- #1: Hidden costs
- #2: Hidden sellers
- #3: Hidden tasks
Buying a home ought to be a milestone, an investment, and, once you’ve moved in, a celebration, right?!
How is it, then, that many home buyers end up pulling their hair out?
Unfortunately, there can be many annoyances you will face when closing the deal today on your dream property.
So, let’s avoid those unpleasant surprises and tackle the most annoying things about buying a home:
#1: Hidden costs
You’ve now truly fallen in love with the new place; you’ve worked out that you can afford it if you make some lifestyle cuts, and, you’ve overcome the massive hurdle of paying the initial deposit!
But you’re still not in the clear yet! You still have the bond registration fees, prepaid electricity deposits, moving costs, and a few other bills to pay.
And then you find out that the kitchen counters are worse off than you realised and will need urgent replacement!
Now you’ve definitely exceeded your forecasted budget for that period!
Yes, the cost of buying a home is definitely more than the asking price.
Sadly, you more than likely didn’t figure this one out until it’s too late and those costs have been snowballing!
So, what’s the solution to avoid getting stuck in that money-sucking vortex?
- Don’t purchase a house using your entire (loan) budget, which pretty much leaves you no margin for nasty surprises;
- Do some rough forecasting beforehand how much it’ll likely cost to do some initial upgrades to the house;
- Don’t be afraid to ask questions of your bank, real estate agent or bond originator: that’s what your team is there for!
#2: Hidden sellers
Can you believe it: that one particular home you’ve been looking at online checks all the boxes for you!
Next up will be a visit in person, but in the immortal words of Little Richard, “You keep a knockin’ but you can’t come in.”
The house is like a fortress and the owners are nowhere to be seen!?
Access issues like this can drive home buyers nuts! After all, are these sellers serious about selling their house or not?!
Equally frustrating is when the sellers don’t communicate with the buyers: the buyers place an offer but don’t get a single response.
Are the sellers playing hard-to-get?
The potential solution here might be to work with a good real estate agent who can facilitate viewing times and communication, which will allow you to carry on with your life while they assist with keeping negotiations moving along.
#3: Hidden tasks
Paperwork, packing up, and moving were all big enough tasks on their own!
So, leaving more (unnecessary) work for the buyers when they take occupation of the new home can drive them over the edge.
Unfortunately, this sounds all too familiar to many of us, no?
This could be in the form of leftover “presents” such as stacks of empty crates piled up in the back of the garage, empty paint cans or other trash.
Or, it could be that the new homeowner is tasked to replace essentials in the house. Essentials, such as toilet roll holders, curtain rails, or heck, even all the light bulbs throughout the house.
Sadly, this last example is all too common! Did the seller seriously feel the need to take all his bulbs with him?
So, what would be a solution for this one?
- Make sure to discuss the above with the moving company ahead of time, so if/when the time comes, they can help you to remove unwanted goods off to the dump for a small extra fee.
- As for missing essentials, keep your eyes open during your final walk-through before you move in, so you can deal with it proactively.
From the points above, you can see that annoyance and disappointment often boil down to results that fail to live up to one’s expectations.
In other words, as a buyer: forewarned is forearmed!
It doesn’t have to be a difficult process if you remain prepared and positive.
And while we’re on the topic, if you happen to be a seller reading this, in the end, you want a good price for your property, so why not help your buyers who are paying your desired price level, by repaying them with a hassle-free sale by properly preparing your house for sale!?