|
|
-
As the old saying goes, real estate is all about location, location, location. But, there is a lot more to it than just plain geography when it comes to finding your perfect home. There are a lot of things to consider during the search because, for most, a home is the most significant purchase they will ever make. Choose A Good Area When searching for your perfect home, the obvious place to start is with the selection of a location. If you have children, you may want to choose a home that is close to good schools and is also located in a family-oriented neighborhood. Many people also look for a home that offers a short commute to and from work. If you are shopping within a specific price range, you can also narrow the choices by finding an area that offers the best value for your dollar. Select A Style The perfect home for you is one that has all of the elements that you want. Whether it's a garage, basement, extra bedroom or bath, a large kitchen, fireplace or open floor plan, choosing the style of home that you want is an important first step in finding the perfect place to hang your hat. You may also want to consider whether you prefer a single-level or two-story home. Many home buyers also factor in floor plans when searching for a house, including those that offer an open and flowing design. Get Pre-Qualified Now that you know what you want and where you want it, it's important to find out how much of a home you can afford. Pre-qualification is not the same as pre-approval. With pre-qualification, your lender will request specific information relating to your income and expenditures and will offer a possible price range for you to keep in mind while shopping. Pre-qualification does not guarantee that you will receive an approval, but it does give you a good indication of how much you can afford based on your current situation. Talk To A REALTOR® Nobody knows the real estate business like a REALTOR®, so let them help you in your search for the perfect home. They can answer questions relating to the neighborhood, recent inspections on a particular home and any needed repairs. Because a REALTOR® has access to a number of area homes, they have the ability to show you various choices within your preferred area and price range. Ask About Amenities One of the most significant concerns of any home buyer is what a home has to offer. Utilities, such as water, sewer, cable, phone and electricity are just a few of the things to consider. If the home is in a subdivision that requires the payment of association dues, how will these funds be used? What amenities does the home owner's association offer? These are all questions to ask your REALTOR® when shopping for the perfect home. In conclusion, you should know that the search for your perfect home is a journey. It may be either long or short and with or without some bumps along the way, but the greatest satisfaction will be at the journey's end and your future's beginning.
|
-
When we think of selling a home, the services a REALTOR® can provide usually seem worth the cost of their commission, but what about as a buyer? What can a REALTOR® do for you as a home buyer, and is the commission worth the services they can provide? Here are five great reasons you should hire a REALTOR® when you are in the market for a new home! REALTORS® Can Help You Determine Your Budget-With a few simple pieces of information, a REALTOR® can help you pre-determine what kind of budget you may be looking at for your new home, and can match you with potential lenders that are right for you. REALTORS® Have Access To Resources You Don't-While a lot of real estate listings are available online, there are still resources and listings that are only available through a REALTOR®. If you are looking for something very specific, having their insider knowledge may be crucial to finding that perfect home. REALTORS® Can Read Between The Lines Of Listings-There are a lot of catchy phrases that often appear in home listings, and your agent can tell you what they really mean. REALTORS® Increase Your Negotiating Power-A REALTOR® cannot only increase your ability to negotiate things like price, they can also give you advice on things like contingency contracts and required paperwork. A REALTOR® Can Help You Navigate Through The Closing Process-The closing process can be a complicated process, and a REALTOR® can make sure all the details are addressed and that you are making a good financial investment. Purchasing a home is a huge financial investment, and having a professional REALTOR® looking after your interests through the process is important.
|
-
The appeal of income properties and the potential for what may seem like easy money and early retirement have likely crossed the mind of anyone who has heard of this business venture. There is a lot more to consider before entering the income property game, however, than simply purchasing a property and watching the dollars roll in. Here are a few things to consider before launching into your new career. Can You Recognize An Income Property When You See It? There are a lot of features that make a good income property. Whether you are considering flipping it for a profit or renting it out to potential tenants, knowing what to look for is more than half the job. Can you realistically estimate what the cost of renovations to the property will be? Do you know what the value of the home will be after the renovations, based on its size, location, etc.? Do you know what the market rent would be for the property? If you can't answer any of these questions, there is no need to worry. As a Cerified Investor Agent Specialist, I am here to help you with all of this information. So, are you ready? I can help you identify an income property and assist you with making the purchase. Here are a few tips for making it a success! Know Your Intent-Whether it's flipping or renting the property, you should have a clear picture before you make the purchase. Have an estimate of what the renovations will cost as well as the profit margin of the investment, both in the short and long term. Consider Splitting The Costs-Many people who enter the income property market reduce the risk by having partners. Whether it's a friend, relative, or business partner, this may be the right decision to minimize your risk in your first venture. Make It Your Business-Whether you plan on doing this as an additional source of income or you are going into it full time, realizing that this is now a business will prevent you from losing a fortune. You will spend a lot of time getting to know both the real estate and the home renovation industries, and the more you know, the more successful you will be. Deciding to get into the income property business can be a time consuming, but ultimately very rewarding, venture. Like any business, the effort you put in and the knowledge you have will determine the success you achieve.
|
-
To better serve the needs of real estate investors in the Orlando area, I recently earned the Certified Investor Agent Specialist™ (CIAS) Designation. With the CIAS, I have the training, tools and calculations to effectively serve the five investor types: First-Time Investor, Move-Up Investor, Portfolio Investor, Performance Investor, and Rehab and Resell Investor.
