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Top 6 Common House Buying Mistakes

Without a doubt, buying a home is a major decision. Deciding where to live, what kind of property you want and all other details are highly essential. Hence the need to get any emotions out the way when going through the buying phase as if you allow those emotions get the best of you, you may fall prey to a number of common home buyer mistakes. You need to make the most rational decision possible when buying a home.

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There are six common emotional mistakes people make when buying a home. Avoiding these mistakes would help you find the best place to call home;

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Mistake 1: Falling in Love With a House You Can’t Afford

Once you’ve fallen in love with a particular home, it is going to be all you think about. You start to envision yourself in that house, how great your life would be and all the wonderful things the beautiful house can offer- the lovely neighbourhood, the well-paved streets, the spacious kitchen. However, if you can’t or won’t be able to afford that house, you are just going to keep hurting yourself by constantly imagining yourself in it.

To avoid the temptation to get in over your head financially, or feel like you’re settling for less than what you deserve, it is advisable that you only look at homes within your price range.

Start your search at the lower end of your price bracket and see if what you find there satisfies you. If it does, there would be no need to go higher or outside your budget bracket.

ALSO READ: Top 6 Heart Wrenching Mistakes Home Sellers Make

Mistake 2: Being Desperate

It is easy to get desperate especially when you have been on the house search for a while and you are not seeing anything that catches your fancy. Been desperate can easily get you to settle for a home you may end up hating in the nearest future.
Being desperate can also lead to you ignoring some important flaws

However, if you have time on your side, it is okay to wait until something that suits you comes along. Keep in mind that as long as your demands are can realistically fit in with your budget, you are bound to find your dream house soon.

Mistake 3: Ignoring the Important Flaws

You might be tempted to ignore major problems with a particular house that will be difficult, expensive or impossible to change probably out of desperation or because of a tight budget

However, carefully consider your options before you make any commitment, and consider waiting until something better comes along as new houses come on the market every day.

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Mistake 4: Blowing your Handyman Skills Out of Proportion

Don’t buy a house that is in need of so many repairs that is more than you can handle in terms of time, money or ability. For instance, if you think you can do the repairs yourself only to realize that you can’t once after you’ve already made the purchase, any repairs or upgrades you were planning to make will probably cost twice as much once you factor in the labor cost and these costs are most likely not to be in your original budget.
Honestly evaluate your abilities, your budget and how soon you need to move before purchasing a property that isn’t move-in ready

ALSO READ: House Hunting Advice For The Married

Mistake 5: Being in a Hurry to Buy

In a highly competitive market, it is oftentimes necessary to make a quick offer when you find a home you like. However, you need to make sure the home really is right for you. Important things like finding out how safe the neighbourhood is or the condition of the street when it rains, should not be neglected.
Taking the time to consider your decision also gives you a chance to do due diligence on if this property is the best one for you, how much the property is really worth and offers an appropriate price.

Mistake 6: Stalling on Payment

Although the need to do due diligence and ensure you make a good decision cannot be overemphasised, do not take too long when making the decision. Losing out on a property that you were almost ready to buy because someone else beat you to it can be heart-wrenching. Ensure you don’t drag your feet in the process of making a decision. 

It is natural for emotions to come into play when buying a home most especially when it happens to be your first. However, don’t forget that buying a house is a big decision, hence the need to make highly rational choices. Rather than getting emotionally wrapped up in the prospect of owning your dream home, do your due diligence, get over sentiments as well as emotions and with a clear head, make a good home buying decision that is healthy for your feelings and your finances.

At tolet.com.ng, we provide affordable properties for rent and for sale in various parts of Nigeria. Want to know more? Visit www.tolet.com.ng NOW!

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