When you're hunting for a new house, who do you ask for advice about which property to buy? More likely than not, you'll get sound advice from someone who knows your needs. Sometimes, you need a neutral party's input when house hunting, as he could look at your prospects with a fresh pair of eyes. But, who can you trust? Below are some tips on how to spot good advice from a bad one.
The excitement fills the air as you begin your search for a new home. Now that you're ready to buy a place of your own, you are thrilled, as are the people who are special in your life who may also be drawn to the entire process. It's hard to stop a loved one or a close friend from giving you advice about which property to buy; it's sometimes better to not take unsolicited advice so seriously, especially from people whom you don't know very well. Did you know that some professionals can even lead you astray, simply because they aren't aware of your specific needs? With the tips below, you'll learn which suggestions to trust and which ones to take with reservations.
1Carefully Evaluate A Given Advice
Whoever is giving your advice, whether it's your family, friends, or a professional real estate agent whom you've hired, you need to listen to what they have to say; you also need to make up your mind after carefully considering the facts or situation in front of you. To illustrate, let's say that you found a property that you want to purchase, so you invite some family or friends to come and check out the place. Before you do, mull over this: are you in dire need of their advice, or do you just need their approval regarding your decision? Remember, there's a difference between advice and approval.
2Know What You Need - Advice Or Approval?
It's common for a friend or loved one to keep his opinion to himself when he sees how enthusiastic you are about a particular house. Therefore, if you want approval or support, your family and friends can give you that. However, you must understand that what they're telling you is personal and subjective and not practical, fact-driven, or objective counsel.
When you need real advice, you must seek out experts or individuals who are knowledgeable in the field. A person who knows nothing about real estate is not qualified to give you advice. This is true, even if that person is considered as a real estate professional, because how can he give you sound advice about a property that you wish to purchase if he is not very familiar with how the real estate market works?
3Understand The Varied Preferences
The individuals who offer expert advice must always take into account a person's goals and unique needs. More often than not, we sometimes fail to express what we truly think or need when we approach someone who could give us good advice. There are even times when we're not exactly sure what we're looking for. Then, when we are asked for advice, we are often biased, and we forget to put ourselves in the position of the person who's seeking clarity.
If you're asking a person for advice and if this individual is not aware of your goals, or perhaps he is unable to determine things that do not coincide with his preferences, then the advice you get won't do you good at all. This applies to professionals, as well. If a real estate agent discourages you from checking out a specific area for no apparent reason, you should discover what it's all about. Perhaps, there's an issue that doesn't concern you at all, like if the school in the area is not impressive, but it won't matter to you anyway since your children are enrolled in a private school, or maybe you don't have kids yet.
4Consider The Conflicts Of Interest
It's helpful to be aware of the interests or intentions of your advisers so that you'll determine whether or not you are on common ground. Think about this: is your agent pushing a more expensive property so that he can make a bigger commission? Are your parents finding fault with the house that you want because they don't want you to move so far away? Are your friends discouraging you from moving to a new house in another state because they'll miss your company?
You must understand that each person whom you approach will probably have an agenda, that will likely affect the advice that they offer. There are also times when people just want to help you, and they have your best interests in mind, but there are also times when they are guided by their own interests. Thus, when someone gives you a suggestion, carefully consider the advice and its ramifications rather than just taking it as it is.
5Be Wary Of Professionals
Yes, they may be real estate professionals, but some may worsen instead of improving a situation. For example, things can get a little complicated with lawyers. The number of real estate attorneys being sued continues to rise, primarily because of these three factors: gratuitous advice, ineligibility to give advice or inadequacy of qualification, and overly priced fees.
A lot of lawyers often give advice that isn't even necessary. To explain, you got in touch with a lawyer who could check the for-sale-by-owner documents, but he ends up giving you exhaustive suggestions regarding pricing, which you and the seller have already agreed upon. It is also common for attorneys to advise on things that aren't related to their field of expertise. Moreover, some lawyers charge exorbitant fees for countless hours of research, whereas another could do the job in just an hour or two.
It's prudent to take all advice with a grain of salt, especially because each person who offers you his advice may have a selfish agenda; though, he or she may not be consciously malicious. If you have hired a professional, see to it that you are on the same page and that he knows what your needs, lifestyle, requirements, and preferences are, so that he can help you find the right home. When such conditions are met, you'll likely get solid, practical advice. Have fun house hunting!