Real Estate

Rookie mistakes to avoid when purchasing a property

Granted that you are bound to be eager and ready to sign the agreement to purchase the property, after all, you are excited at the thought of having to build a new home. But that aside, apart from the emotions, you need to realize that purchasing a new property is akin to long-term investment and one that you need to consider all the implications carefully.

You need to double-check to make sure that you have the requisite funds to purchase the property and to approach a reputed builder to build you a sturdy home, one that’s durable and long-lasting. But before you sign on the purchase agreement, you may want to check up the rest of the post as it lists out all the common rookie mistakes most homeowners make, under similar circumstances.

  • Do not take hasty decisions

As mentioned earlier, you are bound to be excited at the thought of owning your first property and are all set to sign the purchase agreement. You may even experience the same emotions when approaching builders in hamilton NZ for quotes to build you a new home. But it needs to be pointed out that whether you are signing a purchase agreement or an agreement with a builder to help build the home you need to review the agreements carefully.

First-time homeowners are generally the sort who make this rookie mistake and simply sign on the dotted line, without giving it much thought. And that’s a bad mistake, one that’s bound to come back and bite you on your keister. Take a breather; quit worrying about someone else snagging the property and try to relax, review the agreement carefully and sign if you agree with the stipulated terms.

  • Try not to opt for ready units

Several homeowners often opt for ready mistakes, as a way to scale back the expense of either having to pay rent or EMIs. No one is claiming that’s not a burden but opting for a ready unit may not be viable for several reasons.

For starters, you need to consider the location, amenities, how close is it to work/ school? And that’s just the start; remember, with a ready unit, you may not get a sturdy, durable living accommodation and you are bound to be stuck with the one you choose, for a while.

  • Get your home loan pre-approved

Most homeowners often assume that submitting their home loan application translates to getting it pre-approved and that they are bound to get the required funds. If it was that easy, nearly everyone would queue up in front of the bank. All banks consider their home loan application seriously and yours is bound to as well.

The bank would first assess the property, review the purchase agreement, see if it contains a home inspection clause, and if the inspection had already been carried out – they would request you for a copy of the same.

The bank needs to make sure that the property you are planning to purchase qualifies for a home loan; after which, you should get a mail letting you know whether your home loan has been approved or not. So if you lack the requisite capital to purchase the property or even to build a new home, you may first want to approach your bank and get this sorted out early on.

  • Stick to the budget

This is a mistake that most homeowners often commit for the simple reason that they simply love the property and cannot bear to think that they cannot own it. But getting over your heads is going to cause more financial strain and stress, which is why you always need to stick to your earmarked budget for purchasing the property.

These are some of the rookie mistakes that you need to avoid when purchasing a property or a home.

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