The Biggest Mistake You Can Make When Buying A Home
There are lots of mistakes you can make when buying a house. However, there is one mistake that is most likely to have a lasting negative impact - and that is rushing the home-buying process.
When you rush buying a home, you’re less likely to pick up on problems and more likely to purchase the wrong property. Taking your time allows you to fully assess whether a home is right for your needs.
There are many instances where you may feel pressured to make quick decisions such as when a home has had a lot of interest or when a seller is eager to make a sale. Don’t let this pressure force you into making a sale without taking the time to fully examine a property. Below are some tips on how to slow down the process.
Tips for not rushing the house-buying process
Book some time off work
Having to fit your property search around a busy work schedule could limit the amount of time you can spend looking at potential homes. You may have no choice but to view properties in the evening, at which point there may be multiple viewings arranged. Consider taking some time off so you can dedicate enough time to finding that perfect home.
Take your time to shop for properties
It’s important that you take the time to assess all the different properties out there for sale. Don’t just stick to one property listing site - take the time to look at multiple real estate websites as there could be properties listed on certain websites that aren’t listed on others. Take your time to read all the information supplied - it’s easy to skim over information when you’re in a hurry.
Prepare questions to ask
Make sure that you’ve prepared any questions that you want to ask the seller or agent. Consider questions like ‘how long has the property been on the market?’, ‘what are the neighbors like?’ and ‘how old is the roof?’. You can find a few examples here of questions to ask when buying a home. A good seller/agent should be able to answer all these questions without too much hesitation.
Don’t skip the home inspection
A home inspection involves hiring a professional surveyor to check the condition of the building. This includes checking the health of the foundations, the plumbing, the electrics and HVAC - all things that you may not be able to tell yourself just by looking around the property. A home inspection could potentially save you a lot of money by helping you avoid a property that has a lot of issues. At the very least, it could allow you to prepare for some of the likely repairs ahead so that you can budget more effectively.
Sleep on it
After viewing a property, it’s important to never make an offer there and then. Show your enthusiasm, but give yourself time to sleep on the decision. This allows you to assess whether it really is the home for you. It also stops you from looking too eager - you may find that you’re able to negotiate a better deal by walking away and then making an offer the next day.