Paying a ton of bank interest isn’t the scariest thing
Buy a house whether to live or investment These are all important milestones for everyone. Because, to buy real estate for yourself, the amount of money to spend is not small at all. However, with excitement and subjectivity when buy house, many people did not think carefully, but rushed to make money. As a result, not only lose money but also incur debt, sometimes have to sell the newly bought house quickly to “cut losses”.
Here are 6 easy mistakes to make when buying a home for the first time that everyone should know.
1. Choose the wrong location
When pouring money into real estate, location is always the most important thing. Even if the house you are planning to buy has a beautiful structure, luxurious interior and utilities, but it is in a bad location, inconvenient traffic, complicated population, it is best to consider carefully. Because, you can change all properties of the house, except its location. Choosing the wrong house not only makes you uncomfortable in your daily life, but it is also very difficult to sell it later.
2. The house is too old
To save money, many people often choose to buy old houses a little bit with the thought “It’s okay to live in, the rest is to be repaired slowly later”. However, not every old house is worth the money to buy, especially for those whose age is too old, it is difficult to repair and refurbish. Think about it, do you want to live in a house with clogged drains all day but don’t know where the drain is located to fix it? Or a house that is too small, weak walls often peel off and cannot be expanded or reinforced?
3. Buy a house according to your feelings
Usually, everyone will plan and budget when they want to buy a house. But first-time homebuyers are susceptible to the feeling of financial victory, the budget is limited, but they still buy an expensive house just because they like it, find the comfort and voltage stable and think they will make money back from it soon. . This makes them easy to fall into excessive borrowing, even if they buy a house, they also live in anxiety about money, debt but regret it too late, only the country needs to sell the house to pay the debt.
4. Borrowing too much
Along with the increasing demand for real estate of the people, many banks or investors agree to sell houses in installments with an advance payment of only 20% – 30% of the house value.
However, if you want to buy a house, you should prepare at least 70% of the house’s value to not fall into the “debt trap”. The loan amount to buy a house should only be less than 30% of the house value, borrowing more than 50% will make you very pressured, even unable to pay if your job or career has problems leading to the loss of the entire house. mine.
5. Do not survey the market, update news
Many people think that they only buy houses to live in, why not update news about prices, taxes or real estate trends. However, this is a common mistake that you may regret later.
Updating real estate news helps you understand house prices in the area, profit rates over time as well as not falling into price traps, virtual land fever of storks. And yet, real estate news also helps you have a more objective view to choose the right type of real estate to suit your needs. Otherwise, you will be easily confused in the maze of houses, apartments, villas, country houses, central houses…
6. Do not double-check the house first
There are many houses that look very new at first glance, but the quality is not necessarily good. Judging the house only by its appearance, buying it in a hurry without a thorough inspection can easily make buyers pay a heavy price when moving in. Which is the beautiful floor but poor quality that is easy to reverse, quickly damaged, the wall is absorbent for a long time peeling, rotting, the bathroom is not well drained … these are all damages that cost a lot of money. to repair or fix.
To avoid losing money unjustly, it is best not to be “tricked” by the appearance of the house, check it yourself or ask an experienced person to check the roof, walls, drainage system…
Photo: Synthesis
at Blogtuan.info – Source: Kenh14.Vn – Read the original article here
