Why buying that house might be a mistake

There are times where looking for a new home feels like being lost in a desert. Then, suddenly, an oasis.

It’s a no-brainer, and you decide to make an offer. But are you sure this house ticks all the boxes?

We stumbled on an article by Huffington Post that highlights seven of the biggest mistakes home buyers tend to make.

It boils down to the following pointers

1. Falling in love at first sight

When it comes to relationships, most of us have made this mistake before. The same applies to house hunting – don’t make impulsive decisions.

2. Having an unrealistic wish list

If you have an unrealistic wish list, you’re probably not even going to find an oasis in the desert. Be reasonable – just like no-one is perfect, no house is perfect either.

3. Not considering the neighbourhood

So the house might tick all your boxes, but what about the suburb? What do the rest of the homes in the surrounding area look like? What do the neighbours look like? What do the neighbours say about the area? If you’re planning to send your kids to public schools , considering the quality of the schools in the feeder zone might also be a good idea.

4. Not getting a home inspection

Ask an expert with building or engineering experience to check if the house is structurally sound. It might cost a little bit of money, but save you thousands in the long-run. And then the smaller things: Look out for damp or cracks in the walls – spending money on any of these items could hemorrhage your mortgage or give you negotiating power on the price.

5. Ignoring the resale value

Will you get a return on your investment in this house? This is an even more important question if you’re planning to renovate. It’s important to do some financial projections to figure out whether everything you’re planning to do to the property will actually add value to it.

6. Overestimating your DIY tendencies

The idea of renovating that fixer-upper over weekends and holidays is very noble, but are you sure you’ve got what it takes? Some jobs should be left to the professionals – don’t set yourself up for failure.

7. Paying the minimum deposit
When it comes to the deposit on your home, try and put down as much as you can. Not only will your bank be more lenient, but this could also decrease other expenses, like your life insurance, for example.

You can read the original Huffington Post article here.