Top 25 Mistakes You Should Avoid When Buying Real Estate

25 Top Mistakes to Avoid When Buying Real Estate

Buying a real property can be a challenging process. Often you will have little option to avoid a few of these mistakes. Avoid:

1. Lack of understanding of the real estate market you are planning to invest in
2. Not understanding your financial and personal needs vs your wants
3. Lacking a clear focus and a plan
4. Not doing a proper research on the market and comparables before purchase
5. Not selecting the right property because of emotions and third-party advice
6. Not selecting to work the best Ottawa Realtor you can find before your purchase
7. Buying above the present Ottawa real estate market price
8. Buying a property in an extreme seller’s market
9. Buying beyond of what you can truly afford
10. Lack of understanding of your mortgage terms including fees and penalties
11. Making decisions on emotion alone instead of objective analysis
12. Not doing a home inspection
13. Not doing a septic inspection
14. Not obtaining advice specific to your situation before you buy
15. Not negotiating hard enough for the price and conditions that you need
16. Lack of well-written protective clauses in the Agreement of Purchase and Sale
17. Buying for the wrong reasons, in other words not understanding the difference between a home and an investment
18. Lack of verification of all your financial capabilities and information before the purchase
19. In case of investment purchase not selecting the right partners
20. In case of investment purchase not having a clearly written agreement with your Ottawa real estate partners
21. Lack of details of chattels and fixtures on the Agreement of Purchase and Sale
22. Buying a property unseen, in other words relying on pictures and hear-say
23. Relying on outdated information, third-party unprofessional and unsupported opinions
24. Not selling a property at the right time
25. Selling your Ottawa real estate without consulting the best Ottawa Realtors in that area

Depending on your own uniquq situation and the market conditions you may have to make some 'mistakes'. Tat is not avoidable. Carefully analyze and discuss your options with your experienced realtor before meking your decision.

When you have the possibly most competent best Ottawa Realtors, mortgage broker, inspectors, lawyers working for you they will help minimize the inherent risks of making a truly bad purchase.