To help you avoid these pitfalls, here are five things people do that causes them to lose their home;
1. Choosing bad agents:
An agent’s top priority is to make money first. Helping you is merely a job function to make that money. As such, you will often meet many agents who’ll try to bribe you with their long list of accolades and accomplishments. Honestly, these things are unimportant. You want an agent that will represent your interest and work hard for you, not an agent who’s looking to make you another successful statistic on their resume. In such a case, a new agent willing to go the extra mile is worth far more than a veteran agent who’ll act as if you’re fortunate to land their services.
2. Wiping out savings:
It is fundamentally a terrible idea to pump every cent into your property and yet many people are guilty of doing just this. Begging and borrowing from friends and relatives for cash to pump into your house is also a terrible idea because you increase your liability. When they do this, they find that they’re living on pay check to pay check and resorting to maxing out credit cards because they can’t afford to pay for anything in cash.
3. Ignoring the professionals:
When an expert in a particular field advises you against putting down money on property, don’t do the opposite. If a financial planner tells you that you lack the funds to satisfy the monthly mortgage, don’t insist on taking loans you can’t cover just to buy your dream house. A good property agent will advise you properly so listen and follow their advice – and do your own research as well to corroborate the information.
4. Strange financing:
Lower monthly loan payments may leave you with more physical cash but these rates may cost you more cash in the long run. Also, disregarding your loan terms such as not paying your principal loan or ignoring the Good Faith Estimate is a great way to cause problems in the future. Not understanding your loan terms is just as bad. Know that just because certain rates may be low, these are not invitations for you to take them so you can keep more cash for yourself every month. Additionally, taking on a loan you currently cannot sustain on the presumption that you may in the future is a terrible idea.
5. Wrong neighbourhood:
Bad neighbourhoods are usually where the cheapest houses are. These houses are also the worst looking and will cost you the most to remodel. But doing so paints a giant bull’s eye on your property for thieves to invade. Not checking with the neighbourhood cops about the crime rate and seeking advice with your agent on the investment return of the property may come back to haunt you and by then, it’ll be too late. Choosing a good neighbourhood is extremely important.
(Source from propertyguru.com.my)
Link From:
http://www.propertyguru.com.my/resources/buy-property-guide/5-things-people-do-that-make-them-lose-their-homes/1724
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