Tag Archives: real estate

3 Must Ask Questions Before Buying a House

a family moving in to a new homeA home purchase is often a considerable capital investment. The kind of decisions that you make can make or kill your dream. If there is a need to make financial changes, then it is wise that you be thorough and accurate. Also, important to consider are the do’s and don’ts so that you don’t get ripped off in the process. Below highlights some of the essential questions you must answer before buying your dream home.

Do I have enough money to invest in a home?

Unless you are applying for a loan, you should evaluate your finances and see what amount of mortgage you could qualify for. See if it can fully finance your dream home purchase. Compare the figures in monthly installments you must pay towards the loan and see if you could manage to pay your monthly payments. If you have other debts, they should also be factored in. If you find that more than 30% of your monthly gross is going to debts, then it is wise to wait a bit longer to save more.

How long will I stay in my new home?

This is another critical question you cannot afford to ignore as an investor. Like earlier mentioned, a home buying venture could be financially overwhelming. Only if you are sure you would be staying there for five years or longer should you finally buy a property. If you are unsure of your long-term plans, perhaps finding a condo for sale in Muntinlupa should be your best option.

Has the house passed inspections?

A home inspection is a very crucial stage, and it’s often worth paying the price. Check if it has passed all safety tests and structural integrity examinations. Determine if you would need to do renovations and repairs once you have bought the property. Ensure that the home seller you are dealing with is aware that you don’t want something that would cost you much for repairs than it has for buying the property.

This way, you won’t just avoid making costly mistakes but also ensure you don’t encounter surprises down the line.

More often than not, people have saved and reached the threshold that allows them to finance their home buying investments using mortgages. However, some of them never get to enjoy their dream homes due to the kind of preliminary decisions they made. Therefore, it is essential to meet with experts, if you can afford their services, so you spare yourself the heartache and stress.

House Purchase: What Do Buyers Regret?

Military couples hapy with their homeWhile many swear to the happiness associated with having the keys to their new property, regrets are still common. Many homebuyers (even successful ones) have remorse in some aspects of their purchase. It is important to remember where these regrets come from, so you may avoid them by the time you search for a new home.

More Savings

It is difficult for many homebuyers to come up with a 20% down payment, which is the necessary amount to avoid paying private mortgage (PMI). You may buy a house with as little as 3% money down, but it has a long-term effect on your monthly budget and mortgage payments. This is why many wished they had more savings to avoid the extra cost of PMI.

Price of the Home

Searching for the right home can be exhausting, but many who have settled on a place that they aren’t genuinely happy about often have regrets. If you, however, find the RIGHT one, don’t get too excited by paying more than the asking price to outbid others.

Migonline.com and other mortgage lenders in Cookeville suggest that it is always advisable to limit yourself, so you’ll feel comfortable about future loan payments and avoid becoming house poor.

Neighborhood

Many easily get persuaded by the appearance of the house, but fail to learn more about the neighborhood. This is why if you’re buying a home, be sure to visit the neighborhood first and walk around it. It is also a good idea to talk or meet new neighbors if you can. You may also want to check for its overall safety and nearby amenities.

Transportation Issues

A beautiful home may convince you that a longer travel is not entirely bad (which may be true or false). It is best to get a sense of the daily commute by trying to travel both ways during rush hour. You should also think about your current and future parking needs. Even if you didn’t own a car right now, consider any lifestyle changes or the issue of parking spaces when friends are invited to stay.

These are only some of the common regrets many homebuyers had. If you want to avoid having a buyer’s remorse, research more about the property and your mortgage options. It is also a good idea to find a lender that you feel working with to increase the chance of having a successful deal.

Real Property Mistakes You Should Know

Conveyancing text written on a diaryAs a would-be owner of any property, due diligence is part of your responsibility. This does not only include the task of comparing conveyancing quotes online, your obligations also involve scrutinising the authenticity of the title. You should avoid the following situations to prevent complication in your property purchase.

Hidden second charge

If the previous homeowner failed to pay mortgage or taxes, the bank or any entity that the lease is owed to would put a second charge on the property. If the second charge does not show up during inspections, it can be transferable to the new owner, which could be you. This makes it a costly mistake if you discover this after buying the property.

Secret Heir

If you think it only happens on soap operas, think again. An unknown or missing heir may show up and claim the property that is already sold to you by the estate agent. In some instances, the family of the supposed heir will step up and claim the ownership on behalf of the heir. Either way, your property rights will be jeopardised.

Unknown Easement

Other forms of encumbrances exist including easement or the right to use the property in question for a specific purpose. As long as there is a declaration, it doesn’t matter whether the other party is the owner or not. If the property is in a resource-rich area, even private companies can get a hold of the said property. There may be financial consequences along the way.

