Tips for Inspecting a Property

Tips for Inspecting a PropertyBefore buying a residential property, it is a must to do a personal inspection. This is important so you would know the real condition of the property, areas that need repair, potential problems and if it is indeed worth your money.

Potential buyers should take a step further when attending an open house and personally check the details of the different parts of the property. Spend as much time as possible viewing the home to give you a better idea and feel of its atmosphere. One needs to be thorough when doing those maintenance checks to ensure you are buying your dream home.

Also, it is a good idea to make a list of the areas of the house you feel are important to you so you won’t forget to check them when you’re already in the property. Bring a notebook and write down specific features. If you want to take photos, ask first the permission of the real estate agent or the owner, if available.

Here are vital areas worth checking. Make sure to write down your observations as you go around

What to Look For When Buying Apartments

What to Look For When Buying ApartmentsYou have an entrepreneurial spirit and are planning to invest in rental real estate. You know you want to invest in individual apartments rather than apartment buildings. What should you be looking for when buying your investment apartments?

The Good News…

The good news about your entrepreneurial plan is that rental vacancies are going down and rents are increasing in many communities across the United States. And when compared with other types of real estate investments (like offices and retail centers), operating apartments is fairly basic.

There also are tax benefits to be gained including write-offs for expenses, deferred capital gains, depreciation write-off, etc.

The Search

Your search for potential investment apartments begins with identification and research. Take plenty of time to identify the type of apartment and neighborhood in which you wish to invest. What type of renters do you want to attract? What must your investment apartment offer to be of interest to your desired renter(s)? Consider some of these possibilities:

• Centrally located to schools, employment, transit system(s), etc.
• Close to amenities such as

How to Find the Right Time to Buy Homes for Sale

How to Find the Right Time to Buy Homes for SaleLooking at homes for sale? When is the right opportunity to buy? Whether you have purchased real estate before or you are a novice, the experience can be intimidating if you’re not sure how to evaluate the situation. There are several factors that help a buyer choose the right moment to make an offer on a new property. Considerations such as how many dwellings are currently on the market, interest rates, whether there is another property to sell, available financial aid, and loan offers can all make a difference.

What Aid Is Available

There are various options like zero-down loans to first-time buyer offers and federally funded grants. Some of these offers are only good during a select time of the year. To get the latest information, be sure to talk to your real estate agent and your loan officer. Choosing to buy when extra funds are available is like money in the bank! Planning a financial strategy is always a smart idea.

It’s a Buyer’s Market

How do you recognize a buyer’s market? Look for

Buying an Executive Condominium for the First Time

When buying any kind of property for the very first time, there is a need to be very keen and careful so as to make sure that your decisions are well thought out and that you are not harmed at the end of the day. There are some things that you may overlook when you are planning to buy an Executive Condominium and you should be aware of them so as to be able to plan well in advance. If you are purchasing one for the very first time, there are facts and steps that can be of great assistance so as to ensure that you make the best decision.

Cost is one of the things that you need to be aware of. The reason why the cost is so important is because it determines how well you can afford the condo that you are planning to buy. When you have the cost at hand, you can very easily determine the ability you have to actually pay for the same.

Funding is the other very important thing that needs to be considered. Do you have enough savings to pay for your Executive Condominium? If not, how

How Important Are Building Inspections To Property Buyers?

Buying a home or property is the biggest investment you will ever make in your life. On top of that, purchasing a home will greatly affect one’s financial standing for several years to come. As such, you would want to gain a good measure of confidence, knowing that you are making a drastic investment move that will allow you to reap great returns. As a property investor, there are many important elements or aspects that you have to consider to make the process of searching for your dream home go quicker and easier. Some of these factors include your prepared budget for the property, its location, its size, its number of rooms and if it can accommodate the current and potential number your family members.

Buying a property is never an easy process. Apart from the all the negotiations and paperwork involved, as a buyer, you have to make sure that the property is literally in great condition. If not, you can end up spending more money than you should toward costly repairs because the source of these problems was not seen beforehand. It also does not help that many of these issues are not readily obvious

Commercial Real Estate Financing – What Are Cognovits?

When dealing with real estate finance there are a number of legal issues that you will always need to be aware of. Many of these will be explained by any professionals that you are working with and are vital to the transaction itself.

