Let’s face it’ if you’ve never purchased a property before, it can be quite a scary process. In fact, for many young couples, it also proves to be a very expensive process, and I’m not referring to the cost of the property itself.
The real estate industry is, as many already know, full of traps which have been laid in order to snare unsuspecting buyers. Even a seemingly insignificant slip up could see you losing several thousand dollars, and unless you’re very fortunate, you’ll have no way of getting your money back.
Even so, many of the buyers who lose money don’t lose that money in a single sweep. Instead, they find themselves losing a bit of money as they enter each new stage of the process. For instance, when a see a piece of land being offered for sale via an real estate agent, how can you be sure they asking a fair price? As long as the actual owner is getting their asking price, the agent you deal will can ask for as much as they want.
Once you get to the stage where you require building plans, you’ll once again be vulnerable to overpricing. This very nearly happened to me when I was having my fist home built. The original quote I got for the plans was more than ten times the amount I ended up paying.
Despite the aforementioned risk, hiring contractors, such as a team of builders for example, is the riskiest part of all. While it might seem hard to believe, an average sized home can cost more than twice the amount it should cost, depending on your choice of contractors.
The biggest problem for buyers when they reach this stage, is they are faced with a matter of quality vs.price. As the buyer, you certainly don’t want to spend more than you have to, but then again, you also don’t want to risk sacrificing quality.
Basically, if you’re looking to buy your fist property, you have two options if you’re hoping to avoid unnecessary losses. You can either research every single aspect of the building process so that you are familiar with costs and the type of quality which can be expected, or else you need to consider land and house planner packages.
With house and land packages, buyers are usually assured of a certain level of quality, and they’re also less likely to received unexpected bills along the way. In a nutshell, land and house packages are almost always a better deal, especially for first time buyers. With that said, one should still tread carefully, and always think twice before signing any agreements.
Author: Joanna CrankThis author has published 4 articles so far.