Monthly Archives: March 2017

Tips To Hunting Down the Perfect House

When the time finally comes to make a move to a new home, families can often times be on one hand extremely excited about the prospect of shopping for a home and on the other hand be unsure as to how to start the process. There are a few important steps that should be taken in any home-buying process to ensure a smooth real estate transaction.

Know What You Want
If you’re upgrading from your current home, odds are you have a good reason. Perhaps your family has grown too large for your old home or perhaps a bump in income has given you the ability to upgrade any of the features of your home. You know why you want to move, now write those reasons down on paper.

When you come to a real estate agent or decide to go out on your own, knowing the kind of square footage you might be looking for, the number of bedrooms, the general area, the school district and other requirements will quickly narrow down your search to homes that are the most relevant to you. By having a good handle on the type of home you’re looking to buy, you cut out a lot of the guess work and wasted time that can take place in the early going.

Pick the Right Real Estate Agent
The best real estate agent is not always the one with his face on the bus bench. Publicity gets the name of particular realtors and realty companies out into the public, but publicity does not always translate into the time and care it takes to make sure you get the home buying process you’re looking for. Interview multiple realtors, asking plenty of questions each time.

You will probably be spending a large amount of time with whoever you choose, so make a wise choice. You are entrusting perhaps your biggest single possession into your realtor’s hands, so feeling comfortable with your choice will go a long way towards feeling comfortable with the process as a whole.

Take Control of the Showing Process
Shopping for homes is usually the most time-consuming portion of the home-buying process and can often leave people frustrated if they feel that they are wasting their time on improper homes. Knowing what you want comes in to play big time in this step and can trim a lot of the fat from what is out there on the home market by narrowing down the entire set on a few key pieces of information. If you see a home online or just driving by, don’t hesitate to ask you realtor to set up a showing. That’s what they’re there for so make use of them.

Don’t ever be afraid to simply drive up to a home where you have a scheduled showing and never take a step inside. This is going to be your prospective home, so factors such as the appearance of nearby homes, the area of town and accessibility to things that are important to you are all entirely legitimate reasons to not want a particular home. Communicate that to your realtor and she/he will be able to get a better idea of the type of area you are looking for. Keeping that communication going leads to better showing and less time wasted on homes that just aren’t right for you.

Know More About The Right Rental Property

Deciding to get involved with investing in a rental property is an important decision and finding the right property for your efforts can make the difference between a profitable, successful career in rental properties and a discouraging experience that leaves you unwilling to continue on. No matter if you are looking at a rental property purchase for the first time or the 50th time, there are some key things to consider when searching out a good deal.

More Than Just The Rent
Money plays into your investment in a variety of ways, making an impact beyond simply what kind of rent payments you will be receiving. Knowing what kind of cash flow will be available through rent payments is important, but so is knowing what kind of cash you are going to put up for needed improvements or routine maintenance to the building. Whoever is selling the rental property is doing so for a reason, so make sure that high maintenance costs isn’t one of them.

The value of surrounding real estate, rental or not, can influence the kind of activity you receive at your rental property. In areas of expensive homes, rental properties will often pull in higher rental amounts even if the property isn’t up to those standards. Consumers that have their heart set on a particular area may turn to renting in the face of expensive home prices that would yield unaffordable mortgage payments.

Other rental properties in the area of course also play in to your cash flow situation and purchasing a rental property operating with rent payments below what the area is worth are great targets. Sometimes rental property owners get set in their ways with rent and avoid raising rent to scare off customers. Knowing that you can later raise a rent after purchasing a rental property is a great way to get an early jump on profitability.

Who Are You Buying From?
Understanding why someone is selling a rental property will go a long way towards understanding whether or not it is a good investment. Property owners that live far from their rental properties often get fed up with managing a property so far away and sell out of convenience. These types of sellers offer great opportunities as they are often more willing to deal in order to be rid of the obligation that they have grown tired of.

Additionally, the history of the property often reflects the history of the property owner. If you are dealing with a stable seller with a history of good rental ownership, it is probably that the property has been kept up to date with adequate repairs and improvements when necessary. Ask for all improvement records available on the property to look for a history of care taken with the property. Those that have been taken care of well will be less likely to cause headaches later.

What Does The Code Say?
Older buildings are more likely to have issues with building and fire codes. Do research not only into the age of a particular property but also into the history of updates done in regards to building and fire codes. Has anyone ever been out to inspect the property to ensure that is up to code with various local statutes? As soon as you sign on the dotted line, those obligations become yours so investigating just what issues may arise will save you from uncovering code surprises down the road.

Rental properties can be fulfilling, profitable investment opportunities, but selecting the right rental property for you is perhaps the most important step of the process. Protect yourself by asking some key questions about the property and its owner and you will avoid the pitfalls that beset many real estate investors out there.

Tips To Motivate Your Seller

When purchase prices for homes escalate into the hundreds of thousands of dollars, sometimes a $10,000 difference in an offer price can seem like a small variation, but $10,000 is $10,000. As you go through the process of making mortgage payments, you will no doubt wish you could shave a few months off of your payment term, which is exactly what shaving $10,000 or more will net you.

One of the prime ways of doing so is to locate a seller that is truly motivated to sell a property, sometimes at a minor expense in return for a speedy, smooth transaction. Making low offers is something all realtors have probably done in the past, though it can sometimes seem like a slap in the face to send a below-list offer.

The prospect of saving $10,000 or more should take that embarrassment out of the equation and motivate you to explore all avenues for saving money. There are a few ways to spot motivated sellers that might be more apt to accept an offer below list price than they otherwise would.

Everyone Sells For A Reason
One of the best ways to investigate the motives of your seller is to simply ask. That might seem like a common sense approach, but people often go through entire real estate transactions without asking even the most simple questions about who they are purchasing a very expensive item from.

Your realtor or the seller’s realtor may have that kind of information at hand and while they might have reason to guard it, more often than not they will make polite conversation about what a seller’s plans are. At open houses especially, realtors may make the effort to chat with you, sometimes answering such questions, in hopes of getting you interested in the property. Let that eagerness work for you and get the information you need that might help you.

There are quite a few situations that might result in a motivated seller, but perhaps the most common are relocations, divorces and financial troubles. As you can imagine, if a seller is involved in any of these three situations, it is probable that speed is an issue and sometimes that speed is worth a bit of a discount on the list price of the real estate property.

Relocations especially can split a seller’s attention between two locations, greatly motivating the seller to quickly get rid of an old property to focus on a new one. That split focus can be your gain with a big of a discounted offer that nonetheless represents a quick chance to be done with the real estate.

Each Property Has Its Own Traits
More than just investigating a seller, you can investigate a particular property as well to perhaps indicate a seller that is tired of a particular piece of real estate. For example, properties that are not kept up as well, rental properties especially, could indicate that a seller is tired of dealing with a property and is more motivated to sell quickly, even if at a small discount.

If you want to go the extra mile and go through county tax records, it is entirely possible to find properties where sellers have home addresses far away from the property in question. In those cases, sellers that live far away are usually selling property that they can no longer maintain from a distance and have grown tired caring for. These are perhaps the best candidate to accept an offer below list price as they are tired of the hassle of maintaining a long-distance piece of real estate.

No matter your tactic, there are sellers out there that want desperately to sell you a piece of real estate. Do your homework and investigate just why a seller is doing so and why a particular property is on the market. Those two bits of information could produce the difference between a list-price offer for a piece of real estate and an accepted offer below list price