Here’s part two of this topic with a few more lessons learned both from helping clients and from personal experience with purchasing real estate. It’s so helpful to set realistic expectation for your experience from the start. Take advantage of the lessons learned the hard way and keep these principles in mind when you are ready to hit the market.
Ask a lot of questions. I’ll repeat, ask a lot of questions. Purchasing real estate is a big decision with many considerations. Make sure you understand every detail and each step of the way. If you aren’t sure, ask for clarification and explanations. If you are feeling pressured or dissuaded from seeking information, beware. Your comfort with the process and full appreciation of what you are purchasing should be a high priority for your agent.
Ignore the staging. While it looks gorgeous and you can totally picture what it would be like to live there with all this stylish furniture, you can’t keep it. Staging is an incredibly effective way to help market a home because it gets a higher price for the home by eliciting an emotional response from buyers. Try to focus on what you are actually buying: the floor plan, view, the mechanics, etc., and let the staging just be a nice experience. Picture the space bare and see if you’re still as charmed.
Mum’s the word. Be mindful of what you say while you are looking at properties. For example, if you are attending open houses without your agent, be cautious of what you reveal. Relaying to the hosting agent that you have already sold your place and need to find a new one immediately could put you at a disadvantage during negotiations. When you are in the hallways after a condo viewing or out on the front lawn after seeing a home, use the same discretion. Just be aware that a noisy neighbour may be listening and it could come back to bite you.
The one who got away. In addition to having personally invested in several homes over the years, one thing I’ve seen with clients and experienced myself is the fear of missing out on the one. The one magical unique property that got away and will never be seen again. This idea can make unsuccessful bids on offer nights almost unbearable. Rest assured that although there are some exceptionally unique properties, this is the exception more often than the rule. Unless you have a very flexible and lofty budget, don’t overstretch for fear on never finding another property that you like. There will be another and it will likely all feel like it was meant to be in the end.
Keep your goals in mind and look for opportunity. It’s easy to get swept up in the excitement of it all. Decide at the onset of your search what you goals are. Maybe it’s not be your forever home but it’s important to get into the market now. Maybe maximizing your return is the top priority so it’s okay to be in an area that hasn’t quite gentrified yet. If budget is the highest priority there is opportunity in purchasing properties that haven’t been maintained well or have poor rental income.
In case you missed part one you can check out more pointers to make you a more savvy purchaser here.
