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Thinking of buying a new house? Bet you’re excited about the prospect of going around looking at a lot of houses and being able to take your pick from them. After all it’s not everyday that one goes shopping for a new house and it’s understandable to feel excitement. The problem arises when people take decision based on their gut feeling and not with a logical state of mind. Buying a house simply for it’s bells and whistles than one that meets our needs is a common mistake many people make and unsurprisingly one that comes to haunt them in the future. So if you’re looking to buy a new house you need to keep in mind the single biggest mistake that home buyers make, that you should stay wary of.

Stay within your budget

Before you even set out to contact a real estate agent, you must chalk out your requirements. DO you need a 4-bedroom house or will a single bedroom apartment do? Unless you know what you want, how can you go hunting for it? Depending on this requirement you can chalk out a rough budget for it. An estimation of this can easily be procured by surfing the Internet and looking at some listings in the area that you are interested in buying. Your total estimate should not only include the cost of the house but also of any other miscellaneous expenses that you might have to incur after completing the sale. For example, you will likely pay a percentage of the final purchase price as stamp duty. Then there are fees attached to procuring the mortgage (like mortgage arrangement fee, valuation fee and other legal fees) that you will have to incur.

Even when you have officially bought the house there still might be repairs and maintenance that you might end up paying for before you are all set to move in. Once you are moved in there will be the yearly house tax and the cost of joining the local homeowner’s association that you will pay every year.  A lot of people take only the sale price of a house in consideration when it comes to assessing their budget and as you can tell by now, that is highly wrong. Owning a house is just a start and expenses can easily build up to humongous if you are not careful. Consulting a good real estate agent will help you get a clear picture of what your budget should be and what you can expect in that region.

Once you have this budget set, it’s highly unadvisable to go beyond it simply coz you have your heart set on a house. This is a sure fire way to foreclosure as failure to make mortgage payments or paying taxes can lead to imminent trouble. As mentioned earlier, always consult a good real estate agent to plan this process adequately. If you’re looking for a good real estate agent in Rockmansworth, click here. []

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The Biggest Mistake We Make While Buying A House