Eugene Bernshtam: What Are the Major Mistakes in Real Estate People Make?
Real estate is a booming industry; however, one should never rush into property investment without proper research. Many first-time purchasers in real estate often make many mistakes, and some of them are so dear that they can become dear in the future.
Eugene Bernshtam is an experienced and esteemed professional in real estate in America. He spreads awareness and knowledge among his readers about the best investments to make. He is also an avid collector of cars and engaged actively in auto restoration projects in the nation. He completed his graduation from the Loyola Business Schools with a Bachelor’s degree in finance.
After completing college, he received the series 7 and 63 certifications for investment security selling and started working with a credible investment banking firm. He subsequently worked for multiple multi-national companies and currently heads the real estate developer Avalon Holdings LLC in America with its affiliated entities.
According to him, there are many mistakes’ beginners make in real estate. Some of the key ones have been listed below-
- Not conducting adequate research– Before one gets into real estate, it is essential to research the property well. You should be aware of the factors that could impact your ownership after acquisition. Unfortunately, many property owners have realized the above a little too late. They failed to conduct adequate research and now face the consequences. For instance, if you are buying a property close to a region where the construction of an airport has been sanctioned over the next ten years, you will face the dilemma of sleepless nights due to the sound of planes landing and taking off in the future.
- Buying a property that is way beyond your budget– You need to consider affordability in the long run before you invest in real estate. Remember, over time, there are financial obligations you need to undertake, and so you should calculate the number of mortgage payments you will incur in the future. You must ensure you allot a certain amount every month to these payments so that the ownership of your home is not affected in any way.
- Underestimating the costs– Remember, when you invest in real estate, you also have to calculate the expenses it takes for you to reside in it. You should discuss the costs with your real estate agent and be aware of all the titling fees for determining the cost of the residential real estate you are keen to buy. The goal is to afford it in the long run without stress. In this way, you can prepare for the purchase and not regret buying it in the future.
According to Eugene Bernshtam, you should never rush into purchasing real estate. You must research well and keep the factors listed above in mind. In this way, you can make an intelligent purchase and enjoy it in the long run with success without having to shell out a fortune on it.