1) Trying to buy a home without the expert advice of a Realtor.
Trying to buy a home without a realtor is a big mistake unless you are a real estate expert or professional and most people aren’t. If you find a realtor that knows the market and spends quality time with you it’s priceless considering they will do all the research, paperwork and protect you with your purchase. Remember, the seller pays the commission and will limit the liability and headaches that may occur without one.
2) Using a Realtor that does not knows the area and the market.
Please! Please! Please! find a Realtor that understands the value of homes, condos or townhomes, or you will be very disappointed in your interaction with the person. Find someone who knows the area like the back of their hand and can guide you along so you find the best and most desirable home or condo to live in. A good realtor should be able to find the perfect home for you only if they are experts in the areas, prices, amenities and value of locations.
3 ) Thinking prices are are too high
No one has a crystal ball but every location in this county differs in prices points. There are many people who try to time the up or down of the market. It is impossible because nobody can predict the top or bottom of any market whether it’s real estate or securities. A condo in the middle of Manhattan is probably priced as much as ten times the price you would pay in Fort Lauderdale for example.
4) Thinking that buying a home is an investment
Most People think a home is an investment and to a degree it is however, only if you are a true investor. A true investor is someone that is looking for return on investment and wants to have a constant cash flow. True investors buy multiple units, commercial properties and other types of real estate. The average buyer should look at a property from the prospective that they are not renting it out or selling the property in the short term. The home you are buying is a place you are going to live and enjoy the area and lifestyle. Money is not the primary objective if you can afford the taxes, mortgage and upkeep of the property.
If you have a mortgage on the property it becomes a forced savings account. You pay the mortgage and you build equity in the home and as times passes you will make money if you purchased it at the right price.
5) Not being qualified properly by Your real Estate Agent
If your real estate agent doesn’t ask you every question under the sun you are wasting your time. The agent should know how much you are willing to spend. Are you paying cash or financing because that will make a difference when it comes down to negotiating the price of the property. If you are financing the realtor should help you with bank qualifications, unless you have this in place. The location that you want to live in, very important! What are the reasons and motivations for you buying this property. A realtor can’t read your mind and should sit down with you and research properties together using the internet so you both can figure out your likes and dislikes are. It should be a process of elimination. If a realtor just shows you a couple of properties thinking that you will like them you are spinning your wheels.
6) Not being able to get past the cosmetic appeal
No everyone is an interior designer. You need to have an open mind when looking at properties. Try to get past the paint color and the general overall décor of the house. Disregard the clutter and superficial aspects of the home. An experienced realtor should point out what you can do to improve the cosmetic problems.
7) Having a realtor that will not persuade you to make a lower offer
A realtor with good negotiation skills should be able to negotiate and make an offer below the asking price and market value. Many realtors are afraid they will offend the seller. Well, too bad, the only thing that can occur is the seller says no to the offer and more than likely will counteroffer. In most cases you will get a discount on the home if you have the right negotiator.
8) Not listening the real estate agent
Please listen to your realtor! If he has experience and is an expert in the field this person will guide you to success. I You sometimes may have to pay a little more for a home but you are getting what you want and in a great many cases you are still buying below market value.
9) Not knowing precisely the location that you want to live in
Before you decide to purchase a home do some research on your own and find an area that you want to live in. It will make the buying process much more desirable. However, if you are not sure find a realtor who is an expert on all the areas and can ask you questions regarding your likes and dislikes.
10 Thinking that the price you pay means everything
Price is important but not the key factor. You need to consider if you can afford the taxes, mortgage payment, insurance and maintenance of the home. If you like the home, you must keep in consideration that this is a place you are going to live in. More than likely you will not sell this home for years and want to have a place you will enjoy living in.
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