Real Estate. Is it an investment or is it a chess match? Actually, it is both. There are a lot of moves that take you from your first pawn move to checkmate.
Your first step if you are buying a home is getting pre-approved to find out exactly how much home you can afford. If you are selling your home, your first move is getting a comprehensive Comparative Market Analysis (CMA) to determine how much your home may be worth. Those first moves seem very simple. Then the real game is on.
Once a contract to purchase and terms are agreed upon, there are so many things that need to be factored in. There are several people working together toward a common goal, and my job is to coordinate everything and do my best to keep emotion out of it. Let’s face it….when you find that home you love, it’s hard to take a step back and think pragmatically about your decisions.
Sometimes you will need to sacrifice something to get what you really want in the end. It’s all about taking a carefully thought out gamble. There may be some repairs needed, but in reality, you could probably do many of them yourself. If that is the case, should you cancel the deal? As Buyer, when an inspection costs at least $500, should you back out of the contract if everything else is exactly what you wanted? Or if you are the Seller and there are minimal repairs, would it be a good idea to back out if you could easily have them remedied? What would you be losing if you cancel the contract? Another mortgage payment, HOA, utilities for an unoccupied property? Taxes? Maybe a lesser qualified Buyer? There is always a bigger picture, and if you think logically rather than emotionally, it will help make the answers clear.
Thinking ahead and planning for what steps you may need to take, what adjustments you may need to make, and what sacrifices are prudent can help you achieve your goal. Closing on your home is the equivalent to checkmate in real estate. A good Realtor will help guide you through the biggest game of your life! Unless you are playing in the Superbowl, then THAT is probably the biggest game of your life!