Mistakes To Avoid While Buying Your First Home

Purchasing a house is always an important decision

, whether it is your first time or you have bought a property in the past. The home buying process is full of surprises and may turn up with new challenges every time. Thus, it becomes all the more important to avoid certain mistakes that can lead you to some costly traps. Following a systematic approach can however help you in avoiding these common mistakes and securing a new house suitable to your needs and budget. This article focuses on making the first-time home buyers aware of some common mistakes that they should avoid.

Making a wrong bid While bidding on a house, you should know how much to offer. Making a right and sound decision would not be difficult, if you thoroughly research the local property market. Check out for how much the similar properties are being sold. Without good information on the comparable homes, you might end up bidding too high or too low.

Choosing a wrong house Deciding what exactly you need or want in the new house might seem to be an easy enough task; however it can sometimes become more complicated than you might think. Allowing your emotions and excitement to influence the final decision to be taken by you can be disastrous. Love at first sight while finalizing a house can lead you to a wrong decision.

Failing to be on lookout for the undisclosed fix-up things Many sellers would avoid mentioning some less visible faults, which a thorough home inspection report would reveal. The best you can do to avoid getting tricked by the seller is hiring an experienced home inspector to perform a thorough examination of the house. The final home inspection reports should suggest everything which needs repair, along with an estimated cost to fix them.

Not getting mortgage pre-approval Most of the first-time home buyers do not know how fast and easy a mortgage approval is. In no time it tells you whether or not you are eligible to get the loan. To have that sense of security and freedom, while shopping for your first home, getting pre-approved for a home loan is extremely important.

Beware of the hidden costs In order to remain protected from the last-minute surprises, do not forget to ask the lender to clearly project the total cost in writing before the closing date. It is always good to identify, as well as understand, the hidden costs, like underwriting fees, mortgage disbursement charges etc, beforehand to avoid nasty surprises at a later stage.

Not reading the legalese thoroughly before the closing It is possible to avoid many problems on the closing day by thoroughly checking the paperwork a day before signing the final contract. You need to make sure that the documentation reflects all the details accurately and that nothing is subtracted or added without your approval or knowledge.

Though buying land in Mohali for the first time is likely to make you stumble upon many problems, but avoiding some common mistakes, which most first timers make, you can definitely complete the deal with ease.

by: ajay

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