Common Pitfalls in House Buying Process
Published on September 2nd, 2014 | by Joan Makai
An important part of any quintessential American dream is to own a perfect home. Many adults see this as a crowning achievement of highly stable adulthood. However, the actual process of purchasing a house may feel like far from stable. Buyers will need to wade through a lot of important information and tiny missteps may cause major consequences in this high-stakes process. Regardless of the home styles, housing market in each region can be different and it is important to be aware of common pitfalls in typical house-buying process:
1. Unrealistic expectation:
Buyers should make compromises regardless of what price they are in. It is extremely rare and even impossible to find houses for sale that have all things that we are looking for unless we build it ourselves. The house may not have the size of backyard or the number of bedrooms that we desire. It’s very likely that we won’t be able to cross all items in our list, even if we have nearly unlimited funds.
2. Failure to work well with real estate agents:
One big factor in house buying process is whether we are able to get along well with real estate agents. Buyers will need to spend plenty of time working with them, so it is important for both sides to understand one another. Agents should know what buyers want with their unique concept of a “perfect house”. Buyers must be entirely immersed in the local market and know what kind of properties that are being sold and at what price. The process can be much easier if they work with a good agent.
3. Neglecting Possibilities of Hidden Issues:
Many houses have hidden structural issues and those that are built with “inexpensive” construction methods should be among the most feared. Though it may seem like you were saving a huge chunk of money, inexpensive properties are more likely made of substandard materials. Also, when the foundation isn’t good, the house will cost money later on due to cracks caused by minor earthquakes or other external factors. Leaky faucets should be easy to fix, but inefficient insulation may cause major problems in coming years, causing headaches and costing more money.
4. Prioritizing too much on decoration:
It should be relatively easy to fix cosmetic issues and buyers shouldn’t significantly base their buying decisions on decor and other cosmetic issues. Some houses could be structurally sound, although they look mediocre cosmetically. In fact, it is a good idea to buy such a house, because they can be purchased at a lower price and owners can make incremental decor changes in coming years. It’s actually amazing to know how much decoration can affect the house pricing, so it is a good idea to choose houses with minimal decor, but with solid structure and efficient installations.
Real estate is a costly investment but being able to choose a good kind of property could pay off a lot in the end. Whether you’ll be residing there or not, the value of a good property is continuously increasing.