Here's Some Advice You'll Hear When Buying a House

Should Totally Ignore: When Buying a house? Then you'll no doubt hear tons of advice from people 

who've been through the home-buying process before and want to pass their sage wisdom onto you. Problem is, sometimes the advice that 'everybody knows' is right isn't.

Fact is, housing markets change over time—and the rules vary widely based on where you're looking to live, along with lots of other specifics. Just so you can keep your eye peeled for the home-buying advice you might hear that could lead you astray, here are common tips to take with a grain of salt.

'You need a neighborhood expert'

Of course you want an agent who knows the area, but do you really need a neighborhood expert? What on Earth does that even mean?

'I think it's kind of a fake term,' 'Most cities aren't as divided as you think.' In fact, working with a neighborhood expert can hurt your search if your agent doesn't suggest properties in more than one small area. Even if you think you know for sure where you want to buy, 'there may be other opportunities out there that are a better fit, and for a better price,' 

'You can save money by buying a fixer-upper'

Sure, shows such as 'Fixer Upper' make it look easy, but rest assured, purchasing a run-down home and turning it into something special 'is not for the faint of heart.' 

To really score a deal on a fixer-upper, you need to be able and willing to do a lot of the work yourself. Bottom line: For the inexperienced, the line between fixer-upper and money pit is perilously thin. Make sure the stress of a remodel is worth the savings.

'Foreclosures and short sales are bargains, too'

Short sales and foreclosures are often not the deals they appear to be, especially for inexperienced buyers.

'In this market, even banks want to get top dollar for their properties.'  'People can overpay for a property and still have to go through all the hassle of doing the work on it.' This is especially true for people using FHA loans, which have strict requirements about the condition of the homes they are used to purchase.

It's difficult for novices to know what they're actually buying, 'The price tag may be fair, but the damages are often severe and the room for negotiation is limited.'

'Always buy the worst house on the best block'

On the face of it, this seems like good advice: Pick the ugly ducking in your area, and the higher value of surrounding homes will elevate its value, which means your home's price has nowhere to go but up! And that'll be great when you're ready to sell.

Still, though, what if you don't want to live in the 'worst house'?

While it's important to think about resale value, most buyers aren't real estate investors; they're people buying a home they're going to live in. Even on the best block in the world, a home that's too small for your family or that has other deal-breaker qualities is not going to be a good fit.

It's better to find the right house in a less expensive neighborhood. After all, in a few years, your neighborhood can change, trees will grow, your neighbors'landscaping could improve, but your house isn't going to sprout another two bedrooms.

The decision to Buy is a personal one that depends on your financial situation, future plans and lifestyle. If you’re interested on a wealth of information to help you get started visit Precision Realty & Assoc. LL or if you prefer a more personal touch, reach out to a us, CALL 801-809-9866 today. #RealEstateForSale

How to win a bidding war:

Source: Realtor.com