Buying your first home is both a financial and emotional decision. Here are 3 mistakes we hope our Power Living buyers won’t make in 2018
1. BARGAIN SHOPPING
Jamaicans like to bargain shop. They’ll ask for a discount on something that’s already been discounted! While bargaining can be a legitimate strategy if you believe the property is overpriced, an offer that is too low could come off as offensive or even cause you to lose out on your dream property.
In a buyer’s market, bargaining might be perfect but the current state of the Jamaican real estate market is one where most sellers, especially developers, don’t budge. Remember, many sellers are emotionally tied to the home they’ve invested in and that properties are ‘for sale’ not ‘on sale’.
Power Tip: Where the competition is fierce, going in with a reasonable offer should always be encouraged.
2. NOT STICKING TO WHAT’S IMPORTANT TO YOU IN A HOME
“Know what thou wantest.” If you have a growing family of five, why look at a 2 bedroom 700sq ft condo in the most expensive neighborhood? For the same reason, a single mom might need to search for a bigger space for a growing son.
Many virgin buyers lose sight of what’s important to them in the process. After many viewings it’s understandable that you become influenced by granite counter tops, 24 hours security, and a pool among other things. Remember this is your first home, stay on budget and consider the most important things to you and your family.
Power tip: Here it is important to analyze how you live and create a checklist of some core ‘home must haves’.
3. NOT DOING A HOME INSPECTION
“Every girl want fi live a Jacks Hill” in the words of Beenie Man – but with cooler climates come a moisture problem (I could write a book about how I lost 30 pairs of shoe in one year because of moisture living near Jacks Hill). Some areas in Kingston 6, Kingston 8 and Kingston 19, due to their hilly terrain and frequent rainfall have serious moisture issues.
Realize that the home you buy is where you intend to be for years to come and the emotions that come with getting that ‘perfect house’ will wear off. So be practical when doing your home inspection.
Power tip: Find someone you know in the area you want to buy and ask them about any concerns they have may have.