June 22, 2020
How to Avoid the Most Common Mistakes in Buying or Selling a Home
The process of buying or selling a house can be daunting. It is one of the largest financial decisions that most people make during their life. It’s always best to use a professional to guide you through the process. Before you begin, it’s important to be aware of the common mistakes made so that you can avoid them.
When buying a home:
- Don’t forget about your budget. It can be exciting to see a new home with every item on your wishlist, but it is important to stay within a personally safe budget. Down payments, closing fees, increased mortgage payments and unexpected expenses will eat up your original budget, so it is not advised to be stretched thin.
- Don’t skip the inspection. A house can have all the bells and whistles, but the structure could be littered with problems. Despite a home inspection coming with an added cost, the results of one could be a deal-breaker.
- Make sure to get the right type of mortgage. Despite most of them all having the same goal of getting you into your house no matter what, selecting the right one could save you tons on interest fees and payments.
When selling a home:
- You must prepare your home for potential buyers. Sellers who do not prepare their home, ensuring it is clean and not cluttered, could lose buyers who would be distracted by any mess.
- Don’t misprice your home. This is where working with a Realtor can save you. If you underprice your home, you could be losing potential profits. If you overprice, it can be nearly impossible to find a buyer. The best way to avoid this common mistake is to work with your Realtor to create a CMA to find an appropriate price for the house based on its characteristics.
- Market the house correctly. Especially in the era of the internet, sellers need to photograph their homes in a way to highlight how it can be lived in. Focusing on natural lighting, unique features and storage are all ways to market your home above the rest.
- Don’t leave it empty. Potential buyers can envision themselves in a home when there is at least some furniture and decor. Leaving it empty may make it difficult for buyers to notice the full appeal of your home.
- Make sure to be as accommodating and accessible as possible. The mistake to avoid with this is limiting your showings. Additionally, you want to be as accessible as possible by being responsive. This includes having a lockbox, so the Realtor and potential buyers have greater access, especially on short notice. While the process of selling your home can be overwhelming, it will only benefit you further to be accommodating.
Regardless if you are buying or selling a home, the most important thing is to stay positive and flexible. I’m here to help you through this process!