Mistakes People

Make When Buying a

Home

Manor Lakes

2 Eppalock Drive

Manor Lakes,

Wyndham Vale, Victoria

3024

Australia

03 9731 0277

Big purchases require people to mull over their financial capacities and other

affective factors. This is especially true if the person is planning to buy a home.

Buying a home is not a simple process; it requires the buyer to undergo different

procedures, sign a number of legal forms and speak to different people.

There will be no major problems as the buyer goes through the process if he’s

careful enough. Typically, acquisition problems happen to first-time buyers, such

as millennials and newlyweds. Below is a list of blunders that homebuyers should

do away with.

Budgeting

This is the most important aspect of the home-buying process. Often, home-

buyers, especially newbies, make the mistake of planning their funds for the

short term. Buyers should remember that buying a home doesn’t end at down

payment; it requires commitment. Those who want to have a home should

consider other sources of funds, such as mortgage loans. These, however, have

another set of requirements, some of which may be difficult to comply with

especially if the borrower has discipline issues.

Not Looking at the Market

Homebuyers should have basic knowledge

on how the housing market works.

Movements in the markets have effects

on the buying and selling of properties.

Home buyers should understand that

housing markets use parameters that will

help them determine the value of the

property.

No Inspections

Inspecting the home is important to see

issues that may influence your buying

decision. Buyers need to check for

problems, such as faulty electrical

systems and weak foundations. They may

bring someone who is an expert in the

matter to aid them with the inspection.

Other mistakes include not using a broker

or disregarding the resale value of the

property. The most important piece of

advice that a homebuyer should heed is

going for something that he can afford.

SOURCES:

https://au.pfinance.yahoo.com/article/-/9910813/the-benefits-of-a-big-home-

loan-deposit/

http://www.bankrate.com/finance/real-estate/5-biggest-home-inspection-

mistakes-1.aspx

http://www.manorlakes.com.au/house-and-land