- Don't buy anything too specific unless it's your forever home (even then it's a risk). People usually build or remodel homes to their liking, but getting too specific can be a make-or-break for the next buyer coming into the home. A good example would be, taking a wall down that separates 2 rooms on the main level to create 1 large master. This is great while you're there but can cause your buyer pool to shrink immensely when considering families needing that extra space for a newborn.
-
Another good rule of thumb would be don't buy the most expensive home in the neighborhood as your home will be the highest one in regards to comps. Everyone has access to public knowledge and it can easily be determined you may have overspent when heading into it. The only way this ever works out on a return would be if it's located in a super exclusive neighborhood in your area.
-
Buy within your budget. I know with rates still being low compared to history, it can be tempting to take that next step up and get that massive estate. You want to be able to live within the payment and stretching it can cause financial issues in the long run, it's always good to have reserves set aside because none of us know what the future can hold.
-
The previous topic leads me to this one. Always get preapproved before starting that home search. The biggest reason is, your ducks will need to be in a row before submitting that offer. You could fall in love with that 2nd property you view but could lose it just as quickly if multiple offers come in and you aren't prepared for it. When submitting offers you will need that piece of the puzzle.
-
The last tip I have for the day is, to use the absolute best real estate agent you can find. Experience matters, especially when the markets get tricky and chances are they have been through that cycle before. It also helps with the ease of stress in regards to structuring the deal, knowing what to expect, setting expectations early so there are no surprises, and ultimately getting the most money for your property or the best deal on a buy-side scenario.
