Real Estate has been my passion for several decades and have been very good to me. Having said that, I can honestly say that I personally have made ALL of these real estate mistakes at least once over the last 30 years. How many of these top 5 real estate mistakes can you relate to?
1. Overbuilding for the area
This home was a 60’s ranch bungalow where the roof was removed and the ceilings where heightened to 18 ft. A luxurious master bedroom and ensuite bathroom loft were added. The exterior of the house was done in authentic stone. The quality of the renovation was over the top for the neighbourhood and was not recouped when the home was sold. It was an over build for the area.
2. Too trendy with the decor
I love the look of this space, very trendy, very in. Today this will appeal to many young buyers. This color of green is very in today. It was also in style way back in the sixties with many years where it would have been consider hideous. Will potential buyers like the green in 5 years?
3. House over location
You can have a stunning house with all the bells and whistles, however if this is your view…. you will be disappointed with the appreciation of your home over time. You can change your house but not the location. Choose wisely.
4. Jumping too quickly to the Condo Option
Condo living can be wonderful. Make sure it if right for you before you make the plunge to sell your sprawling bungalow in the suburbs. If you are not sure, possibly rent first?
5. Too much trust in your contractor
We all want to have 100% faith in the contractor that we have selected to do our dream renovation. Make sure that you do your do diligence, check references, see his/her work before you commit. It is easy to put too much trust in this relationship only to be disappointed.