Buying a new home is an incredibly exciting time, you’ll be looking forward to a new chapter, and making a great investment. House hunting can be a complicated progress, and many people find it stressful. To help you ease the stress, here are four mistakes to avoid when you are house hunting.1 . Failing To Set A BudgetBefore you start house hunting it’s important to establish a budget, and understand what you can afford. Failing to budget means you could end up looking at homes that are way out of your price range. Equally, you might be able to afford more than you think. According to NerdWallet, ‘you shouldn’t spend more than 28% of your gross monthly income on home-related costs and 36% total on debts.’ Whether you’re looking for high end real estate and properties or an inexpensive flat, it’s important to know your budget from the get-go.
2. Not Knowing The NeighbourhoodWhen you’re buying a property in a new neighbourhood you need to spend plenty of time getting to know the area. You might have found your dream house, but choosing the wrong neighbourhood can affect your quality of life. The neighbourhood will also have an impact on the value of your property over time. Spend time in the area, go shopping, eat at restaurants, explore the parks and research the schools. When you’re working with your real estate agent, you can ask questions about the neighbourhood. You might want to ask:
Your agent will be able to support you to find out more about the area. With plenty of information, it’s easier to make an informed decision.
3. Failing to shop around
Buying the perfect home takes a little time, if you don’t shop around you could end up settling for the wrong place. To help you shop around you should make a list of your wants and needs. Think about how many bedrooms you need, and how important it is that you have a garden. Are you looking for a new build or an older property? Which amenities do you need on your doorstep? Answering questions like these will make your house hunting journey a whole lot easier.
4. Skipping the house inspection
Before you commit to buying a property it’s important to get a house inspection. A house inspection will identify any faults with the property, it might be structural damage, electrical faults, or asbestos risks. A house inspection will highlight any issues that need urgent attention. If there are issues which affect the value and safety of the home, you might find yourself rethinking the deal.
The house hunting process doesn’t have to be stressful. It’s important to get organized, and know exactly what you are looking for. Avoiding these mistakes will get you that little bit closer to finding your dream home.
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