Buying a Condo
When buying a condo, make sure you don't rush into a decision. Take your time to look at the condo and the building. Do you like its size? Do the plumbing, electricity and gas work? Is the building properly maintained and are the amenities to your liking? Is it situated in the right neighborhood for you?
Also take your time to peruse the contract, look at the condo community association fees, and at the cost of other Homes in the neighborhood. Look at the minutes of the community association to see if there are any outstanding maintenance issues that are likely to be expensive. Obtain a copy of the building's certificate of insurance and see if building development costs will be covered. Check to see that the other condo owners seem friendly and are likely to be people that you will get along with. Also, be wary if there are many homes for sale in the building. This could mean that there is a high level of dissatisfaction with the building and the living conditions.
Maybe you’re an heir to a house and you don’t know what to do with it or don’t want to be hassled by dealing with tenants. Just think, you won't be taking on the responsibility of cleaning out someone’s house you care about. We’ll do that for you. You won't have to worry about things like having to collect rents and dealing with squatters either. Not only that but you’ll get cash in your bank account that you can use now, maybe for another investment.
Buying a Home with a Realtor
Working with a realtor has a few advantages. You save a lot of time and eliminate hours upon hours combing through Realtor.com, Trulia.com and Zillow.com. Listings on these sources are usually out of date. Many of the properties have been sold or rented and the agent has not updated the information. A good realtor can tell you important features about the neighborhood that you are looking in and can connect the dots between the mortgage company, the seller, and the title company. A disadvantage is that many realtors seek to get multiple offers on a home so they can bid the price up. Remember the higher the selling price the higher their commission. Sure they are smiling at you and talking really nice to you, but remember if you are trying to save money they are not on your side.
Real Estate Agent
Real estate agents are professionals who help in connecting the buyer to the seller. A lot of real estate agents also do rentals wherein they connect tenants to landlords and even maintain the property on the behalf of the landlords. The real estate agents work by linking together the two interested parties and charging a commission for their services. For sales, they charge commission only to the seller but for rentals (i.e. agent managed rentals) the commission is charged to both parties involved in the transaction. Real estate agents generally calculate their fee as a percentage of the selling price (in case of sales) and as part of the rent (for rentals). People, who want to sell/let their property, leave the details of their property with the real estate agent (and in fact, even leave the keys of the house so that the real estate agent can arrange for viewings without them getting into any hassle). The other interested party (i.e. the buyer/tenant), gets access to this information by contacting the real estate agent. That's how the real estate agents become a hub of information.
A lot of home seekers (including real estate investors) use the services of real estate agents not just for getting good deals but also getting them quick. Since real estate agents are probably most familiar with the market situation in their region of operation, it makes sense to approach them to get an idea of the going rate for properties in that region. Real estate agents would generally know the prices of various properties of different types and at various locations in the region.
A property seller can possibly get a few thousands more for his/her property by using the advice received from a good real estate agent. A good real estate agent will also analyse the needs of a home buyer/tenant and provide suggestions on what kind of home could be available to them within their budget. So a good real estate agent will not just throw a list of available properties to the buyer/ tenant but will actually discuss their needs and make a suggestion. This, in fact, works in the favour of real estate agent in two ways. Firstly, if the real estate agent is able to sell the house they get their commission and secondly, if they make the buyer happy too they earn a good reputation (and hence more business).
However, it is worth noting that real estate agents work on seller's behalf. So, beware if they are trying too hard to sell a property.
Buying Homes With Resale Value
View is the one of the major factors that affects the resale value when buying homes. Buying homes with a pleasant view of a beach or the horizon often sell at a premium above similar homes without the view.
Though you may place a considerable dollar value on the view, future buyers may not be so like-minded. It may take you longer to find a buyer when it comes time to resell the house. Or you may end up dropping your price to more nearly match other sales prices in the neighborhood.
In short, if you are buying a house with a view, try to pay as little extra as possible. Otherwise, you might not get your money back.
Most real homes today are usually concentrated on the building itself but the lot is important too. Home with a good resale value should have lots that are as level as possible.
Assuming the property is in a typical neighborhood, the lot should be rectangular – no odd shaped lots or oddly situated lots.
