People are very much interested in real estate, sometimes as an investment giving a fair assured return and finding a home for their family. One should be very careful about putting money into real estate, whatever the case is. A mistake made by being in a hurry may cost you a lot in terms of money and may ultimately spoil your peace of mind. So, here we will discuss some of the biggest real estate mistakes explained by one of the top real estate consultants in the United States.
Eugene Bernshtam is one of the top real estate consultants and investors in the United States who used to offer tips and advice to real estate investors of all types. We had an interview with him to compile his major points in terms of the mistakes to avoid for real estate investors, as listed below.
- Do not simply invest by seeing the current décor
Always remember that you plan to buy the house and not the décor things inside. Focus on the real bones of the home as the floor plan, materials used, square footage, age of construction, etc.
- Not offering showings
For any buyer to be confident, they should be able to easily access the property for sales. If there is no parking lot nearby or it is difficult to enter the property, buyers may simply skip and look elsewhere.
- Not inquiring about the neighborhood
Property is not a standalone entity, and it is an absolute necessity that you enquire about the neighborhood before investing in it. Check for the location, facilities like school or hospital nearby. You may try to attend community meetings in that region also if possible.
- Losing money over auctions
Even when the bidding price to start with for a real estate property may sound like a good deal, the final price may not be the same. Ensure that you have a strict and well-planned table. Make sure that you have a well-planned and strict budget to stick to. Do not get lost in the bidding war and end up in loss.
- Treating the real estate market like stock trading
While real estate is hot and the prices are appreciating fast, people tend to consider it as like the stock market. But the real estate market strategy is totally different from the rules of the stock market. You need to be ready for the long-term while investing in real estate.
- Failing to your marketing in a proper way
Do not just market it with a simple ‘for sale’ board when you are a seller. Try to explore all modern marketing tools online and offline. Ranging from ads to social media marketing, there are plenty of approaches to explore. You may talk to your consultant about the marketing strategies they can suggest.
- Not considering the resale value
While you are buying a property to make a home for your family, many do not consider the scope of resale. However, this may be a mistake that you may sometimes have many reasons to think of selling off the property at any point in the future. So, always be one step ahead in your thoughts and moves while dealing with real estate.
There are just a few inputs from Eugene Bernshtam, and you can see hundreds of such mistakes to avoid while dealing with real estate transactions. We will discuss the same in the forthcoming articles too.