Frequently Committed Mistakes by First Time Buyers

Buying a house can be a memorable experience for the people who are buying it for the first time. With the decrease in the property rates, house market remains more preferable for the buyers. Numbers of opportunities are being created for the prospective buyers to invest their money and to own a house of their choice. Many people out there commit some common mistakes some of which are outlined below, while purchasing a property for the first time.

Many home buyers take a lot of time in selecting a property but they are least bothered about their finances. They compare every single detail of different homes to choose the best but when it comes to financing options they have done very little research. Before searching for a house of their choice, people should talk to an experienced lender so that they are preapproved for a loan. A person should always figure out the amount of money he can spend instead of facing disappointments in the end.

Self assessment of the house is also a common flaw that is generally committed by people. Values of the property have slipped to a great extent therefore hiring an expert real estate agent is always a good idea to know the correct worth of the house. These agents know the ins and outs of the industry hence they are well versed with the prices of different types of property. Some houses that have been lying vacant from a long time may require renovation therefore it should be inspected thoroughly before buying.

Not being able to find a knowledgeable buyer’s agent is also a prevailing trend that is seen now days. An agent is responsible to the buyer and should work towards his client’s best interest. Realtor should be selected after doing a good research or a trustworthy agent who has worked before with one of your friends or with a business associate can be hired. Ask about different kind of services that are provided by them.

People generally underestimate the cost of owning a house as additional repair and maintenance cost is often neglected. If something in the house goes wrong it should be repaired at the earliest. Such costs as well as the age of the house and its maintenance by the previous owner should also be considered. Home owners should always keep a small amount of money that would be used annually for up keeping the property.

First time buyers often fail to budget their property tax but this remains an important part of the home buying process. An assessor should be contacted to get an idea about the amount of money that a person will be paying as the property tax. Family members or people in the neighborhood can also be contacted for assessing the tax on the property.

All these points should be kept in mind by the first time buyers before they plan to buy a new house as it will help them in securing good deals. These common mistakes should be avoided by people to buy the best property.

Harji Realtors is one of the leading real estate agents in the region of Chandigarh, Mohali and Kharar. For more information on great deals in Flat in Mohali and the best Plot in Mohali check out our website

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