Shopping for Real Estate? Don't Fall in Love

by Sherry Holetzky | More from this Blogger

17 Nov 2006 10:42 AM

The title may give a different impression than what is intended. It's not suggesting that you avoid falling in love with another person, rather that you avoid falling in love with a piece of real estate. It may sound silly, but it happens every day.

Buying real estate can be a great investment both financially and emotionally, but that doesn't mean making an emotional decision will be beneficial. Try to keep an open mind, even if the home or property you're viewing seems perfect. It may look like your dream home, white picket fence and all, but don't let that keep you from finding out everything you can about the property.

It may need repairs that aren't readily visible. It may not pass inspection. There may be other buyers interested in the property, which could mean a bidding war. You don't want to end up paying far more for your home than you should. Then, it will no longer be a good investment.

Even though some homes appreciate in value, especially if you improve the property, it's never a good idea to pay a price far above market value. Check out listings in the area to compare the prices of other homes that are similar in age, size, condition, appearance, and location.

It's also a good idea to view several properties before making a decision, and especially before making an offer. The next home you look at may be even more perfect for you. Even if you don't find anything else you like better and the property is in good condition, is priced reasonably, and you are excited about it, it's a good idea to sleep on it before making an offer.

*If there is one piece of advice that every homebuyer should keep in mind, it's having a professional inspection done. It is well worth the cost.

Related: Can I Find a Mortgage with Zero Down?

Learn more about Sherry Holetzky

Sherry Holetzky is a work at home mom and freelance writer. Married to her best friend, Sherry and her husband are raising their family in a quiet rural setting in the beautiful Ozark Mountains.

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