Avoid Being "Sold" When You Buy Real Estate
If you like almost every property you see, it's likely your emotions are clouding your real estate buying strategy. Use the suggestions below for establishing meaningful criteria to consider when you're looking to buy real estate.
Even if you think you're a great shopper, carry a list with you against which you consider every house you consider. The list should include the priorities you want in terms of price and features for a home you're looking for as well as functional criteria that can make or break your finances when you move into a home.
Avoid communicating wish-list items to realtors you're working with and focus on your list of requirements. Wish list items are synonymous with distraction and frequently realtors will lock onto a specific wish-list item such as a hot tub while showing you properties that fail to meet your essential requirements.
Before you go to see a property with a realtor, look up the advertisements posted by the realtor or owner about the home you're considering. You should determine whether advertised positives about a piece of real estate match items on your list of requirements. For instance, homes that are in great school districts have that language in advertisements. If school district is important to you, then you'll choose to see homes that advertise that feature.
Always ask about who performed the work for any improvements that are advertised in the home. For instance, if a bathroom was updated, ask to see receipts from plumbers who installed new fixtures or for other verification that the work performed not only looks pretty but was done correctly. Merely looking for an updated kitchen or bath can expose you to problems created by incorrect installation.
After you walk through a home, try to draw a floor plan if one was not available to you from the realtor or homeowner. Determine whether you got a good idea of the home's layout and features that caught your eye by trying to add details to what you saw. Before you leave the realtor, make sure you checked the home for details on your list of requirements.
Make sure that you're aware of comparative listings as well as the overall price homes in a specific area are going for before you go around looking at homes with a realtor. Knowing how many homes are for sale in a particular area, as well as the going price, will help you resist making a hasty decision when the realtor pushes for a quick decision.
If you're afraid of rising prices in a particular area based on published accounts of real estate markets in a particular area, don't rush into a purchase assuming price increases are because a particular location is the next great spot to live without checking to see whether it was among the locations where there were the biggest housing drops in the nation during the real estate market crash.
In order to avoid being sold on a house that you might regret buying, it's important, if you're a would-be buyer to take steps to remain somewhat objective when considering homes to buy. Use the suggestions above for gathering data and itemizing your priorities before you buy real estate.
