Top 7 Mistakes First Time Home Buyers Make

Buying your very own home can be an exciting adventure, and somewhat overwhelming as well. With so many choices of low price houses for sale in Sri Lanka, and so many options on size and price variations, making the right choice can be a difficult one. One of the easiest ways to get this done is to work with a reputed and experienced real estate company because these people have so many contacts in the market, they will be able to find the ideal home for you in no time at all, whether you are looking for a house for sale in Kandy, Colombo, Galle or anywhere else.

What should first-time home buyer look for when searching for a property?

If you are a first-time home buyer looking for that ideal property, you should take the following things into consideration.

●        Location: The location of the property you buy is very important. You need to be located in a residential environment, in close proximity to shopping areas, schools, public transportation and other amenities. The area in which you choose your home should be safe and secure for you and your family. If you ae doing a job, it may help to get located to somewhere close to your office.

●        The land itself: Land buyers in Sri Lanka should take close consideration of the structure of the property and check if the facilities available suit it. For example, if the property is located on a hill, there may be a lot of steps to climb to get form the street the house etc.

●        The neighbourhood: The neighbourhood you live in is very important, especially if you intend having kids or already have kids. The best way to check out a prospective neighbourhood is to drive around during the weekend, so you can see what it is like, and what the people around there are like, and if all this is suitable for you and your lifestyle.

●        Aesthetics of the house: The look and feel of a new house is very important, after all you are spending your hard-earned money to buy your very first home. Homes can be designed in many different styles, you can get classic looks, contemporary designs, modern designs and even colonial styles. Choose something that appeals to you and your family, because houses can’t be changed once you have spent all that money on it.

●        Size: Considering the size of the house you are buying is very important. While it may be just the two of you now, you should consider future additions to your family, like children. You may want to start small and build later, but if that is the case, you need to ensure that there is sufficient space for expansions.

●        Windows and lighting: A home should have a lot of natural lighting, because it creates the right ambiance for family life. In addition, natural light can help you save a lot on your energy bills too.

●        Finishings: Homes can have different finishes, from rustic to modern to elegant. Consider what type of finishes you want before venturing out on your search.

Mistakes that first time home buyer make

Even with all these tips and help, you can still make mistakes when looking to buy your pieces of real estate. Here are a few common mistakes that many people make when looing to buy their first property.

●        Making decisions based on emotions: Buying your very first home is definitely an emotional experience; you have worked hard to earn the money to make a positive change in your life and yes, it is a deeply emotional decision. However, basing your choice of home on emotions can have a negative impact. You might really want a certain property but it may have issues that would deter any other buyer. Or you may love a house so much that you would pay any price for it. Don’t make this mistake. Of a house has serious issues, don’t even consider it, no matter how good it looks, because you will have major problems with it later on. In addition, no property is worth paying more than its market value, so stick to your budget and choose wisely.

●        Don’t do it alone: Looking for a home on your own can be quite overwhelming and very stressful. In addition, when sellers know that you have no experience in the real estate market, they will try to scam you into paying far more than a property is actually worth. Work with a reputed real estate agent, who will be able to get you a good deal, according to your specific requirements and budget.

●        Don’t use an exclusive agent: Even when working with a real estate company, you should not work exclusively with one person alone. There are so many experienced realtors out there who would be able to help you, so keep your options open. Work with a few of the best and get the best deal you can.

●        Not checking documents properly: With the excitement that comes with owning your first home, you might ignore the work that is involved with checking documents to ensure that there are no problems with the house you are buying. Certain properties may still be under lien, or the owner may have title and ownership issues which they will try to hide from you because they know you are inexperienced in such matters. Work with a good lawyer who will check the documents pertaining to the property you want to buy and will confirm that everything is ok with it.

●        Going over your budget: If you feel that you don’t have sufficient fud to purchase a home just yet, then don’t do it. It is far better to wait a few more years until you are financially stable rather than adding a new element of stress to your life.

●        Not checking borrowing options: If you don’t have the finances to make an outright purchase, then you may be opting for financing. If this is the case it is essential that you first check out the options available to you, before looking for a suitable piece of real estate. Since these things take time, if you start on it after choosing a property, you may find that the seller does not want to wait and has sold it to someone else.

If you are looking to buy your first ever home, then keep these in mind and make the right choice!