When it’s not their concern, people like to give advice.
Everyone suddenly becomes an expert in the matter and they give the suggestions to the friends like it is to the best of their interests. Sometimes, the guidance work but most of the times, it backfires. Every living being on this planet and beyond is entitled to have opinions but that does not mean these opinions are to be followed. While buying a house, the buyer is in the most vulnerable situation. He saves money all his life and spends sleepless nights to buy his own roof. At this point of time, he is open to some counselling and can easily be misguided.
When he realises the fact, it becomes too late. Either he has bought the ‘not-so-perfect’ houses or lost his ‘house of dreams’ to someone else. Some people learn the lesson the hard way while some gather the right wisdom and proceed. Read this article to know what kind of advice needs to be avoided while buying the own house.
1. “The prices are going to go down soon, buy later”
If this is not the right time to buy a house, there would never be. Many people are under the impression that the real estate prices are fluctuating and hence, waiting for the golden opportunity is wise. The truth is poles apart. It is not possible to know what the future may be carrying but the right thing to do at the moment is to proceed if the financials are in the order. Buying a house is both an emotional and financial decision. If one is clear on both the parts, he should buy his house without hoping for the prices to go down.
2. “Real estate agents or home inspectors are the extravagances”
When one person is ready to sell and another is ready to buy, who needs a broker? The advice-givers think by removing the broker from the equation, one can save the money to be given as fees. They think that buying a house is an easy task and the buyer can handle the negotiations without a broker. The same goes for the home inspector. They think that while the person is buying the house, he should be the one inspecting it too.
Now the truth is; both the brokers and the home inspectors are the experts and they know their jobs well. Hiring them can never be a bad decision. A broker can tell the real situation of the real estate market and set the expectations of the buyer right. He can help in the right bidding and be an integral part of the negotiations to get the house on the buyer’s terms. A home inspector can reveal the truths about the bones of the house. It can be used to negotiate the price or to move on if the house is beyond saving.
3. “Offer the least, have a space for the negotiations”
This advice is not only wrong, it is demeaning to the seller too. Offering the shells to the seller to buy the house is not a justifiable and honourable thing to do. Negotiations are going to happen, the seller wants to sell for the maximum profits and the buyer would want the house for the least amount possible. That does not mean the initial offer has to be so less that it appears an insult to the seller. It is better to get the real insights about the niche and the market prices of the house. The seller knows what the house is worth and it is better to offer him an appropriate price for the house in the first place.
4. “Buy it if it’s cheap. Renovate later”
Every house needs a renovation according to the taste of the buyer but buying a house with this intention is not right. When after buying the house bank balance decreases, many buyers do not go ahead with the renovations and try to adjust in the house. Never buy an average house thinking of remodelling it afterwards. Nowadays many builders are providing full furnished houses with all the modern amenities. These houses sell fast because the buyer does not have to make modifications after buying. Do not leave anything to ‘later’; buy what seems right now.
5. “Get your hands on the cheapest house”
Cheap is not necessarily the best choice. Buying a house is once in a lifetime affair for many people and being over-possessed with money, this time, is a big mistake. One should buy the house which is comfortable and safe at the same time. It should be a place which the owner can be proud of. The good houses are never available on the cheap prices unless there is a story behind. Buy a house which is affordable and not cheap.
Many people actually believe the advice and act upon them. Some people even think these are the facts of the real estate industry but now they know better. Buy your happy place listening to your heart and mind and not other people (unless they are actually the experts).