Buying your first home is a hectic, but exciting time in your life. On one hand, there is nothing like finally taking that prized ownership of your own personal space. On the other hand, it is stressful because in many respects, as buying a home can leave you in a financially tight situation, and provide you with a lot of work. While it isn’t uncommon for homebuyers to make negotiation errors during the process of buying a home, these mistakes are easily avoidable. If you’re on the hunt for your dream first home, here are out top mistakes that you should avoid.
Get it checked
One of the biggest and most serious mistakes that homebuyers can make during the buying process is to opt out of getting a professional to provide a thorough property inspection. When purchasing a home, you’re likely to allocate funds towards remodelling rooms and new furniture. However, without a pre-purchase home inspection, you could find yourself unaware of any number of structural issues or deficiencies in the home. You can avoid this issue by hiring a professional to conduct a pre-purchasing home inspection.
Another common mistake that homebuyers make, especially when purchasing without an estate agent, is that they will easily overpay for a home. While not doing a pre-purchasing home inspection leads to overpaying, so does not reviewing the pricing of homes in the area. Therefore, to make sure you aren’t being overcharged, do some research and review the prices of homes in the area. It will give you an idea of range you should be paying in and give you negotiating power when talking with the seller.
Don’t get carried away
Don’t fall into the trap of growing too fond of a property before having a full research and view of properties. Try to stay relatively neutral throughout viewings, whilst you want to make it clear you have an interest in the home, showing over exuberant enthusiasm for a property during a viewing or the negotiation process can spell trouble. Usually, the seller will notice your feelings and gain the upper hand, which will result in you paying more.
Why is it for sale?
One trap that many homebuyers fall into is to not question why the seller has put their home in the market. While in some cases, the seller wants to move elsewhere, it can also be the case that there are other issues. Therefore, in order to protect your investment and add to your negotiating power it is a smart move to ask why the seller has their home on the market.
Keep Your Options Open
Sometimes, home sellers notice when a homebuyer is desperate to buy a house. This scenario immediately increases the seller’s power, and reduces your negotiating chances. Also, you do not want to put all your hopes into one home. Thus, when searching through homes, it is best to keep your options open. Look through a number or properties and make a list of your favourites. This will help you keep calm when facing negotiations with a homebuyer and increase the chance that you’ll get the property that you want for a fair price.Read more