Pitfalls to avoid when buying a property.
When buying a new property, it’s important to take a methodical approach to avoid common pitfalls that can prove to be very costly. Here are 9 of the most common pitfalls buyers may face:
- Buying Blindly: To avoid overbidding or missing out on a profitable investment opportunity, it’s important to know what comparable values are being sold in the market.
- Buying the wrong property: It’s crucial to clearly define your needs and desires before you start your property search. Establish a written list of criteria to evaluate each property you have visited.
- Legal Issues: Make sure the property is the seller’s property, free of any mortgage or legal ties, and a full title search will be done.
- Incorrect designation: request an up-to-date certificate of location to ensure that the property boundaries are correctly described.
- Undisclosed repairs: The seller is unlikely to provide an exhaustive list of necessary repairs, so it is important to do a thorough inspection of the property.
- Insufficient budget for additional costs: plan an additional budget for costs related to the purchase of a property, such as notary fees, moving costs, welcome tax etc.
- Lack of flexibility in negotiation: Be flexible and ready to negotiate to get the best possible price for your dream property.
- Ignore open questions: Deal with all open questions before closing the sale to avoid unpleasant surprises in the future. Ask all the necessary questions and get help from your broker to have all the right answers to all your questions and that each point is double checked.
- Insurance negligence: make sure you have home insurance to cover the risks associated with your new property.
By avoiding these common pitfalls, you’ll be able to make a smart investment and your dream property will be yours. Contact me to be sure that the property you wish to acquire is the right one for YOU.