10 common but avoidable real estate regrets

What I could have, I would have, I should have? Well, we often ask these questions after committing mistakes while buying or selling real estate. Why should you regret when you can avoid all these mistakes? People comes in touch with us in http://agentace.com/ sometimes ask these questions.


Yes, there are some common but avoidable mistakes that people usually make when it comes to a real estate transaction. 10 of those most common mistakes that people make and then regret are as follows:



1.Misunderstanding the transaction process – According to a market survey done by a leading non-profit real estate organisation, more than 35% homeowners wished if they could have a better understanding of real estate buying or selling process so they could have done a better deal. Why should you belong to this group? Learn different intricacies of making a real estate transaction before you sign off a deal. You can get help from Internet or ask your chosen real estate agent to help you understand the process.



2.Not closing a deal sooner - More than 50% homebuyers regret that if they would have bought a property sooner, they could avoid wasting thousands of dollars on rent. Buying a property is no joke; it involves several criteria to be fulfilled. But it is always better that you try to get your own dream home sooner to get rid of making recurring rental agreement.



3.Not making larger down payment – More than 60% homebuyers wish if they could have made bigger down payment, they could have saved a lot on mortgage payments. However, it needs you to have a significant amount of savings well before getting locked into the mortgage. So if you have already planned to buy a home in next 2 to 3 years, start saving right now; you can use the saved amount for making larger down payment.



4.Not being frugal on ongoing expenses – 30% of the survey respondents confessed that they have overlooked some of the supplementary costs of owing a house such as utilities and maintenance while 12% admitted that they have overlooked some fees related to buying a house. The fees may include land transfer cost and inspection fee.



5.Not buying a home closer to workplace – This is why people are concerned about location. According to a recent survey by Trulia, more than 14% homeowners wished if they could have bought a home closer to their workplace they could have ample of time for self and family and plenty of money on fuel costs.



6.Not shopping around – Purchasing a home is undoubtedly one of the major investments one makes in his life. According to the market survey done by a leading non-profit real estate organisation, over 20% homeowners wished they could have seen more houses before making final buying decision.



7.Not talking to more real estate professionals – Homebuyers emphasize more shopping for a home than looking for a real estate agent. But according to survey, about 10% respondents reported that it would be better if they had spent more time on researching and talking to real estate agents, for example top real estate agents in Thousand Oaks before finalizing one.



8.Using entire savings – In most cases, homebuyers spend almost entire savings for buying the home and one must not do that. Life is unpredictable; emergency can knock at the door at any point of time. Be it losing employment or medical emergency, one should be prepared for unpredictable requirements for quick cash and thus they must maintain an emergency fund that shouldn’t be used even for making the biggest investment of life.



9.Not getting an inspection – This can be considered as a sure fire way to have regrets later. One must get a home inspection done before making the final decision. As per the survey, almost 14% respondents have wished they would have got a thorough inspection before purchasing the property.



10.Not purchasing bigger – This may sound odd, but according a Trulia survey, almost 35% homeowners wished they would have bought a larger home. However, according to top broker Thousand Oaks, this is subject to one’s financial capability.



Think judiciously and rectify your mistakes so that you can make an impressive real estate transaction next time.