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What are the common errors when buying a house?

The most common mistakes buying a house

If you are planning on buying a house, it is good for you to know the most common errors people tend to make.

Be ready before buying!

When buying a house there are many things to have in mind, such as taxes, decoration, financing, the electricity bill½ They are so many that it is easy to forget one or the other.

We are therefore going to make a list of the most common errors buyers tend to make before buying a property. If you know them, you probably won't make them.

  • When we buy a house we must not let our feelings guide the way. We must use our head and not feel precipitated with the "love at first sight." We must study if it will give us problems in the future, we must be careful with overpaying, forgetting the terms and conditions
  • Be careful with lowballing, in many cases unrealistic offers can be a big error. Setting a very low price for a house that we like can make us loose it or enter a difficult and long negotiation process. A tip, make a realistic offer that adjusts to the price of the property and that you are able to pay. Don't make the seller feel as if you are haggling over prices and put an end to the operation.
  • Another error buyers tend to make is to focus only on the present and forget the future. A property is not something you are going to use some months. It's the home you are probably going to live in for many years, and when you move out you will want to sell it at a good price. It's important to take into account that in some years you may need another home due to your work or the number of people in your family may change. It's good to be prepared!
  • Remember the location, when buying a house it is something very important. Schools, supermarkets, hospitals, public transport and all those things that you may need close.
  • It's important not to go beyond your budget. Spending more money that you reasonably can will leave you exposed to severe financial problems in the long run.
  • Another typical error is to underestimate the additional costs, such as lighting, water, community costs, maintenance, debts, insurance, furnishings
  • Financing errors. It is easy to lose yourself when asking for a mortgage, every banc functions in its own way. It is super important to dedicate this part of the process time, understand well the all the conditions and know if it is something you are able to assume. A pre-approved mortgage may put you in a good position to negotiate.
  • Don't feel influenced by the market when deciding to buy, markets move and change and waiting for the perfect moment may take ages and make you lose good opportunities. If you have a good option, the adequate financing and optimum conditions, do it!
  • The last error is going alone. A professional will know more options, conditions and will help you negotiate the best price. I'm sure the seller has someone by his side advising him on what to do and how. Why not you? 

In Nova we have great time of professionals that will be delighted to lend you a hand and guide you in the right direction. With a little help I'm sure things will be a lot easier.
Published: 28 Oct 2016

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