance, he would check whether the chimney is working fine and whether the seemingly minor cracks on the home’s foundation might lead to serious issues in the future.
Oliver James is a local writer and property investor with a keen interest in all things to do with the Penticton Real Estate market.