What you should know before buying
Buying a good property at a good price with a good location is more than lucky, and often buyers wonder
Question number one
Did they have seen all the options?
If they did, then it comes to
Question number two
Whether they have chosen the right house and whether someone has ever made a better deal out of them?
To help you make your best choices, we will guide you from start to finish. Read the next content and find what you lack to get the right decision.
Table of content:
The real estate agent
The purpose of buying:
1. Looking for a home to live in?
2. Invest in a home you will rent?<
3. Buy, repair and sell with profit?
The real estate agent's tips
Everyone knows that an ideal property does not exist and if someone claims to sell you the ideal property, then maybe he is hiding something. Here, as in any other area, it is important to choose between what you want and what is reasonable and possible to find on the market. To happen, you need to know first what your budget is and what you can pay for the desired property.
Think about the BUDGET and the LOCATION first!
* The budget is the first thing you need to define, and it is important to you and your real estate agent or agency. Normally, the budget has a minimum and maximum rate, and it is important to clarify whether you have the opportunity to buy a property that is more expensive than the specified amount if it exceeds your expectations and fulfills all your dreams.
If this is not the case and you do not want to pay any more, let your agent know in advance. You do not want to end up in a situation where you are buying a home that you can’t afford, and the worry about it will pursue you for years.
Tip: When you set your maximum budget always think about the costs you will have to do to repair your new home. Let some of the amounts at your disposal be saved for new bathroom tiles, changing kitchen appliances, repainting walls or installing a home security system. Every home needs renovation to acquire your style and character.
* The second important solution for your new property is its location. Select the city where you want your property to be located. If you know the place well, you can be even more explicit and specify your preferred neighborhoods. However, if you buy for the first time in the area, then you can specify the amenities you want - public transportation, schools nearby, easy access to sports facilities or popular shopping venues.
If you are buying a family home consult your wife and children the wishes they have and try to decide where the compromises are possible. For example, you may not be missing a working cabinet, but you must necessarily need a backyard with a fence because of your small children or pets.
When the BUDGET and the LOCATION are resolved, then you can start your search.
• THE REAL ESTATE AGENT
It starts with a selection of a real estate agency that knows the area, has good positions on the market and can advise you on the best deal you hope to make.
* Your broker agent will ask you for your wish list and when he /or she/ clarify your needs will give you feedback on the real estate you can buy with the maximum of the budget.
Tip: It is important for the agent to know how many bedrooms and bathrooms you need, whether you want to have a yard, how big kitchen you need, whether you intend to apply it immediately or you can afford a complete renovation. Ideally, you will have an answer to all these questions. Quite often, however, when buyers are husband and wife, their requirements vary considerably. He wants to repair; she wants to get it right away. In such situations, it is good, to be honest with your real estate consultant and to share these differences by asking him to help you make the best choices.
• THE PURPOSE OF BUYING:
1. Looking for a home to live in?
It is memorable and wonderful to start looking for a home. Your children will live there maybe; your happiness will be there; your whole life will be part of this future home. That is why we start with the dreams and forget about the reality. One good and wise agent will help us to manage the situation better and to find a house with value and good neighbors.
* The most enjoyable part is coming now - the presentations and the views of the properties. The first ones are made at the real estate agency's office and are designed to offer you a complete picture of the properties that are still on the market and in tune with your needs and budget. When you are interested in some of these properties, your consultant will arrange for you to view property listings.
Tip: These visits are an important part of your solution, so always plan enough time to have it. Look around the location and neighborhood, and then the distribution of the rooms in your future home. Take care of details such as whether the area is loud or a quiet place, what are the possibilities for heating in the winter and for renting a garage if the property does not have its own.
Details like wall color or bathroom tiles are very memorable but should not affect your choice. They can change almost immediately and for a little money. What you can not change is the constant street noise around your property or the lack of an outside part that will be important to you and your children
• The most common mistake:
Very often buyers want to see all the possible houses and options in the area. It makes them unnecessarily exhausting and makes their decision extremely difficult. It is best to check out three to five properties that meet your needs and budget and then decide. The earlier you make an offer, the better chance you have to fight for your chosen property.
2. Invest in a home you will rent
If you have your own home and have decided to invest some of your savings in a new property, you fall into the second most common category of buyers.