Survey Discrepancy

A boundary dispute, a mistake that can carry on for years, is also commonplace. The legal process may even take years, and you might end up losing a sizable portion of the property due to claims by neighbours.

Title mistakes occur. That’s the sad reality of conveyancing. However, any diligent would-be owner would look into these areas to avoid costly mistakes in the future.

Why You Need a Realtor to Help You Sell Your Home

House Being soldSome homeowners who would like to sell their property decide to do it entirely on their own. While this is legal and totally doable, you should consider if this is indeed the course of action you want to take. Here are some of the reasons you should get help from your realtor in selling your house.

Your realtor has the experience

Not only is your real estate agent more experienced, but they also have the education for the job. Your realtor can take the load off your shoulders, and you can rest easy knowing someone with more experience and knowledge in these matters is doing the work.

They have the network

Your realtor probably already has a network of other professionals that you may need for your sale. For example, they can call a professional they trust to apply any repairs or improvements that can increase the value of the property. They also know whether you can recoup the cost of the improvement. Many realtors also have many contacts among those who are looking for a house for living or as an investment. So if you want to sell a house fast in St. Louis or elsewhere, call a well-connected realtor.

They can handle the paperwork

It’s their job, so they can handle the paperwork faster, as they don’t have to ask around about the next step. If you do this yourself, you might be overwhelmed by all the paperwork. And if you make any mistakes, you might be legally liable for it and cost you a lot of money to correct it.

They can protect you

When you try selling a house on your own, you might be subjected to phone calls that lead nowhere, even visits from people who have no real intention of buying. Your agent knows how to handle such things and can protect you from them, so you are not bothered.

The job of a real estate agent is not one for the untrained and uninitiated. Find a trustworthy real estate agent and let them do their job for you.

Extreme Makeover: Do You Have What it Takes to Buy a Fixer Upper?

Fixer Uppers

The reality with owning a house is you probably won’t be getting the kind you see on Pinterest unless, of course, you can readily afford one. If you are only starting out and don’t have millions to buy a fully furnished home, you will have to settle for a less ideal house. At least for now.

So if you cannot buy your dream house right away, why not slowly build it instead? Buying a fixer-upper is a great alternative. Although some people are making a business out of it, here are ways to keep that home.

Serious Renovations

Before you buy a fixer-upper, make sure you know what you’re getting yourself into. Renovations take time, effort, and dedication to be successful. Plot out a plan and a schedule to fix all the problems in the house over time.

Affording One

Primary Residential Mortgage, Inc. believes that an FHA 203 (k) loan program is an ideal solution to snag you the house you like from the market before somebody else does. FHA 203 (k) loan will let you fund both the purchase and renovation of the home using the same mortgage. You can also benefit from the lower down payments and competitive interest rates.

Do the Math

When thinking about how much you should spend on renovations, an expert advised that you have to determine what’s going to be the value of the house after repairs. If you think a house will have a market value of $350,000 and you bought it for $200,000, you have to spend less than $150,000 on renovations, or you will be overpaying.

Better Location

When investing in a fixer-upper, buy one in a neighborhood where most of the houses have a higher value. After all the renovations in the home are complete, your home will have more equity since it sits in a nice neighborhood.

Getting your dream home out of a fixer-upper doesn’t only require enough funding; you should also be willing to roll up your sleeves and do some serious renovation.

A Need for Space: Warehousing in Real Estate

warehouse storage
Real estate investment means more than simply flipping or renting properties. Space is limited and to respond to the need for more, you may want to consider going into warehousing and mini-storage rentals. Here’s why:

Demand vs. Supply

The need for storage space has increased, especially for private and commercial purposes. An online retail giant, like Amazon, requires several million square feet of storage space at a minimum. You can make the most of this demand and supply the space they need by investing in warehouses.

Location and Layout

While there are hundreds of warehouses for sale in the country, Modular Storage Systems reminds to still choose your property carefully. Locations that are close to the main road are ideal because deliveries and pick-ups will be easier to manage. Warehouses with external loading docks are likewise ideal, so you won’t have to allocate space within the warehouse for loading.

A warehouse with a high ceiling is preferable, with the height of the clear space from floor to ceiling measuring at least 30 feet. Use a pallet racking system to make the most of this vertical space. Pallet racking suppliers should be able to help you set this system.

Built-in Clientele

Keep an eye out for potential customers near the location, as this will shape your storage business. If you’re in an area where there are many residential buildings, converting your warehouse into a self-storage facility may be feasible. If you are near a port, commercial, or industrial district, then your clients are likely to be corporations looking for space to store their inventory or excess equipment. In that case, you are likely to have one or two clients occupying your entire warehouse.

Personal Workspace

All storage facilities require office and parking space for their in-house staff. Remember to allocate at least five to 10% of the total space for office and parking space.

