Real Estate

Tips for Home Buyers

Tips for Home BuyersOne of the most important steps in the process of buying a home is the final walk-through. This is where the buyer can confirm the house is in the same condition he/she has agreed to buy it in. It’s also an opportunity to ensure that the agreed upon repairs, if any, were made as specified and nothing has gone wrong with the house since he/she last looked at it.

Sometimes, home buyers do not pay enough attention to the final walk-through because they’re too excited about finally closing on a home particularly if it has taken a while to find the right home for them. This may lead to small problems once the buyer takes ownership. On the contrary, the final walk through can raise both negative and positive emotions during this last part of the home selling process.

It is smart to take the walk-through seriously and think things through. Do not see it as just checking a box. During the walk through you should open all the faucets and inspect them for leaks. Ensure that the appliances work, turn heat or/and air conditioning on and off, flush the toilet and open every window to its fullest, then close it tight and check for air leaks.

Below are some tips for home buyers to help them complete an effective and smooth walk-through.

1. Avoid a walk-through on the closing day / Tips for home buyers

A walk-through can lead to the discovery of repairs that have to be made, but that you did not know about before. If you do the walk through on the same day as the closing, you might not have enough time to have the problems resolved.

It isn’t uncommon for two walk-through’s to occur. The first walk-through identifies some problems for the buyer, and the second ensures those problems were addressed.

You can also push back the closing so that you can address the issues. However, the problem is that your lender might not have approved a delayed closing. It is better to thrash out any issues well in advance.

2. Use your cell phone to check the outlets / Tips for home buyers

Plug a phone in and out of the electrical outlets so that you can ensure that the electricity works. You want to avoid moving in your belongings, only to realize that some of the outlets do not work.

Bring your charger and phone to the walk through and test all the electrical outlets. It’s easy and quick.

3. Have an eye for junk left behind by sellers / Tips for home buyers

Sometimes, sellers may be too caught up in moving to their new home that they may forget to remove their old household junk. You should take the time to check the attic, under the deck and garage. The sellers might just assume that you want to use their old paint cans or an old propane tank..

In fact, the seller should leave the house empty for showings. Some of the left behind items, like the paint, can be toxic or may require special provisions for their disposal.

4. Ask for keys, alarm codes, garage openers and manuals / Tips for home buyers

Before completing the final walk-through, be sure to ask for working keys to all the doors, garage openers, alarm codes, and any system or appliance manuals. It is also a good idea to ask the seller for copies of receipts for any promised repairs.

5. Be emotionally prepared for a surprise / Tips for home buyers

Buyers normally fall in love with a house that is full of belongings, furniture and art. They see it as a welcoming home, and remember a warm feeling.

Fast forward to the close of escrow and you are faced with an empty house, which can feel rather hollow and cold.

Buyers are usually surprised by how they feel when they enter an empty home. Besides the emptiness that is created by the absence of furniture, some imperfections may show up – carpet stains, mildly bleached doors, holes on walls which previously covered by paintings or a television screen etc. An empty house tends to show poorly; hence you should prepare yourself mentally before the walk-through.

Becoming a first-time home buyer is a tremendous step in life. The sense of personal accomplishment, pride, satisfaction, and joy is irreplaceable. It is not without it’s challenges, though. Because of the huge number of options available to you as a potential buyer, you need to take the time to become familiar with an overview of the buying process, the terminology used, and how to best approach buying your first home.

My strong suggestion to you as a first-time home buyer would be to seek competent, professional financial guidance. It is relatively inexpensive, and could save you from making a costly mistake. Buying a home is not right for everyone. Even if it is a good choice for your financial future, you may need to take the time to save money for a down payment, or to fix any issues with your credit. Be patient, and make your preparations carefully…

Below is a list outlining the buying process. Review it to become familiar with the steps involved. Oh, and one last, very important bit of information before you get started…Everything, and I do mean everything, in real estate is negotiable. Repeat that over and over to yourself and never forget, everything is negotiable…

Pre-Qualification

After making the commitment to buy a home and getting your finances in order, it is time to speak with a professional in the mortgage business. Ask your friends and family for referrals. Take the time to ask questions and get familiar with the basic terminology used, plus to discover any pitfalls. The terms of your mortgage will have a lasting affect on your financial well-being, so make sure you fully understand what you are being offered. Ultimately, you want to become pre-qualified for a reasonable, affordable amount of money with which you can purchase a home.

