The real estate market is booming, and it is important to be aware of the property first before purchasing it. Many first-time buyers make several mistakes when it comes to purchasing real estate. Some of them often are very dear and can turn out costly in the long run.
As an esteemed real estate professional in the USA, Eugene Bernshtam spreads awareness about the best investments to his readers. He is an avid car collector and is actively engaged in auto restoration projects. He graduated from the Loyola Business School in finance with a Bachelor’s degree. He has received both the series 7 and series 63 certifications for selling investment securities and was able to work for an investment banking firm right after college. He later worked for many multinational companies and heads the commercial real estate developer Avalon Holdings LLC in the USA with its affiliated entities.
There are several mistakes that people make in the above regard, and he offers some insights on his blogs so that you can avoid these common mistakes.
- Not conducting sufficient research- Before you jump into any real estate opportunity, you should know everything that could impact the ownership of the property you are interested in acquiring. Sadly, several property owners have faced unexpected surprises a little too late just because they failed to conduct adequate research about the background of the property beforehand. For instance, if you buy a property very close to any airport that is sanctioned to be built in the next ten years, you will face several sleepless and restless nights with flights landing and taking off all the time.
- Buying beyond your budget- Affordability, in the long run, is very important in the field of real estate. It is simple for you to do the math when it comes to the calculation of mortgage for the property you intend to buy. It has to match with the income you make not only for today but also for the future. Remember, you have other financial obligations to meet as time passes, so you have to make sure you can spend them along with the monthly allotment for the ownership of your home. You should find out whether you can afford the property that interests you in the long run.
- Underestimating the expenses- You should be aware that owning a property does not include the expenses you need to reside in it. You should be clear with your real estate agent about these costs. You must be aware of the titling fees to determine the price of the home property you are interested in buying and whether you can afford to live in it in the long run. In this manner, you can effectively prepare for its acquisition.
According to Eugene Bernshtam, these major mistakes can be avoided if you keep in mind the above points. It is prudent to consult an experienced and skilled real estate professional before making any investments in this field, especially if you are buying property for the first time in the market.