Backtracking: 8 Biggest Mistakes Most Homeowners Made in 2015
When it comes to making a decision, there will always be two results. It’s either you make the right choice, or you regret that decision. Unfortunately, not all homeowners made the right decisions in the year 2015. As a result, they can’t help but regret such a decision, seeing the results. It doesn’t matter if you want to invest in the Philippines, buying properties here and there. What matters is researching about the investment so you’d not make mistakes.
Yes, committing mistakes is possible. It’s normal. But at least, you are not making the biggest mistake of your life due to ignorance or lack of diligence on your part. Of course, you don’t want any of that, right? That is why, before anything else, you must acquire the basic knowledge about real estate investments for you to have an idea of what it is and what it is not.
If you are one of those people who are planning to invest in a property, below are some mistakes most homeowners made in 2015, which you definitely should avoid this year, 2016. These are the mistakes that would make investing easier for you because you’ve already learned about them beforehand. A preemptive measure that is.
1. Not planning at all
If you are serious in buying your first property, you also have to be serious about it in general. [Concrete plans, anyone?] What plans do you have in mind? What are the things that you want to have or happen? How will you start to achieve your investment goals? Etc. You have to think twice or even thrice on what you really want to avoid problems and headaches later on. Moreover, you have to make sure that you are 101% sure of the things you want to do. When you start your plan, there is no turning back. It’s either you waste your money, effort, and time or move forward and achieve what you desire.
2. Not setting goals in real estate
Basically, investing in a property is also an investment for your future. Properties nowadays are becoming expensive, and its value increases each year. Thus, grab the opportunity to buy a property when it presents itself. Before you do, however, make sure that your investment goals are clear to you? Why are you investing in that particular property? To live in it or have it rented out? Those things.
3. Waiting to invest in real estate properties
There is no definite time on when to buy or invest in a property. If you think that you are mentally and financially ready, then you are good for investing. However, if you still wait and wait for the right time, you won’t know when that “right time” would come. You are waiting without realizing that it is eating your interest and determination to pursue with investing. Merely waiting and expecting without any actions at all will get you to nowhere.
4. Buying a not-so-affordable house
This is one of the most dreaded mistakes. Before you choose what property you want to invest in, make sure that you can afford it. Buying a house or condo unit, for example, that is beyond your capacity to pay can put you in deep trouble financial-wise. All of us want to live in a comfortable home, right? Who would not want to? As a future homeowner, however, it is your responsibility to determine whether you have the capacity to pay or not. Build up your financial capabilities first if you cannot afford to buy one for now. Anyhow, there are available properties that are affordable enough, and these properties are also nice-looking and of high-quality. They are worth looking at.
5. Hiring the wrong contractors
Hiring a contractor is always at your disposal as a homeowner. They come handy when you need repairs and all. However, some homeowners are too trusting with the contractors that they hire only to find out in the end that the contractors cannot deliver satisfactory outcomes. Remember, just because you hire a contractor who did a good job for a friend doesn’t mean you’ll get a guaranteed outcome. Sad to say, some contractors are not experts in the said field. Some of them even ask for a higher fee without any assurances that they can do the work. Thus, before hiring and signing any contract, make sure that you know how good they are. Investigate. Check the background of the contractors of your choice. With that, you will be at ease allowing them to touch your home.
6. Rushing your décor
Rushing your interior and exterior design is a no-no. Some people said to wait until you have inspected the place. Some people even say to wait until you have actually moved into the house. Don’t feel like a second-rate homeowner if you fail to make the necessary changes before moving in. You might end up regretting the changes that you’ve made. Nonetheless, it is perfectly okay to have an overall design in mind and incorporate each design little by little. For now, it is okay if you don’t have lots of furniture at home because this still creates a warm and welcoming ambiance. Just know how to work any given space with any given furniture.
7. Trying to complete repairs without any knowledge how
Attempting to fix the damages is one of the most common mistakes homeowners do. Most of the time, the fix is attempted without basic knowledge and proper tools to go about repairing it. Even if you are one of those owners who have a tight budget, fixing any damage by yourself is still a no-no. Restoring your home minus the right tools, devices and equipment can make the matters worst. You might end up paying more than saving money, and it will only cost you more than hiring home repair services. Stop and hire a professional to repair what needs to be repaired instead.
8. Being inactive with HOA
Living in a community has its perks and perils. And, for the uninitiated homeowner, this can be a real hassle. Fundamentally, you’re obliged to pay your monthly fees and attend some meetings or gatherings. If you are one of those busy homeowners who don’t have any time for that, you might not appreciate the homeowners association (HOA) and all its effort. But like what is mentioned, there are advantages to being an active member of the HOA. The association is there to help even if you think you don’t need it as of the moment. There’ll come a time wherein the HOA can assist you with anything you might need so exert your best effort.
Investing in a property can be a little bit scary. It’s an unknown territory; you have to come prepared to deal with the nuances and intricacies. Not to mention, there are many responsibilities on your part. When you become a homeowner, there will be several rules and regulations to follow. Always remember that before you make your final decision, you have to think again and again and take precautions in everything you do to prevent jeopardizing your dreams.