I personally recommend speaking to at least three mortgage brokers or banks to get your best deal. Also, I would avoid having your credit run during this process until you are ready for the next step. Most good mortgage brokers should be able to estimate your buying power from a short interview.

Pre-Approval

Prior to beginning an in-depth search for a home, I would suggest going beyond pre-qualification and getting fully pre-approved. In this step, the mortgage lender will take a detailed look at your credit, finances, income, and other factors to solidify the amount of money available to you for a home. The primary difference between pre-qualification and pre-approval is you are shopping for a mortgage lender and getting educated about the loan products available during pre-qualification, but you have decided to commit to a lender and submit to the complete application process during pre-approval.

List of Needs & Wants

Make 2 lists. The first should include items you must have (i.e., the number of bedrooms you need for the size of your family, a one-story house if accessibility is a factor, etc.). The second list is your wishes, things you would like to have (pool, den, etc.) but that are not absolutely necessary. Realistically for first-time buyers, you probably will not get everything on your wish list, but it will keep you on track for what you are looking for.

Representation by a Professional

It is very important that you can communicate clearly, honestly, and openly with any person who will directly affect your decision-making process. I know it is better to work with a real estate professional because of personal experience, plus feedback I constantly receive from clients and customers, so I highly recommend carefully choosing a representative to help you complete this important transaction.

A quick word about buyer representation. In a great majority of situations (95%+), a buyer’s agent is compensated out of the seller’s equity. In plain English, this means unless your agent requires a small administration fee for services, you will not be responsible for compensating your agent at all for their services. It is very important you fully discuss this, as there are simple contracts available that will put this information in writing and help protect your interests should a dispute arise.

Also, just to anticipate and answer a question you may have on this topic, these costs are not passed back to the buyer through the sales price of the home. The reason for this is because the market, combined with a ready, willing, and able buyer sets the price for the home. The seller decides on an asking price, and may have a bottom line price, but you as the buyer ultimately decide what the home is worth. So study the market thoroughly, and make a fair offer based upon the comparable homes in the market. If the seller decides to accept your offer, you will have purchased the home at a fair price, and not one inflated to pay for the seller’s costs.

Meeting with your Real Estate Agent

Come to the first meeting with your agent with an open mind and lots of questions. You should be doing a majority of the talking and your agent listening to gather all of the information necessary to help you find your ideal home. Make sure you share your list of wants and needs, plus the information you learned from the mortgage broker. Your agent should be taking notes and reiterating accurately whatever is discussed.

I want to talk briefly about the importance of effective communication with your real estate agent. Buying a home should ultimately be a fun, rewarding, educational, exciting experience. It will not be free from challenge, though. You will at times find yourself frustrated, discouraged, and confused. This is completely normal, especially considering the magnitude of the transaction. Without knowledge of your feelings and concerns, the usefulness of your agent can be nullified. Make sure you are comfortable enough to tell them ‘no’, or to be completely honest with your needs and wants. Make sure your communication is effective by listening to what your agent says and ensuring it is what you are expressing.

Focus & Organization

In a convenient location, keep handy the items that will assist you in maximizing your home search efforts. Such items may include:

1. One or more detailed maps with your areas of interest highlighted.

2. A file of the properties that your agent has shown to you, along with ads you have cut out from the newspaper.

3. Paper and pen, for taking notes as you search.

4. A camera to help refresh your memory on individual properties, especially if you are attending a series of showings.

5. Location: It can be beneficial to look at a potential property as if you are the seller. Would a prospective buyer find it attractive based on school district, crime rate, proximity to positive (shopping, parks, freeway access) and negative (abandoned properties, garbage dump, source of noise) features of the area?

Visualize the House Empty & With Your Decor

Are the rooms laid out to fit your needs? Is there enough light? Will the home require any updating? Are the mechanicals in good shape? What about the roof? Try to keep accurate notes on both your feelings regarding the home, plus objective features that may or may not be positive. Keep in mind that it is always an option to ask the seller to gives allowances for updates or changes as part of the negotiation process, or to make the changes yourself for the right home.

Be Objective

Instead of thinking with your heart when you find a home, think with your head. Does this home really meet your needs? There are many houses on the market, so don’t make a hurried decision that you may regret later.

It is important to know your personal strengths and weakness in the home buying process. Some people love the thrill of the hunt and seeing lots of homes looking for a positive feeling, while others are just interested in the facts and objective features the home offers. Some people are a combination of the two. Whatever your style or technique happens to be when searching for your new home, you must be honest with yourself and emphasize your strengths while seeking help with your weaknesses.

I recommend in the initial phases of the home buying process that you try to keep your time in any home you view short and focused on finding positive first impressions. There really is a difference between finding a house and discovering your new home and I believe emotion and feeling play a much greater role than some would realize. Be relaxed and aware of your emotions in this initial phase.

Once you have narrowed your choices and become comfortable with the buying process, it is time to schedule second showings and to put on your objective hat. Now you are looking at the details from an investment standpoint, a functionality perspective, and determining whether or not there are any faults that would negate the viability of the home. You may be surprised at what you find!

Make an Offer

Once all of the research is complete and you are certain you have found your new home, it is time to put together an offer. Again, the competent guidance is critical at this point. Together, you must determine a fair amount of money to offer for the home, plus you must complete an accurate, comprehensive, legally-binding Sales and Purchase Agreement. Any mistake, error, or omission at this stage can become very costly in both dollars and emotions later. If you are at all uncertain or uncomfortable, seek professional legal advice before you sign any agreement.

A word about market perceptions. Today, we hear constant talk about it being a “buyer’s market”. What does that mean to you on the buyer’s side of the transaction? I wish it meant that you could offer 15-20% below the asking price of the home and the seller would gladly accept, but that is rarely the case. Very simply, we find ourselves in a buyer’s market due to an over-supply of homes and a lack of qualified, motivated buyers. It will affect prices in most areas, but the adjustment will be more in the neighborhood of 1-3%, if anything.

That being the case, what are the advantages of being in a buyer’s market? Let me just name a few and you should be able to see many others. Besides the possibility of a reasonable savings on price, sellers are more willing to provide allowances for closing costs, updates, or other incentives to get you to purchase their home. In addition, you have a tremendous variety of homes from which to choose. Plus, fierce competition for the best homes is reduced, thus allowing you a greater chance of not paying an inflated price for the home of your dreams. When you hear talk that we are in a buyer’s market, just imagine yourself in the seller’s shoes…Most people are not going to give away their home for less than a fair market price, so look to negotiate other benefits from the deal.

Be Thorough

A few extra dollars well spent now may save you big expenses in the long run. Your real estate agent should competently guide you through this phase, but you should be aware that after you have an accepted offer, you still need to perform due diligence to ensure you are making a sound investment. Don’t forget such essentials as:

1. Having the property inspected by a professional inspector.

2. Requesting a second walk-through to take place within 24 hours of closing to ensure the home has been left in the agreed upon condition.

The journey towards owning a home is usually a long one, filled with ups and downs and lots of excitement. The final walk through is one of the last steps of what may end up being a multiple year process.

Consider the walk through well in advance and prepare for it physically, mentally and emotionally. Know what you are looking for, make a list of all the things that you need to check, and keep your feelings and emotions in mind.

Facebooktwittergoogle_pluspinterestmail
Real Estate

Just about Anyone Can Make Money in Property

Earning money by buying and even selling or perhaps letting real estate isn’t the avenue that the common individual uses to generate almost all or perhaps part of his own income, however it’s a very good way for the particular individual who is so predisposed and also who has a small amount of income to invest. It’s not at all brain surgery, and also involves knowledge that can typically often be attained conveniently over the web plus through an affiliation with estate agents. The thing to know is this: there is no more land being manufactured. Consequently, it truly is unavoidable, as there is a set level of it, that what property you can find will ultimately increase in selling price.

Should a person find property available for sale which has been enhanced with architectural buildings, be they residential or commercial, the true potential turns out to be both a case of value, and also of figuring out how that particular building adds or even detracts from the particular value of that bit of property. Imagine, by way of example, there is a residence available in one’s local vicinity. The particular house is clearly not really breathtaking, yet it’s in very good repair. The particular lot is ample and also rather private. The price tag is definitely right. An individual could possibly get a home mortgage for that home, contact a letting agent to obtain persons to let the home and the actual rent is likely to settle the mortgage payment. Voila!

