Buying a home of your own is every man's dream and when you have enough resources to embark on a purchase; there might be many unscrupulous elements who might try to take advantage of your condition and dupe you to make a fast buck. While it is important to be careful, it is also important that you take advice of professional who are reputed and have accreditations or authorizations to conduct business in a specific sphere of the real estate sector.
A common pitfall that you might do well to avoid is to take the route of cheap brokers. More often, some brokers who charge you much lesser brokerage than the actual market rate are not authorized or licensed to conduct the business. They can land you in trouble by trying to sell you properties that have litigations or debt attached to them. They might have ulterior motives behinds such a sale and try to take advantage of your ignorance, especially if you are first time buyer. Another mistake that often happens is the belief that banks shall always be truthful and shall not sell you anything that is sub standard. In case of short sales, banks are least concerned about the condition of the property, and are only worried about the price that is being offered by the buyer. Hence, it is advisable that whether you are buying a short sale property or otherwise, always inspect the house carefully, engaging inspectors, so that you know what lies beneath.
Choosing price over location is another mistake that often happens. While budget is an important factor to be considered, and infact the most important factor, location of the property also plays an important role in ensuring that you get the best out of your property, whether you stay in it or use it as a rental property. Always, if possible choose locations that can get you good tenants easily as well as locations that have developmental chances in future, so that your property appreciates. As far as budget is concerned, the critical aspect that comes into play is the factor regarding the mortgage loan. If you intend to avail of a loan, it is good that you do your homework well in advance. This would include finding out your approval amount, the monthly installments that would be needed to finance the loan, the tenure and the closing and other costs. You need to ensure that you are ready with these payments and equipped well enough to handle future payments, and also arrange for funds to take care of the initial down payment. You can even get a pre-approval in place, so that once you shortlist the property, the rest of the documentation is smoothly carried out.
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