Purchasing a home is a significant investment; for many, it is the culmination of many years of hard work and sacrifice. It is unfortunate that many commit serious errors in judgement when finally purchasing a home; however, many of these incidents can be avoided. Here are a few common mistakes buyers make when purchasing real property that you would do well to avoid:
Rushing a deal. One of the most common mistakes, hastily buying a home from the wrong person can ruin your life. If the seller is pushing you to close the deal too quickly, there may be something amiss. To protect yourself from shady sellers, hire a reputable realtor who can guide you through the process.
Having no idea what you’re looking for. It is important to have a plan, and to know just exactly what you are looking to buy. If you have no idea what you want, you’ll probably end up buying something that you’ll eventually regret. Take the time to figure out what you want to purchase. Take into consideration your needs and financial capabilities. Writing out a specific plan will narrow down your options significantly, saving you valuable time and effort.
Buying a great property in the middle of nowhere. Generally, it is wiser to purchase a property that is located in a great neighborhood, as opposed to a more impressive property in a horribly inaccessible location. Even if you work from home, or have a lifestyle that you think will negate any accessibility problems, bear in mind that property in a great location is likely to increase in value as time goes by, while property in a bad location will drop in value as the structure deteriorates.
Not conducting sufficient research. Don’t take the seller’s word at face value; do your homework. Ask around the neighborhood, contact other realtors who may have encountered the property. If the seller discourages you from asking around about the property, that is obviously a huge red flag.
Questionable legality. There have been actual instances of people being sold property by people who did not have a legal right to sell the property. Victims of these deals are left devastated, left without their money and without a house. Buying a property without checking whether or not the seller has the right to sell it is almost as reckless as buying a deed to the Brooklyn Bridge. If you have any concerns, it may be a good idea to consult your lawyer.
