My oft repeated remark to my beloved buyers is “you make your money when you buy your house, not when you sell it.” Meaning – although we all want to make money on our home, much of that profit is made when you purchase your home wisely. Here are 5 ways to make money when you buy a home!

    1. Location, location, location! I cannot emphasize the importance of location enough. Buy the home in the best location you can afford, and you will experience more upside when you go to sell. Also in the Triangle, avoid home backing to busy streets, power lines or unsightly houses. They take a very long time to sell and you will end up discounting for those defects.
    2. Buy ugly houses! Purchasing a home with unfashionable wallpaper, peculiar paint choices and dated flooring can be to your advantage. Most buyers cannot see past it and that home ends up staying on the market longer. Homes on the market longer usually have more room for negotiation.How to make money buying a home
    3. Don’t be the big boy on the block! Buying the largest home in the neighborhood will not be rewarded when you go to sell. After a home reaches a certain square footage in most neighborhoods there is a diminishing law of returns for resale.
    4. My mama told me you better shop around! There are many fees associated with purchasing a home. Many of the fees can be minimized by simply shopping around. Which attorney charges less? What about insurance? How much is the inspector? Surveys, warranties, and hidden mortgage fees all add up. Guess what – these fees are often negotiable or cheaper elsewhere, so get some help from your agents, do your research and it can really pay off.
    5. Hire a professional! Yes, we all know realtors can negotiate a good deal for you, but they can also make you money by discovering homes with great opportunities for you. A talented agent with experience can help you find that home with the poor photos that you may have missed when dabbling online. Also remember that you don’t pay the buyer’s agent’s commission – the seller does. Free professional services; it doesn’t get any better than that.
Author

Steven David Elliot is a Realtor, salesperson, connector and marketing guru. With over 20 years sales and marketing experience, Steven has harnessed his ability to find options and solutions, limit them to the best and help his clients select the outcomes that help them achieve their goals.

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