What do you do if you fall head over heels in love with a house? What do you do if you adore that Boston waterfront condo or Boston loft like Romeo adored Juliet? Here is a hint: Do not let the seller or real estate agent know how you feel, as this might compromise the final asking price. If the seller knows you love that Back Bay condo, then they are going to attempt to bleed as much money out of you as possible. This is just one example of the common mistakes that people make when they are purchasing a new home.
If you are looking to buy a new home, then preparation and research are the key. Too many people walk into these life-changing situations with rose tinted glasses on, uneducated as to what buying a home really means. In order to prevent future calamities, there are a couple of guidelines that should be followed when you finally decide that it is time to buy that Cambridge condo.
1. Do not over-extend yourself financially. The Ritz Boston condo is everything you have always wanted, but the price tag is far beyond your means. If this happens, it is best to walk away.
2. Do a final walk through. If things needed to be fixed after the initial inspection, then make sure they were fixed correctly. You do not want any surprises.
3. Plan for a resale. This is the last thing you are thinking about when purchasing a new house, but if the time comes you need to be sure your home has selling potential.