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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.
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.
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?
"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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