Facebooktwittergoogle_pluspinterestmail
Real Estate

The Bridge – Freehold Mixed Development in Phnom Penh

The Bridge Retail Mall is situated at the very heart of Phnom Penh, the capital city of Cambodia, an emerging market having a 7% year-on-year development. With it’s great area and the city’s absence of undeniable retail shopping centers, such business spaces are extremely looked for after. Once finished, the administration of the shopping center will be embraced by the designer, henceforth assist guaranteeing ideal inhabitant blend and execution. This is the motivation behind why the present deals bundle incorporates ensured rental returns of up to 70%.

The Bridge Cambodia is set to be the new symbol in the heart of Phnom Penh, the capital city of Cambodia. This twinitower blended improvement that takes off 45 story high is a confirmation that the economy of the city has achieved new statures, in the meantime extinguishing the need of the masses for quality private, business and retail land arrangements inside the thriving city.

The Bridge Cambodia is situated at the southern Phnom Penh city, at the water fronting part by the Bassac stream, in the Tonle Bassac cooperative. This key area close to the Australian international safe haven gives it a 360 degrees all encompassing perspective of the conduit, Diamond Island and the Phnom Penh city horizon. Preah Sihanouk Boulevard is additionally a unimportant 2 minutes away.

The Bridge Cambodia is a freehold, blended advancement that comprises of two high rise towers taking off up from a 5 story retail platform on a freehold land plot that is around 110,000 sqft. The two towers are connected by 2 sky spans, associating inhabitants to arrangements, for example, round- theiclock security, swimming pool, exercise center, play area and clubhouse.

The improvement has a sum of more than 2300 units to offer, including an assorted qualities of roughly 700+ private apartment suite units and penthouses, 600+ business units and little workplaces, and 900+ “home workplaces” that is like the little officeihomeioffice (SoHo) idea.

Cambodia’s economy is on a development direction, with both its populace and expectations for everyday comforts are rising. In any case, there is a lodging issue. A house or a manor in focal Phnom Penh is not inside reasonable range to the greater part of local people. In spite of the fact that purchasing properties on the edges of town is less expensive, this will offer ascent to driving issues regularly. This is the reason there is solid interest for cutting edge, agreeable, apartment suites at vital areas that give simple access to the city. The Bridge plugs this hole, as well as went above and beyond by giving upgraded way of life alternatives that are so missing as of right now and space.

Another tipping point of the city’s growth will be Cambodia’s economic integration into ASEAN in 2015, accelerating the country’s progress and transformation. This is when the floodgates will open and the city will experience its next level of growth in terms of investors and tourists, and ultimately in real estate prices.

Apart from profits in capital gain and rental yield, what gives deeper meaning to investing in The Bridge is the opportunity to improve the lifestyles of a people, and to contribute in the growth and modernisation of their country.

Facebooktwittergoogle_pluspinterestmail
Real Estate

Case Study: My Experience With Properties

Tips in Getting Residential Real Estate

If you are planning to buy a house, there are some tips that you need to consider. If you will choose a house, there are certain things that you need to do as the act itself is difficult. Since you are looking for an ideal residential real estate, you should not only dwell on what you see in advertisements. It is just right for you to take a look at the available houses in the nearby city if you want to pick one but you need to be sure you conduct a study in the area.

The first tip is to know from your family members the kind of house that they want to buy. You will be overwhelmed to know that there are really a lot of houses which you can certainly choose. Picking a mansion can be very significant to you this time as your family members aspire to get more space even in their respective homes. However, you need to maintain all areas of the mansion. If your family members want to live a simple life, they will tell you that they like to live in an apartment. If you choose to buy a simple residential unit, there is nothing you need to ask for. Getting a condo unit is also possible if there are only three of you staying in one residence.

It will be very essential on your part to look for a place that is ideal when it comes to residential facilities. A place where you can call your home is what you aspire to get this time. For sure, you do not want to stay in a place where criminality is very evident. If you would choose a place that has low security measure, you will never like to see any of your family members having trouble. It is important for you to choose the best house because you love your family members and it should be a house that brings peace.

If you do not want to have issues about your choice of house, you should better speak with a real estate agent. Since the place that you choose is new to you, it is possible you find it difficult to choose a real estate without the help of an agent. You should pick an agent who is well-versed on his job so that you will never have an issue with him. Besides, he should never be in connection with any realtor for business since he needs to mediate fairly. He will do his best to help you find a good place and he also deserves to be paid well.

