Buying and selling a home seem like two completely different things. However, once you consider what they really entail, you can deduct that they’re, in fact, pretty similar. Having said this, the mistakes you can make and the problems you can run into during both of these ventures are quite similar as well. Today, we’re here to take a look at all the common issues that you might run into or even be responsible for. By paying attention, you can predict and prevent them from happening.
Hiring the wrong people to help
Taking the time to browse through different options when it comes to the professionals that’ll help guide you through this process is essential. Choosing the right people will essentially make or break buying and selling a home in a way. Chances are you’ll hire real estate agents, contractors, and movers. Of course, if you don’t plan on hiring RE agents, that’s fine as well. You can opt for selling your house as-is to reliable buyers instead.
Hiring fraudulent real estate agents
If you intend to hire professionals to help you out, make sure to find someone who’s trustworthy. Running into fraudulent real estate agents isn’t as rare as you’d think. There are a lot of companies out there that could try to trick you in one way or another. You can avoid falling for this by thoroughly researching and checking their credentials along the way.
Skipping the listing photos
If you’re selling a home, don’t forget to really focus on creating good listing photos. They should by no means present your house in a different light and trick people. However, there are ways to make your home’s good sides stand out more than merely taking a few random shots. This is something that’ll really draw in potential buyers. If you’re buying a home, on the other hand, you should know how to recognize whether someone’s listing photos are photoshopped and fake or not. After a while, you’ll gain some experience.
Rushing the process
Out of all the things to watch out for, this one might be the worst. Especially if buying and selling a home as soon as possible is your goal, you’ll want to rush the process as much as you can. Nevertheless, there are certain aspects that you mustn’t hurry. The best thing you can do is to plan everything out to the brim and create a strict timetable that’ll be realistic for your schedule. Additionally, never forget to plan for some extra room in case things don’t go your way.
No inspection
No matter if you’re buying or selling a home, it’s always a smart idea to call up a professional to carry out an inspection of said home. If you’re selling, it’s better to be safe than sorry. Finding out that your house has some issues is never easy, of course. However, it’s better to know it on time and have a chance to fix it before selling. Additionally, working on your home will give you an opportunity to amp up the price a bit. Likewise, when purchasing a home, you’ll need someone to inspect it so that you know that everything is fine and your purchase won’t go to waste.
Neglecting the importance of experience
In real estate purchases and sales, experience is one of the most important things. If you’ve already been through this, you’ll know what we mean. There are certain things and skills that you pick up along the way. However, if you happen to be a first-time buyer, don’t dwell on it. You can always get your experience and learn your lessons from someone else. Talk to someone who’s been through a home purchase and a home sale and ask them to tell you about anything and everything you should know. Of course, there will inevitably be some minor mishaps, and that’s normal. Don’t let it get the better of you.
Failing to be objective
Especially when it comes to the price, you need to be objective and realistic when buying and selling a home. Make sure to always look at the market you’re selling and buying in. By knowing the average price, you can prepare yourself and set your expectations when buying and set a realistic price when selling.
Not planning everything on time
- Organize your relocation – In the midst of all the buying and selling, you’ll also need to move. Make sure to organize and plan it beforehand. Packing and transportation are some of the most dreadful parts of moving, so make sure to get to them first. Moving the bulky pieces will be the most challenging and you might have to ship some pieces, so decide what to do about your furniture and then move down from there.
- Buying before selling – When you do these two things at approximately the same time, you need to be exceptional at planning. If you fail to do so, chances are that you’ll end up buying before selling. Not only can this be really bad for your budget, but it can cause a lot of other problems. Avoid it at all costs.
Hiding big issues that your property has or failing to see them
When selling a home, never try to hide the severe issues that are present. Always be very upfront. You surely wouldn’t want someone to do the same to you. Displaying all the best characteristics of your home is one thing; deceiving is another.
Not being able to compete with the rest of the market
The one thing that’s not the same when buying and selling a home is having to compete with the rest of the houses in the same market. Falling short on one or multiple ends when it comes to being able to compete in the market you’re selling in can be tricky. The best way to get an objective picture of what the market looks like is to treat it like you’re going house hunting. Make a plan to visit all the open houses in your area and compare them to your home. If your home needs more work, you’ll get the best ideas this way.