With so many things to consider when thinking about buying or selling, I’ve listed 4 that you should be aware of.
Keep your perspective on things. It’s very easy to grow attached to your house, especially when you’ve put many personal touches in. The fact is that although those hand painted tiles in the bathroom may have meant a lot to you, they may not mean anything to the prospective new home owner. You don’t want your objectiveness compromised because of emotional reasons.
Don’t try to see the future of the market. Waiting for a market crash could keep you out of home ownership or even worse, you may give up and end up spending more money. There are so many different predictions….ranging from one end of the “crash” spectrum to the “continued growth” spectrum. Your house is a long term investment, and waiting for the right opportunity could cost you a bundle, or you could miss out on your dream home.
When purchasing a home, location should play a role. Some could discourage you because of the added cost, but in the long run, a home close to transit, schools, restaurants and shops could be very lucrative come selling time.
Understand what the market means. A lot of analysts compare the stock market with the real estate market, and this is an unfair comparison. Notably, stock market means you can buy and sell immediately, whereas the real estate market in a drawn out process; sometimes you wait for month before deciding on the right house, never mind finding someone to buy your current home. The biggest difference is that your home is so much more than an investment. It has many extra qualities, like your neighbourhood, convenience, and scenery. As much as we like to look at the future income we can generate when it’s time to resell, that shouldn’t be your primary reason for purchasing.
Thinking about buying or selling can be overwhelming. If you have any questions, feel free to call me. I’m here to help.
Stay tuned for 4 more helpful tips next week!
