Here are the last of the 12 Biggest Mistakes Even Smart Home Buyers Make. Happy House Hunting!
Mistake #10 — Underestimating the importance of location
The size and condition of the home are far less important than the property’s location. You cannot change the location of a home. Almost everything else is changeable. Location is the most venerable principle in real estate and the single most crucial influence on home value.
Recommendation: Buy the very best location you can comfortably afford
Location is the key to how well you enjoy living in the home and how much you can sell it for when the time comes. The city, neighborhood, street and site are the prime contributors to home value.
Mistake #11 — Ignoring incurable defects
An incurable defect is any “adverse condition” deemed as such by the buyer that cannot be remedied with a reasonable amount of money or effort. Incurable defects include land prone to soil instability, neighborhood nuisances, proximity to undesirable landmark, such as, high voltage power lines, a fire station, or hospital. A property with an incurable defect is worth less that another property that doesn’t possess the same defect — all other factors being equal.
Recommendation: Determine the effect of an incurable defect on the value of a home
If you buy a property at a discount because of an incurable defect (and it should be discounted) – you will have to sell it at a discount, or you’ll have difficulties producing a timely sale. The cardinal rule of home buying is: the best time to think about selling your home is before you buy it.
Mistake #12 — Failing to recognize inept design flaws
An inept design will negatively impact the value and marketability of a property. Flaws in style, proportion or functionality reduce the value of an otherwise appealing property. Homes with reverse floor plans, 4 bedrooms/1 bathroom, isolated master bedroom, bedroom access through another bedroom are all examples of design flaws that detract from a home’s value.
Recommendation: Objectively analyze design shortcomings and their affect on resale value
It’s all about value – and value means getting your money’s worth. Remember the value of a home with an inept design is diminished by the severity of the ineptitude. Before you buy, answer this question: How difficult or easy will it be to sell this home when that time comes?
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Tags: Buyer Information, first time home buyer, home buyer mistakes, san mateo county real estate, san mateo home buyer
Raymond Stoklosa, Broker/Co-Owner
Chela Stoklosa, Realtor/Co-Owner
