We’ve all heard the horror stories – people paying way too much for a house, not getting an inspection and then finding a million (expensive) problems with the place. I’ve seen it countless time with homeowners on Income Property and from talking to eager real estate investors.
Here are my top five tips for making a smart real estate purchase so you don’t get burned!
- Stick to Your Budget
It’s easy to get carried away here, especially if you make the mistake of looking at houses outside your price range. The important part is to have a plan. Don’t just think about your mortgage payments every month; also think about your monthly carrying cost and be honest about your lifestyle. Consider how much you spend every month on eating out, clothing, etc. There’s nothing worse than being house poor because you weren’t honest about your spending habits. - Don’t be Afraid to Walk Away
A house is an emotional purchase, since it’s where you’ll be living, raising your children and making a home for yourself. But it’s crucial to keep emotions out of the equation as much as possible. You should love your house, but you should love it because it’s in good condition and because the numbers work. Always get a home inspection and if you can’t afford it (or the work it requires), walk away! - Read More
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