It is no question that home buying is one of life’s milestones—an accomplishment for many, if you may.
Indeed, nothing comes close to that feeling of finally being able to afford your own place. With so many options available today, however, the home buying process can be a little overwhelming.
However, you should not let your excitement in owning a home cloud your judgment. A home is probably one of the most expensive purchases you will ever make in your life, and as such, you should approach the endeavor with a clear mind and sound decision-making. Buying a home may be a very emotional process, but you should not allow these emotions to lose sight of what is truly important: making the most rational decision possible.
Keep in mind that your aim is to end up with the home you love and need without compromising your budget— whether you are looking to buy a pre-selling condo in Davao, BGC condo, or condo in Makati. Unfortunately, a lot of homebuyers do things that prevent them from achieving just that. To avoid making the same faux pas, take a look at the common house-shopping mistakes most homebuyers make below:
1.) NOT KNOWING WHAT YOU CAN AFFORD
Once you have your heart set out on a particular price, there may be no turning back. With that said, so many homeowners tend to go way over their budget than risk losing the home of their dreams. Unfortunately, going beyond budget is not practical, and there may be instances wherein you truly cannot afford the home you have fallen in love with. If you are unable to afford that home, you end up hurting yourself by imagining yourself in it.
To avoid temptation, it is best to know your budget beforehand and restrict your house-hunting endeavor to properties in your financial range. If you look at houses outside your budget, you will end up falling in love with something you cannot afford, which would put you in a precarious position of trying to stretch beyond your financial means. So instead, start your search at the low end of your price range and gradually move higher until you find something that satisfies you.
2.) FAILING TO SHOP AROUND
Practicality is a paramount consideration when it comes to your search for a home. However, this does not mean that you should forego important things you need. On the contrary, a home that is suitable but lacking in important things should be an option, but not a decision. After all, you do not buy the first home you visit. Therefore, do not cave on important things, and at the same time, do not buy homes when it is impractical.
By shopping around, you can save yourself from making hasty decisions you might regret later. In this time and age, real estate websites and apps are at your disposal. Through them, you can streamline the house-hunting process and make it possible to view hundreds of homes from the comfort of your living room.
3.) PURCHASING WITHOUT AN AGENT
If you are serious about your home-buying endeavor, be sure to have a real estate agent before walking into an open house. While you might be a little skeptical about hiring a real estate agent, keep in mind that they are under the ethical rule of acting in both the seller’s and buyer’s interests. So be sure to contact one of your agents before dealing with a seller’s agent.
4.) IGNORING THE NEIGHBORHOOD
When it comes to choosing a home, you do not just focus on the residence itself. You need to look at the surrounding area as well. While the future of your prospective neighborhood can be unpredictable, inquiring about it or researching its potential can help you avoid unpleasant surprises in the future. That said, you may want to ask important questions now before proceeding to purchase a home. If the answers are to your satisfaction, then this is the time you may want to put down an offer.
5.) RUSHING TO PUT AN OFFER
More often than not, homebuyers tend to make an offer fast—especially if they find a property they like in a hot market. After all, they would not want to lose their dream home. However, do not be so quick to put an offer. Balance the need to make a quick decision with rationality. That said, you need to be absolutely sure that the home you choose is the right home for you.
Do not overlook important steps such as the neighborhood’s general feel and safety—especially at night (try to visit at different times). Before making an offer, it is imperative to take at least a night’s sleep before making up your mind. How well you sleep that night and how you feel in the morning will serve as a guide whether or not the decision you are about to make is right. Then, weigh your options and take time to consider your decision. Also, be sure to research how much the prospective property is truly worth to avoid offering a hefty price.