Are you a home owner? Are you looking to buy a home? Many Jamaicans have the dream to own their own home. The headaches of paying rent and being in an unstable position is one in which they would like to leave for the stability of home ownership.
Unfortunately, many people make bad decisions and end up with properties that they don’t want or can’t afford to maintain. What should consumers be cautious about when buying property?
Well here are a few common errors and why they should be avoided.
- Not getting pre-approved or pre-qualified by a bank or lending institution. (Sellers and their agents are often skeptical of a prospective buyer’s ability to obtain a mortgage loan when the buyer has not been pre-qualified.)
- Not getting an agent. (Okay I know sometimes you think you can find the perfect home on your own but sometimes the realtor can negotiate a deal.)
- Rushing the purchase. (Take time to ensure that you are getting the best deal.)
- Not doing your homework. (Take time to research what the listings in the area usually cost so that you know you are not overpaying for the property.)
- Not inspecting the property thoroughly. (This goes without saying that if the property has any damage the buyer will be stuck with the bill.)
- Not looking in certain areas. (Sometimes we have on blinders and don’t want to consider other options. Whereas the commute is to be considered what about considering cheaper options out of town)
- Not shopping around for the best loan offer. (Check your options carefully and make sure the institution you borrow really has the best rate.)
- Not checking out the neighbours. (Your quality of life in your home extends to the surrounding community so investigate what you will have to face in your new community).
- Not checking out restrictions. (Depending on the type of property you buy you may have several restrictions such as fencing, parking and even occupancy limits.)
- Not networking. (Let others know you are house hunting they just might know the perfect house.)
How do you hunt for houses? Let me hear from you!
Tags: house, real estate
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