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The most common mistakes when buying real estate

23 September

We have compiled a list of the most common mistakes beginner investors face when looking for and buying real estate on their own before contacting Prime Pro Investment. Some of these mistakes can result in wasted time, money, and home.

 

  • Lack of precise requirements and understanding of the purpose of real estate

 

Getting started with the choice, most buyers do not have precise requirements for future real estate: in which city, district, what class of house, budget, etc. For some buyers, the priority will be a developed children’s infrastructure, and for others, a view and a high floor. The purpose may also be multiple: for permanent residence, for rent, or investment. It is one of the most important steps to begin your search. Thus, only with the exact requirements and criteria – possible to choose the best option for real estate without wasting time and money. 

 

  • Purchase without bargaining

 

Most often, sellers deliberately inflate property values by 5-10% in both primary and secondary markets. Therefore, you should not give up trying to reduce the price. But you have to consider that the bargaining has to be reasoned. To do this, you need to study the real estate market and figure out how overpriced the price is.

 

  • Financial negligence

 

When making a purchase and sale transaction, you will have to deal with a large amount of money. All financial costs must be spelled out in the contract: taxes, notarial expenses, the developer’s commission on the assignment, and so on. At the same time, all parties to the transaction must understand what specific amounts are being discussed.

 

  • Purchase without legal verification of documents

 

A very important point in the purchase of real estate is the verification of the documentation: audit of permits, financing of the object, presence of encumbrances, verification of the seller/developer and all legal entities involved in the construction, analysis, and adjustment of the investment agreement, etc. It is also imperative to consult with a lawyer and use his assistance in concluding a real estate transaction.

 

  • Cancellation of services of a real estate company

 

Often buyers, hoping to save money, refuse the services of real estate companies.  But only with professional help will you be guaranteed to avoid all risks and to make a profitable, legal purchase of the real estate. You should contact only reliable agencies with a proven track record.