4 Mistakes Most People Make When Buying Real Estate
Monday Oct 22nd, 2018
Why do you think you clicked on this post? Would it be fair to assume that maybe you care about avoiding mistakes? There’s a real reason for that.
We’re all striving to be better versions of ourselves. It’s often why nostalgia and regret can leave such powerful imprints when we’re reflecting on lessons learnt.
Our mistakes are what allow us to evolve and be better in the future, and oftentimes acts as the foundation to our makeup and how we climb to success.
Avoid these common mistakes most people make, and I assure you, you’ll start seeing your real estate results differently.
Mistake #1: Failure to understand the market.
Everything begins with assessing your surroundings. From the primal survival degree well into the real estate market. Assessing the market is going to allow you to make strategic moves. Starting here is obviously the beginning to your self-education process. Always assess your market. Do it and do it relentlessly.
Mistake #2: You procrastinate on buying.
The number two biggest mistake to getting into the real estate game, is procrastinating to get into the real estate game. Read that one line over and over again.
You look, and you look but you never make the move. You never commit fully to actually move forward with making a deal. Caution is one thing. Education is another. Familiarizing yourself with your market leads the top of this list for a reason. You should be patient when you look. You should be strategic. That’s fine. But you should act.
Mistake #3: Not preparing a financial plan to make your goal happen.
If you’re just getting into the market, there’s so many ways you can start saving towards your goal of home-ownership. Putting something every week towards a down-payment can lead to your potential investment property that starts producing a passive income and could mean you can quit your 9-5 and work on side hustles or growing your real estate investment portfolio. Financial freedom is the dream.
Owning land or property is one of the most historical forms of value in context of assets. Lack of resources or not having the sufficient funding in place to make a deal are common reasons that people don’t get involved in the market. I’ll write a post on how to get started in real estate with no money, but you have to keep coming back for that.
Mistake #4: Not using a realtor
Expertise goes a long way to helping you make strategic and lucrative deals. Realtors are the secret weapon in your back pocket, here to get into the boxing ring on behalf of our clients. Keeping someone else’s expertise accessible to you, will help you make the best move without investing the same amount of time it took to attain that knowledge. Transference of knowledge. It’s like time travel for information — delivered in an instant.
By becoming more aware of these 4 common real estate mistakes, you’ll be that much more prepared to make the most lucrative deal for your portfolio yet.
Royal LePage Signature Realty Inc., Brokerage
30 Eglinton Ave. W. Suite 200, Mississauga, Ontario, L5R 3E7
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