BIG Real Estate Mistakes
Here are some inside tips to avoid costly blunders on one of the most important investments of your life.
This is a list of the biggest mistakes we all make when buying and selling our homes.
Setting Too High of a Sale Price
Do your research! Have your agent look to see what comparable homes in your neighborhood have sold for.
Overlooking the Extra and Hidden Costs
Find out what the property taxes are, the water bill, gas bill, and electric bill. Remember you may need to also purchase furnishings before moving in.
Falling in Love with the First Property You See
You may fall in love with the first house you see; however, have your real estate agent show you at least three more comparable houses.
Buying a Home Without a Professional Inspection
A home inspection can reveal many that about a property that are not visible to the naked eye. Be sure to hire someone with a good referral basis and knows what to look for. Insist that the inspector writes a written report and takes photos.
Not Hiring an REALTOR®
There’s a lot more to selling a house than just putting a sign on the front lawn. If you don’t have an agent, you will not get on the MLS (multiple-listing service). That means other agents are not going to know your house is for sale. Hire An REALTOR®!
Waiting Until Spring to Sell Your House
Spring is the busiest real estate activity time; however, that does not mean that people don’t buy houses 365 days of the year.
Buying a House for Its Décor
Remember you should buy a home based on the floor plan and the square footage. Look at the bones of the home, not the decorating.
Not Researching the Neighborhood
You must research the neighborhood before you buy. Check out the area, amenities and the school system to be sure that your address corresponds with the correct school district.
Buying What You Want, Not What You Need
Look at the space you are living in, now make a list of needs of what you have been missing and what you need in your next home. Show the list to your agent.
Ignoring Your Outside
Research shows that increasing the curb appeal often returns the most value on your money. It’s what gets the buyers inside the house.
Not Setting a Realistic Budget
Just because the bank prequalifies you for a loan amount of $250,000 doesn’t mean you can afford to make that payment every month. Before house hunting, sit down and make a monthly budget of what you spend every month. Come up with a number that you are comfortable spending on your mortgage payment, aside from those other expenditures.