Owning a home has always been associated with pride and ultimate accomplishment of a goal. Even after you have saved enough money for down payment, learned market trends, and taken advice from real estate experts, buying a home still appears to be a difficult task.
All you want is to buy your dream home at a price you can afford, so the whole experience can be exciting, exhausting and a bit scary at the same time. However, purchasing a home is not as difficult as you assume. All you need is to know the common mistakes usually first-time property buyers make and arm yourself with tips to make sure you do not commit the same ones and get the most out of your purchase.
Not Knowing What You can Afford
It usually happens with most of the first time home buyers because they do not have specific budget, do not know about hidden cost of buying a home and hardly know all of their monthly expenses. Real estate experts at homespakistan suggest that before you start looking for homes, you must prepare a list of your expenses including any due loan to know how much you have and what is your budget bracket to buy home. Otherwise, you will end up watching something that you cannot afford. Budgeting will help you cope up with new home expenses because final sale price is not the only cost to take into account when owning a home.
Fail to Consider Hidden Cost
Final sale price of a home is not the only cost you will pay for buying a home. Hidden cost is involved but is not reflected in the asking price so before spending all what you have, you must consider this factor and set your price range for buying a home. Hidden cost of buying a home is usually a lot more than you imagine and mostly includes home inspection fee, lawyer fee, real estate agent’s commission, home maintenance fee, property taxes, and moving cost. You must take into account all these related costs and decide your budget on realistic basis otherwise; these expenses will create trouble for you.
Buying with your Heart
It has been seen that often, people make the biggest financial decision of their lives such as buying a home with their heart and forget to use their head just because they get emotionally involved with that. For instance, you have fallen in love with a home because it is beautifully decorated, painted in your favourite colour and having well-designed kitchens and amazing washrooms but it might be located on a crowded road and far from commercial zone. Do not take such big decision based only on your emotions so visit that home twice before finalizing the option. You may get a better option.
Being too Choosy
When it comes to searching a home, people mostly relate it with their dream home attributes and start finding a home that is somewhat closer to their imaginations. It is not wrong to do so but you must not be inflexible otherwise, you will end up staying in rental homes more than you want. Remember, you will have to compromise on few things due to budget constraint such as you might find your first home on a busy street, far from commercial market or having less numbers of rooms than you want. Compromise on few things and be a homeowner instead of living on rent.