2 Mistakes to Avoid When Buying a Home.
Before you buy a home you need to put some factors into consideration because a house is one of the lifetime investments 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. For this reason, you need to make sure that you buy a house that you will love the rest of your life and in case you might want to resell it in future, you will sell it at a profit not at a loss. In this article, we are going to discuss some of the mistakes that you should avoid when it comes to buying a house.
1. Do not buy a fixer upper.
For some reasons, people buy a house that is total piece of crap, with a hope that they will renovate it and make it a beautiful house once again. 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. Therefore it is always good that you buy a new house so that you will have a guarantee of lifetime returns and you will not have any renovations done in near future.
2. Do a pre purchase home inspection.
Before you can part with your money for a particular house, you need to perform an inspection so that you don’t buy a house that has some problems. This should be done by a professional home inspector who will be in a position to identify any structural problem, dampness in the house, the problem with the electrification, termite inspection among others things. If the inspector warns you about buying a particular house maybe because it has so many issues, you need to listen to him lest you want to risk your money by buying that particular house. All in all not all fair inspection report are bad, if you find that the house doesn’t have major problems, and your mortgage company agrees to still give you loan, you can use this to negotiate a better deal with the seller of the house.