EMOTIONAL mistakes are common among house buyers, who often end up buying a property that is far from being their “dream home”.
House buyers need to do more than just listen to developers’ talk so as to make sure they are investing smartly rather than making a purchase that is emotionally driven, says Chris Tan, ho runs Chur Associates, a legal service firm.
“Purchasing a house is a big move as it also involves buying furniture and appliances. The prices can vary enormously and a lot of money may be involved. Invest wisely. Read up a lot and do your own research. You won’t go wrong,” said Tan.
Tan lists five common mistakes house buyers make:
FAILING TO INVEST ON THEMSELVES
Most house buyers fail to invest on knowledge and information. They buy based on what the developer shows them without doing their own research first.
THE BANDWAGON AND HERD MENTALITY
This is when a buyer follows another buyer without knowing much about the property or understanding the reason why that person is buying it. Purchasers in this category make decisions based on what others do rather than knowing what they really want or why they are doing it.
Some house buyers expect too much before making a buy decision. Instead of knowing what they want, they are more concerned about how much they can make when they sell the property in five years or less. More often than not they end up not owning a property because of their high expectations.
NOT SEEKING PROFESSIONAL HELP
You are not a professional in everything you do. In the interest of saving costs, house buyers forget how professionals can help them make a sound investment.
FAILURE TO TAKE ACTION
Most house buyers spend more time thinking about property investment rather than actually doing it. Property investment is a long-term play. House buyers have to play the game wisely and learn to have a better understanding on what real estate investment is all about. They should take action by starting with what they can afford.