How Not to Choose Your Home

Ryan Coffey
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A few years back, I wrote this post about how not to sell your home. It was a little tongue in cheek as is the below but it is worth knowing about. There are certain ideas or habits that some people have when buying real estate that are detrimental to their own best interests. The irony is that most of the time people are doing these things because they are trying to save money rather than waste it, but like nearly everything in life, there is a balance point and being too much on one side or the other of centre has a way of causing issues. Other times people do the below simply because there are various things they don’t know the real estate world.

Here are some things you should NOT do, or even consider, when choosing your home:

1. Be cavalier about getting pre-approved for a mortgage in the price range and type of property you are looking at. You know what you earn and you know what you can afford.

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2. Call the Realtor whose name is on the sign of the first property that catches your eye and let them sell you that property without showing you any others or maybe just some of their other listings.

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3. Rely on the photos to get a feel for the property. You don’t need to see it to know if you like it or not. All the info you need is in the listing. Only look at the one that looks just right in the listing and buy that one.

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4. When you see a listing you like, in person or in a listing, wait. Think it over for a week. Just because it looks like a good idea to you, it doesn’t mean that anyone else has the same criteria, price range and tastes. It will be there waiting for you when you’re ready.

(I don’t think I’ve written about this one previously.  Might become a future post.)

5. Don’t get an inspection from a qualified home inspector. Your brother/buddy/aunt has worked in construction since forever and knows all the ins and outs of property maintenance and will do it for free. It’s just not worth $400.

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6. Have a very specific idea as to what your ideal property is and stick to it even though places like that are out of your price range or are extremely rare. Your ideal home will reveal itself sooner or later and be affordable. No one else will buy it before you get to it because it’s destiny.

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7. Focus on foreclosures because they are such amazing ways to save a ton of money.

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8. Don’t take any advice from your Realtor. Only listen to your friends and family.

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9. Wait until you hear on TV that real estate values are going up. Until then, keep renting.

More here and here and here and here.

 

Ryan Coffey