Five Mistakes in Real Estate- Are you planning on buying or selling your home in the near future? If so, you’re probably studying what’s going on in the market, asking advice from friends or family, and maybe even beginning your search. But all of this research can give you conflicting advice on what to do and leave you even more confused than when you began. It’s important to be informed, since mistakes in real estate can literally cost you thousands of dollars. That’s why we’ve gathered the top 5 mistakes buyers and sellers make – check them out and you’re one step closer to success.
- Not getting your new home professionally inspected. Unless you are a qualified home inspector yourself, you should have someone who is certified to inspect homes come into your new abode and check for any issues that can’t be seen with the naked, untrained eye. They will compile a complete report which you can use to adjust your offer.
- Not shopping around. Did you love the first house you toured? Many homebuyers, especially first time homebuyers, fall into this trap and don’t search for a better fit. Even if you love the house, ask your realtor to show you places that are comparable and return to see your initial pick later. You could have a change of heart.
- Doing major construction or renovations before selling. Not only is this expensive, but major remodeling projects do not have a good return on investment for sellers. They are almost always more costly and time-consuming than originally planned, leading to postponing putting your home on the market. Make minimal changes if you can help it.
- Skipping loan pre-approval. Did you know that some sellers only let a realtor show their house if the potential buyer has a letter of pre-approval? Pre-approval certifies that you have the finances to make a serious offer on a home. Consult a banking professional early on to get the process started before you begin your search.
- Buying the most expensive home you can afford. More expensive = better, right? Not necessarily. These homes often depreciate in value over time, meaning that if you want to later sell, you probably would not get what you initially paid for the home. Make sure to research