However, in some cases there are some legal issues that will only arise in certain cases. This means that you will often not have the information you require to deal with them straight of the bat and will be entirely reliant on your legal professional to guide you through them and ensure that everything about the transaction remains above board.

One of these issues is cognovits. The odds are pretty good that you will encounter these at some point during your investment career, but you may not be aware of what they are and their function in a real estate transaction.

What Are Cognovits?

It is important to note that cognovits will only ever become an issue in commercial transactions, so those of you who are dealing with private and personal properties will likely never have to worry about them or what they could mean for a transaction.

The cognovit

Can You Make Money Doing Part Time Real Estate?

A lot of people will contend that the only way to make money working in real estate is to work in it full-time. After all, this provides you with the ability to stay on top of the market and make yourself as available as possible to potential clients, meaning you are better able to stay on top of the workload.

However, this does not mean that it is impossible to make money as a part-time agent. There are just a few things that you need to be aware of and be willing to compromise to ensure that you can.

Long Hours

There are no two ways around it. If you are looking to work in real estate, even on a part-time basis, you will need to put in the hours. This means coming back from work and being able to go right back into work mode to make sure that any important matters are cleared up. This often means working the entire day through and into the weekends. It will also become much more difficult to take a vacation or schedule some time off, so you need to be prepared to make that sacrifice

Pros And Cons of Buying A Home

Buying a house is something of great benefit as this proves to be an asset. The whole process though time taking, is very essential and has been a way to acquire assets. This is the best and sure shot way to gain capital and create possessions that would come in handy in the later years. This is why the investment in property is a coveted thing. This makes sure that you have set properties to look after and so have a secured future. Property investment brings with itself the benefits of high returns. The real estate market is always rising and with time, the value of property increases. But everything has its benefits and losses. Here are a few points describing both the sides.

Pros

Creation of Asset

A piece of property makes a good asset as the rates keep on increasing with time. The most important part is that the real estate rates escalate by about 4%-6% in a year. If not, you can rent out the property to gain capital. This way you can easily pay the mortgages if any that you may have acquired in the process of buying the property. A

Step by Step Guide in Buying a Home

If you’re looking for a home, it is essential to understand and anticipate the things required of you and the challenges that may obstruct your home search. The following are eight things that you need to consider during the home buying process.

1) Review your credit history/reports

Before taking the plunge into the property market and sending offers to sellers, you need to first review your credit report and history. As much as possible, your credit report should look its best when you’re applying for a mortgage. Small errors and inaccuracies on your credit report can be really costly so you should look out for those. If there are small debts you can settle (or forgot to settle), deal with them immediately.

2) Down payment – How much are you able to pay?

Your down payment will play a role during the negotiation. A higher down payment will give your more leverage. If you can afford to put down 15-20 percent as down payment, you should do so. If you could afford a 20 percent down payment, much better.

3) Work with a licensed real estate agent

In choosing a real estate

What’s Your Home Selection Criteria?

Not only is purchasing a home considered as the largest financial commitment most people make in their lives, it can also be very stressful and emotional as well. Add in determining what criteria a home must have and you can easily feel overwhelmed. Everyone either has a list in their head or, on paper, with their ‘must-haves’ in a home. For instance, a main floor master suite, an open area for entertaining, a two car garage, low maintenance landscaping and the list goes on. In addition, you need to be pre-qualified to purchase a home by a lender, determine a specific location and the overall condition of the home that all must be factored in.

Price. Obviously, the price is one of the biggest obstacles that buyers face when looking at homes. Ideally a buyer has been pre-approved by a lender to comfortably afford a certain dollar amount and that will help narrow the field of potential homes to view. The last thing you want to do is to begin the house hunt with a price in mind only to find out once you have found your dream home that is out of reach because you can’t

Why It’s Best To Invest In New Homes

Everyone dreams of buying a home of their own. Each individual also has a different vision of what a dream house entails. Finding that perfect place can be difficult. In a few ways listed below, new homes can bring your dream to life with ease.

Customization

The average buyer will spend more than 11 years in a dwelling after purchasing it. If the structure doesn’t have features you like, it can seem like an eternity. This is why you should buy a dwelling that you want to live in immediately, not after a remodel. Developers build new homes so that they can sell them. They listen to what consumers want in their dwelling, and then they give it to them.

