Even seasoned investors can make mistakes during property purchase. Sometimes, buying a home can be a harrowing experience, and so would be the selling process. Both buying and selling is a roller-coaster ride, so the best you can do to make it a memorable one is to make it error-free. Here are some mistakes investors make on a global scale:
Overpaying just because you got coerced into it by an overambitious Realtor
Realtor get a hefty commission based on the price, so dishonest Realtor would sometimes not disclose the real price of the property, especially if you don’t know the real market value. So instead of justifying the payment you’ve just made on a house for an elevated market value always be aware of the market rates by doing proper research.
Thinking there is always a better deal round the corner
This is a mistake made by homebuyers. Some of them are so patient during their home hunt that they keep waiting for a better deal and refuse the ones that are not perfect. So listen to the needs of your family and be aware of your budget while buying a home, but do not wait for long because you never know what might happen in the market tomorrow.
My house is worth more
This is a mistake made by home sellers. For some people, the home they were ‘brought up in’ becomes a haven of happy memories, and when they get ready to sell such a house, they become so attached to it emotionally that they will never be satisfied with any price quoted by any buyer. They always have the false belief that their house must be priced more.
Thinking ‘good deal’ and ‘short sale’ are one and the same
Some buyers think that if they purchase a short sale, it is a good deal. A good deal is when the buyer is able to purchase a home that tallies well with the current market rates, property’s historic rates, home’s features and the buyers’ needs. When you buy a short sale home, you must be extremely careful because there is every chance you could be overpaying. To ensure you don’t make this mistake, you must always hire a Realtor who is familiar with the local market.
Panicking/Hesitating when there is an early
This is a mistake made by sellers. If you put your home for sale, and receive an early bid for the house, then you might wonder whether you’ve priced the home correctly. In order to ensure you don’t overprice or underprice your house, you must be aware of the current market rates.