There is a saying often used in the real estate industry to refer to buyers, it says buyers are liars. That is in fact not case. The perception comes from the fact that buyers often buy on emotion rather than their needs. Buying on emotions often leaves buyers passing over a potential good deal or fit and instead overpaying for their dream home.
Here are some common buyer errors and how to avoid making them.
1: Not using the right agent
Choose an agent that works in the local market and never go it alone. An agent has the skills to negotiate the best deal for one of the biggest purchases of your life. A local agent has the lay of land and knows the area well and will be able to find you the right fit.
2: There usually isn’t a better deal
When buyers keep waiting for a better deal they often miss out. When you find a house that fits your needs go for it. Don’t wait because there is no guarantee that a better deal will come on the market.
3: Overpaying for cosmetics
Look at the structure and the function of the home. Paint colors or décor don’t matter in how much the house is ultimately worth. Often buyers will pay for cosmetics and staging in a home and ignore a better deal that isn’t perfectly decorated or match their taste.
4: Not negotiating realistically
Who doesn’t want to get the lowest possible price when buying a home? Buyers need to understand there is a big difference between negotiating and lowballing. If a buyer truly wants a chance at a sale it is best to make a fair offer. Lowball offers often immediately get rejected or cause the seller to become agitated which often ends negotiations. Buyers must understand a lowball offer comes with a risk of losing the property.
Here are a few projects you might want to leave off the DIY list:
1. Roofing-Roofing can be a time sink. As a do-it-yourselfer you probably will not be able to complete the project in a short enough period of time to avoid exposing your home to damage from the elements.
2. Electrical-Poor electrical work is a safety hazard. There are safety codes that need to be followed and just because you were able to wire something and it worked, doesn’t mean you haven’t created a safety hazard.
3. Insulation-Homeowners often assume that installing insulation like fiberglass is an easy project. It can be easy to leave gaps that draw heat and moisture into your walls creating a much bigger problem. Insulation contractors usually get a much better deal on the material costs than you would, offsetting the cost of the labor.
4. Structural work-The structural work on a home should always be left to a professional. Structural work or changes should be drawn or approved by an engineer, whose specifications should be followed to the letter. Don’t take chances here.
Have you ever tackled a DIY project you thought should have been done by a professional? Share your story.
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