When buying homes, most people tend to fall into the wrong perceptions and end up making very bad decisions in the economic sense. A key point to remember in the purchase of lands or homes is that you will be making a long term investment – hopefully, a lifetime one. Accordingly, this is not about one, two or three years – it is about decades or even half a century (or more!). A house that is bought cannot be easily resold, and even then, it is rarely resold at the price it was bought. Thus, it is extremely important to take care when considering options – and there are certain points you need to dwell on to make sure you aren’t making a mistake:
- The Port Douglas real estate market – to begin with, there is a common misconception about the market – that is, that one ought to buy when the right time comes around. The truth is that there is no one ‘right time’ to buy, only the time when you yourself can afford to buy. If you tend to wait until market prices are low, chances are that you won’t be having much money at hand during that time. Understand that the market prices are fluctuating – they rise and fall continuously.
- The biggest homes – another common misconception associated with homes for sale is the perception that the biggest home on the block is the one you ought to aim for. Often, the house that looks the biggest is hardly the house with the best deal. Not only are these houses much more expensive than the rest, but they will hardly match their inflated prices most of the time. Furthermore, when the time comes to sell different types of houses, you will find that the number of potential buyers is severely limited. Instead, know that sometimes, the worst house on the block can offer the best deal for you.
- The neighbourhood – picking the right house is not going to do you any favours if you do not bother to check out the neighbourhood. After all, this is where you will be living, and if you cannot get along with the neighbours or the general atmosphere of the area, you will definitely be having a hard time (despite having bought your dream home). Accordingly, to save yourself from such a disappointment, make sure to check out the neighbourhood too.
- The inspections – if you have decided on a good home with a good neighbourhood, your next step is ascertaining yourself of the good condition of the house. Never go by the word of the buyer or agent – you can never be sure of the person who is attempting to sell you something. You need an unbiased opinion of the status of the house, and unless you are a contractor or other professional related to the construction industry, you will need to hire a building inspector. Whilst they may be somewhat expensive, they can easily save you from wasting a large amount of money on repairs later on.
- The bidding deals – last of all, the initial bidding you state once you have picked a house is something you need to do correctly. The initial bidding has to be based on both your maximum buying capability and the perceived value of the property. Try to go for specific prices per perch, acre or another measurement – instead of generic, rounded off estimates. This will increase your standing in the seller’s eyes, for he or she will get the idea that you have thought about the real value of the house.