People generally want more space, so developers have increased the average house size from 1,600 square feet in 1975 to over 2,700 today. People also want certain features that aren’t always found in older structures. Some of the more desired features that developers are installing include separate laundry rooms, exterior lighting, energy-efficient appliances, and wireless security systems. If you want to add these items to an existing structure, it could cost more than $10,000. Along

What You Should Look For In Homes For Sale

Everyone has their own idea of the perfect home. Although curb appeal and artful interior design always attract a lot of looky-loos, they are not the primary reasons people buy homes for sale. Beyond the aesthetic concerns, there are practical matters that must be considered.

The Location

We’ve all heard that the three most important things about homes for sale are location, location, location. For the real estate wildcatter, that advice can be used to target properties in hot markets. But for the average shopper, location is more personal. In other words, it’s all about what matters to you! For one buyer, proximity to work may be the most pressing concern, while another might want a property that is off the beaten path. In most cases, however, where a home is situated in a specific neighborhood is the key to finding a great location.

The Neighborhood

What good is having a great location if you don’t like the neighborhood the house is located in? That said, it’s near impossible to learn everything you need to know about a neighborhood without actually living there. What you can do, however, is make a determination based on

Reality Of Buying A Home May Be Cheaper Than You Think

According to a Federal Reserve study done in the last thirty days, 81% of the renters indicate that they would prefer to own their home if they could do so. More than eight out of ten renters would much rather own than they would rent.

Breaking it down in the report, the non financial and the financial reasons people felt that way.

Non financial reasons… They simply prefer to own, they want to be the king of their own castle. There are fewer rules. There’s no landlord telling them what they can do. And 23% say they don’t like to move. When you own your home you have stability there. When you’re renting, you’re not sure at the end of that lease what’s going to happen.

Now for the financial reasons… It allows you to build equity. Again, it’s cheaper than renting and people begin to realize that more and more now. And 20% even said it provides certainty of monthly payments. They know what their expenses are going to be. And that’s important, since they can budget and they can budget savings too.

In the report, it showed that the median home

How to Find Affordable Homes for Sale

When you have a limited budget, buying a house is a huge financial commitment, time, and effort. Searching for homes for sale can be much easier as long as you have the right realtor by your side to help you throughout the process. Learn how to choose the right real estate agent for your needs.

Experience with Low-Budget Clients

Look for a company that specializes in serving customers who don’t have a large budget. These realtors know how to work with limited finances, and can also assist in finding loans that you may not know exist to help you pay for your purchase. When you pick a company that has experience with low-budget clients, they are more familiar with the frequently asked questions and how to secure the financing you need to get a residence you will love.

Access to Multiple Houses

You also want to use a real estate agent that has access to numerous homes for sale in your area that meet your budget expectations. Some companies focus on more expensive homes since they make larger commission than they would on cheaper residences. They fear that the less expensive houses with fewer

Tips for First-Time Realty Buyers

Tip #1: Plan Ahead

Acquiring realty is not a spur-of-the-moment decision. When a first-time buyer is thinking of buying property, there are some actions that can and should be taken to make the process easier. Specifically, first-time buyers should consider making adjustments to their financial situation, such as cutting out excess expenses and paying off recurring debts, i.e. credit cards, in an effort to free up more liquid cash, perhaps for a down payment. In addition, a prospective buyer may want to consider part-time employment to generate more cash flow.

Tip #2: Get Pre-Qualified

As with any major purchase, it is always a good idea to create a budget for yourself. When considering buying realty, the best way to do this is to get pre-qualified for a home. During the pre-qualification process, the bank or another lender will walk the prospective buyer through their financial situation in an effort to help them determine just what price range they can afford.

A realistic view of assets, debt, and liquid cash will also save prospective buyers a great deal of time in the long run as they won’t be distracted by properties out of their particular

Tips for Buying Real Estate

Buying property can be a long and tricky process for first-time buyers, especially for those who aren’t prepared. Knowing what you want is only part of the equation. Realtors and experienced buyers have weighed in and agree on five things that all first-time buyers should know.

