5 Of The Worst Real Estate Tips You Can Get Today
It’s no secret that Toronto real estate is a complicated market to wade into. The housing prices have been preventing a lot of people from buying for years. So much so that it’s an established fact that lots of millennials, also known as the next generation of homebuyers, can’t afford to buy homes right now.
This is why it’s more important to make the right decisions in case you’ve decided to invest in GTA real estate. You’ll need all the help you can get to navigate your way, especially if you’re a first-time buyer.
Unfortunately, not all of the tips you’ll get will be a good one. Some can be damaging to your finances.
What are these tips that you should avoid? Here are five of the most popular examples:
1. “Hold off from buying a property because the market is cooling.”
A lot of people will give you this tip, especially since there are recent reports of the market cooling down. This can be a very tempting option since it means lower-priced homes when the market hits its lowest point.
However, as you won’t know when the upturn will happen, there’s also a chance that you’ll miss out on the best deals. It’s also highly likely that you’ll be competing with very experienced buyers during this time, so there can be more risks for you.
If you’re ready to buy now, why wait longer? There are lots of other ways how you can bag a bargain real estate property, so if you really want the best prices for you, it might be better to try those out instead.
2. “List your home high. Buyers are going to bid low anyway.”
If you’re selling your property, you might also receive this tip from a friend or your very own agent. This might make sense for some people, but a bit of research will tell you that it’s a bad idea.
Why? There’s a good chance that a lot of potential buyers will skip your listing because of the price. Sure, there will still be interested parties, but wouldn’t it be better to attract more of them? Listing your property fairly will always be a better option.
3. “Never pay full price.”
Paying the full price doesn’t mean that you’re not getting a good deal. In some cases, properties can be priced nicely for what they can offer. It can definitely be worth paying the full price if you want to get the property you’re eyeing.
4. “Don’t hire a home inspector.”
This is one of the most dangerous tips any homebuyer can get. A lot of people advice against hiring home inspectors thinking that they can do it themselves. While there are a few who can get away with this, others will end up with a property that’s full of issues. A professional can help you avoid this, so their services are worthy investments.
This also goes hand in hand with the awful advice that if a property is newly built, it doesn’t need an inspection. This can’t be the furthest thing from the truth. Keep in mind that some builders aren’t exactly very honest about their work. If they cut corners in their construction, the house will have major issues.
Without a professional inspector, you might not spot these problems. Some of them will be costly to fix. So even if you get to save from not hiring an inspector, you might still end up spending a lot for the repairs that you could have avoided in the first place.
5. “Don’t be too picky with an agent. They do the same things anyway.”
Last, but not the least, do not try to take a shortcut when hiring a Toronto real estate agent. They are not made equally. Some will be infinitely better than others so you have to be careful in choosing who to work with.