8 Actions You Must Avoid
1. Unclear Budget
If you are aware of your exact budget, you will be able to search for houses within your price range. It is possible to end up investing in a place you can't afford or lose a property because you had not calculated properly with your financial consultant your capability to receive a loan. So, do your calculations and talk to your bank representative regarding the financial pre-approval you can get.
2. Are all prices actually negotiable?
Indeed, the majority of real estate prices are likely to be negotiable, but not all of them. This is usually the case with properties that show the greatest interest, because their price is already good. Therefore, their price, having been reduced, is already advantageous. However, many buyers will still try to reduce the price a lot. Sometimes that can lead to negative results.
3. Trying to buy without a realtor
A buyer does not know the course of the property that interests him, such as whether its price is reasonable, which are its disadvantages, and how to best negotiate for it. Don't forget that a professional real estate consultant deals with a lot of transactions and negotiations, and he also knows the market of his area very well. Therefore, when working with a professional, the buyer does not risk overpaying for the property or being left with a problematic real estate.
4. Passing by the property that you liked
Many buyers think: “it’s ok, I’ll find something better.” Unfortunately, this way of thinking almost never works. They pass on a property, only because they found it at the very beginning of their search and after years they will realise that there was not another property like that and regret not placing an offer. Buyers need to trust the good real estate consultants or even their own instincts.
Many times, we leave a property, believing that there will always be a better one.
NOT knowing the market correctly, we make the mistake of letting this property go, and realise when it’s too late, that it was the property for us.
5. Avoiding the deposit
It is very important to pay a deposit and reserve a property. Due to various factors, such as Bureaucracy, the completion of the purchase might be delayed and during that period, a lot can happen.
6. Avoiding the property inspections
You have found the property you wish to buy. Now, you must perform a legal and technical inspection. Many times, a real estate property can hide issues that might not even be known to the owners. Your real estate consultant can help you.
7. Letting your emotions take over
The process of buying a property, apart from long, can also be stressful. Protect yourself by being calm. Consequently, this will also help you have a better judgement.
8. Hoping for a very quick purchase
The majority of real estate purchases will face various issues, causing delays. A common concern that buyers and sellers deal with is the fact that they expect the process to be very quick and carefree. But in reality, bureaucracy may cause major delays, as may the process of acquiring a loan. Moreover, the inspections may reveal an issue with the property that was not apparent before, something that will have to be fixed before the sale can happen. You have to prepare yourself for some potential disappointment.