Owning a home has become one of the mainstays of the ideal
adult life in America. Along with
marriage, wealth and happiness for yourself and those in your social
circles. Homeownership is a primary
symbol of accomplishment. It displays you
have achieved many of the necessary requirements to meet those illustrious qualifications. However inexperienced buyers can face
hardships and exploitation in a seller’s market where greed can become a
cunning offense ending in a bad contract for the new owner. This can involve the overall cost of the
home, the land it is housed on, the area they will reside in and the structure
of the building. Real estate developers
have the advantage as they can also decide the price of a listing. The majority of merchants are very honest in
dealing with the public at this.
However, some situations can lend itself to gross inflation in pursuit
of additional profit. It does not really
matter if the property is in high demand or if one party is assured to make the
purchase. The bottom line is usually the
finalized deal and not the process that led to it. Houses have been built on unstable land where
damage to the property and injury to the residents have occurred. A portion of these events are caused by
natural disasters or unforeseen events which are not included in the insurance
policy. Again there are good retailers
and lenders who will mention this information up front establishing the pros and
cons. There are others who will never
discuss it leaving an entire life’s work up in the air to chance. The area can also be confusing to new
occupants looking for a place to dwell. Getting
a genuine feel and sense of the surrounding area is something many homeowners do when acquiring their humble abode. Some
try to gather data on that prior to making an informed decision. While many more will take the realtor’s word
as gospel without doing their own due diligence.
If I would suggest any advice it would be for potential home
buyers to take time to learn about this topic.
Do your own research before agreeing to the final purchase. You can enter the discussion with all the
questions you want to ask or ready to have a tasteful dialog where you can
stand on your own. Education is an
incipient factor to any inchoate operation one will indulge themselves in. Learning about a subject can reveal new
information and modify your preferences or lead you to be further entrenched in
your position. Use your time studying to
know what you like and what else may be available. Understand why there are so many options and
what factors play directly into the pricing.
Psychologically, there is a big difference between what you can afford
and maybe what you should continue to save for.
You may have heard of the story of the three little pigs where each
built different houses for their own reasons.
Once they encounter danger, only one house was found to be helpful. Rash decisions can have severe ramifications
later that if patience was used would be avoided. Actually gaining information about land, the
surrounding area, building specifications, interest rates and mortgages can
give some leverage to negotiate with a realtor.
Now you might not want to bicker about what is discussed but you should
be able to make correction or insert suggestion as part of a deal. This can also enlighten about how someone may
try to cut corners and get over in some way.
Proper preparation will lead to favorable results the majority of the
time in most situations. People can
offer misinformation but you are ultimately responsible for signing your name
on any agreement. At the end of the day,
we have to own all of our failures, successes, mistakes and achievements we
create or encounter from the ground up.
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