Mistakes happen. But when it happens to the new house you buy, it can cost you a lot. It can lead lead to your cost going way over your planned budget. Buying the wrong house can be exhausting and financially burdensome.
The best thing you can do is try to avoid mistakes – at all costs. That means looking at the common mistakes others have made and learning from them! It all comes down to your planning. Here are the top 5 mistakes to avoid when buying your new home.
1. Not using an agent
Once you’re seriously shopping for a home, don’t walk into an open house without having a real estate agent or broker Agents are held to the ethical rule that they must act in both the seller’s and the buyer’s best interests. But you can see how it might not put you in the best bargaining position if you start dealing with a seller’s agent before contacting one of your own.
2. Choosing the wrong real estate company
Another mistake is not checking all the potential builders and reliability of the real estate company. Don’t be in haste and buy from any real estate company you see advertising a property. Make sure you do thorough research and ask the important questions such as to see some of the properties they’ve sold in the past so you can get the impression of how your house would look like and if it suits you. You could also talk to the residents of the previous subdivisions and hear their experience.
3. Ignoring the neighbourhood
Remember, the old adage “location, location, location” is around for a reason. You can always change a house, but you can’t change its location. Ignoring the neighbourhood, is one of the most common home buying mistakes you can make, especially if you’re a first-time home buyer. And, bad neighbourhood can also come in many guises. You need to ask questions like what kind of development plans are in the works for the neighborhood? Is there a lot of undeveloped land around? What is likely to get built there? Have home values in the neighborhood been declining or rising?
4. Neglecting to Inspect
One of the most important things you have to get done when you buy a home is schedule a home inspection. The home inspection is a chance for you to find out whether there are any problems with the property that the seller failed to disclose, as well as whether there are any impending problems that may lead to expensive fixes later on after you close. Schedule a home inspection to take place as early on in the buying process as you can so that you leave yourself plenty of time to negotiate.
Don’t be afraid to ask a lot of questions when you’re touring a home with your inspector. They’re there to examine the property, but they’re also there to give you informed answers to your questions about the home and its structure and features. If you see something you think might be an issue or you don’t understand what your home inspector is telling you, speak up!
5. Neglecting to see the legal house documents
Buying a house in Nigeria goes beyond physical inspection and making payments, the buyer must ensure that the seller has the legal right to transfer ownership in that property to him to avoid unnecessary disputes like Deed of Assignment/ Deed of Transfer, Approved Survey Plan and Certificate of Occupancy.
At 4Point property, our properties are backed by all the legal documents required for you to own your dream home. What are you waiting for? contact us today.
