Owning and buying a home is the dream of many people, but it is a long and difficult process that can exhaust us if it is our first time or if we do not know what to do. For this reason, and to make the purchase process easier, we are going to tell you things to avoid. And there are 7 common mistakes when buying a home that every future buyer and owner should know yes or yes to make things easier.
7 common mistakes when buying a home
Before commenting on the errors, we are going to tell you two factors that affect the acquisition of a home, but do not limit it. The first factor is the economic one, in this sense it is good to have a limit budget to access the market . But just because a house costs more does not mean that it is not affordable, we can exceed the price as long as we see that the property is worth it, it is a good investment and we can get financing from another side.
The second factor that marks the acquisition of a property is that it is not something that is done every day, in fact, it is the investment of a lifetime and, as a general rule, most people only buy a property. By this we mean that you should protect your investment by taking precautions and avoiding real estate scams or bad offers. If you know the most common real estate scams you will not fall into them and you will be more protected .
There is nothing wrong with being cautious and stopping to think a little if the offer before us is good or if it is a scam. Sometimes it is an offer and other times it may not be worth the purchase as the apartment / property may have some hidden and fat flaw or flaw. With this we want to tell you that you should comb the market well and have patience, but it is not advisable to wait too long , sometimes we have an opportunity in front of us and we do not take it out of fear or mistrust.
It is normal to have doubts and think about it, but we should not delay a decision. And this is our first advice, thinking things is good but not too much.
Not being realistic
Another common mistake many people make is taking on expenses that they cannot afford . With this we want to tell you to set a budget figure and do not exceed it. Of course, leave a small margin in case an offer appears that you can not reject. But what you have to be clear about is that you are going to be able to face the mortgage and finance the house. So you should make calculations of your income, expenses and the savings you have to know how much you can access.
Setting an economic threshold is fine, but you should bear in mind that the purchase of an apartment or house is not only marked by the price but by other aspects such as the location, the state of the house and whether it is a new or second-hand house. . In this case, care must be taken since the price of the reforms may vary from one place to another.
The case of a new home is easier in this sense than a second-hand home since it is not necessary to contemplate expenses such as reforms and works. I said, set a cap and do not move from the initial budget.
Not knowing how a mortgage works
We understand that the economic aspect is the most important thing when purchasing a flat. If we don’t have money, we won’t be able to pay it. And the same goes for the mortgage. Many people think that the expense of a mortgage works in one way or that the bank finances everything and then it turns out that many entities only finance up to 80% of the mortgage or even less.
The recommended thing before entering the market is to do a study on our economic potential . For this we can go to our branch and do a study to see if they would approve a mortgage. If we get the bank to finance the purchase of an apartment, the next thing we must do is compare it with other entities and read the fine print to avoid having problems with unknown clauses that later result in expenses that we did not expect.
Spend all the money on the house
It is good that we save and spend time and money in the arrangement of our property. But we must bear in mind that we must leave some capital to furnish it, for expenses and contingencies, and that is that money is easily spent and more on a house. Our advice is to save a few percent of the savings for contingencies. You never know what can happen.
The perfect scenario is not to get into debt above 30% of the income you have.
Let you influence and not comb the market
This mistake is made by many people who think that it is never the best time to buy. That if the VAT goes up, that if the house is in the wrong place and a family member does not like it, that if the market has peaked, that if it is not a good time, all these are excuses that sometimes we put ourselves and that is that thinking like this we will never buy a flat.
The first thing is to have clear ideas and not get carried away by the opinion of others or by external aspects such as market movements or if the Euribor rises or falls. You have to make a decision and act and for this you must know the prices and move, that is, comb the market and know how it moves and what prices are requested.
Only by knowing what you are facing you will be able to make a realistic decision. But what was said, do not stop because of external influences. Once you make the decision to buy, do not hesitate, because you think that a house is not bought every day. Doubting is fine, but they decide for you not.
Let yourself be carried away by the first impression
Whether we are sellers or buyers, the first thing to avoid is to be impatient . By this we mean that it is okay to be cautious but not overdoing it. This is valid both for viewing flats and deciding to visit them and for carrying out the purchase process. It is good to know houses and visit them, but do not get carried away by the first impression.
It may happen that the apartment we are seeing has flaws that we do not know, that we find another that we like more or simply does not suit us. Don’t get carried away by the first impression. Think of buying a house as if it were a tattoo, it is for life. Our recommendation is that you see the apartment, and if you like, wait, if you still like and tick after a few days, then you will know that it is for you.
By the way, this is the same to make an offer, do not think that because you like a seller you will make a discount. If we want to buy, we must remain cold and not let ourselves be carried away by feelings or by the first impression. Calm is our best ally.
Cheap is expensive
In this section we mean that sometimes by saving the payment or the advice of a real estate agency or buyer’s agent (or real estate personal shopper ) we can end up making a mistake and paying more. And it is not superfluous to ask for help even if paying to make sure that the offer before us is correct and good.
Think that a real estate agent knows the market like the back of his hand, with this we want to tell you that he will immediately know if a flat is worth it, if an offer is good or he can even advise you on how to make a counter offer . This is a professional that will save you time and money and that is worth paying to avoid pain and headaches.
In addition, he thinks that help can be of various types, it does not have to be a purchase commission, it can be partial advice, a session to ask him all kinds of questions or whatever is necessary. These real estate professionals adapt to the services and needs of each client, so it is a good idea and a mistake not to go to them.
We hope this article has helped and clarified your doubts. And it is that buying a house or apartment is not an easy process and it is better to ask for help if we do not want to be exhausted. If you have questions and you liked our article you can share it on social networks. And remember to visit our real estate blog to stay informed about the real estate sector.