Common real estate mistakes
Before you go about buying a house, we suggest gearing up for that big decision. Know what the common real estate mistakes are before you buy and you'll avoid the major pitfalls of today's market. Here we look at some of the most common mistakes and offer advice for avoiding them.
Detaching from reality. One of the most common of all real estate mistakes made is drowning out the big picture. Don't lose sight of reality, and make sure you set a realistic budget as well as realistic expectations. Is this new house near the school, market, grocery, hospital and office? It makes no sense to live in such a lush garden but with very few resources nearby.
Falling in love too soon. Please do not buy the first house you see, or fall in love with. Most of all, do not wear your heart on your sleeve and show all your enthusiasm for a particular property. The seller may take advantage of this and sell you a seemingly beautiful home filled with flaws. Contain your excitement, because it may cost you. Make sure you get a look at what else is out there, so that you can compare.
Mistaking it for a trip to the store. Buying a house doesn't happen within seconds. You don't walk into a store of houses, pick one, and pay for it at the counter. The process takes much longer than some people realise, so hold back on your impatience. Before buyer and seller see eye-to-eye, there will be inspections and procedures to undertake. Financing may be held up as well, so it could take a few months. It's all part of being critical.
Buying before selling. People who make this mistake find themselves caught in between two mortgages. Avoid one of the largest financial real estate mistakes by assuring yourself of a sale first.
Misinterpretation of contract. Before you sign anything, read and review it. You must treat this contract like a business; your legal well-being is on the line after all.