Mistakes to Avoid when Buying a House


When faced with such a huge life decision, such as buying a house for the first time, a lot of people can feel somewhat intimidated. That’s entirely normal considering the scope of this huge financial investment and everything it entails. That’s why, when buying a house, you should do your best to try and avoid making some of the most common mistakes many have made before you.

However, in order to make a conscious effort to avoid them, you first need to make sure you get familiar with them. Otherwise, how else do you expect to do it? That being said, here are some of the most common mistakes when buying a house is in question, as well as some ways how to avoid making them yourself.

Know your budget

Defining your budget should be your starting point. Basically, by doing this, not only will you ensure that you can, in fact, afford your dream house once you find it but having a clear budget will also make the entire selection process significantly easier. Keep in mind that a budget you’ve decided to go with should be enough not only to cover the house but any necessary renovations and upgrades as well. 

Don't look at only one property

Next, do know that, when buying a house, chases are that the first one you see won’t instantly be your dream house. That’s why it would be best if you shopped around a bit. That way, not only will you get a better picture of what’s currently on the market but you will also find out more about the prices. That way you can easily tell if the house you are most interested in is being overpriced. 

Get your loans and mortgage sorted

Before you actually go and look for a house, you need to make sure that your loans and mortgage are all sorted out. The last thing you want is to land a house of your dreams only to discover that you simply can’t afford it. That’s precisely why you need to take care of this ahead of time, to avoid such a nightmarish scenario. 

Consider added and hidden costs

As mentioned before, when setting up a budget you need to consider so much more than just the listing price of the property you are interested in. Added and hidden costs play a significant role here. That’s one of the reasons why thoroughly inspecting a property before you actually decide to buy it is so important.

Never skip inspecting the property

Property inspections will not only ensure you that the property you’re considering is a good choice but they can save you a lot of money in the long run. Even more important than the money, they can save your health. That’s why you need to contact the right professionals and ensure that you’re provided with a reliable and thorough service. For instance, in Australia, many older homes used to contain asbestos, which can be harmful – and even lethal – if inhaled. For that reason, experts for asbestos removal from Sydney always have their hands full. 

Find a real estate agent

Buying a house is not as easy as, let’s say, buying a pair of sneakers. Hence, it’s understandable that you’d want to get all the help you can when making such a huge decision. Real estate agents can really help you find the best match according to your budget and all the other parameters based on which you’ll be choosing your future home. Aside from that, some of them may even help you set the budget in the first place if you’re not quite certain what are all the expenses that it needs to cover.

Read the contract

Another very important thing you need to pay close attention to is the contract. As with any other piece of document that requires your personal signature, you want to make sure that you read this one thoroughly to know exactly what you’re agreeing to. Contracts can be quite tricky and unless you ensure that you’ve closely read even the finest of prints, you may end up in a sticky situation. 

Don't buy beyond your limit

Finally, we can’t emphasize enough just how important sticking to your budget truly is. As with anything else in life, you should avoid trying to buy a house that’s outside of your limit. Otherwise, you can easily end up way in over your head. This will not only cause additional and unnecessary stress but it can also put you in an unfavorable financial situation. Therefore, see that you stick to your budget always and at any cost. 

Buying a house is no child’s play. You need to be aware of all the possible hindrances and hiccups that are potentially waiting for you down the line in order to be able to prepare and avoid them as much as possible. Otherwise, things can easily slip out of your control which can only lead to an unfavorable outcome and increased financial stress. 

Author Bio: 

Will Sandford is a Sydney based wood architect, blogger and contributor on interior design and ecology blogs. Besides that, he is also interested in home improvement combined with green technology. In his spare time, Will enjoys surfing, cycling and rock climbing. He is also a regular contributor to SmoothDecorator. Connect with him on Twitter.


Recommended Posts: