Archive for the ‘Residential Property’ Category
Buy Rental Property and Budget For Resale Profits
The object of investing in real estate is to make money. Whether a rental property is purchased and held for months or for years, the goal of every real estate investor is to sell investment property for a profit.
In this article, we want to discuss how to budget for that resale profit by estimating the eventual sales price of a rental property less the total amounts that you will invest from purchase until resale.
Estimate the Sales Price First
Resale price is always dictated by the buyer. Buyers determine the price at which you can sell your income property. Never add your dream profit or rehab costs to your purchase price to estimate a future sales price for that income property. When you plan for profits, start with the price that a reasonably well informed buyer will pay for your property.
How do you determine that price? Research recently sold properties that most closely resemble your building. It is difficult to compare a 5-unit apartment building to an office complex, therefore select properties that are mostly identical to your property in configuration, condition, and location.
Appraisers and tax assessors typically use a market cap rate to estimate rental property value. So determine at what cap rate those properties on your list sold for and apply it to your own property. Don’t be shy to confirm the cap rate you plan to use with a local appraiser or a qualified real estate professional.
Stay conservative. Beware of pricing your property as if it were a cut-above the rest. For budget purposes, stay on the safe side and aim for a sales price that sits somewhat below the highest-valued income property in the area. The closer you push toward (or above) the top price limit of the area, the more difficulty you will face in trying to get your price—even when your property is expected to show clear superiority over the others.
Estimate Costs
After you’ve set a realistic sales price for the property, develop your cost estimates–what it will cost you to achieve that sales price.
Just bear in mind that investors are only going to pay you for the income that the property generates. Cost-plus pricing doesn’t work. Investors aren’t going to care how much money you put into the kitchens or landscaping, they will just be concerned about how much rent the tenants are willing to pay due to those improvements.
Structural issues, of course, are a different matter. The building must have a sound infrastructure such as a roof, electrical, and plumbing. The warning here is simply not to expect an investor to pay you for a superfluous grand over-hauling of the building.
Learning how much you might spend to upgrade the property is a skill that should develop through experience. In the meantime, until you get the hang of it, you can follow these suggestions.
1. Research materials cost. Visit home improvement suppliers, lumberyards, and hardware stores. Talk with knowledgeable store personnel. Learn alternative solutions to various types of common problems and price/quality trade-offs.
2. Educate yourself. Many home improvement centers offer classes and seminars for beginning remodelers, renovators, and rehabbers. Study books and magazines devoted to this subject.
3. Consult property inspectors. Accompany your property inspector as he performs your pre-purchase inspections. Ask for advice about potential costs and remedies.
4. Secure multiple estimates. Contractors and trades-persons typically provide free cost estimates. Discuss with them alternative ways of curing any property deficiency.
5. Talk with property owners. Ask those who have improved their properties to tell you what they know. Learn from their experiences.
Sales Price - Costs and Profit = Acquisition Price
Let’s look at an example: You find a property for sale at $500,000 that after your improvements is expected to sell in one year for $780,000. You further figure that your costs and profit to achieve that sale in one year will total as follows:
Acquisition expenses and closing costs = $5,000
Cost of borrowed funds (interest) = 20,883
Selling expenses @ 6% = 46,800
Materials for fix-up = 42,000
Labor = 22,000
Closing costs at sale = 7,800
Profit = 25,000
Total = $669,443
Result: $780,000 equals what you estimate to be the realistic selling price of the income property so you should not pay more than $610,567 for the property.
Your sales price $780,000
Less: Costs = 144,433
Less: Profit = 25,000
Maximum acquisition price = $610,567
There it is. By setting a realistic (conservative) future resale price and then backing out your costs (also realistic) and required profit, you set a top limit for your acquisition price. With this technique, as long as you accurately estimate all of the costs associated with purchasing, repairing, and disposing of the rental property, you guarantee yourself a profit in your next real estate investment.
Author: James Kobzeff
Buying Rental Property Learn How to Pick the Right One
The right rental property software can be hugely helpful but there is no one best property management program for everyone. Learn how to choose one that will handle your landlord needs.
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While Clark suggests that it is “always” the right time to buy, remember, due diligence is crucial as there are many variables in play. As the author explains, “If you know what you want .
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Vacation Rental Properties For The Best Value For Your Family
More and more travelers are discovering vacation rental properties all over the United States. Unlike traditional accommodations in a hotel or motel, finding the right vacation rental property can be one of life’s greatest joys. Have you ever spent a week in a hotel where all the kids’ clothes are thrown all over this 12 by 12 room? That’s no fun.
Vacation rentals in a place such as Hilton Head Island, South Carolina offer families their own homes away from home. Establishing this way to vacation with your family reduces stress and increases the pleasant memories you’ll take home afterward.
Many vacation rentals are actually much less costly than a comparable hotel room or suite. The reason is simple - the overhead for an owner’s single-property vacation rental is much lower than the promotion fees built into the rates of a major hotel chain. It follows the Coca-Cola example: the can costs 1.5 cents, the ingredients cost about a nickel, and the advertising and marketing cost 35 cents a can. How would you rather spend your money, on promotion or on product?
Convenience, flexibility, and variety of accommodation (Home - Villa - Condo) are just some of advantages of choosing vacation rental properties. One of the great advantages to vacation rental properties is space, especially in a home or a villa that has multiple bedrooms. Rarely can the average priced hotel room compare to a vacation rental. And that’s just the beginning.
It’s unlikely that Mom wants to spend much of her vacation in the kitchen, but vacation rentals give you that option. What’s even better is that all the necessities are furnished - plates, silverware, pots and pans, coffee maker. A budget-constricted family utilizing a well-equipped kitchen on vacation can reserve some funds for that special event - to see a show, to shop for treasures in specialty outlets, to book a jet ski rental, charter fishing trip, or even a daring afternoon of parachute sailing above the waters of the Calibogue Sound and the Atlantic Ocean you always wanted to try!
In Hilton Head Island, there are a few vacation rental companies that offer invaluable advice when you book with them. Dealing with a good one such as Hilton Head Rentals provides you with a Local’s perspective about all the interesting things to do, and can help make your vacation even more memorable. Whether it’s golf, fishing, tennis or what restaurants to try (or which to stay away from!) we are locally based, not sitting in some “boiler room” based in India or New York and trying to answer questions about Hilton Head.
Vacation rental companies exist to help you get the most value for your hard-earned dollar. Professional reservations staff truly wants to help you get the kind of priceless memories that will last forever. So the next times you’re thinking “hotel or a vacation rental property?” consider the above and weigh the advantages.
by: Rich Neste
Initially, InnFirst.com was built to be a low cost, web based hospitality management platform for vacation rental and B&Bs with up to 20 properties or 20 rooms. However, over the course.
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Owners take good care of their properties since they stay there too. Large TV’s, music systems, game tables, BBQ’s and more are often included in the Las Vegas vacation rental.
Conduct a Residential Property Inspection
Part of due diligence for profitable real estate investments is property inspection. A 20/20 understanding of property condition eliminates the risk of making costly mistakes and bolsters your negotiating leverage.
Meet the Decision Maker
Assuming you are evaluating a property to purchase, conduct the inspection with whomever can make the decision to sell, usually the owner. Inspecting with the decision-maker develops rapport and ensures a mutual understanding of the condition. Surprisingly, many owners are not aware of the true condition of their property; on the other hand, others may inform you about problems that are not readily apparent.
Prior to meeting, ask the seller to bring a copies of the deed, survey, tax bill, leases, and receipts for any major work on the property. These documents will familiarize you with the property; moreover, the search of the same will cause the seller to invest time in the negotiation. The more time invested, the more they will want to reach an agreement-nobody wants to invest time for nothing.
Inspection Tools
For a thorough inspection, you need the proper tools. Your inspection toolbag might include: a cro-bar, binoculars, electrical tester, camera, tape measure, flashlight, extra batteries, sandwich bag, clipboard, square, purchase contracts, cordless drill, marble, and probe (screwdriver).
1) Exterior Inspection
Begin with an exterior assessment. With clipboard and pad, record impressions about neighboring property, driveways, walkways, stairways, and handicap access. Note the parking situation, grading, and landscaping. Inspect the condition of exterior walls, doors, and windows. Use your binoculars to check the roof, or if possible inspect it close-up. Is it cracking or thick with too many layers? Are the gutters and downspouts in good condition? Water is destructive, so pay attention to drainage. Look for soggy conditions, peeling paint, cracking mortar, algae and mildew.
2) Major Systems Inspection
The basement is one of the most telling parts of a property. From there, begin assessing the major systems. Inspect the foundation by studying the exterior walls for sandy, cracked, or deteriorated mortar. To find air leaks, look for cobwebs-spiders spin them near openings to prey upon insects who enter from outside. Explain this entomology lesson to the seller as you pick at those energy inefficient cracks. Check the sump for water which indicates leakage. Water attracts termites, so use your screwdriver to probe joists for rotten wood.
Take notes about the heating and cooling systems. Try to find a date on the furnace or boiler, and on the hot water heater. Look for maintenance records and read the entries. Pay attention to the plumbing. Copper and plastic pipes resist corrosion, unlike galvanized pipes which corrode and crack. Check to see if the electrical system has been upgraded from fuses to circuit breakers. Read the main breaker to learn the amperage (e.g. 110, 220.) The more amperage, the more capacity for amenities. Also, investigate the exhaust duct work from the furnace and hot water heater. Poor connections and soot indicate dangerous, possibly fatal carbon-monoxide leaks.
3) Living Area Inspection
Next, inspect the living area. Check for an alarm system and smoke detectors. Note the smell-it can affect value. Tally the number of bedrooms and bathrooms. (According to FHA, a “bedroom” is not a bedroom if you must walk through it to access another room.) Many older homes lack closet space, so make note. Inspect the composition and condition of floors and walls. Test all windows and doors for ease of use. Also check that all electrical sockets are grounded (three prong) and functional (you can use an inexpensive electrical tester.)
A large part of any home’s appeal is determined by the quality of its kitchen and bathrooms. In the upstairs bathroom, simultaneously flush the toilet and run the sink and shower to test water pressure. Make special note of updates, exhaust fans, storage space, and other amenities such as washer, drier, jacuzzi, etc.
Beside all of your inspection assessments, estimate costs of repair. For help, consult with a general contractor or simply pick up an R.S. Means construction cost guide from the hardware store.
Presenting the Inspection Report
Once you have fully evaluated your inspection data, you can use the various “value-deficiencies” to leverage your case. Remember however, even neglectful owners grow attached to real estate and can be easily offended. Yes, properties in less-than-retail condition should sell for less than retail. Notwithstanding, defects should be presented in a friendly, helpful way. Make it your mission to help the seller find the value of the property. To add credibility and maximize your negotiating potential, enhance your findings with an inspection by an independent third-party.
Concluding Carefully
Although property condition affects value, a profitable transaction is determined by cash flow or equity. Money can fix even the worst looking property. Make your decision based on the numbers, not the condition.
Author: Ian Parrish
Mr. Inside Out thoroughly inspects all major components of the subject property to expose unknown defects and advise you of future maintenance about your home once the purchase is complete.
10 Top Reasons to Hire a Residential Property Management Company
Additionally, most PM’s will perform routine property inspections at least every 180 days. Your PM should be responsible for preparing frequent written inspection reports.
How many of you “operate” from your residential property
It was bad enough they gave me **** for having “unregistered” or out of inspection stickers on some of the cars, im into racing and have a bunch of time, all newer, not junkers or rotting cars.
Why Do You Need To Employ Services Of Residential Property
Apart from these previous services provided by these residential property management companies, they will aid you in managing property rules and regulations, inspection, securit.
CEE Commerical Property Investment Activity
OH-Columbus, Arranges for contractual services relating to property inspections, appraisals, real estate agents etc who may be involved in the inspection and valuation of the property.
To Buy The Foreclosed Properties For Sale?
Buying the foreclosed properties is a popular trend these days. If you also want to buy the foreclosed properties for sale, here are some tips to guide you. The first thing to be done is to locate the properties available for sale. You can easily find them through the various foreclosure listings. These listings will provide you the information about the properties according to their sizes, their cost and their location. The listing will also tell you about the date of the auction for the listed properties.
The second thing you should do is find a real estate agent, especially if you are buying a foreclosed property for the first time. The agent is familiar with the entire process. He can help you avoid the common problems.
After getting an agent, you should inspect the property. This way you can make sure that the property is not damaged and is worth the money being paid.
Once you have inspected the properties, the next thing to be done is to choose the way you want to buy it. You can buy the properties in different ways.
One way is to contact the owners. It is called a pre foreclosure purchase. Under this deal you will have to pay the owners enough money to cover their remaining mortgage payments. Your agent will play an important role in such a deal.
Another way is to buy the properties through the public auctions held by the lenders. These auctions follow the usual bidding procedure. The bidding will start from a certain amount. You will have to bid accordingly. There will be many other people bidding for the same properties. You have to outdo all of them. If you are able to make the highest bid, you will get the properties.
So now that you know how to buy foreclosed properties for sale. Go out in the market and purchase the one that you like the most.
By: Joseph Smith
How to approach Daytona Beach foreclosures auctions
These foreclosed homes are put up for public sale at the courthouse. The sale is normally conducted in an auction allowing people to bid on the property. As with any auction.
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Industry experts agree that now is the right time to buy real estate properties as the market is flooded by bank owned foreclosures which fueled a drastic drop in home prices.
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To find the properties with the best potential for values on foreclosure investing, its often best to start with a foreclosure list.
Renting a Property in Florida - Overseas Property
People renting a property to live in it, must make sure it is free from legal complications and the title is free from any litigations. There are a lot of foreclosed properties for sale.
The jobless rate in Massachusetts increased slightly in April to 8 percent from its March level. Meanwhile, efforts by lenders to turn homes into foreclosed houses for sale slowed down.
Buy Foreclosed Properties At Affordable Rate
In case, you are craving to purchase property, nothing can be better than foreclosed properties. The real state assessors would be the best guides to direct you in this case, if you do want to buy foreclosed properties. After all, nothing can be better than it. The repossessed or sealed real estate properties are called as the foreclosed properties. These properties are repossessed from those mortgage or loan borrowers who were not able to repay the taken loan or mortgage in the needed time limit. The loan under consideration would have been taken from either the government or any kind of financial institutions such bank. It would be intelligent to buy foreclosed properties when the down season is going on. This is because the rate of these foreclosed properties at such time would be lower and more affordable for purchase.
On the contrary, there are hundreds of real estate investors who also take benefit of this down market time. They basically purchase the foreclosed properties during this time and then re sell it again when the market prices have gone up. With this kind of investment, the investors are able to gain marginal profits and make their revenue. Apart from these investors, even those who want to earn regular monthly and stable income can involve themselves in purchasing and reselling phenomenon. The buyer’s market is nothing but the down market because of the cheaper features available and that too, proving to be very economical. The foreclosure options are definitely very lucrative which has thus, given rise to the number of investors and customers.
Taking into consideration the current recession stricken time, the foreclosure properties investment is very lucrative and beneficiary for the purchase of the real estate investments. But at the same time, in order to buy the foreclosed properties, one should also look into other details like the cost of maintenance and repairing of the property. If it seems to be very high, it will be better to look out for other property options.
In a nutshell, the investments in the foreclosure properties is a lucrative and worth investing domain to look forward into.
By: Anirban Bhattacharya
Do Your Research Before You Buy Foreclosed
When you buy foreclosed properties you will have to face many myths, especially about prices. Learn the truth about foreclosure properties, how lenders deal with them and what is the best.
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Buy Rental Property with These Quick and Easy Steps
Being a landlord can be highly rewarding but you have to learn how to buy rental property in first place. Discover what are the must-know steps for investing in rental property right now.
Learning how to buy rental property involves more than just grabbing the first available property and renting it to any tenant that comes along. You will have to prepare and plan for your buying process to make sure you get the perfect property for your needs. Follow these quick and easy steps to invest in real estate today.
Set Your Investment Goals Before You Begin
Understanding how to buy rental property means having a solid plan in place that you carry out to achieve your investment aims.
Come up with an investment plan based on your goals. If you want to rent out your property for the long run, you will be looking for a healthy cash flow instead of just a cheap price tag.
If you plan to rent the place as a stop gap measure, you can consider buying a cheap fixer upper to renovate while waiting for the house to appreciate in value.
How Much Can You Afford for Your Rental Property?
Determine ahead of time how much you can afford to pay. Do a good cost analysis based on property maintenance requirements, typical rents in the area, vacancy rates and so on.
Are you able to handle simple property repairs by yourself? If not, you should add another 5 to 10% to your estimated maintenance cost. Naturally a brand new rental property will rack up less maintenance costs than one which has seen better days.
Decide if You Want to Hire a Real Estate Agent
While you will have final say in whatever property you choose to buy, a real estate agent can be invaluable in providing professional advice on how to buy rental property. An experienced agent can also empower you with far more negotiating leverage than you would have on your own.
Get Yourself Pre-Approved for a Rental Property Loan
Before you go shopping for a rental property, you will have to get yourself pre-approved for a mortgage loan. This means finding a lender who is willing to grant you financing for your property investment in advance.
On the other hand you can choose to work with a good mortgage broker. You’ll know just how much of a down payment will be coming out of your pocket and you’ll have better negotiating leverage since you’ll know exactly what your bottom line is.
Now it’s Time for You to Shopping for a Property
Now you’re ready to look at properties. For every property you evaluate, you’ll want to consider:
- The cost of necessary repairs: Can you afford to keep it up?
- Location of the property: Is it likely to stay occupied?
- Neighbourhood rental rates: Are they profitable relative to the property price?
If you are looking for ready rent, you can look for a rental unit that’s already occupied by long term tenants. You may also want to consider buying a multi-family unit and living on-site. This way your rental income may cover the whole mortgage and allow you to live virtually rent-free. It’ll also be easier to monitor and maintain the property if you live on site.
Negotiate with the Property Seller and Close the Deal
Negotiate wisely. The seller may be willing to pick up some or all of the closing costs, depending on market conditions and the seller’s own financial situation. Remember that you have more bargaining power in a saturated market and less when supply is down.
Make sure you have the property inspected. Even if you’re buying a fixer upper, you don’t want to be surprised down the road with a major and unexpected problem. Having the property professionally inspected can’t guarantee this won’t happen, but it can certainly help.
As you can tell, learning how to buy rental property involves having a solid plan and knowing what to do every step of the way. Make sure you do your homework and go into a deal with your eyes wide open.
Teo Zhenjie has been showing landlords how to manage their tenants and rental property effectively on Propertydo Landlord Guides. Visit his website for step-by-step real estate guides, free resources and forms.
By Teo Zhenjie
How do you evaluate a rental property? There a fef re many formulas to calculate different income ratios, various expenses and taxes you incur as a landlord.
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Cheap Properties Via An Auction
A property auction is an excellent route to buying your first home. Auctions are often the fastest and most efficient means of buying properties on the cheap. However, auctions may be a daunting task for some, so here are some tips on how to make a property auction a rewarding experience for you.
If you are thinking about climbing up the first rung of the property ladder but don’t know where to start, here are my two words of advice for you: property auctions. Property auctions are one of the quickest and most efficient methods for buying properties at knock down prices. And the good news is, thousands of homes and properties across the United Kingdom are sold each year at auctions at prices that are affordable and well below market value.
Don’t let the gavel and the stuffy set-up fool you. Property auctions are no longer reserved for the elite. Wise buyers have now figured out the merits of going and indeed, many of them have cashed in at an auction. Homes and properties are often sold at a discount of around 10% to 40% off their market value price. Now, isn’t that a fantastic way to secure a bargain!
Convinced? However, keep in mind that going to a property auction requires a little background work especially if it’s your first time. While it may be a heady and exhilarating experience for the seasoned investor, most first-timers find the auction experience daunting and terrifying. But don’t get intimidated. Before you delve into the world of auctions, keep your eye on the prize and remember that your ultimate goal is to grab a property at a price that is right. However, remember that there are certain legal, technical and financial considerations to keep in mind. That is why it is important to know the basic issues and problems that people encounter when they buy auction deals.
By keeping these quick and easy tips in mind, that first auction might just turn out to be a fun and rewarding experience after all. And when the gavel falls, that property is yours!
Arrive at the auction early and grab the best seats in the room - usually you will want to sit somewhere that allows you to see the other bidders in the room. Familiarize yourself with the auction room. Make sure that you are seated in a location with a clear view to the auctioneer. It is vital to let the auction conductors easily see your paddle being raised.
- Identify yourself. Bring at least two forms of identification with you. This will come in handy if you successfully land a bid that day. Also bring your 10% deposit and be ready with your banking details.
- There might be add-ons. Most of the time, auction houses distribute addendum sheets before the auction begins. Addendums contain the additional properties that are sold that day and some last minute information and amendments. There are always properties that are withdrawn or added on the day of the auction. You are informed of these changes by securing a copy of the addendum sheet.
- Place your bid clearly. Not only is it important to sit or stand in a strategic spot, also make sure that you are able to communicate your bid clearly and succinctly to the auctioneer. Winks and slight head movements are not enough. Most auctioneers do not pick up very subtle gestures. Instead, raise your hand or your paddle distinctly. More importantly, be alert. You do not want to have your dream property pulled out under you just because you were not paying attention.
By Parmdeep Vadesha
Commercial Auction Group Formed
Subject to the terms of the offering, the proposed auction format offers the property for sale to the most qualified bidder regardless of price. The transaction was structured to sell.
The concept of property auctions is that a number of dirt cheap properties are up for grabs. You turn up with a small amount of cash, and walk away with the deal of your life. The great.
PREMIERE AUCTION BECOMES “RECESSION BUSTER” OVERNIGHT
Young Couple Buys “Dream Home” for a Remarkable $86840. Austin, TX - June 3, 2009 - (RealEstateRama) — After months of anticipation, iBidcondo held its premiere live online auction.
Property auction may not produce
Conventional property sales methods where we can negotiate a deal in a professional and unpressurised manner is the best way to sell.
Firms must obtain a separate permit for each auction
“We have to ensure that the property being auctioned is free of any liability. For example if the seller has a mortgage then he needs to get a clearance from the bank or permission for auction.
Residential Real Estate Tips to Sell Your Property Faster
When selling residential real estate, you’ll want to remain competitive in today’s buyer’s market. People have high expectations of property and if you can’t meet their demands, they can easily find a better deal elsewhere. If you need to sell your home quickly and don’t want to lose money on your investment, here are some things you need to know to ensure a stress-free transaction.
