Buying Real Estate? Here's How To Make It A Great Experience
Many people are afraid to purchase real estate. There are many things to consider in today’s real estate market, as well as legalities to deal with when making a purchase. Here are some suggestions to help navigate the world of buying real estate today.
Take a Friend
Always have a trusted friend with you when looking at homes, even if you are shopping exclusively for yourself – this is someone other than an agent. By taking along someone who has no ownership interest in the property, they can look at the property from a non-biased point of view and may notice faults in the property that you may not have noticed. A second opinion might be valuable, especially when asking the realtor questions.
Compare Neighborhood Home Stats
Find out overall size and price characteristics of houses in a neighborhood where you are considering buying. This is essential, because you might not want to buy the best and biggest home there. This is because smaller homes actually lower the value of other homes in the neighborhood, and you’ll potentially lose money with a bad deal.
Get your dream home now. Many investors say not to sell your home and buy something larger, but snagging your dream home right now might actually be a good idea, because home values likely have nowhere to go but up from here.
When looking to purchase a home, make certain there is adequate parking for your vehicles. This is very important if the home you are interested in doesn’t have a driveway, you could end up walking long distances just to get to your own home.
Inspections are a Must
Always have a potential home thoroughly inspected before purchasing it. Although you’ll have to pay a fee, it’s worth it. Hire a professional home inspector to conduct the inspection so that you will have recourse if something goes wrong.
Review Rental Property Records
Do your homework on rental properties. If you are considering purchasing a rental property, you should not consider buying the property until you have completely reviewed the records for at least the past two years. You must make sure the seller is providing thorough and correct information about the possible income generation of the property. Also, your lender will probably want to see income verification before issuing the loan.
Keep the View in Perspective
If you are interested in a home with a beautiful view, don’t pay that much more because of the viewing possibilities. Although you might feel that the view adds to the value of the house, if you eventually decide to sell the house, your buyers may not agree with you. So, do not overpay for a home simply because you are entranced with the view.
Look For Additional Incentives
When making your offer on a house you are interested in, it is possible to ask the seller to help with closing costs or provide other financial incentives to you. For example, it may be to your advantage to ask for an interest rate “buy down,” which helps reduce your monthly payment. Keep in mind though, with incentives thrown into the deal, it is less likely that the seller will move on the selling price.
Utah property management is a great service and industry. Use these secrets to help ensure you’re working with a reputable property management company. These secrets are just the tip of the iceberg. To get more tips and tricks on how to better manage your properties and clients, give us a call at (801) 621-2121.