Moving to a new place can come with a series of thrills or with a series of disappointments. Either way, if you are considering buying a house for the first time, you should get prepared for a bumpy road. Even basic checks and costs may come as surprises when emotions are high, so do take a moment to go through this list of common mistakes and errors of first-time home buyers.
Skipping Inspections
When you are either leaving or moving to a new house, it is more than a question of ethics and moral to have the house inspected in details. Some things you can check for yourself, and others – not really. Don’t spare money on electricians and plumbers, because you need to know that you are getting what you are paying for. The longer the previous owner resided in the property, the bigger the chances are that some of the repair work was done by him, himself. And as you want to find that perfect house in a good condition when it comes to foundations, insulations and installations, you should at least do the same and check the property that you are leaving behind. Basic effort, like repainting the exterior and interior and cleaning the lawn, is more than expected.
Compromising
Simply – plan for the future. Think about your commute route, the nearest school, location is vital. You shouldn’t compromise if you don’t have to, and if you are willing to accept certain disadvantages, the best thing would be to look for a house that is in a need of remodeling. The house itself can be mended, but you will never be able to relocate it. If you are not in a rush, you can tell your agent your preferences and simply wait for the right opportunity. On the other hand, if you are in a desperate need, even in that case you should give your decision a benefit of the doubt.
Disregarding Hidden Costs
If you’ve done your inspections, you are aware of the possible costs of remodeling and repair. In case that the previous owner hasn’t pointed out the problems before inspection, and they do appear, you have all the right to ask for a lower price to deal with this matter. Other than that, don’t forget the legal issues. Your agent will certainly guide you through all the taxes you need to be aware of, but one thing that you can find out right now is the cost of property conveyancing, and get a free quote on this website. Sydney conveyancers say that depending on the place of residence, mortgage fees and stamp duty varies, but your real estate agent should inform you about that.
Dealing with Real Estate Agents
A few things you should always keep in mind. If you are selling your property and you want to hear more offers from various agents, know that some of them will intentionally offer you a sky high price just to get you to work with them. This is a regular tactic. After two weeks of no sale, the agent will inform you that you have to rethink the price, and by doing so, he will put you in a position where your time is lost, and your emotions provoked, and your reasoning simply gets out of order. Keep in mind that all real estate agents have dealt with people in their most intimate and most emotional state, so whatever is the lowest figure you are prepared for, you can’t go wrong by keeping it a secret. Another thing that you should know, they really need every possible sale, so you can try to motivate them to do a better and a faster job with a higher percentage.
The very last piece of advice is not to be shy and ask the neighbors about previous owners and your possible future neighborhood. Real estate agents will surely present the house as the best deal that they ever saw, so some third point of views may come in handy. Enjoy your new home.