You have found your dream house. And now you want it as quickly as possible. But be careful. Do not get into these pitfalls.
Don’t look often enough
You come in and you know it, this house is it. Only, with a first viewing you are guaranteed to overlook things. A first viewing does not give you a complete picture. In order not to rush buy it is good to do a 2nd (and if you get the chance) even 3rd or 4th viewing. In the current market there is not always time for that. Then make sure you keep your head cool. Take someone with a critical eye. That can be a buying agent, but also a friend or family member.
Let go of your requirements
When you start your house hunt, you make a list of requirements. Your new home may not meet the entire list, but think carefully before you drop too many requirements. Always compare the house you fell in love with critically with the list of requirements that you made in the beginning.
Look carefully again to see if the house is suitable for the things you want to do every day. Not only now, but also in the coming years. With the tips for first-time home buyers you can find the perfect options available for the same now.
No structural inspection
A structural inspection takes time and money and often makes the seller impatient. Yet it is important to know the condition of a house before you finally buy it. Also investigate the legal status: for example, the zoning plan or easements such as the right of way. The law states that you as a buyer must do your best to investigate a house for defects (the ‘obligation to investigate’).
Have a structural inspection included in the resolutive conditions of your purchase contract.
Sharp negotiation can save you thousands of euros, but it is a trade in itself. Also read: Bid on a house in an overheated market
If you are not a race negotiator, get help from a buying broker.
Talk to the mortgage advisor too late
Before you bid on a house, you need good, personal mortgage advice. If you start negotiating without certainty about your maximum mortgage, you have the chance that it will not take place at the last minute.
Involve your mortgage adviser on your house hunt on time.
Don’t pay attention to the location
The house may be beautiful, but have you also paid attention to the surroundings? The atmosphere in your neighborhood, parking and the accessibility of work, shops, schools and other daily things are important for your enjoyment of living. You can also overlook things in your enthusiasm that will cause inconvenience.
Explore the neighborhood at different times of the day and search for information about the neighborhood online.
Forgotten legal checks
It seems simple. The seller has a house and sells it to you. Then it’s yours. This is usually the case, but it can be more complicated, for example after a divorce or when you buy a house from an inheritance. It may also be that there are still legal cases that go over the house or about things in the immediate vicinity.
Be critical and keep asking. The seller has a duty to inform you about these things.
No resolute conditions
Resolute conditions ensure that you can get rid of the purchase if unexpected things happen. A ‘reservation of financing’ in the provisional purchase contract can protect you if you cannot get a mortgage. With a reservation for the structural inspection you can negotiate again if there is a lot of overdue maintenance. Some sellers prefer not to have these conditions in the purchase contract. Don’t give in too quickly. You can run large risks without resolute conditions.