The DO NOT's of Buying Real Estate
Posted by Joel Gwillim on Wednesday, January 8th, 2014 at 11:15pm.
It seems we're always focused on the do's in life. And why wouldn't we? Positivity is king, and such a powerful tool in a healthy and flourishing lifestyle. But let's take a moment and focus on the do not's, as they can be just as important. Here are a few tips on what not to do, when purchasing real estate:
- Don't buy because it looks nice furnished. It might be set up in a way to wow you, but when it is vacant and empty on move-in day, will you still love it?
- Don't buy without researching the neighborhood or building. What's the history and reputation of the area? In due time, what is getting built next door?
- Don't buy thinking an auction/foreclosure is always a great deal. Typically a very risky play, fancy yourself a gambler?
- Don't treat the Real Estate market like the stock market. Think long term investment, that's how the smart ones do it!
- Don't purchase without actually viewing the property. A no brainer, but if you aren't able to, get a friend/family member to give you the tour via video call.
- Don't trust or rely on everything listed in the advertisements. Marketing sells, but is it always completely factual? Good properties sell themselves.
- Don't buy the most expensive property on the block. Not usually room for too much growth when all the others are trying to catch up to you.
- Don't buy without setting a realistic budget for yourself. Make sure you can afford what you're buying while still actually having a life!
- Don't view a property only once before deciding. First time around you're in awe about the cosmetics, second time you're considering the meaningful items.
- Don't overlook the importance of preparing for the closing process. Set extra cash aside to handle inspectors, appraisals, lawyers, movers, etc.
- Don't commence searching without a pre-approval from a lender. You find exactly what you want but you're not fully approved yet. Bam, now someone else could sneak in and take it!
- Don't fall in love with the first property you see. There are always more fish in the sea - plus you will need something to compare your favorite to!
- Don't purchase a property without having a professional inspection or document review. Let the pros handle what they're good at.
- Don't overlook hidden costs associated with property ownership. A lot more responsibilities than renting, and definitely a lot more bills!
- Don't buy what you want, insead of what you actually need. Is it practical for your current lifestyle or is it just pretty?
- Don't just settle on any Agent. Hire a specialist for what you're looking for. Trust, knowledgeable advice and experience will pay off for you.
Homework, research, preparation, questions - all important aspects of buying property. I mean this is the biggest purchase of your lifetime right? Why rush into it without being certain or having the right representation on your side.
Committed to your successful and well thought out purchase,