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Real Estate Transactions - The Seven Deadly Sins

March 14, 2008 |

1) Avoid identifying your real needs, nor the district in which you want to spend at least the next 10 years of your life. Go about deciding to buy on a whim and don’t research the neighborhood. Leave it up to chance and to a commission-based real estate agent.

2) Don’t check on the real estate agent who will work to get you a house. The agent background, his broker banner, his reputation or his capacity to get you the “right buy” are not important. Just sign on blindly.

3) Don’t find it important to get professional help from either a legal professional or a competent financial advisor before entering the negotiating portion of the purchase. Forget that this purchase is a major decision that has to be taken while you are cool-headed. Neglect the negotiating skills that can save you thousands and thousands of dollars during the next few years. Just ‘fall in love‘ with the house and let things happen.

4) Don’t bother to have the property thoroughly checked, in-depth by a competent inspector and don’t insist on finding out if the house is made toxic by the presence of various chemicals or degradation which may very well directly impact on your family’s health and welfare.

5) Don’t anticipate the realistic cost of buying the house (legal fees, welcome tax, moving expenses, etc), nor the necessary upgrades and renovations which are out-of-pocket expenses and are required at the onset. Don’t think about the logistics to fix the house and expect that all will be done on time and on-budget. Also, don’t make a budget.

6) Don’t complete all the work to be done to the house before you move-in and learn to enjoy living in an unfinished dwelling with tradesmen and lack of basic facilities. Put your family through the ordeal of living as gypsies. Don’t blame yourself for your lack of foresight.

7) Don’t think that a house or a condo or any dwelling entail constant care, attention and yes, dedication. A house is not a simple product and it will forever require your commitment.

In other words: don’t plan, don’t budget, don’t blame yourself, and enjoy the ride!

In reading this fun list of Real Estate Sins, keep in mind that as human beings we tend to learn a lot more from painful mistakes than from glorious achievement.

You don’t even have to make all the mistakes to be in real trouble. A few here and there, an innocent oversight, and boom — you’re in for a very expensive ride.

Realize the importance of all major expenditures related to buying a house. For most people, it will make or break you. Go about it in the most clear-eye, realistic, common-sense way that you can.

Gilles Martin is a Real Estate Agent, accomplished Entrepreneur and long-time businessman. His articles can be read on Musings of a Real Estate Agent.

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