The more property experience you possess, the less likely you are to make real estate mistakes. However, most home buyers walk away from the buying experience with regret on some level, either financially or emotionally, from their choices. Buyer’s remorse is an all too familiar feeling, and in this article, we share with you the four most common pitfalls home buyers make, and why these mistakes can leave you substantially out of pocket in a problem riddled home.
1. Assuming new means ‘problem-free’
Brand-new constructions and modern built homes rarely come under suspicion for common building issues, and most home buyers tend to overlook the need to inspect newly built properties before purchase thoroughly. This assumption is incredibly misleading, as brand-new properties aren’t immune from structural issues, pest and termite problems, and subflooring defects.
2. Not completing a pre-auction or purchase inspection
A little known service valuable to bidders is a pre-auction inspection, in which the house is professionally evaluated for internal and external faults. Most homebuyers neglect this step; however, the valuable information this report provides a buyer helps curtail overbidding or purchasing a property that requires renovations outside of the budget.
Much like a pre-auction inspection, a pre-purchase inspection addresses the issues unseen by the naked eye. This report identifies areas that are going to cost you significantly to repair, especially concerns that stop you from living safely in the home, such as faulty wiring, for example. Discovering these issues after you move in can feel heartbreaking, and leave you with emotional and financial stress during what should be a happy time.
3. Failing to address issues raised in the inspection
While some home buyers wisely invest in a pre-purchase or auction inspection, they find themselves tripped up by ignoring the information provided, and failing to action the critical issues raised. Though budgeting is the factor that restricts most people from taking immediate action, it’s essential to invest attention to the urgent, unsafe defects of the home, as these issues can spiral out of control quickly, costing you more in the long term.
4. Forgetting to consult the professionals
The real estate market is one of the most diverse and changing landscapes, with property pricing and demands continually evolving. Most homebuyers make broad assumptions about the market, relying on data and trends from years past. To prevent yourself from falling into the assumption trap, you’re wise to invest time with an experienced property agent, one who can familiarise you with up to date trends, changes in property regulations, and how the auction experience has changed. With this insider access, agents may reward you with sneak peeks at properties not openly on the market, or that are strictly for private sale.