Tricks and Tips for Buying Real Estate
Learn the most important Tricks and Tips which you should know before buying or investing in a Real Estate.
So now here we will discuss about some Tricks and Tips for Buying Real Estate.
1) Set Your Budget
First of all, you should Set your budget for buying a Real Estate for yourself. This is the most important part so as to maintain the balance of your Financial status.
2) Get Pre-Approved for Financing
After all, a seller has no way to know who you are or how reliable you may be. In every case a seller is more willing to negotiate price and/or other terms if the availability of the money is assured. So you should be pre-approved for Financing before buying Real Estate. You may even check to see whether you are eligible for a Home Loan or not !
3) Select the Right Real Estate
- Location : Make sure that the location and community appeals to you. Consider proximity to schools, markets, and other amenities that you may find important, are nearer to your location. A good community and a prime location can also help you in maximizing the resale value of your Real Estate.
- Choose the Neighborhood : The fact that a home is so beautiful can never cure the ills of being in an undesirable area. Most buyers should consider neighborhood factors like schools, distance from work, distance to shopping or hospitals, general appearance and relative affordability before running out to start looking inside various homes for sale.
- Size of House and Lot : The size of the house is most important factor for selection of Real Estate. While most buyers pay the most attention to the square footage of a house, lot size can also be an important factor when assessing the value of real estate. You can also keep a measuring tape handy when touring potential homes to determine if your furnishings will fit. If the property has a garage, make sure it is sized to fit your lifestyle and the neighborhood. Two-car garages tend to be more desirable than one-car garages.
- Count number of Rooms : If the size of the house you are looking for complies with your requirements then do make sure to count the number of bedrooms, bathrooms or other service rooms in the house. As good house design or structure may have more number of rooms as compared to any other structure under same house area.
- Check the Quality of material used : You should take care of the quality of material and other things while shopping for Real Estate. Try flushing the toilets when shopping for home. There could be the chugging drains and running water which could be one of the plumbing problems. Fixing a home's foundation can be one of the more expensive repairs, so be on the lookout for things like dampness in the basement.
- Kitchens : Buyers usually find larger, renovated kitchens with modern appliances more desirable. Kitchens that connect to a dining room offer convenience. Also look for easy back yard access if you enjoy entertaining outdoors. Turn on all kitchen appliances to make sure they are in good working order.
- Pools : Buy a home with a pool only for your own enjoyment, not as a real estate investment. Also note that families with small children may view a swimming pool as a danger, which can reduce the number of potential home buyers you attract if you decide to sell your real estate in the future.
4) Make the Right Offer
This is so because among other factors, a low ball offer puts the seller on the defensive and contaminates the environment needed to result in a Win-Win negotiation. An offer that is too high can also send the wrong signal to the seller, especially when the home was just recently put on the market. A too high offer may not only cost the buyer money but could cause the seller to be less agreeable with other terms and conditions.
5) Title Examination
The document that reflects the transfer of ownership (the deed) is filed with the county office responsible for maintaining the records of real-property transactions, usually called the county recorder. These records are used to verify that the current seller actually possesses a transferable ownership interest. The inspection of these records is known as a title examination.
6) Talk to your Realtor
After examining the Titles, next you should ask your Realtor about fixes and furniture that are being sold with the house. Make sure that questionable items are itemized in the purchase contract. Always consider any non-negotiable costs associated with a property such as homeowners' association dues or condo fees. You may also ask the seller to provide a home warranty to cover faulty HVAC, wiring, plumbing or appliances (if applicable).
Some words of Caution :
- Don't fall prey : Fraudsters targets the distressed homeowners with deals that can sound perfectly legit. Some offer loan modifications for upfront fees while others offer fee-based help in navigating government housing assistance programs, sometimes claiming they are attorneys.
- If you're unsure about seller, then you can hire a Buyer's agent to represent you. Home buyers can and should be represented by their own agent. A Buyer's Agent who is bound by contract to do everything possible to protect the buyer's interests.
- Only with a Buyer's Agent can the buyer be assured of getting the best service and counseling thorough out the buying process. To be represented by a Buyer's Agent normally requires a written agreement.