Buying real estate : 7 pitfalls to avoid

Are you about to buy a real estate property? Congratulations! But before you dive in, keep in mind that real estate purchasing is a major decision that requires well-thought-out preparation and sustained attention to avoid common pitfalls that could cause financial and legal problems.

To help you make an informed decision, we have gathered in this article the 7 most common pitfalls to avoid during your real estate purchase.

• 1 Not defining your priorities before buying a real estate property :

Before diving into the great adventure of real estate purchasing, take the time to clearly define your priorities and search criteria! This is the basis for a successful real estate investment. Start by asking yourself the right questions: What type of property are you looking for? What is your budget? What criteria are essential for you?

Also, take the time to determine the geographical area that best suits your needs and projects. This way, you will avoid wasting time visiting properties that do not meet your expectations and can focus on those that truly meet your needs.

2 Relying on online photos and descriptions :

When looking to buy a property, do not rely solely on online photos and descriptions. These elements can be misleading and only give you a rough idea of the property. It is crucial to visit the property in person to get a complete and accurate view. This will allow you to assess the condition of the property and see if there are any hidden defects.

Don't forget to use a competent real estate agency to benefit from expert advice. Real estate agents can help you find the ideal property and guide you through the purchasing process based on your needs and budget. Don't take unnecessary risks and take the time to visit the property with the help of a qualified professional.

• 3 Underestimating the costs of buying a real estate property :

When considering purchasing a property, enthusiasm can easily take over and make you neglect the actual costs involved. To avoid this common mistake, it is crucial to keep your eyes wide open!

In addition to the purchase price, many additional fees must be considered, such as agency fees, notary fees, taxes, and many others.

Moreover, it is essential to plan for the costs of renovating or fitting out the property. Do not be surprised by unexpected expenses: make sure you have a realistic estimate of the costs from the start.

• 4 Not checking the property's background :

Before buying a property, it is crucial to conduct thorough checks on its history. You should inquire about the previous owners' backgrounds, any ongoing disputes or mortgages, and any other element that could affect the property. To avoid long-term problems, it is strongly recommended to consult a lawyer specializing in real estate law. Having an expert by your side, you can be assured that all necessary checks have been carried out and that you can buy with confidence.

• 5 Not negotiating the sale price :

To succeed in your real estate purchase and make a good deal, you cannot underestimate the importance of negotiating the sale price. This is a crucial step that can save you money on your real estate investment. To achieve this, you must be vigilant and inform yourself about the prices practiced in the real estate market. You will then be able to negotiate the best price for the property you want to buy.

To help you succeed in this important step, do not hesitate to be accompanied by a competent and professional real estate agency. Thanks to their expertise, you can get a fair estimate of the property's value and thus negotiate wisely to make your real estate purchase with confidence.

• 6 Rushing into buying a real estate property :

To avoid any regrettable error, take the time to think before embarking on a real estate purchase. Make sure to visit several properties before making a final decision. This will give you a better idea of what is available on the market, as well as the different features of the properties you have in mind.

Do not forget to do thorough research on the neighborhood and the city where the property is located, as well as the current conditions of the real estate market.

By investing time and effort in your search, you increase your chances of finding the ideal property that meets your needs and expectations.

• 7 Rushing into choosing a mortgage :

Choosing a mortgage is an essential step in purchasing a real estate property. To avoid pitfalls and unpleasant surprises, it is highly recommended to research the different bank offers.

Take the time to compare interest rates and repayment conditions to find the loan most suited to your financial situation and needs. Do not forget to ask for advice from professionals if necessary.

By carefully choosing your mortgage, you can save thousands of dirhams in the long term and benefit from a profitable real estate investment.

By keeping these tips in mind, you can be confident in making a successful real estate investment, perfectly suited to your needs and goals.

Salima Hamrini Editor and journalist specializing in real estate.

22 Nov 2023