Top 8 Mistakes Made When Using the Internet While Buying a Home
Most homeowners go through the process of searching for a home. A Study shows that 90% of homebuyers in the US searched online to find a new home.
If you are planning to buy a home on the internet, there are numerous issues you need to consider especially if you are a first home buyer. By avoiding the following 8 mistakes, home buyers can greatly improve their chances of closing a successful home buying deal without risking their money.
1. Hiring an Agent through an Internet Inquiry
An important step for buying a home is to hire a top agent. However, when buyers are interested in finding one online, they often end up hiring one without an interview. This can be a fatal mistake for many homebuyers. Sometimes, buyers hire an agent only because he has contacted them through an internet inquiry. In simple words, this is one of the worst mistakes you can make for buying a home using the internet.
2. Considering Internet Home Value Estimates
Another important decision a home buyer has to take revolves around the price he is likely to offer for a house. There are dozens of online real estate forums that offer home value estimates, but not all of them are accurate. Therefore, it is important that buyers should find a way to figure the right market value of a house. Depending on their budget, buyers can ask a reliable agent to help them with home valuation estimates. A buyer’s agent can conduct a comparative market analysis before buying a property. This is a method a buyer’s agent usually uses for evaluating a specific property.
3. Shopping For Homes on Fake Websites
The internet is a wonderful place to shop. Since there are hundreds of websites that attract buyers with tempting pictures and descriptions, it is important for buyers to do some research to find if the pictures are real or not. Moreover, you must always inspect a property to confirm all details, which are mentioned in the ad.
Sometimes, there are fake and bogus online websites that vanish after registering users in exchange for a small fee. It’s not unusual for authentic real estate agents to come across home buyers who want to find out about a property that has already been sold. "Browse only authentic and relevant websites that are often set up by top agents to save time and avoid disappointment," says Euchar, director at Karkanja. This will help homebuyers to do their home search accurately.
4. Estimates through Internet Mortgage Calculators
Many home buyers make the mistake of calculating estimates through mortgage calculators to know how much their monthly payments would be. While it is a handy option, don’t use them as the only reliable option for calculating mortgages. Remember that interest rates fluctuate and if you opt for a variable interest rate mortgage, your monthly payment may go up or down, depending on the current interest rate.
5. Borrow A Loan through an Internet Based Lender
Don’t give into larger than life offers that promise to get your mortgages approved in less than 5 minutes. Many internet based mortgage lenders can turn out to be fraudulent, robbing you of your precious funds. Sometimes, using a local mortgage lender can be better than trusting an online lending source. They can also help you choose the best type of mortgage that suits your financial situation.
6. Not Utilizing the Agent
The agent you are dealing with is working for the seller. A selling agent rarely works in the interests of both the buyer and the seller. He is legally and morally obliged to serve in the interest of the selling party. Wise home buyers often engage a buyer’s agent to represent personal interests.
7. Going Solo
A home buyer who wants to do it all by himself without an agent through the internet can end up signing a legal agreement that does little to protect him. You need a professional agent to do all the paperwork for closing a fool-proof home buying deal.
8. Impulse Buying
Home buyers who are in a hurry can be guilty of making an impulsive purchase. Home buyers that are fed up of browsing homes and want an accommodation immediately can sign up for a house that is not an ideal fit for long-term use. Make all possible investigations before signing a contract and looks for any hidden costs in a deal.
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