Buying a home is not just all about the money. There are so many things to think about and steps to take. Considering the amount of finance involved, the wrong step can lead to a lifetime of regret.
Here are some of the common mistakes people make when buying a house – either as a place to live or an investment – and tips on how to avoid them.
Mistake #1: Chasing After A Deal At All Cost
One awful mistake almost everyone falls for when buying a home is chasing after a deal they think will save them money. People all want to save money, especially when it comes to high-end projects like real estate investment. Sadly, so many buyers are always looking for the opportunity to strike a “deal” by always offering to buy at very poor costs. They end up missing out of good deals, wasting time and opportunity that will haunt them in the long run.
Let’s look at the case of a renter in San Jose that wasted over two years looking to get the best deal on his apartment. He passed up so many good opportunities hoping to get the “Best Deal”. Suddenly his landlord decided to sell the place he was looking to rent. He was put under pressure and was forced to buy out at a very solid deal. Finally, he wasted a lot of money, time and opportunity hoping to get the right deal when he would have saved up some money over the course of two years.
In the current competitive real estate market, overpriced homes hardly sell because there is a strong competition. Properties that need extra work do not also sell easily. So, whenever you find a property that is well-priced, in a good neighborhood and that doesn’t require plenty extra work you should be prepared to make a good offer and even go ever your asking price if necessary. This is the best strategy that will help you avoid regrets.
Mistake #2: Thinking You Can Do It All by Yourself
So many persons think that with the help of the internet they can do all things. With so many information about real estate properties available on the internet, so many people now think they can buy a home without the help of a real estate agent.
Unfortunately, this method of home purchase often fails and leads to a lifetime of regret. The real estate agent plays a big role that can never be replaced by the internet. Their job is not just finding listings, as you can always find listings on the internet yourself. The real estate agent can help you table your offer to the seller’s agent in a way that is more appropriate and also ensure you get an escrow for the transaction.
A smart real estate agent is well informed about the trends in the local market more than the internet can tell you. They have access to information that normally is concealed from the buyer. They know all the back-stories that come with every property that is up for sale. For example, a home may sell for 10 percent less than the home you have in mind but is comparable to it. As a first-time buyer, you wouldn’t know the story or reason behind this price reduction (maybe a bad retaining wall or the sellers are getting a divorce) if you approach the seller to match the 5 percent price reduction without an agent, you might be turned down.
You also need an agent because experienced agents have a strong network in the local market. This is an advantage you can’t get sitting in front of your computer. Good agents like to work together because business is easier that way. There are chances that your offer (no matter how good it is) will be turned down by the listing agent due to your lack of experience.
Getting an agent will cost you absolutely nothing as the seller pays the buyer’s real estate commission, so why use the internet when you can have an experienced agent help you out with your homes search?
Finally, there are transactions that will be too complicated for you to comprehend and you will be left with unanswered questions and doubts. But with a good agent, you will walk through your deal with so much ease.
About the Author: Offer Climb Houston is one of the top home buyers in Houston. If you are planning to sell your home in Houston fast without any hassle, they’re the best people to go to.