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Common Home Buying Problems

Home buying is just as exciting as it is tiring. There are tons of things to worry about, papers to work on, stuff to look at, and people to talk to. Even when done with an agent, buying a home is primarily the work and burden of the buyer. After all, the buyer – and not the agent – ends up living in the house that they buy.

One of the keys to making the right decisions is projecting the problems that may arise from the whole home buying process and to learn from the mistakes that others made. Here are some of the common problems from home buying that you should prepare for and some tips on what to do should you face them:

  • Overpriced homes. Not a few homeowners put a price on sentimental value, thereby jacking up the prices of the homes to unbelievable levels. Like homes, condominiums are also capable of overpricing. This is acceptable, if the unit you’re keen on is at the Setia Sky Residences. Others overprice it to give themselves cushion for rabid home buyers who bargain too much. Others are just plainly unaware of the actual fair market value of your home. If this happens you have three options: one, you bargain (which you’d likely do anyway), two, you subtly but nicely suggest you get a home appraiser, or three, you walk away and look for another house sold at a much fairer price.
  • Uncooperative home owners. Some homeowners are confused. They know they need to sell the house but they are just not ready to part with it or something. The result? A seller who’s more fickle than most home buyers. They cannot decide how much to sell the house for or who to sell the house to and every offer is either too bad or too good and they end up not taking anything. The solution: don’t seem too eager. You know how bratty kids get brattier and nastier whenever you push too hard on what they want? Pull back a little bit on your offer and wait for them to come running towards you.
  • Problematic homes. There are homes with problems on mortgage and documents and the sellers want to get rid of the house and the problem to leave to the next owner. That is why it is largely important for you as home buyer to do your homework and research on the history and current status of the house with the bank. You can consult a real estate lawyer for help on legal matters.
  • Defective homes. This is where I emphasize the need for professional home inspectors. Some homeowners just would not divulge information on the current damages of the house for fear of losing thousands of bucks on the market price. And what’s worse is that some of them try to cover it up with fancy paint furniture, etc. Be wary of this and go for a thorough home inspector. Insist on a discount or have the owners cover the cost of repairs should you find significant damages.

Knowledge and preparation are keys to successfully buying a home. Be aware of these probable problems and prepare for them. Good luck on that new home, and more tips like these from Miller and Associates!

Posted on 19th August 2013 in Advice and Tips  •  Comments are off for this post

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