Make Your Presence Known

Once everything is ready, advertise to your target market. Be it through paid ads or word of mouth; make sure your clients know of your presence. Customers are the lifeblood of any business and if you have none, your real estate investment is unlikely to prosper.

These are only some of the things you need to take note when investing in warehouses. Why not get started today?

A Homeowner’s Top Construction Budget Concerns

Construction Plans

First-time homeowners are understandably excited to have their first house, and make it a point to be present during the entire construction process. But, with the excitement of seeing their dream home become a reality comes the anxiety of actually paying for it. Having budget constraints and being clear and honest about it is one way of lessening the worry.

Companies like Hanto & Clarke General Contractors, LLC. are familiar with these concerns, and are willing to work with homeowners to make sure they can address them. If you have any of these construction budget issues, then feel free to let your contractor know about them.

Underestimating Labor Costs

You’re building a new home from scratch, and it’s natural to want to be as hands-on as possible, with the process. You researched the costs to come up with an estimate that reflects your desired budget. But, unless you run a construction firm or are adept with its financial aspects, you aren’t an expert in estimating costs, and are therefore prone to underestimating costs.

Even the biggest organizations make the mistake of underestimating the costs of certain materials and services. Instead of being anxious about this, you need to be extra careful. Talk with your contractor and suppliers to make sure you’re on the right track when it comes to cost estimates.

Not Leaving Room for Error

You want the construction process to be as flawless as it can be, but there are going to be issues along the way. Last minute changes, for example, can be inevitable. There’s also the problem of underperforming contractors, which is a major issue in the construction industry. Your budget and plan for the project must accommodate these problems, should they come up during the process.

Being involved in the construction process of your own home can be overwhelming, and concerns regarding budget are a part of it. Talk to your contractor to address them before they even happen.

Real Estate Professional

Four Skills of a Highly Efficient Real Estate Professional

Real Estate ProfessionalBeing a real estate agent gives good earning opportunities and a rewarding long-term career. However, this job entails several skills and qualities that can be acquired through education and experience. Success in the real estate industry does not happen overnight, which is pretty much the same with any other professions. It takes hardwork and patience to succeed as a realtor.

What are the qualities that make a real estate professional highly efficient? Here are some of them.

Excellent communication skills

A good realtor should equip themselves with impressive communication skills, verbal and written. While some people are naturally gifted with the ability to talk smartly and confidently, you can develop this skill through constant practice. You will have to converse with clients personally and answer calls and email on a regular basis, so it pays to hone your people skills.

Effective persuasion

Negotiation is part of your job; in fact, it’s a highly essential part of your career. To succeed in negotiations, you have to be good in persuasion. This skill should help you encourage clients to make or accept offers. You need to understand your client’s needs and be able to provide them with good options.

Commitment to further education

As a professional working in a highly dynamic market and an ever-changing industry, it pays to get continuing education. In reality, this is seen as more of a requirement for certifications rather than a choice. Many online real estate CE courses are available nowadays, giving you flexible options to study while working.

Familiarity with the neighborhood

It’s also important for a broker to have the brains of a “neighborhood expert.” You should have to be familiar with your place, down to the blocks and streets. You have to be abreast with the latest properties available in the market. With local knowledge, you can effectively succeed in bringing sellers and buyers closer to each other.

Develop these skills and qualities and you’re on your way to becoming a highly successful real estate professional.

real estate for sale in Sydney

Important Considerations When Selling You House in Sydney

real estate for sale in SydneyEach homeowner can have a different reason for moving. It can be a personal choice or a business reassignment as part of a promotion.  Whatever the reason behind your relocation, you may have to sell your current home.

The best way to do this is through the help of professionals. You will be better off with the help of experts focusing on real estate sale in Sydney. Should you decide to put your home on the market, here are some things you have to observe when choosing the best real estate agent.

Be Sure to Verify Credentials

With the boom in real estate, it is not surprising to find countless real estate companies offering their services. But, not all can do the job for you. It is essential to check their credentials first.

It is to your best interest to deal only with those who have gained accreditations from the proper regulatory bodies and are owners of valid license.

Always Check the Company’s Track Record

There is a way of increasing the chances of your home being sold immediately and at the best value.  Let the sale be handled by a firm with an excellent track record. Grand offices or impressive credentials will be for nothing if the agents do not know how to sell your property.

The best indication is the agent’s record, which you  can be gather through third parties or by asking the agent directly of their history in real estate sale.

Getting the Best Real Estate Company

While there may be other considerations, the two factors mentioned are extremely vital when you want to get the best value for your property. This is a goal every home seller should aim for. By hiring the best real estate agent, you are then assured that your property gets the best value and sold at the soonest possible time.