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How To Make The Best Real Estate Purchase

Many a times humans are influenced by the notion of other people while they gun for that dream real estate purchase. They tend to place the cart before the horse without weighing the consequences or juxtaposing the merits against the demerits. It usually happens in an infinitesimal moment of excitement or should I call it a nerve-wracking moment? This article showcases 5 ways that can help you make the best real estate purchase without crying over spilt milk.

There have been many instances where people pay way too much for a house, not getting an inspection and then finding a million (expensive) problems with the place. It has occurred countless times from mere renters who just want a place to lay their heads to home owners and even eager real estate investors.

Making a bad or wrong real estate purchase usually happens like a spontaneous reaction; it’s not usually the plan and the moment the deed is done then suddenly the blindfolds are taken off and the supposed victim screams, blue murder!

Then comes a barrage of questions; Was I under a spell when I made this real estate purchase? Did that real estate agent pull a wool over my eyes? How did I let this happen to me?

It happens in the speed of light and the moment of realization is a split second too late.

Here are 5 sure ways you can make the best real estate purchase without any regrets.

1. Stick To Your Budget

People get too carried away with desperation and sometimes get easily swayed by the opinion of others that they find themselves at the end of their real estate transaction yet not encountering the beginning. Some people get excited when they are shown houses outside their price range and for a moment forget that they are working with a budget in mind.

Don’t just think about that house you want to purchase, also think about your monthly carrying cost and be honest about your lifestyle. Consider how much you spend every month on eating, clothing,etc. There’s nothing worse staying in a Porsche apartment but living as a pauper because you weren’t honest about your spending habits. The important part in all these is to have a plan.

2. Don’t be Afraid to Walk Away
A house is an emotional purchase, since it’s where you’ll be living, raising your children(for those of us who have kids or plan to) and making a home for yourself. But it’s crucial to keep emotions out of the equation as much as possible. You should love your house, but you should love it because it’s in good condition and because the numbers work. Always get a home inspection and if you can’t afford the house, walk away!

3. Give Every House a Chance
Some people do their real estate browsing or search online but you can’t always judge a house by the virtual tour – good or bad. If you see something online and it has bad pictures (or no pictures) but it’s in the right neighbourhood or in your price range, go look at it! Chances are you can get a good deal because so many people will skip it without photos online.

4. Think Long-Term
Before you jump into a real estate purchase, ask yourself: “What is the purpose of this property for the next 5-10 years?” Then you also have to think about your  status; are you single, married or do you intend tying the nuptial knots anytime soon? Depending on your goals and aspirations it is only natural to narrow your search to a place you can live on a long term basis. If you don’t see yourself living in a house you intend buying or a land you want to develop someday then you have no business making that purchase. Except you are buying with the hope of selling, I’d suggest you look at other alternatives.  You never want to be forced into selling your house.

5. Have a Support System
Having a real estate agent who understands your financial and personal situation is key, and great advice from a lawyer can be invaluable to the home-buying process. But what many people forget is to have a personal support system in place when they go house hunting. Advice from those close to you – family members, a partner, friends – is just as important to help keep you on track and avoid getting carried away. It’s easy to get caught up in the excitement of buying a house, so having the personal support will keep you grounded.

 

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