Wednesday, July 12, 2017

Here’s Why You’ll Regret Buying That Home on Your Mind

Do you believe in love at first sight? Well, when you’re talking about homes it’s actually more likely than you think to fall in love with a home. The reason is that you instinctively should know what you want. You should know how many bedrooms you need, the interior design aesthetic, parking spaces, the local amenities and so on. However, we usually dwell on small details far too much and as a result, we’ll end up regretting our purchase because it wasn’t perfect, or our dream home slips away from us because we spent far too long thinking about buying it and not actually buying it.

If you’re still thinking about a home, then it’s probably not good enough. Let’s face it, unless you’re still considering which home to buy because you have several choices, then chances are you’re probably not satisfied with the home that’s on your mind. Here are some of the top reasons why you’re going to regret purchasing that home on your mind no matter how long you take to think about it.


You don’t know enough about the community

Unless you’ve had regular meetings with the locals, there’s a chance that you simply won’t fit in with everyone. This is nothing to be ashamed of. Perhaps you simply don’t know the people very well, or maybe their views are just different to yours because this new property is so far away from where you used to live and you were brought up differently to them. Before you invest in a home, make sure you actually like the community and the area before making a decision. You should look at everything from weather conditions, to people, to places to eat, and even internet speeds if you operate your own business. All of these considerations are incredibly important, so don’t take it lightly! You don’t want to fall into a position of loving your home but hating the community around you.

The house is cheap

So perhaps you’re browsing for homes and suddenly this extremely beautiful looking house appears. It’s being marked down and you’re going to save a lot of money buying it. It offers more bedrooms, space and a larger garden for the same price of the previous property you looked at. So you jump on the opportunity, you arrange for a meeting with the real estate agent and you’re content with what you see. As a result, you put down your deposit and lock yourself into a 25-year-long mortgage. Sadly, after about a week or two of living in the house, it starts to show its true colours. The structure is falling apart, it’s infested with rodents and the neighbours are horrible. If the house is too cheap to be true, then you might be buying yourself into a trap that you can’t get out of. Although real estate agents are meant to tell you everything, they’re only obliged to not tell you lies. If you don’t ask sufficient questions about the property and the area around it, then you’re not going to know enough about the property to make it a worthwhile purchase. Make sure you take everything into consideration and ask yourself why the house is so cheap.


It requires too much work

To add on to the previous comment, make sure that your house doesn’t require too much DIY work or extra contractors. For instance, if your garden doesn’t look quite right and you’d like to install a gable roof patio to complete the look, then consider the costs of it and how much it will add to your final price. These are considered hidden costs because far too many budding homeowners don’t calculate how much it will cost to repair or renovate a home. If you’re going to get a cheaper house that requires a lot of external work, then count up how much it will cost and ask yourself if it’s worth the added effort instead of just looking at a different home. If you think it’s worth the effort because there are no other choices then go for it, but you might be overestimating how much work you can put in to turn a basic house into your dream property.

Financial stability

Let’s face it, not everyone has the money to straight up purchase a home, which is why many of us lock ourselves into extremely long mortgages. Depending on the length of this mortgage, you might end up staying with your current home for around 25 or more years. It might be possible to pay your mortgage back sooner, but keep in mind that you’re going to need a stable income if you want to pay it off. If you don’t see yourself working for the next decade (at least) then you might want to hold off getting your own place. Unless you have several sources of income (or one very big source) you shouldn’t jump head-first into a mortgage unless you’re financially stable and have job security. There’s nothing worse than putting a deposit down and buying a house, only to lose your job due to unfortunate circumstances a couple of weeks later.

A dream house doesn’t exist

You’re always going to find problems in your home. If you think you’ve got the “dream” house ready and waiting for you to purchase, then stop dreaming. There is no such thing as a dream house and your likes and dislikes are going to constantly change. You might fall in love with the decor for now, but later in life, you might come to dislike it because it’s prone to fading and stains. Perhaps you love the fact you have a small garden, but once you have children they might want to play around in the garden and be unable to because it’s too small or because they constantly damage your exotic plants and flowers. In short, get rid of the notion that there’s such thing as a dream house. Learn to cope with your home and learn how to renovate it so that it fits your needs.

xxo
Kim

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