Did you know the average American moves roughly 11 times in their lifetime?
That means, even if you’re not interested in getting into real estate full time, there are still at least 11 times where you can and should be maximizing your profits.
But it’s not something even the best realtor will catch every time…
So, whether you’re buying and selling your home for living purposes, or you’re looking to build wealth from property, these 5 keys are the secret to unlocking those profits…
Key #1: The Right Realtor
The single most crucial thing you can do as a homebuyer is to enlist the help of the best realtor you can find. Keep in mind that oftentimes, the seller of the home will be the one paying the commission to the realtor, who gets a cut of the sale price.
But the main task is finding a realtor with experience who’ll be looking out for your interests.
Don’t rush into this – ask around, look up reviews online, and sit down with more than realtor in order to decide which one is right for you.
Key #2: Think Beyond Today
When buying a home, it’s very easy to think about your life right now rather than the life you’ll have over the next decade. That’s a trap many people fall into, but one that you’ll avoid.
When you’re looking for a new home, think about factors like whether you plan on having kids. That way you won’t end up buying a 2-bedroom home for today and then end up needing a 4-bedroom home in 3 or 4 years.
Consider life 5, 10, and 15 years from now.
Key #3: Are You Looking at the REAL Price?
It’s normal for new homebuyers to fixate on the purchase price of the home, but that’s a mistake. Instead, you need to identify the actual price of everything included:
- Purchase price,
- HOA fees,
- Insurance costs,
- Real estate taxes, and
- Even things like any renovations you intent on making or maintenance fees for swimming pools and things like that.
Be sure to know the entire story about what you’re purchasing.
Key #4: The Contract
When there’s a contract to sign, there’s always room for negotiation. Don’t just sign a standard home buying contract just because that’s what most people do. If you want to discuss the inspection, discuss it. If you want to alter the timing of this or that, go ahead and negotiate.
Of course, all of this is made easier with a great realtor, but know that you have the right to negotiate, no matter what.
Key #5: Is NOW the Time to Buy?
A big mistake homebuyers make is thinking that they must buy a home right now. That clearly gives the seller the advantage. But you DO NOT have to buy right now, or by a certain age, or by any other socially pressured guidelines.
Understand that you can walk away if the deal isn’t right for you. You may want to buy right now, but you don’t have to.
Using these 5 keys will unlock extra profits whether you’re buying your family’s next home or you’re looking to get into real estate long term.
