5 Buyers' Traps and How to Avoid Them
2021/02/01

"Purchasing a new property is often a struggle between your emotions and your need for the best possible solution. This combination can cause extreme stress and discouragement. There is also the possibility that you’ll be disappointed with the purch"

Creating a systematic approach to the house-hunting process will allow you to make decisions based on a thorough strategy. Here is a list of common traps that buyers fall into, as well as tips on how to avoid them.

1. BUYING THE WRONG HOME As strange as it may sound, this is a very real and common issue. If you make a purchase based solely on your emotional impression, you may find yourself the reluctant owner of a home you really don’t want. Things like the commute to work, the amount of TLC required, the size of the property and the garden (or lack thereof) can all play a huge role in your contentment once the deal has been concluded. It’s easy to avoid this trap - make a list of your needs and a list of your wants. Ensure that your needs are met (within your budget) before trying to satisfy your wants.

2. BIDDING TOO HIGH OR TOO LOW Knowledge is your shield against this trap. Find out all you can about the area that you are looking to purchase in (what houses sold for recently, crime statistics, the frequency of sales, etc.). This will assist you in making a competitive offer that is correctly valued.

3. HIDDEN BLEMISHES Request an independent assessment of the house and a listing of its faults.

4. HIDDEN COSTS Ensure that you have identified all costs associated with the purchase. Ensure that all parties, including your legal counsel and estate agent, have committed to their fees in writing.

5. RUSHING THE REGISTRATION Ensure that you receive copies of all documentation before signing at the attorneys. Take time to read these documents and ensure that they reflect exactly your understanding of the transaction.

Realty King IPG

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