15 Costliest Mistakes in Homebuying and Selling
When it comes to buying or selling your home, what you don’t know can cost you — literally. Whether it’s not doing your research or getting too emotionally involved, making the wrong choices can wind up costing you tens of thousands of dollars.
To avoid this fate, check this list of 15 of the biggest real estate mistakes made by both buyers and sellers — and make sure you don’t commit any of them.
On the Buying Side
Not Researching the Neighborhood: Is this some place you really want to live? What amenities are nearby? How is the school district? What does the traffic and street activity look like when you drive by it at different times of day, like Sunday morning and Monday evening rush hour?
Not Getting an Inspection: This is one of the biggest investments you’ll ever make, and you’ll be living with it for years to come. Don’t pinch pennies — shell out $400 for an inspection. Make sure you know exactly what you’re signing up for.
Buying (or Not Buying) Based on the Decor: Paint color can be changed. Tiles and cabinets can be changed. What you want to look at are the bones of the house. Will it meet your needs? Does it flow well? Does it have enough space?
Buying the Priciest Home on the Block: Hate to break it to you, but the most expensive home on the block isn’t a good deal. It will only depreciate over time, and you could have trouble selling it when buyers can see plenty of more reasonably priced options in the same neighborhood.
Being Unrealistic with Your Budget: Just because you qualify for a $250,000 mortgage, that doesn’t mean you can afford it, especially when you factor in the other costs that come with homeownership. Be real and only look at houses you can realistically afford.