Real estate business in Atlanta is slowly regaining its feet, and therefore many new properties are hitting the market. Prices are also stabilizing and that allows us to determine whether the cost of a real estate is realistic or not. This helps agents, including me to advise our clients about buying real estate.
The market is still unsteady, and thus it’s easy to make a mistake and buy property that isn’t what it seems to be. My job as an agent is to try and eliminate obstacles that prevent my clients from purchasing the property they like.
I work hard to find real estate that isn’t overpriced and then reduce the price even more. This includes everything from inspections to negotiations. But my efforts can go to waste if my clients make simple mistakes. My answer for this is this blog where I try to educate future buyers.
If you know what a mistake is then you won’t make it. This is a general rule that applies to all aspects of life, including real estate business.
One of the most common mistakes is that people buy property without thinking about settling down. This can mean that they end up moving away and still paying the mortgage for the property they aren’t using. This leads to various legal concerns that can explode into something serious. If you don’t plan to live in a house for more than ten years, then you should consider whether it is smart to buy it or not. Now, this doesn’t count for the property you can rent. Just remember that rental money should be high enough to cover mortgage expenses.
Next mistake you will want to avoid is forgetting about additional expenses. Those that wish to rent condos must remember that monthly association dues are a thing and they will have to pay them. And then there are potential repairs.
You can’t foresee whether the property will need any repairs in three or six months or even further down the road. This is why it is smart to set aside some money for said repairs. Think about monthly rent and imagine that you have to pay it. Don’t use the money you save for anything apart from repairs.
Many people neglect the site of the real estate. You might purchase the property and only then realize that major construction work will happen in the area and it will last for several months.
Another essential thing to look into, that many people forget, is the location of nearest public and private buildings. Failure to remember this might force your children to travel more than 20 miles to reach the school. On the other hand, if the police station is far from your neighborhood, then the probability that the crime rate is high in the area is huge.