One of the biggest mistakes potential buyers make is letting their emotions make the decision. However it is important to look at the practical aspects of buying a property, since they are long term, high value investments. Here are five valid reasons why you should back out of the transaction:
1. Check for debts. The property may have unpaid taxes or loans attached to it. Therefore make sure you check thoroughly before making an offer, as you may end up paying more for the property than you initially thought.
2. Check for structural damage. The property may have some hidden or unseen structural damage that you missed on the first visit. If you notice any such damages, back out of the transaction immediately since such a property could potentially cost more and even put your family and yourself in danger.
3. Inspect your neighborhood. This is another aspect that might have been overlooked during the first visit. If the property is a house, your potential neighborhood will play a vital role. Thus if you feel that the neighborhood is not suitable for you, back out of the deal immediately.
4. Check out the space. If at any point during the transaction you feel that you do not have enough space, cancel the deal. Over time you will need to redecorate, add new larger pieces of furniture. It’s a lot easier to make a larger space cozy than try to enlarge a small space.
5. How much of repairs are needed? It is better to enlist the assistance of a professional to find out how much repair is needed. Should the result be negative, it would be wiser to break out of the deal, since you may end up paying more than what you initially thought.