Source: http://bestfinance1.com/buy-rent-sell-or-stay-put-which-option-makes-financial-sense-for-you.html

Facebooktwittergoogle_pluspinterestmail
Real Estate

The Key Elements of Great Houses

Finding Real Estate for Residential Purposes

You would surely like to get a house soon for your family. Since you want to protect your family and let them experience peace, getting a house for them is what you shall do. If you will pick a house, be sure that you choose the one that will make them happy and satisfied. It is important for you to think about getting the right property because you need to improve its value and you want it to call your own. If you look around, you will find a lot of real estate property but it is proper to choose the right house. Picking the right residential unit is what is appropriate to do.

What you need to do is to simply decide to ask your family members about their choice of a home. If you want to have wide space and you want to buy a big house, you will feel better if you decide to pick the right property. If you are planning to buy many properties to put inside the house, it is a good choice to buy a mansion. It is very possible for you to build a mansion and build some amenities as well. You will also find a lot of condominium units and pick one according to your choice that is if there are only a few family members. Pick a classy condo unit if you want to get the best ambiance of the house. It is also possible to get a simple apartment. It is ideal for you to simply pick the right unit for the benefit of your family. You will feel better if you choose to get the right person or agent to help you accomplish the task.

Finding a well-experienced real estate agent is definitely very important to you. Through the help of an agent, it will be easy for you to find the right house. Finding a real estate agent who does not have any connection to realtors make a difference. You need to know the background of the real estate agent when you hire one. If you want to acquire a property, you need to do it very soon because your family deserves it. It is essential for you to look for the right real estate this time and you will never have problems picking one because you have one who can help you see the differences of each prospect.

As soon as you have the house, you will surely want to improve its current condition. You will feel better if you choose to even get an interior designer to make a difference to the house.

Source: http://www.skullmadmama.com/people-wish-they-thought-about-this-before-getting-a-new-mortgage/

Facebooktwittergoogle_pluspinterestmail
Real Estate

Getting Down To Basics with Houses

Tips for Succeeding in Real Estate The aim of investing for any entrepreneur is to have passive income that will enable them not need to work to get an income. It is vital to remember that every investor also wants to get enough cash that will survive the effects of inflation, taxation, and even possible economic meltdowns or political moves whose effects reverberate across financial investments. It is incredibly true to highlight that most investments may not survive the issues discussed above, but real estate is a sure winner for anyone looking for a long-term investment plan. It is important to note that real estate is one of the investments that will always take a hit by the recession and still survive, unlike stocks whereby some companies can go under. An interesting fact is that the demand for land will always be there despite the prevailing economic conditions and the investor is guaranteed that unlike other investments whose values depreciates with time the value of real estate always appreciate. The other advantage of real estate is that it has an easy entry regarding knowledge and finances. An amazing fact is that real estate also requires careful planning and caution before investing. An investor intending to invest in real estate needs to do a financial analysis of their goals and the time they need to achieve their financial goals. In real estate investment, there is a need to consider the time versus money principle whereby the more money one has, the lesser the time they need and vice versa. It important to highlight that good investors are readers, and this is even true in real estate investing. It is vital to highlight that before someone ventures into real estate, they need to learn the basics before putting money into it. It is vital for the reader to go past reading and implement the knowledge acquired. An investor needs not be stuck in the research phase but they needs to read with a goal and agenda in mind.
Overwhelmed by the Complexity of Sales? This May Help
Success in real estate is dependent on picking an excellent property and not on any random property that the investor comes across. It is vital to note that many investors fail in real estate investments because they invest in properties that look ‘nice’ or properties that they have not done due diligence on. An amazing fact is that investments in properties are not made based on personal preferences but based upon concrete market facts and a good real estate investor does their due diligence but is careful not to be stuck in analysis paralysis.
Houses – My Most Valuable Advice
Another success tip for investing in real estate is to act immediately. It is an amazing fact to note that most investors want to close mega deals before they invest in real estate. In retrospect the best thing an investor can do is invest what they have in a present real estate deal as opposed to waiting for an unknown big deal to invest in real estate.

Facebooktwittergoogle_pluspinterestmail