The Portland real estate market is constantly changing, leaving much room for buyers and sellers to make many mistakes. While having a great agent certainly helps mitigate the amount of potential stress involved in buying or selling a home, it doesn’t make you immune. By keeping the following tips in mind, you’ll be able to navigate the Portland market with more confidence while making less room for mistakes and Portland real estate regret.
Establish a Budget
Owning a Portland home is much more than just paying a mortgage. It’s important to remember you’ll be financially responsible throughout the year for things like utilities, water, trash and property taxes, along with other possible expenses like homeowners’ association fees and homeowners’ insurance. If your house needs emergency repairs, you can’t have an insufficient bank account stand in your way. Take a realistic inventory of your financial situation, and be honest with your agent about your comfort level when it comes to spending.
Know Your Remodeling Tolerance
It is easy to look at issues when you find a potential Portland home that you love and say “That’s no problem, I can just have it remodeled!” To remodel or renovate a home, however, takes a lot more time, money and work than one may think. From meeting with contractors to obtaining estimates, to the possibility of living without a kitchen for weeks or even having to live in a hotel, it’s important to give remodeling an honest and realistic look before you commit yourself to a situation requiring that you actually do it.
Understand Your Needs
Whether you will be living in your next Portland home alone or with family, you need to establish what your needs are to avoid any Portland real estate regret. Think about factors like the quality of the nearby schools, ease of your commute, having a two-car garage or enough rooms available to set up a home office. Figure out what you are willing to pay a premium for, and what you could live without.
Don’t let your agent or anyone else coerce you into making home buying decisions you don’t fully agree with. If you are having cold feet or second thoughts about a home, speak up because nothing feels worse than moving into your new Portland home only to be wrought with buyers’ remorse and the impending real estate regret.
Don’t Get Emotional
It is quite common for Portland sellers to become emotional during their selling process, which is absolutely fine so long as emotions don’t disrupt the process. Bear in mind your house is worth what it’s worth, not what you think it is worth; and while there is no shame in sentimental value, don’t let it dominate your decision making.