Off The MRKT

Your guide to New York real estate and more

Off The MRKT - Where New York's, Real Estate, Life Style, and Culture Converge

  • Real Estate
    • New York
    • Hamptons
    • Connecticut
    • Florida
    • Submit Your Open House
  • Food & Wine
    • Wine and Spirits
    • Where To Drink and Eat
  • Events
    • Events Gallery
    • Submit an event
    • Calendar Listings
  • The Look
    • Travel
    • Health and Beauty
    • Fashion
    • Lifestyle Guide
  • About
pexels-david-mcbee-1546168.jpg

Real Estate Mistakes You Should Never Make

November 01, 2020 by Jeremy Lindy

Buying your own home or purchasing an investment property are exciting ways to prepare for your future. Whether you want to create a comfortable living environment for your family or achieve an impressive return on your investment, making savvy decisions can help to boost the value of your newly acquired property.

Conversely, making bad decisions can cause the value of your property to plummet. If you want to ensure you make the most of your investment, be sure to avoid these common real estate mistakes:

Not Doing Any Research

Before you even consider buying a property, it’s essential to carry out research. Learning more about the location can give you an idea of whether the area is well-suited to your needs, for example. Furthermore, choosing a location that’s set to be redeveloped could mean that the price of property is set to skyrocket. As well as researching the area in which you want to buy, be sure to do your due diligence before making an offer on a property.

Doing Your Own Renovations

Unless you have professional experience and you’re purchasing a property as a project, don’t be tempted to handle the renovations on your own. While smaller jobs, such as redecorating, may be viable, larger revamps are going to require a team of professionals. When you hire a builder or contractor, the project can be completed quickly and within an agreed budget. In contrast, handling the renovations yourself often means lengthy delays, unexpected costs, and a stressful experience.

3. Ignoring the Amenities

Whether you plan to live in the property yourself or rent it out to tenants, it’s vital to consider the local amenities. Purchasing a family home when there isn’t a school nearby might not be a great idea, for example. Similarly, you may want to ensure that the property is in a commutable distance of the nearest business district or that there are local stores nearby. Local amenities have a big impact on property prices, so it’s vital to take these into consideration when you’re considering buying real estate.

Paying Too Much

When you find your dream property, it might be tempting to pay over the odds to secure it. However, this substantially lowers the potential return on your investment. In addition to this, overstretching your budget could mean that you struggle to fund any repairs or renovations that are required. Most property owners don’t expect to get the asking price when they’re selling real estate, so don’t be afraid to go in with a lower offer. By negotiating a better price, you can save yourself a significant amount of money.

Investing in Real Estate

Real estate can be the best investment you ever make, but that doesn’t necessarily mean that it’s easy to make a profit. Before you decide to acquire a property portfolio, be sure to research the industry and get an understanding of what’s needed to make a decent profit. By learning everything you can, you’ll have the knowledge, skills, and insight you need to make a real estate investment work for you.



Featured
Image 1.jpeg
Jul 1, 2025
The Greenwich by Rafael Viñoly Begins Closings, Ushering in a New Era of Downtown Luxury
Jul 1, 2025
Jul 1, 2025
OFFSHORE Montauk Opens with Star-Studded Saint Spritz Bash
Jul 1, 2025
OFFSHORE Montauk Opens with Star-Studded Saint Spritz Bash
Jul 1, 2025
Jul 1, 2025
CHILI dishes.jpg
Jun 30, 2025
Off the MRKT Favorites: Must-Have Picks for June 2025
Jun 30, 2025
Jun 30, 2025
Screenshot of Teaser Press Selects (Credit Plomp) - Dropbox.jpg
Jun 26, 2025
220 East 9th Street, Downtown's Next Iconic Condo, Now Under Construction
Jun 26, 2025
Jun 26, 2025
Hamptons-Beach-Homes-Image1.jpg
Jun 26, 2025
5 Ways To Protect Your Luxury Home in the Hamptons
Jun 26, 2025
Jun 26, 2025
couplefirecabin-Image1.jpg
Jun 26, 2025
Top 4 Reasons to Invest in a Vacation Property in Ohio
Jun 26, 2025
Jun 26, 2025
Escape to Paradise: Best Times to Discover the Hamptons
Jun 25, 2025
Escape to Paradise: Best Times to Discover the Hamptons
Jun 25, 2025
Jun 25, 2025
November 01, 2020 /Jeremy Lindy
  • Newer
  • Older
 
Off The MRKT Articles RSS

Follow Off The MRKT: Facebook | Twitter | Instagram
Contact us: Jeremy@Offthemrkt.com                                                                                           

Advertise | Off The MRKT Internship Program | Byline | Bible

Want More?

Want more awesome content like this? Sign up and get our best articles delivered straight to your inbox!

Thank you!
Our favorite listing this week is 508 West 24th Street, Unit 5th Floor, home to NBA Player Carmelo Anthony. The ten-time NBA All-Star, has listed his New York City condo. The home is the largest unit in the Cary Tamarkin designed building at 508 W 24
251 East 51st Street, Unit 2M, listed on the market as a Compass "Coming Soon," is a recently renovated, perfect pied-a-terre (and ideal one bedroom for all the rest of us). What truly sets this pad apart from the rest is the dreamy outdoor
Our last #openhouse roundup will you be checking out this #parkslope home?

#nycrealestate #brooklynrealestate #milliondollarlistings #luxuryhomes #OffTheMRKT
DNA Development announced that closings have commenced at 350 West 71st Street, the successful Upper West Side luxury conversion that seamlessly combines two historic pre-war buildings into one stunning contemporary condominium with a classic fa&cced
Our favorite listing this week is located at One West End, the sculptural glass residential tower designed by Pelli Clarke Pelli within Riverside Center. At $19.5 million, 29B offers 5,302 square feet of interiors space, with four bedrooms, five and
Looking to live in one of the trendiest neighborhoods in Manhattan? SoHo offers some of the most luxurious prime New York Real Estate. Known for its largest collection of incredible architecture in the entire world, SoHo is the heart of the historic
Following the unveiling of Rose Hill, one of the new residential developments in Manhattan's NoMad neighborhood that represents a modern era of Gotham-esque architecture and design by award-winning New York-based design firm CetraRuddy, legendary dev
The ethereal master bath at @theXInyc West Tower Penthouse features a custom sandblasted verde caldia floor, a carved verde scuro tub, and bronze vanities with marble tops designed by #AD100 French interior architect @pierre.yovanovitch.

Situated in