2 Mistakes to Avoid When Buying a Home.
Buying a house is considered to be a lifetime investment, that you intended to yield results all the years of your life, and therefore it is important that you be very careful before you part with your money to buy any house. While many people will save all their working life so that they can buy a house of their dream, you will find that other will take a loan from the mortgage companies. It is therefore very important that you make sure that you buy a house that you will love the rest of your life, and if need be that you sell it, you will be able to find a good buyer and you will not sell it at a loss. Here are some of the mistakes that you should avoid when it comes to buying a house.
1. Don’t buy a fixer upper.
There are people for some reasons who will decide to buy houses that are old and destroyed with a hope that when they do those renovations, the house will be as beautiful as they would want. Among the reasons why people prefer the fixer upper is because for one that is a bit cheaper and most of them are located in some of those neighborhoods that only the rich people live. Although you might a fixer upper house in a very good neighborhood, the fact is that you will have to spend an amount that is almost the same with buying a new house, and it will be difficult to find a buyer in case you need to sell your house, and if you will be able to find one, you will sell that house at a loss. It is, therefore, important that you buy a house that is in a good condition so that you will be sure that your house will give you better returns and you will not have to spend on renovations.
2. Perform a Pre Purchase home Inspection.
Before you buy a house it is always good to perform an inspection to protect you from buying a house that is in a bad condition. A home inspection should be done by a professional home inspector who will be in a position to identify any structural problem with the house, the wiring done for electrification, dampness and termite inspection among other things. If the inspector will find that a house has so many issues, he will warn you against buying this house, and not unless you want to risk losing your money, you should listen to him. Nevertheless, if the report doesn’t show major problems with the house, and your mortgage company still agrees to finance you for it, you can use this to your advantage so that you can negotiate a better price with the seller.