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Old 08-08-2010, 07:23 AM
 
Location: Mid-Atlantic east coast
6,839 posts, read 12,246,891 times
Reputation: 15116

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Buying and selling real estate is a very complicated matter. Thinking back, what's the best real estate advice you've ever received?

Ours was received when we were much younger, had our home on the market and fell in love with another house (a big mistake, there's always another home that's lovable) and wanted to purchase it.

Our realtor told us never to buy another house until the first one sold. But if we just had to make an offer on another home he told us how to make our offer with a 'contingency' in place so that our offer was contingent upon the sale of our other home.

This advice has kept us out of trouble several times--paying mortgages on two homes would have gotten us in a world of trouble.

What about you? Have you received wise RE advice?
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Old 08-08-2010, 08:27 AM
 
29,984 posts, read 42,336,583 times
Reputation: 12824
Don't allow emotion to cloud judgement.
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Old 08-08-2010, 09:00 AM
 
Location: Just south of Denver since 1989
11,746 posts, read 33,839,734 times
Reputation: 8801
You make your profit when buying, not selling.
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Old 08-08-2010, 09:03 AM
 
Location: Cary, NC
42,199 posts, read 74,916,127 times
Reputation: 44316
Location, Location, Location
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Old 08-08-2010, 09:06 AM
 
11,642 posts, read 23,494,377 times
Reputation: 12264
The best real estate advice we ever got came from the realtor who helped us find our first house. He told us to focus on the things that cannot be changed, or cannot be easily changed when buying a house.
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Old 08-08-2010, 09:54 AM
miu
 
Location: MA/NH
17,710 posts, read 39,538,257 times
Reputation: 17813
Buy the worst house in the best neighborhood.
Location, location, location.
Either buy it as a residence or a home. It can't be both.

Eighteen years ago, I ended up buying a handyman special in a great area only seven miles outside of Boston. It sits on a very private lot and has a river view.

I give pass along the same advice. But I now also add to that:

Never buy a condo.
Never buy a house governed by an HOA.

Why buy an apartment and be stuck with neighbors breathing down your neck? Plus all those monthly condo fees add up. And why buy a place that is governed by so many rules? We are already governed at a Federal, a state, and a local city or town government, why add in a homeowners association to the mix?
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Old 08-08-2010, 11:12 AM
 
Location: Colorado Springs, CO
1,570 posts, read 5,917,042 times
Reputation: 1403
"Buy the worst house in the best neighborhood." is very sage advice I was given when I was very young. I was taught to over look cleaning / cosmetic issues when buying.

When I was a new landlord the best advice I received was, "No tenant is better than a bad tenant." - "With th first sign of trouble you have with a tenant, sever the relationship ASAP."

I have to say I disagree with miu. While a single family home is better than a condo - it's all local. I've made good money off buying condos. The important thing to do is to evauate the gov. & financial docs. before you buy.
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Old 08-08-2010, 11:17 AM
 
Location: Louisville, Kentucky
1,448 posts, read 4,725,419 times
Reputation: 892
Quote:
Originally Posted by MikeJaquish View Post
Location, Location, Location
Beat me to it, dang it! Just proves that sometimes clichés are true.
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Old 08-08-2010, 11:18 AM
 
Location: Louisville, Kentucky
1,448 posts, read 4,725,419 times
Reputation: 892
Quote:
Originally Posted by miu View Post
Buy the worst house in the best neighborhood.
Best advice ever.
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Old 08-08-2010, 12:25 PM
 
169 posts, read 687,987 times
Reputation: 59
Quote:
Originally Posted by 2bindenver View Post
You make your profit when buying, not selling.
How so?
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