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When it comes to buying or selling a home, what you don’t know can cost you. Literally. Whether it’s not doing your research or getting too emotionally involved, making the wrong choices can cost you thousands of dollars. Here are 7 expensive mistakes that could cost you the big bucks.

Selling Mistakes

Setting the price too high: What your home is worth to you and what it’s worth on the current market can be very different. Take a good look at what is or has sold in your area and make sure you’re being realistic about your home’s value.

Hanging out during an open house: Prospective buyers do not want the current homeowner hovering over them as they tour the house — it’s a lot of added pressure and can prevent them from giving the honest feedback that could ultimately help you sell your home. Go out and let your real estate agent handle it.

Not keeping resale in mind when renovating: The changes that make your house work better for you may not work better for potential buyers. Not everyone loves that bright pink paint color — no matter how much you adore it. Make sure any big changes you make will increase, rather than decrease, your home’s value.

Buying Mistakes

Not researching the neighborhood: Is this a place you really want to live? What amenities are nearby? How is the school district? What does the traffic and street activity look like when you drive by the neighborhood at different times of day, like Monday evening rush hour and Sunday morning? Although these may not seem like questions you really need to think about – you’ll kick yourself later for not giving them any thought!

Buying (or not buying) based on the decor: Paint colors can be changed. Tiles and cabinets can be replaced. What you want to look at are the bones of the house. Will it meet your needs? Does it flow well? Does it have enough space? Know what your criteria are and stick to them.

Not getting an inspection: This is one of the biggest investments you’ll ever make, and you’ll be living with it for years to come. Don’t pinch pennies — shell out the money for an inspection. Make sure you know exactly what you’re signing up for. Inspections are the tell-all if this is the choice to make or not.

Being unrealistic about your DIY abilities: Will you really want to tear down that wall to make a master suite or gut the entire kitchen to make it work for you? Don’t let too much HGTV and delusions of reality TV get you to buy into an ongoing project you’ll regret taking on.

At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post: Comparing Home Loans Between Different Lenders

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