Courtyard sizes are smaller in modern homes than in older homes, but there should still be a decently sized front and back yard.
Do not buy an over-landscaped property, either. You would normally pay a premium for that, which you may not be able to recover when you sell. You will get your best value if the house is moderately landscaped or under-landscaped for the area.
You can always perk up the landscaping during your ownership by humanizing the grass and adding bushes and trees. Just do not waste too much.
In each residential neighborhood, houseswill vary in size and rooms, but they should not be too different. If resale value is an important consideration, you should not buy the largest model in the neighborhood.
When determining market value, the homes nearest to yours are most important. If most of the nearby housesare smaller than your house, they can act as a drag on appreciation.
On the other hand, if you buy a small or medium house for the neighborhood, the larger homes can help pull up your value. This is one of those times where determining your "wants" versus your "needs" can be extremely important.
Buying what you need in a more prestigious neighborhood may provide more financial reward than getting what you want in a less desirable neighborhood.
Three and four bedroom housesare the most popular among homebuyers, so if you can stick in that range you will have more potential buyers when it comes time to resell.
There ought to always be at least two bathrooms in a house, preferably at least two and a half. One bathroom with a place to wash up for day-to-day visitors, one for the master bedroom, and at least one to be shared by the other bedrooms.
Walk-in closets are extremely desirable for the master bedroom. For the rest of the house, just be sure there is ample closet space. Don't disregard space for linens and towels.
Garages add to the resale value and you should always make sure to get at least a two-car garage. Lately, three-car garages have become desirable in some areas of the country.
The laundry facilities should be located somewhere convenient on the main floor of the house, but not in a place it will create an eyesore. Think about whether you want to walk up and down stairs when carrying loads of laundry.
Family activity centers on the kitchen, so this is the most important room of the house. Larger kitchens are better, and they should be provided with modern appliances.
Obviously, the dining room and breakfast nook should be located adjacent to the kitchen. In newer houses, the family room should also be extremely close to the kitchen.
There should be easy access to the back yard, as there will be occasions for barbecues and outdoor entertaining.
In addition, it should be a short trek between the garage to the kitchen so hauling groceries in from the car does not become a horrendous chore.
Swimming pools do not provide as much added value as they once did. Safety issues about families with younger children have become more publicized than in the past, so families with small children tend to avoid homes with pools.
As a result, having a pool may actually reduce the number of potential homebuyers when you try to resell the home.
Determine The Listing Price
When it comes to buying a home, most potential buyers will use the listing price to as the number one factor to determine the homes that they look at. Even though you and a realtor may determine the asking price, the buyer will determine the selling price. If the price is too high, most buyers won't give it a second thought - which is why you want to determine the listing price carefully.
If you set the correct price, you'll notice a much faster sale. Setting the right listing price will also attract more potential buyers to your property as well. You'll also notice an increase in response from Realtors, and receive more calls about the property. The listing price is very important - and it can ultimately determine whether or not you sale your property.
A home can be overpriced due to several reasons. Overpricing is something you want to avoid, as buyers tend to steer clear of homes that have been overpriced. Normally, this happens when a buyer asks a lot more than the home is worth or valued at. Some buyers ask a lot more than the value of the home due to location. Although the location is very important, most potential buyers won't give the home a second look if they think the price is too high - and more importantly out of their price range.
When you put your home up for sale, most activity will happen within the first couple of weeks. If you put the right price on your home, you'll notice immediate interest. There are always buyers looking for homes in their price range, waiting for new homes to be listed or homes to be reduced in price. Buyers who are waiting to purchase may miss seeing your home completely if the price is too high.
To determine the listing price of your home, you should always have it appraised before you put it on the market. This way, you'll know the full value of your home. You can sell it for market value or go a little under, although you should never attempt to go way over the value. In doing so, you'll miss out on a lot of potential buyers. The home market is very competitive these days, which is why you want your home to draw as much interest as possible.
Keep in mind that Realtors really have no control at all over the real estate market, only the plan behind marketing. Realtors don't determine the asking price - the seller does. You can ask a realtor for advice, although you are the decider of your listing price. If you do things right and take each thing step by step, you'll set the listing price in the right area and have no problems selling your property.