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Bargain Homes, Beach Homes, & Buying Mistakes

Homeownership certainly isnโ€™t a cheap decision ๐Ÿค‘. In a shocking 71% of the country, the average family ๐Ÿ‘จโ€๐Ÿ‘ฉโ€๐Ÿ‘งโ€๐Ÿ‘ง cannot afford a home ๐Ÿ™…โ€โ™€๏ธ, according to CBS News. Many first-time and prospective homebuyers are rethinking ๐Ÿค” their big-city dreams โ€” and for good reason, as millennials find themselves unable to cover the ever-rising housing costs ๐Ÿ’ธ that come with living in a metropolitan area ๐ŸŒ†.

Itโ€™s not justย first-time buyersย who make mistakes when buying a new abode. Itโ€™s easy to overstretch financially ๐Ÿ’ฒ or to overlook ๐Ÿ™ˆ something you shouldnโ€™t when you see a new home youโ€™d love to own.ย From buying furniture ๐Ÿ›‹ for a home you donโ€™t yet own to presenting an earnest money deposit check thatโ€™s not in your name, real estate and loan professionals have seen buyers make common mistakes all the time. Here are 11 home-buying mistakes ๐Ÿ˜ซ and how to avoid them.

Owning a home on or near the water ๐ŸŒŠ never seems to go out of style. โ€œYou can live in a scenic setting, be out on a boat ๐Ÿšค and enjoy a beach ๐Ÿ– or another body of water, even if you donโ€™t swim ๐ŸŠโ€โ™‚๏ธโ€ said Danielle Hale, the chief economist for Waterfront homes may be even more coveted during the pandemic ๐Ÿฆ . According to data ๐Ÿ“Š from Sothebyโ€™s International Realty, searches ๐Ÿ•ต๏ธโ€โ™‚๏ธ for these properties on its site increased โ†—๏ธ by 72 percent from January to Sept. 23, compared with the similar period in 2019.

People tend to think that real estate investing is passive. But that couldn't be further from the truth, according to landlord Becky Nova. In her experience, being a landlord ๐Ÿข is best suited for certain types of people. "I think it's important for people to always invest in things that they understand. If you are going to invest in real estate, you need to know your numbers ๐Ÿ”ข, and you need to understand people ๐Ÿ‘จโ€๐Ÿ‘ฉโ€๐Ÿ‘ง," says Nova, a real estate investor who owns 10 properties ๐Ÿ˜.

Your home might be your biggest asset โ€” and yet, you could be inadvertently making it less valuable ๐Ÿ“‰. Some updates and renovations can backfire ๐Ÿ”™๐Ÿ’ฅ when it comes time to sell ๐Ÿ’ต. โ€œWhat I have seen a lot of people do is rip out a closet,โ€ ๐Ÿšช says Steven Gottlieb, a licensed real estate salesperson with Warburg Realty Partnership in New York City ๐Ÿ—ฝ. Where he works, in Manhattan and Brooklyn, space is at a premium ๐Ÿ’ฐ. That means eliminating a closet can be a costly mistake ๐Ÿ˜Ÿ.

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