Buying or selling a home is one of the most important and most challenging highest-value transaction we will make and being mindful of some considerations can help the buying and selling process go a lot smoother.
Here are some things to avoid to help buyers and sellers do well before they purchase and list their property. It could save a great deal of money, and could even make the purchasing and sale of the property easy down the line.
1. Allowing emotions to overtake common sense
It’s true that when you fall in love with a property, it can be hard to walk away but it’s important to know your budget. Don’t buy something you know you cannot afford. If you’re selling, don’t overprice your property. Don’t hire the first real estate agent you meet. Meet with a few different agent before settling on one, and make sure you feel comfortable with them and their approach to the process.
2. Not making your expectations clear with your real estate professional
It’s important that you and your representative have a mutual understanding about what you’re looking and selling for, and what services the brokerage will be responsible for. Make sure you talk to your broker or salesperson about the services you expect them to provide, and get it in writing.
3. Failing to read and understand forms and contracts
It can be tempting to speed the process along by signing forms that you haven’t read and totally understand but don’t assume everything is included. Taking the time to understand what you’re signing can avoid a lot of problems in the future. Either buying or selling, make sure all the details are well explained to you before you sign it, and make sure you get a copy of whatever you sign.
4. Not doing proper research and making verbal agreements
If you’re buying a home, a simple internet search for the address can go a long way and having an idea on how the selling process works if you’re selling a home is also significant. On the other hand, verbal agreements aren’t a problem until they’re a problem. Putting everything in writing forces both parties to be clear about their expectations and provides a record that can prevent disputes later on.
5. Underestimating closing costs and other expenses
From land transfer taxes to title insurance to a home inspection, the costs of a real estate transaction can add up quickly. Take the time to include estimates and other expenses in the full cost of buying or selling a property. Remember as well that owning can cost much more than renting with expenses like rates, insurance and maintenance. While all of these tips are essential, the most important advice is to work with a registered real estate professional.
Are you ready to sell or purchase a home? For all of your real estate needs, contact me today at (703) 228-9788. Whether you are buying or selling, I will be here to help you every step of the way.