When buying a home, about 90% of your purchasing decision will be based on emotion and only 10% on logic even thought i learned that buyers become experts in their price bracket for the period of time in which they are seriously looking for a property. They have an intimate knowledge of what they can get for their money.Real estate can be profitable when people have the knowledge to make wise investments.
You, as a buyer, will most likely have personally inspected every property that suits your requirements, including those slightly above and below your budget. After a period of intensive property searching, you will probably know instinctively a property’s value immediately upon entering the front door. You will also get to know the most active selling agents in your area and begin to glean additional information from them.
This knowledge can be extremely useful when it comes to negotiating a deal and can help you to avoid making a poor property purchase. My advice is to always make a decision after acquiring as much knowledge as possible about your chosen market. But this knowledge does take time to accrue where you cant make an early decision.
If you have only recently started looking and have found what you think is the perfect property, Consider the time it takes to find the right property in which to invest, be aware that your lack of knowledge may cost you – either by missing out on your dream home or by paying too much for it.
On the flip side you need to ensure that the property you are buying is going to be a good investment and that it is not going to be one of those that makes you lose your money, but you cant keep looking for ages, you might get fed up and settle for something that is not ideal, or make the mistake of thinking that you simply have to pay whatever it takes to buy something… anything!
You need to ensure you gather as much information on what’s happening behind the scenes as possible, understand the sellers motivation and know how to negotiate your terms with the agent. It is a full time commitment, it is hard, so maybe it’s time to call in the professionals…
Chady Melhem | Property Consultant
Call me for any advice you may need!