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Common but brutal mistakes made in real estate

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Common but brutal mistakes made in real estate

August 24, 2015      In Real Estate By ,,, Comments Off on Common but brutal mistakes made in real estate

investmentNo doubt, an investment in the Real estate sector is regarded today as a stable, long term investment bearing very minimal risks. Landed properties are regarded as fixed assets because they offer lengthy benefits and have a much smaller depreciation rate. In fact, economic principles suggest that land is expected to only appreciate in value because it is a necessity without any alternatives. Hence, scores of people dabble into real estate affairs everyday with the hope of getting a good deal, whether they’re buying or selling. But like any venture, mistakes are bound to occur, and while some mistakes may be negligible, others could strip you of your entire fortune. Here are our finest tips to help you avoid common regrets in real estate:

On Buying:

  1. Realize that investing in real estate is no child’s play. The real estate industry all over the world is worth billions of dollars, and there isn’t much room for fumbling or indecision. You have to be absolutely certain of why you want to buy that house in that city and be prepared to see it through.
  2. Don’t buy a house only for its décor. Keep in mind that when buying a house, it usually includes much more than just the inside. You have to put the external structure, payment plans, and other key details into your considerations.
  3. Make sure you check out the neighborhood. This is a pretty standard advice, but you’d be surprised at how many regrets have been recorded because people overlooked this procedure. Familiarize yourself with the neighborhood before purchasing a property there.
  4. As much as you can, try not to buy a house just because a “most expensive” title is attached to it. While it may seem pretty cool at first that you live in the most expensive property in the neighborhood, the title will not rest with your house forever. Eventually, new and better structures will arise and you may be left with a severe case of buyer’s remorse
  5. Have your house professionally inspected prior to making payment. Sometimes, the only way to spot that flaw is through the eyes of a home inspector. Be sure to get one and get an honest expert opinion before making any financial obligation.
  6. Many folks make the naive mistake of assuming the authenticity of every real estate ad on the internet. Sure, nowadays you can easily buy a house without physically seeing it via virtual tours on the internet. Their flowery language has been designed to make you fall in love with every property in their catalog. It may be convenient, but it can’t hurt to go out and actually see what you are buying. Spare some time to make your own assessment of the potential property.
  7. Learn to be shrewd when hiring agents. Get referrals from friends who have bought property in the past and had an excellent experience with their real estate agents. The industry is flooded with fraudsters and scam artists posing as agents. Majority of regret stories stem from being swindled by fake agents and losing most or even al their investment.

On Selling:

  1.  When you decide to sell your property, remember that it has to be attractive to potential buyers. The décor should not be about your personal taste, but about what can attract the buyer most.
  2.  Waiting for the ‘right season’ to sell is a common feature in real estate. Typically, a higher number of real estate transactions occur in spring, but does that mean there won’t be a need to buy or sell a house in summer? Real estate is all year long, so you go ahead and place that house on the market whenever.
  3.  Sometimes, you are not able to sell your property because prospective buyers can’t see it. Maybe it’s so deep within the neighborhood that getting there can be a bit of a hassle to them. They are likely to overlook it and move on to another seller. You have a higher chance of selling if your property is reachable without much difficulty.
  4.  Quoting ridiculous prices for your property will significantly reduce the number of prospective buyers. Unless you’re dealing with a buyer obsessed with the ‘most expensive pad in the corner’ title, your sale price needs to be realistic and commensurate with average prices in that neighborhood.
  5.  In trying to increase the value of a property, some people make the mistake of installing major upgrades or massive remodeling before pitching the sale. Usually, just a few tweak is sufficient since the actual selling price is not determined by appearance alone, so you may not recover the costs of a major renovation. Selling your property then becomes a loss.
  6.  If you’re really serious about selling your property, then you have to be willing to make an extra effort to market it. Placing a ‘for sale’ sign outside the house may not be enough to get it noticed. Explore other means to spread the message.
  7.  Lastly, you may want to hire an agent. Selling a piece of property is not as simple as you may think. Agents know the gritty details of this complex process, so for your convenience, hire one. They can help immensely with marketing – placing your home on the multiple listing service, and notifying other agents about the availability of your property on the market.

These tips should help you succeed in your real estate endeavor. However, if you want to get a better idea of the latest prices and trends, you really should check out our unbelievably convenient property finder tool.

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