Use the following tips to think like a real estate investor while buying or selling your home:
Assess the risk involved: While trying to buy or sell a home, identify risk involved. These may be a financial risk and legal risks. Other factors like any unfavorable developments in surroundings etc are very important. This will determine the resale possibility of the property.
Analyze the market: Analyse the real estate market. Visit more properties. Experience alone can widen the knowledge on properties. Many aspects like age, the strength of the building, garden space, terrace, additional points like pools, quality of wood interiors, clear legal title have to be analyzed to make a good decision. The only market analysis will improve such skills.
Don’t go by emotions: Life quotes say ‘Home Sweet Home’. Whether a seller or buyer, do not decide based on emotions. Think practically and in financial terms too.
Price: Decide on the price and how much deviation is feasible. Never quote a lower price than the market value since the buyer will tend to think that something is not fine with the house.
Terms of settlement: Be slightly flexible in terms of the settlement. Be concise on the stages of payment. Providing/getting proofs for down payment will improve mutual confidence.
No speculation: Do not speculate to buy or sell a house. Speculation always does not work in a real estate market. Only market analysis of facts will help to make a good decision.
Speak more with the opposite party: Speak more with the interested parties who contact. Try to get more information on the highlights of the house under sale. Opinions differ. What you might be thinking as a setback may be viewed as an advantage by the opponent. Also, communication will help in identifying genuine buyers. The credibility of the opponent has to be verified. Communication and observation will help in this regard.