1. The longer your home remains unsold, the less people are willing to pay.
If you’ve ever opened up a residential real estate pamphlet and noticed homes with large slashed prices, there is a good chance these have been sitting on the market for months without many potential buyers. Although the reasons for a lengthy sale period may be reasonable, most people will assume that the home is a bad deal. What to learn from this? Stubborn homeowners will suffer for their patience.
2. You need a real estate agent to help you market your property.
There is a glut of affordable residential real estate. The market is oversaturated. So you need to stand out in the crowd, and the best way to do that is a massive and effective advertising campaign.
Good quality ads that appear in many different real estate booklets and an agent that knows how to spread the word will help speed up the process. It’s also helpful to tell all of your friends, relatives, and anyone who will listen that you have a great piece of property for sale. Word of mouth is free and a useful advertising technique.
3. Don’t expect to walk away with your initial asking price.
Gone are the bubble days when you could expect a bidding war on your piece of property. Today, expect intense haggling and plenty of compromise. A residential real estate specialist can help guide you through the process to help you reach a reasonable deal. So when you do set the price for your property, be prepared for it to drop considerably.
It’s also best to have a professional negotiate for you and report back to you. Buyers may feel nervous or uncomfortable speaking directly with the owner and you make take their feelings about the home too personally.
4. Get the papers reviewed by a professional.
Even if you insist on not using a residential real estate specialist to help you sell your home, you should have all contracts reviewed carefully by professionals. One small mistake or typo could cost you a fortune. Safeguard yourself from potential lawsuits and loopholes.
5. Research the market before you begin to prepare for sale.
Perhaps you think those pink marble kitchen countertops are fantastic, but you may turnoff many potential buyers. Make sure your home appeals to the widest audience as possible to help your chances of quick sale.
Take a look at popular properties, visit an open house and discreetly interview the buyers, and pick a successful real estate agent’s brain. Seeing what works and what doesn’t in action can help you prepare for your own open house or buyer visit.
Author: Andrew Stratto
Residential Real Estate Tips To Sell Your Property Faster
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Expect From A Residential Estate Agent
Undoubtedly, one of the most important events in life is becoming a home owner. For most of us owning a home is the biggest investment we will ever make. Nowadays, everybody is credit conscious and debt conscious. This makes it even more important to make the right decisions. Right decisions are based on accurate information. When the time comes for you to buy your first home you should only deal with experts. Buying your first home or any property is a big step. You need the services of a residential estate agent who gives top quality service. Finding a residential estate agent takes time and effort.
You should be able to tell the residential estate agent what you are looking for. A very important issue is that of financial backup. It is always a good idea to get a pre approved loan. Your residential estate agent should be able to guide through this and any other procedure you need to carry out in order to purchase a property. Your application will be based on how much you earn and if you are married it will be tied with your spouse’s earnings. The reason for this is to protect the lender and also to ensure you can buy a property you can afford. Having a pre approved loan means you have an absolute figure to work with. This will also prevent you from being tempted into buying a home you simply can’t afford.
An experienced residential estate agent will have a data base of properties for you to look at. Having a definite price range can save you a lot of time. You will see what is available i.e. what you can afford and if you don’t like what you see you have to wait. This is far better than making a wrong decision. You have far too much to lose if you do. An ethical agent will never pressure you into buying a property you aren’t sure about. He or she will give you the pros and cons of specific properties but the decision to purchase is yours and yours alone.
There is a lot to take into consideration when buying home. This is where the expertise of a residential estate agent can be invaluable. If you know the area you want to live in, choose a residential estate agent who is living in that area. You will be dealing with a person who is a resident and knows the good and the bad about the neighborhood. It is up to the agent to find you a home near to schools, churches, temples, hospitals and whatever else you want. It is also the responsibility of the agent to ensure you understand all the procedures, laws and regulations regarding the buying of a home. Your agent must see to it that all the necessary documentation is signed and forwarded to the relevant people. A professional and experienced agent will take care of both the seller and the buyer in equal measure. Make sure you know what a residential agent estate should offer you before buying a home.
By: Otto Ruebsamen
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