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BIGGEST REAL ESTATE REGRETS:
1. TOO MUCH MAINTENANCE
ONE, a solid home inspection would uncover a LOT of these issues before you actually purchase the home. Just knowing what equipment is near the end of its lifespan, and what repairs you’re likely to need over the next year, is going to leave you MUCH better prepared for when those items eventually do break and need to be replaced..
TWO, expect that your maintenance is going to cost you an average of a few hundred dollars per month, minimum, on top of your ORDINARY payments, just for all the normal items that break, or flat out just stop working because that’s life.
2. TOO SMALL / LACKS FEATURES
The reality is this: most likely… the house you buy now is UNLIKELY to be the same house you’ll live in 15 to 20 years from now….and, on AVERAGE…according to the data…you’ll probably be moving again in 13 years, if not sooner. From this perspective, any size setbacks are only temporary…most of the time, you can make it work…and there’s NOTHING that says you can’t make adjustments in the future to get a different property that fits your needs a little better.
3. MORTGAGE PAYMENT IS TOO HIGH
The best way to deal with this is to have a strict budget in mind, AHEAD OF TIME – and ONLY PAY up to the point where you wouldn’t regret walking away from the deal if it goes above that amount. This is going to prevent those buyers from getting “Caught in the moment,” overpaying because they don’t want to lose it, and then eventually realizing that – maybe – they paid more than they needed to.
4. THEIR HOME WAS A BAD INVESTMENT
The issue is I SEE is that – most people buy a home, at the TOP of their price point, while maxing out the most that they can quality for, without fully understanding the costs of owning a home. This leads to OVERSPENDING on a property that might COST MORE THAN IT APPRECIATES…and, quickly becoming “a bad investment.”
In terms of running the numbers for yourself to determine if buying is the right choie…The New York Times created an incredible calculator to determine every aspect of home ownership, and if it’s cheaper to buy or rent based on your own neighborhood and tax bracket, so I’d highly recommend to check it out.
https://www.fool.com/millionacres/real-estate-market/articles/new-report-says-more-millennials-giving-up-on-homeownership/
I generally encourage ANYONE who’s buying a home, to do so with the expectation of living there at least 5-8 years…understand WHY you’re buying a home in the first place, and what problems that’s going to solve…and, ANYTIME you’re buying ANYTHING…never max out what you’re able to purchase. That way, in the event of a job loss, or a reduction in income…you don’t have to worry as much about unexpected repairs, or a higher mortgage than you would’ve liked…because you’ll KNOW you prepared for a buffer to make sure you have enough to continue making payments.
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For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com
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