Tip #1: Start Preparations Well In Advance

We all know that buying real estate is a big decision, and it requires a great deal of planning if you want the process to work out in your favor. However, what most people may not realize is that the planning should start as early as possible. Specifically, if you have plans to buy a home a year or two from now. Start reducing your budget today, so that you can save more money for a down payment. Paying off any debts and monitoring your credit are also very essential to getting the best deal from a mortgage lender. The key here is to have the lowest debt-to-income ratio that you can possibly attain.

Tip #2: Get Approved For a Home Loan First

One of the biggest oversights that first-time home buyers make is that they have a tendency to skip

How to Find Your Ideal Fixer-Upper Homes for Sale

Investing in a house is a big decision that often comes with a big price. However, with the right skill set and tools, anyone can buy a fixer-upper home that can be renovated at a more affordable price. These homes for sale are available everywhere and may be just a few repairs away from complete restoration.

What Is a Fixer-Upper?

A fixer-upper home is a piece of property for sale that is in need of renovations, repairs, or overall maintenance. These homes for sale often make great investments, as they can be bought at a discounted price. The extra money is then used to make general repairs either by the buyer or a hired contractor. If done correctly, this strategy can either make for a more affordable investment with less of a down payment or it can allow the buyer to resell the fixed property for a profit.

Your Ideal Fixer-Upper

Many times, the perfect fixer-upper is simply the one whose potential other buyers cannot see. Sagging ceilings, broken windows, or bad carpets can turn other buyers off. If situated in the right neighborhood where property values are likely to increase, buying these fixer-upper

The Essential Dos and Don’ts of Purchasing Real Estate

Buying new real estate should be exciting. Investing in a piece of land is considered a part of the American Dream, after all. However, it can be a serious nightmare if you’re not prepared. Before you start calling agents, applying for huge loans, and breaking your wrist on paperwork, read these essential dos and don’ts when it comes to purchasing a home.

DO take the time to analyze all the features you want in a home and take your time finding them. Think about it like this: if you need a separate dining area from your kitchen, be sure it’s a feature in the home you’re thinking of buying.

DON’T overpay for a home. Research the area and see what other homes are going for. Are the price points reasonably spread? Your real estate agent will help you with this, and oftentimes they will steer clear of price gauging.

DO investigate the local school system. Whether you have kids or not, the strength and quality of a school district can have a dramatic effect on property values.

DON’T jump into a “deal” on a busy street or one that is in close proximity to

How to Pre-Qualify for a Home

Whether you are a real estate agent or you are simply tackling the sale of your home on your own, you want to make sure you are investing your time with the right people. Pre-qualifying is actually quite simple, but sometimes, you need to dig a little deeper beyond simply asking for a pre-qualification letter.

1. Talk to the Decision Makers

There is nothing more frustrating than repeating yourself twice and investing a lot of time in someone who is not ultimately going to make the decision. However, assuming or implying that there is another party you should be talking to can violate fair housing laws. Simply ask if there will be anyone else involved in making the final decision. If there will be others involved then try to schedule a time to meet when all parties can be present.

2. Ask Some Basic Questions

Although you can verbally ask questions, you will likely get more out of a paper or online questionnaire. If they fill it out online, you know what to expect ahead of time. If they are filling it out in your office or at a property then leave them alone.

Reasons To Hire A Real Estate Attorney Before You Buy

You’ve heard it a hundred times before: Buying a home is probably the biggest purchase you will ever make. It is also, undoubtedly, the most complex. As such, making even minor errors during the home-buying process can have serious legal ramifications down the road. That is why many buyers seriously consider hiring a real estate attorney before they sign on the dotted line. Here are five good reasons why they (and you) should consider it also.

1. Get Someone On Your Side

Because they have the same objective of gaining a profit from the deal, agents and sellers often team up and encourage prospective buyers to pull the proverbial trigger as soon as possible. A real estate attorney, on the other hand, can serve as the voice of reason if everything is not as it seems. As a completely dispassionate party, he or she will peruse the purchase contract and let you know if the arrangement is fair.

2. Avoid Potential Pitfalls

To the untrained eye, a purchase contract for a home reads like any other legal document. But to a real estate attorney, the deliberate use of inaccurate and/or ambiguous legal language can