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Mistakes to Avoid When Buying Investment Property in Lubbock

One of the best places to live in Texas is Lubbock. The town is not as big as Dallas or Houston but it is safe, beautiful and has great weather all year round. What’s more, unlike Houston or Dallas, the real estate in Lubbock is very affordable. This however, does not mean that you should just rush to make a purchase. Such decisions should never be made spontaneously because there is a chance that you can make a mistake.

Some of the common mistakes that one can make while buying property in Lubbock include:


1. Not Doing Enough Research:

Before one buys any property, it is vital to do some research. Like any city, Lubbock has some great areas to live and others not so great. Depending on your lifestyle, the size of your family, whether you live alone or with kids, whether you are just a retired couple etc, you should evaluate whether the property that you like offers the right location and the right facilities. In addition, you should know if there are any schools, shops or malls nearby. Other things to know are the crime rate and how easy or difficult the commute to work would be (if applicable). You should also look at several suburbs and compare different properties before making a decision. If you fail to do research, there is a very high probability that you may be taken advantage of and may end up purchasing a property that is overpriced or not in an ideal location. 

2. Ask the Right Questions:

When buyers interact with potential sellers and/or real estate agents, they are often so overwhelmed with the entire process and the prospect of buying a home that they forget to ask the right questions, This is a big mistake as it gives the control of the buying process to the other party. Remember, it’s going to be your property. It’s going to be your decision. It’s going to be your money. Therefore, you should be the one in control and you should become involved in the buying process by asking questions like, ‘What is the asking price? What are the prices of similar properties in the neighborhoods and in nearby areas? ‘Has this property been on the market for long?’ Have any other properties in the area sold recently? What offers has the seller received? etc. You may not get answers to all your questions but by asking them, you will be in a better position to determine the property market value as well as understand whether the seller was flexible and willing to negotiate a better price. 

3. Get Financial Approval:

mortgage-bondOne of the biggest mistakes many people make is searching for a home without knowing how much money they will be able to get from the lender or the bank. This is not just a task in vain but can also end up making you feel disappointed and demotivated. Therefore, the first step should be to talk to your bank/mortgage specialist and determine how much you can actually afford. There is no point in seeing dozens of homes costing half a million dollars when the bank won’t even lend you more than $300,000.

4. Don’t Underestimate the Costs:



Even when people get approved for a mortgage and have pretty much selected the property they want, they can often end up underestimating additional costs. Keep in mind that the moment you buy a home, there are legal fees to be paid; there is a cost of the transfer of the property to your name; you have to pay the movers and buy furniture; plus, your utilities have to be connected; there are property taxes and so on. All these costs can easily add up to another $10,000-$15,000 a year. You should plan for these expenses as well when making the decision to buy.

5. Get the Property Inspected:

Many new property investors fall for the beauty of their purchase and the potential of their investment. Everything seems very rosy and in the midst of this optimism, they neglect to get the property inspected. This is something that you must do prior to making the purchase otherwise your new possession can quickly turn into a nightmare. Imagine buying a brand new investment property, only to find out a few months later that you have to bear the expense of a new foundation. So pay the extra few hundred dollars and get the property inspected before you sign on the dotted line.


Finally, if you want a home in Lubbock, spend some time on the internet and assess what is available. The more research you do, the less likely it is that you will run into problems.


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