If you are interested in purchasing real estate in the Rochester area, you may be wondering what you should and should not do. Here are three avoidable real estate investment mistakes you should avoid.
Avoidable Real Estate Investment Mistakes | Bad Location
As an experienced Rochester real estate lawyer, I often get questions about what precautions to take when buying real estate investment property. The first mistake people usually make is buying real estate in a bad location. You may get a good deal on the price initially, but if the house is unsellable later due to the location, the savings won’t be worth it. Among the things that buyers must consider – regardless of where they may invest– are crime statistics, which are readily available on the internet. It might also be smart to visit the area and talk with the neighbors. Availability of public transportation is also key for many properties.
Avoidable Real Estate Investment Mistakes | Utility Costs
A second common mistake when it comes to purchasing real estate is not checking the utility costs. Not only will this give you insights about the energy efficiency of the home, but it will also help you budget for the future. Buyers also have the right to access the past two years’ utility costs and should ask for gas and electric costs to see what the actual bills have been for the property being considered.
Avoidable Real Estate Investment Mistakes | Building Violations
Another mistake people make all the time when purchasing real estate is not checking to see if there are any zoning or building violations. Buyers should also check with local building and zoning offices to make sure the property is in compliance with all zoning and building codes, and to learn about any major renovations. If violations exist and go uncorrected, legal proceedings can commence against the property owner.
Are you considering purchasing real estate and want to make sure you don’t make some of the most common real estate investment mistakes? If so, please contact experienced Rochester Real Estate Lawyer Robert Friedman today for a legal consultation. >