Top 5 Biggest Real Estate Mistakes- Are you planning on buying or selling your home in the near future? If so, you’re probably studying what’s going on in the market, asking advice from friends or family, and maybe even beginning your search. But all of this research can give you conflicting advice on what to do and leave you even more confused than when you began. It’s important to be informed, since mistakes in real estate can literally cost you thousands of dollars. That’s why we’ve gathered the top 5 mistakes buyers and sellers make – check them out and you’re one step closer to success.
- Not researching the neighborhood. What’s the school district like in your potential new neighborhood? Do you know where the nearest shops, grocery store or other amenities are? What’s the crime rate? If you can’t answer these questions, it’s time to do your homework.
- Buying without inspecting the home. The Internet is a great resource, but it’s not a substitute for your own eyes. Before making the purchase, visit your new potential home and look through all the closets, nooks and crannies. You never know what a virtual tour could hide.
- Not hiring a real estate agent. If you’ve never experienced the market before (or even if you have), a qualified real estate agent can provide sound advice from years of experience, helping you find and score your dream home.
- Setting a too-high sale price. It’s critical for sellers to do their research and know what other homes in their area are selling for before setting a price. A sky-high price compared to the rest of the neighborhood is unrealistic and deters potential buyers from your property.
- Overlooking add-on and hidden costs. So you can afford the house – you’re good to go, right? Not so fast. What about the property taxes? What’s the standard cost for utilities? Do you have to purchase new furniture or make any upgrades after moving in? These are all things that should be considered before agreeing on a sale.