real estate

Homebuyer mistake: Overpaying

5 emotional mistakes made by homebuyers
Falling in love at first sight

Mistake No. 3: Overpaying for perfection

Every buyer wants the perfect home, but unfortunately it may not exist, says Nick Jabbour, a New York City real estate agent and vice president of Nest Seekers International. He is concerned when homebuyers insist they've found the perfect home and are eager to make an offer.

"On the remote chance that a buyer does find perfection, the emotional attachment will sometimes become so high that the buyer will overpay or overextend themselves financially," Jabbour warns.

And even if the home is perfect and the buyer isn't overpaying, the owner could have difficulty selling.

"A 100 percent match for one person may be a complete disaster to the majority of the population, and a buyer must consider an exit strategy from the beginning to avoid losing money when they sell," Jabbour says. "There is definite value over time for the enjoyment and use of the home, but that number is slight when compared to the total investment."





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