5 Mistakes Condo Buyer Must Stop Doing
Buying a Taguig condo can be your worst nightmare especially if you are a first-time homebuyer. Well that is, if you are not careful enough of the condo-buying plans you make.
Unfortunately, there are a lot of homebuyers who make the wrong decisions when it comes investing in a condo. Perhaps, they were not well-informed on the things that they must do before, during and after they invest in a condo.
Wrong plan leads to a wrong decision. You might have already heard that buying a home is not that easy. There are things that you must think about twice before giving in. There are also some instances that you have to say ‘no’ to the things offered to you despite liking them the most.
I’m not here to scare you, but you must know that there are risks involved. Be reminded that buying a condo is a lifetime investment. You invest your time, finances, safety and effort just to have your own dream condo. That’s why avoiding these mistakes must be your top priority.
1) Stretching to get into a house
This is the part where most condo buyers fail to consider. They don’t know what kind of condo they can afford. They tend to be carried away by their emotions when they like a particular condo and forget that they don’t have enough budget to pay for it, not even for the down payment. And, the most common mistake they make? They borrow money, which is really not a wise idea.
The tendency when you borrow money for the down payment and other payments that buying a condo unit incurs is you already have a debt. That is, in addition to the mortgage loan that you are about to obtain. Debts pile up easily, and you had to pay for all (or most) of them on a regular basis.
Bottom-line, do not rush into deciding to buy the condo unit no. Save for the down payment first and build your savings and emergency as early as possible. Perhaps, learn to divide your monthly budget to include the savings. Better yet, if you like the condo that you have chosen yet it is beyond your capacity of paying, there are actually a lot of affordable condos for sale that you can choose from. Consider condo shopping. Through it, you might find one that is right for you.
2) Not having an emergency fund
Not all of us have a savings or an emergency fund. What more both? These are really helpful when you are short of budget and you need to pay something that requires on time payment such as monthly bills. An emergency fund is also specifically helpful when you are faced with unexpected situations.
When you have access to these, there is no need to borrow money which can possibly lead to more money problems later on. Savings can really save you from future financial issues. Hence, if you can, you better start saving now even before you buy a condo to avoid or minimize money problems.
Saving money is not that hard for as long as it is not in your hands. To avoid spending temptations, keep your money in a trusted bank. Also, choose a bank where your fund will increase as you save more.
3) Compromising on the important things
Now that you are thinking about it, make sure that the condo unit that you are about to buy is really suited for you. Again, no matter how you like something, if it is not suitable for you then, look elsewhere. Look for something that you really deserve.
Do not compromise convenience and safety. This is especially true if you are bringing your family to live in the condo. Will you choose a condo Taguig that only has 2 bedrooms when you know that you will be needing more? What about your children’s play room? Will you choose a condo that is not safe for your kids? Of course not! So, do not buy a condo that doesn’t suit your lifestyle.
One of the things that lead you to compromise is your emotion. We tend to be emotional buyers; what we like is what we like. Don’t miss the important things especially when it comes to finding the right shelter for you and your family. This is one secret of living the life that you always wanted.
4) Overlooking inspection
What you see on the pictures from the net is different from what you will see when go and inspect the condo unit personally. Also, there are things that were not included in the pictures but are also important for you to know. As a condo buyer, never rely your buying decision-making based on what you see online.
Sadly, when things got busier and you have no time to inspect the unit personally, you might be disappointed in the outcome since the condo unit is different from the one you expect it to be. This will affect your overall satisfaction with the process and with living in that unit itself.
Don’t skip the inspection. One advantage of doing it is the possibility of finding any problems about the unit and its immediate surroundings. It may be some minor damages such as a crack on the wall or in the ceiling that needs fixing. You can also suggest renovations if you don’t like the structure of your unit before moving in.
5) Not hiring a real estate agent
Searching the web which condo is the right for you is not a guarantee that you will end up with a good and satisfying outcome. I say it can be your worst nightmare because of the processes involved. One way to make this a worthwhile experience for you is to hire a professional real estate agent.
A real estate agent will help you in the entire process from choosing the right condo to the signing of the contract. The agent will guide you on the things that you need to do as a buyer. He or she will also let you understand the pros and cons if you choose that particular condo. When it comes to payments, fees and charges, they will give you an idea on what you are paying for exactly. Real estate agents will also act as a mediator since some issues may occur.
Ultimately, choose a credible real estate agent for you not to regret your decision to hire one later on.
These are the mistakes that you must avoid doing when looking for and investing on the condo of your choice. In sum, you have to be realistic about the process which is not a very easy undertaking. Again, don’t rush into making decisions especially if you are not sure of the outcome of that particular decision. Learn the process if you must. Knowledge might be your only weapon to turn this nightmare into a sweet dream.