Turn Your Dead Real Estate
Leads Into Hard Cash!

We Buy Your Dead Leads!

Real Estate Contracts and Forms
We Are Seeking Private Lenders
Total Real Estate Solutions is seeking one or more private lending resources for a unique project. If you, or someone you know, is interested in learning more about this interesting, lucrative and well-secured opportunity, please click here and share a bit of info with us and we'll be happy to discuss the opportunity with you.
 Welcome Home
Home Page
Site Map
Reading Room
Real Estate Books
Real Estate News
Tools & Resources
Free Newsletters
Panel of Experts
Contact Us
Website Services
Real Estate Websites
Website FAQ
Showcase of Examples
Custom Template Design
Buying a Home?
Tips for Buyers
Featured Listings
Search Property Listings
Foreclosure Listings
Financial Calculators
Selling a Home?
Tips for Sellers
List Your Property
Listing Manager
Real Estate Pros
Foreclosure Listings
Affiliate Partners
Real Estate Talk
FREE Real Estate Forms
Contracts and Forms
Marketing Ideas
FREE Website Content
Resources and Links
Glossary of Terms
Top 100 Best
Real Estate Directory
Add Your Listing
Link To Us
Visit Our Sister Sites
Refrigerator Art Mktg
Top 100 Best Websites
Free Real Estate Sites
Real Estate Directory
FSBO Directory
Lender Directory
Home Builder Central

Real Estate Reading Room [Home Buying]
Articles and Advice about Home Buying from Real Estate Reading Room

The Most Common Mistakes People Make When Buying a Second Home
by Crissie Cudd

Some buyers will look back on their home-buying decision and smile. Others will not. The smart buyers smile because they learned from the mistakes of others.

Mistake No. 1 - "I'll wait until next year." The same property is unlikely to be available next year, and if it is available, it will usually cost more. Look at the projected price and availability a year from now and see if it makes economic sense to wait.

Mistake No. 2 - "We want to buy near our friends." The market may have changes since the friends made their purchase, and the best value may be in another area. Friends are not always informed or objective about the market.

Mistake No. 3 - "We don't plan to move again." Plan for the unexpected. Changes in financial status, health, or family needs can occur and require a sale sooner than expected. Resale value will always count at some point, so consider that possibility when buying.

Mistake No. 4 - "It's just the two of us; we don't need much room"/"We have a big family; we need lots of bedrooms." Many people find themselves selling the first home and buying a larger one within two years because there is no storage, the kitchen is too small, or there isn't adequate space for guests. Others scale down later because they were tired of running a hotel for friends and relatives. Avoid extremes.

Mistake No. 5 - "We don't want to spend more than..." Price is a factor, no matter what the budget, but it shouldn't be the only factor. With interest rates extremely low, buyers can get more home than they expected. Most lenders will be glad to pre-qualify buyers and outline a variety of choices.

Mistake No. 6 - "We just loved/hated the way the home was decorated." Look beyond paint, wallpaper, and furniture, and see room size, layout, windows, and view. Nearly every model is gorgeous, but that doesn't mean it will work for every buyer. Some resales need a face lift, but that shouldn't get in the way of a good value if the layout and location work well.

Mistake No. 7 - "This community has a restaurant and clubhouse, golf, tennis, shuffleboard, an Olympic-sized pool, a fitness center, paddleboats, and..." Those are all nice amenities if they match the buyer's interests. Not only is the cost of the amenities built into the price of the home and the association fees, but buyers who don't use the amenities may not have anything in common with their neighbors.

Mistake No. 8 - "We can't wait to bring our three German shepherds back with us." Many communities have deed restrictions of some kind. They can be as varied as the number and size of pets allowed, to the ability to park a truck in the driveway. The rules are always spelled out in writing in the form of association documents or zoning ordinances. It pays to find out in advance what they are.

Mistake No. 9 - "We don't have any imagination. We have to see it built already." Developers begin selling properties before models are completed, before amenities are built, and sometimes before the first shovel of dirt is moved. Buyers, who have the foresight to look at floor plans and to thoroughly check out the reputation of the builder, can lock in a prime location at the lowest price with complete confidence. By the time models are built, prices will have risen and the best locations are often not available.

Mistake No. 10 - "We want to look at everything before we make a decision." In any given month, there are usually thousands of resale homes on the market. In addition, there are almost as many new homes being constructed. It isn't possible to become an expert on everything in the area in a short period of time. So ask. Talk to friends, the person walking his dog, a mortgage broker, or a Realtor.

A real estate agent can help by identifying the buyers' needs and wants and narrowing down the search to only those properties and communities that meet those requirements and reflect current market trends. However, buyers who are willing and able to do their own research can find the same properties and make a buying decision that is both a good investment and a home they will enjoy.

I have 13 years experience in Naples real estate, earning certification as an Accredited Buyer Representative, becoming Relocation Certified, E-Certified, and a New Home Specialist.

Real Estate Reading Room HomeMore Articles in Home Buying
More Articles by Crissie Cudd

Article Topics

Search Articles
Search Keywords

Popular Searches
down market


This article may be reprinted for newsletters and websites provided that the original author's profile information (including all links) is included with the article. You many not modify the article content or the author profile information in any way. Sending a Notice of Intent to Publish to the author is appreciated.

Copyright © 2019 www.totalrealestatesolutions.com
Powered by inetUSA