Blunders made on buying a home

No matter how much you care and concentrate on buying a house

, you would definitely commit certain slip-ups which may lead you paying off unseen consequences in future. The mistakes you make on buying a house may seem so tiny, but these are going to pave way for serious upshots within a couple of years. Listed below are some of the blunders you make on purchasing a house.

Buying a house at the very first sight:

A house may look eye catching that obviously makes you to fall in love with it for the first time you see it. You may not consider the other factors like price, location, etc. and somehow manage to plan the house for purchase. The key thing you need to do, prior to purchasing a house is checking whether the house suits your budget and is placed in a location where you could meet your daily necessities and requirements with ease and convinience. If the house suits all your requirements, then do not let the seller know that you are longing for that house. In case if your seller comes to know about it, he may quote you with a higher price.

Presuming on oral contracts:

This is another major mistake which most people do. It happens mostly in cases where you buy a house from a peer or acquaintance, say your friend or relative. Under such circumstances, either of the two parties initially feel that written documents may not be needed. This may take you to an awful corner, since it is not good to trust anyone, even if it's a dear one.

Doing the process single:

Buying a house without the assistance of a real estate agent, lawyer, lender, or insurer, is yet another mistake you commit. At least you need to get the support and advice from friends and family before investing on a house. Doing it alone as a single person and taking your own decisions would not work out in real estate market.

Overbuying:

Overbuying is the foremost blunder that most of us make on purchasing a land or house. Initially you calculate a budget and rely on the price of the house, thereby thinking you could afford it. But on investing in real estate, you would have to predict at least 10% more than your actual expense. Hence while buying loans and mortgages, make sure whether you could repay the loan amount with your monthly income. Therefore, plan your budget as per your earnings at the earliest, which otherwise would get you into debts. Getting pre qualified and pre approved for a loan could save you from overbuying.

Not investigating on the different mortgages:

Mortgages come in various forms and types. But most of us do not go through all those types and simply agree to the primary thing being suggested. There are mortgages offered in each perspective, suiting the requirements of each one in each way. Hence it is better to compare the different types than selecting the right one to match your needs.

Blunders made on buying a home

By: Mark Herrera

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