Common Mistakes Of Property Valuation

Spark Homes

First-time house buyers need to work a little harder to get the house of their dreams. It takes extensive research and expert advice to get it right. Besides preparing a budget it is essential to consider several other factors as well. It may be a good idea to seek help from professionals as well. Property value depends a great deal on the location and several other factors hence it is not the same for all.

Thus one of the biggest factors to consider is property valuation in Brisbane. First-time buyers tend to make several mistakes while buying a property; this article explains the common mistakes made.

Common Mistakes

  • Emotional Decision: First time home buyers tend to get carried away with houses they see and make a rushed decision without considering all the necessary factors like if it meets all their requirements, location and necessary amenities around. It is best to control your excitement when inspecting a fabulous house. It is a good idea to consult friends and family members prior to making the final decision.
  • Over budget: It is common practice to prepare a budget prior to setting out to buy a property; some may even consider keeping a buffer amount. First-time buyers tend to overshoot their budget very often. The main reason is the mistake of considering buying properties that are beyond their budget and in turn making the wrong decision.

 

  • Failure to consider all expenses: Many people make the mistake of not considering other costs involved when buying a house. They may be aware of common costs like cost of the house, legal assistance or help from a real estate agent; but not be aware of other costs involved in buying the house. This is a common mistake that every first home buyer should be aware of.

 

  • Skipping house valuation: Property valuation is very important and is something one should not skip. First-time buyers often over the process of valuation which is necessary to assess the property value. There are several factors that a property valuator will consider; this includes state of the foundation, need for repairs, an infestation of pests, location of the property and many other factors. Failure to get a property evaluated is a big mistake that many first time home buyers tend to make.

 

  • Not considering the future aspect: One of the other important factors several buyers fail to consider is the future of their property. This can be about the future changes to the neighbourhood, road or bridge development, any undeveloped land in the area, the value of homes nearby, etc. It is important to consider the usage of the house in the present time and several years down the line as well prior to making the decision.

 

  • Not consulting a Real Estate Agent: A real estate agent can help with many important tasks from providing expert advice, saving valuable time, uncomplicating matters, negotiating with the seller, getting a better price, handling the transaction efficiently along with the documentation and paperwork necessary.

 

Thus, there are many mistakes made by first-time buyers when selecting a property as already mentioned in this article. One of the worst mistakes is failure to arrange for house valuation in Brisbane prior to purchase. It is important to be aware of several important details about a residential property prior to making a decision. The valuation includes checking the age of the property, type, location, and true worth of the land. The valuator spends time researching a property and surrounding areas; as well make a comparison with other similar houses in the neighbourhood.

 

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