What are the most common mistakes that home buyers make?

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the most mistake home buyers make is the mistake of knowing the right property to buy

Start looking for a house before getting their bank pre approval letter.

There are a lot of Mistakes Home Buyers make when finding a Home to buy. However i have few points to share with you that could help in avoiding such mistakes:

Property Cycle:  This is the tendency for property demand, supply, prices and returns to fluctuate around their long term trends or averages. The property market is subject to several cyclical influences of different periodicity. These only combines to produce major speculative building booms when there is a speculative convergence of market conditions involving strong demands growth, supply shortages and credit expansion. A prospective home purchaser should study this cyclical movement to make the right decision on when to buy. Different periodicity provides for different market circumstance.  

Inspection: It’s important to organize an inspection of the property one intend to buy. Go with your Inspector to inspect the property and understand what are the major and minor faults in the house. The report of the inspector would assist you in knowing whether to buy or not, whether to carry out major or minor repairs in the house.

Emotional Purchasing: Home buyers tend to fall in love with the house they believe is ideal to them. They make this known and open to their Agents and since Agents are good at reading emotions and negotiation, they make sure they get the last penny out of the prospective purchaser.

Home buyers should know that there are a lot of houses out there at the right price that suits their needs. If you can’t afford to buy the one you fall in love with, move on and keep searching.

Location: Real Estate is all about location, location, location. As a home buyer, you are not only buying a house, you are buying a location. A good home buyer should understand his Family finances and needs. He should make analysis to know his neighbourhood, find out about social service, amenities and infrastructure available in the neighbourhood. For Instance, Schools, transport system, Electricity, recreational parks, security level whether there is high or low rate of crime and other zoning related issues.

Mortgage: A lot of home buyers are easily persuaded with bumper mortgage package by some lending houses. Don’t be too carried away by such offers as repayment might end up been difficult for you. Most mortgages are influenced by the trends in the housing market. Periods of boom and recessions have great impact on mortgage borrowing. Study the mortgage and understand lending rates as well as repayment plans that could be easily repaid. One can use an independent finance broker to assist with the best range of lenders and finance products to go for.

Budget: It’s human nature for us to want a little more than we can afford. But the truth is spending more than one can sensibly afford leaves you exposed to financial difficulties, more so when there is rises in interest rates. Buying a home that is out of one’s price range could derail your finances in the future. Though the expensive property looks much more appealing than the one within your budget. Just go for that which is within your budget, this will allow for changes in your future circumstances. If you are buying to resell, buy the right property not a cheap one as price is what you pay for while value is what you get.

Protection Clause in the Contract of Sale: Home buyers should be sure that their interest is well protected before signing any contract of sales. There are different Laws that applies in different jurisdiction when it comes to Contract of Sales. A Potential home buyer should either seek the assistant of a Lawyer or his trusted Agent to be sure his interest under the contract is well protected. Don’t be fooled into signing any document with the assurance that they can be changed at a later date or renegotiated. Some contracts when signed are not easily changed as the Law may not permit. This may end up costing a home buyer a lot of distress.

                By and large, a home buyer should always seek the service of a Real Estate Agent. Realtors are indispensable tool when it comes to Real Estate transactions. Their array of knowledge and experience in the real estate market are always brought to bear to assisting a potential purchaser to making the right decision. A Realtor could easily, discern and decipher a lot of factors and issues that an ordinary person cannot. This is why they are indispensable when it comes to Real Estate transactions.  

               first thing  you must decide when you buy the house  this house for invest or living if you

    buy this house for invest must looking the place and building how old and design and price of  the  of house not high in the market    but you buy house for living must looking first thing Your neighbor        

Be faster and just think to buy a home in short time, don't serch about a good legal advisor and trust real estate agent who give a good advice and don't think just about win the money, and give you the best one with good price, amazing place and legal paper.

Be careful and think good and make a good search before buy, and don't trust evryone ply by words and make everything easy and Heaven for you, just to buy what he want not what you want.