The number of avoidable real estate mistakes is unimaginably high. You don’t have to lose a sizeable portion of your investment to realize it was a mistake. With the right real estate advice, you can make sure you avoid making hefty mistakes. Ask any experienced realtor, they’ll tell you the same thing – “the market can get extremely unforgiving when it comes to making brash decisions!”
Here’s a list of 8 real estate mistakes that a lot of people commit without knowing. Read ahead and count yourself out of them!
Avoid hiring an agent – This is the most common mistake people tend to do. Accept the fact that hiring an agent would turn things easier for you. Closing a deal involves ample procedures which could be easily accomplished with the help of an agent. Getting registered with an agency will let other agents know about your property. If you don’t have an agent you will not get on the multiple listing service (MLS). If you have made your mind to sell your house on your own, you must have a lawyer at the time of closure. It is very important to have someone on your side who can clear the hindrances coming your way.
Buying without actually visiting the property— It’s very easy to buy a house without visiting it, but it’s not worth doing it. Internet and virtual tours make it very easy but we cannot rely on them because many times these virtual tours can be a swindle. You should go through the house by yourself or if you are engaged in any task, you can appoint an inspector to look into the property and provide you with an accurate judgment.
Bloating your property’s value – If you are selling your house you must research it and come with a sale price. You must know your neighborhood houses at what price they’re selling. Take a look and set up a good price for selling. Initially, if you have set a too high price, you may lose potential buyers. Once you reduce the price of your property, people will hesitate to buy it, considering that something is wrong with the house.
Purchasing a house for its furnishing – Be sure that you are buying the house, not the interior set up. Do not get captivated by the interior style, rather has a look at the floor plan and the square footage. Take a measure of dimensions and graph out that whether this home is suitable for you or not because we should never judge a book by its cover.
Not recognizing authentic buyers – Nowadays, making others trapped is way easy for fraudsters. So, looking for a genuine buyer is a must. Mission HB is the best destination to sell your house. Get in contact with them, they will visit your property. They will offer you a cash offer and if you are happy with it, then within no time they’ll close the deal. This hassle-free process is the most ideal way to sell your property and get a good amount for the same. Most buyers aren’t this transparent in their process, and going with the wrong one can often bite back. Do your research before selling, especially when you’re looking to make a quick sale.
Doing major renovation before selling – Do not get yourself indulged in renovation work before selling a house, rather focus on minor upgrades that enhance the chance of grabbing the attention of buyers. Minor upgrades usually have a higher return on your money. Construction projects always cost more than you think and it is a time-consuming process. If you want to spend money, the best way is to spend money outside. Research shows that increasing curb appeal frequently returns the most value on your money. Don’t spend money on renovations that won’t benefit you. Be vigilant enough to follow the right set of actions and understand what to do or not.
Losing money in an auction – While the starting bidding price for a house on an auction is a good deal, it does not mean that the final price would also be decent. Please be strict enough with your budget at the time of bidding. Never let the excitement in you go beyond your final price or you may end up paying more than what your pocket allows. Another important thing that you have to consider is the property you are about to buy at the time of the auction, includes are any warranty or guarantee. Please be mindful while bidding that the auctioneer is a genuine seller. You cannot do the home inspection when buying at an auction. Check it out that the auctioneer is going to add those extra charges on the sale price or the onus lies on the head of the buyer. There should not be any liens on the property or if there any liens exist, then you will be responsible for paying the property taxes that you have just bought. To sum up, you have to be vigilant enough while bidding at an auction, do not let the excitement take you to choose the wrong way.
Not being proactive at closing – The best thing you can do when moving towards the closing of the deal is to get all the paperwork done beforehand. All information would come from a mortgage broker or banker. They will hand over you one form that lists all the charges and you can legally get them in your hands in 24 hours before closing. Plan the closing in the morning hours because at that time you have a fresh mind and plenty of time to do everything and to ask questions. The final walk-through is also another important part of the process. You must have a home inspector with you who goes along with you for a proper inspection.
From untimely renovations to avoiding real estate agents, we have tried covering all the mistakes that real estate newbie’s are prone to making. We often hear people saying that the real estate market is too complicated, but that is barely the case. It’s about understanding the basic concepts correctly and not acting out of half-cooked advice. We hope your next real estate can use the points raised in this article.