There are few experiences that are quite as exciting as investing in your first residential property, which is why many people are keen to jump right in. However, the process is rather delicate and needs to be handled with care and due consideration.
Here is a list of four frequent mistakes to avoid to guide you on the path to buying the right home and getting the best price for it.
1Making an offer ‘just because’
Never make an offer to buy a home unless you are absolutely obsessed with the property. If the seller accepts your offer but you later decide not to go through with the deal, it will have been a huge waste of everyone’s time, money, and resources.
Also, take your time to think carefully about your bidding strategy. Note that while some asking prices are negotiable, other sellers may price their home strategically to try to encourage multiple bids, many of which will likely be well above the asking price. Listen to the agent and avoid under-bidding if you are serious about making the property your own. Otherwise, you will risk losing out to another, more serious buyer.
2Grabbing the first property that you see
It is impossible to know that the first property is ‘the one’ if you do not have anything else to compare it to. Therefore, it is beneficial to use a reputable property listings platform to find properties for sale that tick all of the right boxes and to view at least five of the ones that take your fancy before even thinking about making an offer on any of them. That way, you can feel confident in your decision and know full well that you are not missing out on something better or more in line with your budget. If you are relocating to another country, such as Ghana, it can be difficult to find the time and money to visit individual properties before you move. A website such as Ghana Property Centre enables you to explore potential homes without leaving your current property to travel far and wide.
3Buying beyond your limits
Do all of the necessary calculations before starting your search for a new home. That way, you will know exactly what you can afford to pay from a mortgage, maintenance, utilities, rates, and levies perspective. After all, there is no sense in viewing homes that are outside of your price range and letting temptation to get the better of you, or feeling immense disappointment further down the line when you are rejected for financing!
4Not getting an inspection
A comprehensive house inspection is always recommended before buying a home – yes, even if you are a seasoned homeowner who thinks they have the experience necessary to ‘sniff out’ potential problems on your own! If you miss something important, it could end up costing you significantly in the future. Or you could find yourself paying far more for the property than it is actually worth.
Professional property inspectors will look at various aspects of the house, including its water pressure, whether it is structurally sound, whether there is any mold growth, and whether the fixed appliances are in good working order. The resultant peace of mind is certain to be worth every last cent!
Avoid these mistakes, and you will be one step closer to purchasing the property of your dreams!