home buying mistakes

10 common home buying mistakes

Buying your next home is an exciting but daunting task, especially if it’s your first time. The process can be full of setbacks that, considering that you are facing a purchase that involves several thousand pesos, can translate into very expensive mistakes.

At La Haus we want you to make the best decisions in this important purchase, that’s why we share the main mistakes you should avoid.

1. Failure to do proper research and preparation

When it comes time to buy, it’s not about looking for the home of your dreams. In fact, it is the last thing you should be looking for. Analyze your family’s needs for today and the next 5 to 8 years and match that with your financial capacity. That will be the correct house on which you should focus your search.

It is best to seek expert advice to help you identify in which areas are the properties that suit your space and budget requirements. They will help you to know the best-rated houses and apartments according to what you are looking for. To define what qualities you are looking for, the characteristics that are desirable but not a requirement, and what the property should have.

2. Choosing the wrong mortgage

Financing is the best tool to achieve our goals in advance, especially when we talk about big goals like buying a house. But there is nothing worse than bad debts, those that steal our sleep because they mean high interest or unfavourable credit conditions.

Hiring the correct mortgage has to do with factors, such as how much you have saved for the down payment. The less credit you ask for, the better the interest rate and conditions will be. How good credit history you have also influenced this choice, as there are more strict banks than others? Each of us has a particular credit profile that best suits certain mortgage products.

Choosing the right credit also depends on comparing options and we are not talking about just checking the interest rate.

3. Not having a sales contract

It is easy to fall in love with a property and that can lead you to make mistakes, such as giving advance money without signing a contract or that it does not protect you in case of any eventuality during the process.

It is important that you check that all the data, such as information about the seller, all the details of the property, the equipment with which it will be delivered, sale price and payment method, delivery date of the property and penalties for both parties.

4. Underestimating the total cost of buying a home.

Many buyers do not budget for the costs associated with buying a home that is not included in the credit, such as the appraisal, the notarial expenses and, absurd as it may seem, the move.

Make accounts to know if you have the necessary amount to meet these expenses. It will save you from shocks in the middle of the way. Take into account that all these costs are calculated based on the property you are going to buy.

5. Pick a bad location

One of the most common mistakes is choosing a neighbourhood without thinking about how good its location is.

Check what is around, if the house or apartment you plan to buy is close to the Metro bus, what commercial services are nearby, how far is your job and if mobility is easy.

6. Not consulting the guarantees

With the excitement of buying a property, many things are overlooked. You cannot forget to ask what guarantees the developer offers (in the case of new properties), if you find any damage or if there are damages.

7. Do not solve your doubts

Do not be afraid to become annoyed with the seller, buying a house or apartment is a long-term investment commitment, so you must solve all your doubts in time.

Ask about the area, the developer, if there are problems in the electrical installation or pipes and any other concerns you have. We recommend that you write down all your questions before the visit so that you do not forget any details.

8. Don’t ask for help

If this is your first time buying a property, you probably don’t know about the legal process, warranties, and other important topics. It is best that you contact a specialist to guide you during the purchase. If you want to receive property recommendations and negotiation advice, do not hesitate to contact us! At La Haus we help you find your new home at no cost.

9. Shopping for tiredness

Finding the right home takes time. A big mistake you could make is to desperately buy a house, because you will probably decide on a place that does not suit your needs, as long as you do not continue living the emotional roller coaster that this process means. Avoid regretting it for many years.

If you get to this point, it is best to stop looking for a while, wait for the offer to renew and, during that period, think about which qualities you are looking for should be more flexible or maybe wait to save a little more.

10. Buy without advice

Buying a home involves many legal and paperwork issues. So the main recommendation is that you do not do it on your own. Emotions and lack of technical knowledge could cloud some of your decisions.

There are many home buying mistakes to pay attention to because each mistake could cost you a lot of headaches. That is why at La Haus we accompany you free of charge throughout the process of this exciting adventure that is to become an owner.

 

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