When it comes to the Westchase real estate market today, you’ve probably heard more than your fair share about how it’s a buyer’s market out there, and that you should get your hands on one of the Westchase homes. With prices plummeting to record lows and foreclosures continuing to materialize all over Florida, it should come as no surprise that there are indeed some fantastic purchasing opportunities out in Westchase for you to consider. However, don’t let the rock-bottom prices sway you from making an otherwise well-researched decision, especially if this is your first time buying one of the many Westchase homes for sale. These classic home-buying mistakes will not only ensure that you spend every last penny on your new home – they can even keep you in the cycle of debt for the rest of your life. If you’re buying a home for any of these reason, stop before it’s too late:
You Want A Quick Profit. Are you taking out a mortgage to buy several foreclosures in Westchase to add to your investment portfolio? Don’t sign that dotted line just yet. With housing prices still on the decline with no end in sight – in fact, many financial experts have estimated that the housing market won’t hit rock-bottom until 2010 – the real estate market is no place to be in if you’re looking for a quick turnaround profit. If you have the time and energy for a long-term investment, by all means take out that mortgage; just be forewarned that you won’t see a substantial return on your investment for several years.
Ignoring The Local Market. Sure, the housing date might indicate that the prices of Westchase homes for sale are on the decline nationwide – but what’s going on in the particular neighborhood where you’re considering your purchase? Are these specific Westchase home prices on the up and up? If you don’t pay attention to what the local market is doing, then it can be all too easy to make a low bid – and if the seller is getting higher bids from more savvy buyers, you can bet that you’ll be faced with rejection time and time again!
Sticking With Foreclosures. Yes, foreclosures can be a great investment if you know what you’re doing. However, foreclosures can be a drain on your resources if you don’t do the proper research before buying into one. There are several horror stories out there of new homeowners who ended up spending thousands in home repairs, so make sure you know what you’re getting into before you agree to buy a foreclosure. Above all, don’t stretch your budget in order to net that “amazing deal”; with that being said…
Ignoring Your Budget. Your budget is there for a reason; it prevents you from buying more home than you can afford! Decide on a budget before you go out real estate shopping with your family, as this will help you to avoid being tempted by too much house that will only leave you further in debt. After all, this was a major contributing factor to the current recession!