The purchase of a residential property is seen as one of the most exhilarating and satisfying experiences that a person can experience in his or her lifetime. Excitement is at an all-time high during the purchase, and people spend long hours discussing the purchase of the property with their friends and relatives. In the middle of all this excitement, people often forget to consider or even misinterpret a few important details that could ensure that they get a good deal. Sometimes, these little details have the capability of changing the entire outlook of the purchase.
Small errors caused due to ignorance or misinterpretation can not only cost a person a whole lot of money, but could also create a lot of hassles down the road that would require long hours to resolve. There are even cases when the buyer does not even realize these errors until it is too late for any correctional strides to be taken. So, what are these critical mistakes that most first-time property buyers often make? Here is a list of a few.
Presuming That The Mortgage Forms The Entire Financial Content
When a person makes an investment on a condominium, the mortgage comprises of only a segment (a major segment, though) of the entire financial content. There are a large number of other fees and payments that need to be made in order to own a condominium like the Botanique at Bartley in Singapore. These payments include property taxes, costs and expenses of routine repair and maintenance activities, regular payments to be made to the homeowners' association, etc. There is no escaping these payments even after the mortgage is paid off in full. Moreover, condo owners need to also include monthly electricity bills, costs of interior decoration of the condo unit and other such expenses in their budgets.
Not Conducting An Inspection Of The Property Before Purchase
When looking for their dream homes, people often tend to pay more attention to the features and facilities of the condominium unit, and ignore the importance of conducting a proper inspection by an expert. This also happens partly due to the gradually building excitement that buyers often feel when purchasing a new property. However, people tend to find that small issues tend to emerge soon after the property has been purchased. This can easily be avoided by getting an expert to inspect the property before a final decision can be made. People can choose their condominium of choice in a Bartley condo new launch, and once the property has been completed, have the expert inspect it to check that all the technical specifications are in order.
Over-spending On The Purchase
In the excitement surrounding a residential condo purchase, people often tend to under-calculate the costs. This leads to over-spending on the purchase and causes financial crisis for the buyer. Hence, it is important to calculate all the costs of the entire purchase including taxes and successive expenses before investing on a property.
By avoiding the above mentioned errors, a person will be able to reduce the chances of any mishaps by a great extent, which (in turn) would enhance the joy of their new purchase!
Maryann Wilson has been working with condominium developments like the Botanique at Bartley for more than a decade. Now, she helps first-time buyers make the right choices when buying condos from a Bartley condo new launch.