In this case, you do not have a buy-out deadline and can work with your consultant for a long time to wait for the best property.
You are probably looking for investment in a central area or near a university or a holiday home with ocean view. Whatever your goals are, it is a good idea to share them frankly with the real estate agency to get valuable advice and good deals.
Tip: Ask your consultant about the expected annual profit from the presented properties. Perhaps you will trust the same real estate agent to help you manage the property so his experience and advice can greatly help you make a good deal.
* When you have two or three properties to choose one, consider the price you can rent it. More bedrooms and bathrooms or a lower annual property tax always have a significant impact on the type of the furniture. Choose a property with floors that are easy to maintain and provide a budget for bathroom and kitchen renovation. These are details that your tenants define as very important. Make sure your property is quickly and easily accessible by public transport, and there are restaurants and shops nearby.
Tip: If the consultant warns you of future risks, do not underestimate them. More than you he wants to make a deal, and if he advises you to be careful, then the danger is real. Approach wisely, not emotionally.
3. Buy a cheap property, repair and sell with profit
More and more people earn very well because they buy, upgrade and sell properties. They usually do it for a short period and call the investment fast and successful because they know about the market everything they need.
If you have decided to try this for the first time, do not wait long to buy the right property. Good deals are being pillaged the same day, so be very active and look for options with unattractive looks on a daily basis.
Tip: The worse the property looks, the more money it can bring you, so risk boldly and win the competition. If only you want to buy the property but no one else, then the deal is not good, and you have to think again.
* Make sure the base of the house is sturdy, and you will not have to knock it down and start again.
Your choice depends on your intuition. Do it quickly and repair it.
* To sell the house with great profit, you have to make it look really good. Take some time and look at the houses in the neighborhood. Then do so that your house for sale suits the people who will live in it. A well-formed outer part always raises the price of the property you sell. Plant flowers, take care of the yard and emphasize future buyers to fall in love. It can be a romantic swing on the porch or a white arch above the main entrance.
Tip: When buying colors, furniture, and materials, always choose the most classic options. Very few people would buy a dark blue painted house or one with mirrors on all the walls. Choose marble countertops in the kitchen and make sure there are a large bathroom and a closet in the main bedroom.
Once you are ready to buy or sell determine which real estate agent or agency you will work with
THE REAL ESTATE AGENT'S TIPS:
✓ The real estate agent should be someone who works or lives in the area for more than five years. He must know the style of people living there and the most attractive properties.
✓ When choosing your first agent or agency, you can trust friends and neighbors and follow their opinion, but it is also important to find a professional familiar with your lifestyle. He /or she/ can understand your needs. If a broker sells houses with a budget of more than $ 3,000,000, he is certainly a successful broker, but your $ 500,000 budget is something that will dive him into unknown waters. Make sure your agent knows your budget market and can give you real advice.
✓ If your consultant offers you to work exclusively and wants to sign a contract, do not be afraid. It will ensure that the real estate agent will take time for your interest because it will ensure a profit. If you do not agree to sign a contract, the agent may think you are not a sure buyer. No deal, no profit. The guarantee for him is a guarantee for you too. Value the efforts and time each for other.
✓ In advance, you have to agree on the commission to be paid. Do not leave this detail for later because it's important to have accurate cost information throughout the process.
✓ Once you have selected a property that you are interested in you should see all the documents related. It is your agent's job. He/she/ must know where to get them and make sure there are no problems with the construction or the ownership. He is also the one who will negotiate on your behalf for the price of the property.
✓ Most important! Do not go alone to negotiate a lower price or require other details from the seller. Leave this to the professional who knows how to do it and has already done it many times. If he encounters a problem, he certainly has someone to resolve it. Typically real estate agencies use the services of expensive lawyers and consultants and have come across some difficult cases. It is better to trust them.
Once you choose your dream house, stop worrying the details and start planning the colors and furniture. Purchase your home a pleasant experience. For many, it happens once in a lifetime, and it is worthwhile to have it. Take time to meet your new neighbors and visit the restaurants nearby.
Every first impression will leave you a pleasant memory that will never be repeated.
Beautifully updated condo in a historic building located in the heart of downtown Wilmington. This is unit is the ''penthouse'' unit of North Front Street. It is the lar...
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