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Ten mistakes to avoid in buying your home.
1. Never buy the first home on the first 'look'. It is important that you look at several homes before making the big decision. This will enable you to make a decision based on more criteria. There is no perfect house.
2. Choosing the right mortgage. There are many alternatives to the 25-year loan so get all the details from the agent you deal with. Choose the one which best suits your needs. Take time and don’t rush this area. Finding a good broker could save you lots of money.
3. Failure to increase insurance coverage on the home you have purchased. As it increases in value, your old policy may not adequately protect your investment. It is important that all insurances needs are checked yearly.
4. Looking at homes that are way past your price range. You need to agree on a price range that takes into consideration how large a payment you can afford. This will prevent delay in your choosing. Review your figures and don't forget to account for other home costs.
5. Buying a home that won't sell several years later. Many first time home buyers are taken up in the euphoria of the moment. Carefully consider all the aspects of your selection. (Future roads, noisy aspect, dump etc) Enlist the help of a family or friend in providing a neutral opinion. Purchasing a house can be an emotional decision that clouds good judgement.
6. Buying the wrong sized home. Consider all the changes that could happen in your family or lifestyle in the future. The general rule is that you lose around $10 000 when you buy and sell. So check out all your potential needs to ensure you have the right home in mind. You may find that you choose a different house altogether.
7. Buying a house in an unfamiliar area. Check out the area schools & zoning. Be careful of undeveloped or new areas. Check out the agreements that could be in place - body corporate etc.
8. Poor planning. If you are renting then check the early release clause. Often there are financial penalties for leaving early. Success comes when opportunity and preparedness meet. Prepare well.
9. Take all the time you need to make a sound home buying decision, but don't be afraid of the new home purchase.10. Failure to have the property assessed by licensed building and pest inspectors. This simple process of having your home inspected could save you lots of heartache but also money. It is imperative that you have someone check out your property for you.
1. Be aware of the problem of having gardens close to the walls of the house. Watering these gardens can cause structural problems with the foundations. They can also encourage white ants to your home by providing food and water so adequately.
2. Incorrect drainage can be an expensive area to fix. Check the drainage around the home, particularly if the outside ground is higher than or equal to the internal floor level.
3. Make sure that if gardens are close to the house that they do not cover the vents on the outside of the house. This can lead to internal mildew attack.
4. Be aware of large trees whose trunks are approximately less than two metres from the house. Tree roots can often cause cracking of walls and driveways.
5. Look for evidence of rising damp to the external and sub floor brickwork areas. Check also for mildew growth at the base of the brickwork on external walls and also for flaking or bubbling paint.
6. Guttering and downpipes should always be connected. If not, then severe cracking and wet spots can be caused within the house.
7. Check for dampness inside the home by looking for black spots on walls and ceilings. Rotting carpet near skirting boards can be a tell tale sign. Water problems are most commonly seen in the kitchen, bathroom and laundry areas.
8. Freshly painted walls can be covering something up so keep your eyes open.
9. Checking that windows and doors close properly can reveal whether there has been structural movement in the home. Cracks around cornices can reveal movement in a home.
10. Structural movement can been seen outside in the signs of cracking of the external walls. Large cracks following the course of the brickwork are serious and may indicate that the problem will have to be solved by underpinning or extra walls.
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