Avoid the Pitfalls of Real Estate Purchasing

17 Jul

Avoid the Pitfalls of Real Estate Purchasing

Buying real estate property is a huge decision to make. It is not an easy process, especially when it requires a huge sum of money.  Finances should not be utilized rashly, that is why certain pitfalls should be known and avoided before going into the business of real estate purchasing.

Pitfall #1: Going beyond the planned budget

Don’t exceed your means. This is a pitfall that any buyer should watch carefully for, since this is a huge mistake that will greatly impact your buying power. In the end, it will lead you to spending excessively more than what you normally planned.

Pitfall# 2: Immediately putting trust in Quoted Prices

Don’t immediately believe advertisements and posters. Advertisements and reality are sometimes extremely different. These quoted prices and deals may not include the costs for car parking, registration and stamp duty. These are hidden costs not included to trick potential buyers into believing a false assumption of the sale price.  When added up, these costs are formidable.

Pitfall #3: Buying disputed projects without careful consideration

Checking important documents such as land title and name in which the land is under are vital processes to consider. Make a deal with the actual owner himself. Otherwise, the real estate property may actually end up turning out to be disputed.

Pitfall #4: Purchasing illegal property

This is a huge no-no with those who plan to purchase real estate property. The reasons are pretty much self-explanatory. To ensure this, ask the developer of the real estate to show you the commencement certificate of the project. This is proof that the building process is legal.

Pitfall #5: Believing in exaggerated deals

Be wary of discount offers and packages that are too good to be true. This may turn out to be a bold-faced lie to get buyers to commit. An example of this would be a promise of including branded furniture in the package when the furniture is in reality, very low quality.

Jennifer Fields
Oklahoma City & Edmond Real Estate Agent


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