Top 5 Charlotte Home Buying Mistakes to Remember on Memorial Day
This year be sure to take the time on Memorial Day to remember all of those who’ve served our country. You’ll also perhaps want to make the effort to memorialize those who have made bad Charlotte real estate investments — and learn from their mistakes!
Below are five common and costly mistakes buyers make when purchasing Charlotte real estate.
1. Using a High-Pressure Agent
Yes, REALTORS® do have a lot to gain if you purchase a home. Unfortunately some may not have YOUR best interests in mind. Be wary of agents who push a hard sale and utilize high-pressure tactics. Listen to your ‘gut’ – if you feel like you’re being pushed, back away.
2. Buying in an Area that Doesn’t Suit Your Lifestyle Needs
Even if the house has been maintained well and it’s priced at a steal, you might not want to make the investment if it just doesn’t suit your lifestyle needs. Many Charlotte home buyers select their homes prior to driving the area and scouting out the locations, taking into consideration their more frequented ‘stops.’ Keep in mind that a home in the suburbs may have more square footage and be on a larger lot but, when you discover that the Google map showed a 20-minute drive, that wasn’t during rush hour, it may be a bit more of a commute than you’re willing to make! Commute time is KEY when buying a home in the Charlotte Metro region. Be sure to drive the routes that you will be taking most frequently PRIOR to making an Offer on that home that ‘seems so close to everything!’
3. Disregarding Comparables
If you’re particularly interested in a property, your REALTOR® should provide comparables to help you determine if the home is priced fairly. Bear in mind that even if a property has multiple Offers and appears to be perfect, that doesn’t mean that it’s priced right.
4. Underestimating Repairs
Of course sellers are going to try and minimize the amount of work that needs to be completed on their homes for sale. Seek the advice of professional contractors for any major renovations after the Charlotte real estate has been inspected. Also, make sure you tack on a little extra to the renovation budget, as costs usually go over your original estimates.
5. Over-leveraging Yourself
Over-leveraging is when you carry more debt than you can manage. As a homeowner, it’s not wise to finance everything to the point that there is no cash flow. This makes it hard to be fiscally flexible if issues arise.
In memory of all those who have made bad Charlotte real estate investments, learn from their mistakes and don’t repeat them. If you’re about to buy a new home in Charlotte NC and have questions, please phone me at (704) 491-3310 or email me at SavvyBroker@me.com.
Be sure to have a safe and Happy Memorial Day weekend!
© Debe Maxwell | Savvy + Company Real Estate | SavvyBroker@me.com | Top 5 Charlotte Home Buying Mistakes to Remember on Memorial Day