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Do the Research: What to Avoid When Buying a Home

Beginners in real-estate investing and first time homebuyers would often experience blunders when they look for houses to purchase. To avoid such frightful experience, which could lead to loss of time, effort and even worse your money; you would have to learn what common mistakes are made in real-estate and how to avoid them.

Lack of research

When buying properties and houses, you would have to go back to the basics: which is doing some research before proceeding with any kind of purchase. Research is basically asking questions about the house or the property. You could ask questions similar to the following to have an idea about the property:

  1. Reasons for putting the property on sale
  2. Any problems about the house’s foundation that needs to be addressed.
  3. If the former owners have paid for the house and the methods of payment.
  4. If there are any problems in the area where the house and property is located like being near a flood zone, termite problems, etc.
  5. If there are any problems in town area.

Not considering the bidding and maintenance cost

Your research would also include the price. It is a common scenario when a buyer would tend to offer a higher price for a property that would fit their needs and demands. Before bidding for a property, search for similar houses in the area and how much were the sold in the last few months. It is better to look at houses and properties that were already sold than those houses still up for negotiations or sale. Buyers should bid consistently with the other houses’ prices.

Aside from the upfront price of the house or property, buyers would also forget to factor in the maintenance cost of the house. Without considering the maintenance cost, homebuyers would often find themselves buried in debts. Real-estate investors should always keep the expenses in mind when buying property. Since the cost of improving the home would definitely have an impact how they would price their house. Having the home inspected could put a dent on your bank account, but never sacrifice it. Always get a good home inspector even if it means you would be spending more

Too much waiting

There is nothing wrong with waiting for the right house but a homebuyer should be realistic. It is difficult to find for a home that would fit 100% with their needs and demands. Homebuyers who are looking for homes with this method would usually by pass homes that would be meeting nearly all of their standards. Usually, homebuyers who wait around for their perfect homes for sale would not notice that the cost of purchasing properties is constantly increasing. To avoid this, it is important to sort out priorities. Identify the top needs that should be provided for a prospective home.

Without any professional assistance

Another mistake that most homebuyers make is that they think can get a house on their own. There is nothing wrong with buying property and house without any professional help. It is just that it could be very stressful and would take much of your time. Real-estate agents have the resources, contacts, and tools that would be able to help make the search quicker. Aside form the real-estate agent, if you’re planning on investing on this industry then you would also need a home inspector, a lawyer and an insurance representative.

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Finding the Best Real Estate Agent

Having a real estate agent to help you out is essential when aiming for a quick and good deal, whether you are buying or selling your home or property. Selling your house is not just about placing a “for sale” sign in your lawn or placing your house in the classified ads. A real-estate agent would be able to help you sell your home for the right price and get the best deal possible.

There are many real-estate agents out there, how do you choose the right person?

Do the interviews yourself

The best way of getting to know an agent is by talking to them personally. You could directly discuss with them what they think about the property, know about their qualifications, ask about their previous transactions, any kind of problems with previous deals and seeing if the personality would be able to match yours. You could directly inform them what kind of communication you are expecting from them and it they would be able to reciprocate that expectation.

Qualifications and history

Check if they have enough experience and expertise, especially in your location. They may have an impressive record in other places but they would have limited knowledge in your area. Also look for any complaints filed against the agent in the State Board of Realtors.

Referrals

Ask your friend, family or relatives if they would be able to recommend somebody. If they would be recommending an agent, make sure to ask about their experience with the person. You could ask about how the agent communicated with the clients and of course, their fees. Before hiring the agent, identify first if they would be able to provide your needs and work with you.

Customer service

Your agent maybe good, but they may be difficult to contact or does not maintain open communication with you. That would surely create problems. If your agent has an assistant communicating with you, it is okay as long as they are present in important transactions and would go over the contracts themselves. How the agent communicates with clients show how they value the property and how serious they are in dealing.

Familiarity

The agent that you should be getting should be familiar with the market in the area where you are buying or selling your property. The agent should have an idea about the competition in the area, the neighborhood’s history of transaction and the usual price range in the location.

Contacts and access to tools

It is great to have an agent that would be able to find contacts that would match your needs as a client. Your real-estate agent should have access to Multiple Listing Service (MLS). This would allow your agent to have access to different properties in different areas to look for houses or properties which would match what you’re looking for.

Attend open houses

Attending open houses would allow you to see real-estate agents while working. You would be able to see how they handle transactions. You could observe how they promote the house (if the house is for sale) and you could even get a few business cards from other real estate agents.

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