Selling your home may be one of the most significant transactions you make, along with one of the most complicated. This is why you must avoid making any wrong moves that may make or break your sale. Continue reading to learn what you should avoid doing when selling your home and how an experienced New York City real estate attorney at Zimmet Law Group, P.C. can similarly guide you in what initiatives to take when buying your new home.
What should I avoid doing when selling my New York home?
When you first place your home on the market, you must avoid setting it at an unrealistic price. Rather, you must conduct a comprehensive market analysis to learn what the homes in your area are sold and listed for, and how your home compares. And even if you believe you set your house at a reasonable price, you must be ready and willing to negotiate with potential buyers.
In addition, when listing your home, you must avoid providing poor-quality photos or a small quantity of photos. Instead, you must take pictures that show off all the assets your home has to offer, and the best way to display this may be through clear, naturally-lit photos.
Lastly, you must not hide significant problems in the photos or descriptions you offer in your listing. This is because such problems may be uncovered during a buyer’s inspection anyway, which may deter the potential buyers from wanting to complete this transaction. Rather, you must disclose these problems, offer a lower list price, or both.
And it should go without saying that the biggest mistake of all may be neglecting to hire a seasoned New York City real estate attorney.
What initiatives should I take when buying a new home?
Now that you know what to avoid when selling your New York home, below is a list of tips that you should follow when buying your new home:
- Buy a new home with the expectation of living there for at least five years.
- Set a realistic budget that you will not throw away in a bidding war.
- Attempt to spend less than or equal to a third of your after-tax income on a home.
- Attempt to make a 20 percent down payment to avoid paying a premium.
- Keep a 6-month strategic reserve separate from your normal bank account to have for living expenses.
- Get pre-approved to show a seller that you are a reliable buyer with good financial standing.
It would be best if you acted fast when buying a new home in New York. So you should not wait too long before contacting a skilled New York City real estate attorney at Zimmet Law Group, P.C.