Real estate represents a consistent and stable way to build wealth, brings liquidity to our housing market, and stimulates our local economy. In fact, in the past year, investment and second-home properties represented approximately 27% of all residential sales. It’s also worth noting that nationwide, 43% of real estate investors earned less than $75,000 per year.
Today, real estate is quite literally on sale! There is an unprecedented opportunity to build wealth through real estate, and I specialize in helping all investors achieve their goals. Contact me today to learn more about investing in real estate.
|
-
Here are the most common mistakes people make when selling their home. Home Is Priced Too High This will certainly turn buyers off, and you may have to make several contingencies or offer incentives in order to get buyers even interested in making an offer. While you may feel your home is special, asking more than the fair market value will usually get you nowhere. Home Is In Bad Condition While your home in its current condition may work for you and your family, if there are obvious repairs that need to be made, or it is terribly outdated, fixing these problems will not only make it easier to market your home, but will also increase its value. In most cases this increase will be considerably greater than the money you put into making the changes. Home Is Being Marketed Incorrectly When selling your home, there are no guarantees that the ultimate buyer will simply walk through the front door. In many cases you may have to bring your home to the buyer. Effective marketing will help ensure that your property receives maximum exposure to attract a ready, willing, and able buyer in the shortest period of time. By adhering to the advice in these simple tips, you can avoid the biggest mistakes homeowners make when selling their homes, and the process will be smoother and more profitable in the long run.
|
-
If you are in the market for a new home, or it is time to refinance your mortgage, there is no doubt you have been looking at the current interest rates. But with all the financial jargon and the multitude of lenders and mortgages available, understanding your options can really be confusing. Here are some simple facts about interest rates and how they affect your bottom line. Do Your Research As with any major decision, knowing the facts about the housing and financial markets before making any major decision is of vital importance to protecting your investment. Review online the national mortgage rates for different types of loans. There are a number of sites where you can find this information, or you can ask your REALTOR® to point you in the right direction. In general, fixed rates will be higher, but as they don't fluctuate over the term of your loan they may be a better choice for those who need the stability of fixed payments. Also when comparing interest rates, be sure you are comparing the APR, or Annual Interest Rate, to ensure that your comparisons are on equal ground. Also keep yourself informed on some of the riskier options that may be out there. ARMs, interest-only mortgages, no-doc loans, and 100 percent mortgages are some of the more aggressive loan types out there. They may be appropriate for your situation, but they present more risk for the lender, and are not always a wise financial choice. They also often come with higher interest rates that may return to haunt you later. Preparing Yourself To Get The Best Rates Understood or not, ultimately we all want to get the best interest rates for our mortgage in order to save money. No matter what type of mortgage you choose, there are a few steps you can take to get the best rates. You can reduce your rates by: Saving a sizable down payment Establishing a pattern of paying your bills on time Reviewing your credit report and correcting any errors Shopping around with multiple institutions and different types of lenders Armed with these simple facts, you can protect yourself from bad financial choices and remain aware of the steps you should take to get the best interest rates.
|
-
There is a reason the term “location, location, location” is used so commonly within the real estate industry. The location of a property is one of the most important considerations when selecting a home, as it will affect the value of your home, your day-to-day life, and even your own and your family's safety. So what can you do to find out a little about the area in which you are considering a home purchase, and what in particular should you be looking for?
Know Your Needs
The biggest obstacle to finding a home in an area that can meet all of your needs is not knowing clearly what those needs are. While it may be nice to live near the lake, or by your favorite restaurant, what is it that you and your family will need and want in order to have an enjoyable and functional lifestyle? Facilities such as grocery stores, good schools, and community centers may be necessary for families, whereas access to theaters, good restaurants, and a vibrant nightlife may be important to young professionals.
Get The Info
When searching for your dream home, knowing where to look before starting out can help make the task easier and faster. So before getting started with the house hunting, do a little neighborhood hunting first. There are a number of resources online, from municipal Web sites to forums, that you can use to find out about prospective areas that may be right for you. Contacting a real estate agent is also another great resource in finding an area that can meet your needs.
Check It Out For Yourself
All the research in the world can never replace experience, and if you are planning to purchase a home you will want to be sure the location is right before making what will likely be the biggest investment of your life. Taking a walk in the area, trying out the local facilities, and getting to know some of the locals can really help you to determine whether the area will be a fit for you and your family. You may also want to check out the area at different times of the day, or even the year, if these are considerations that may affect your happiness in your new home.
A little extra work can really mean not only choosing a home that is right for you, but making sure it is in an area that can meet all of your needs.
|
-
So you have decided that you are going to sell your home. While your home may work just as it is for you and your family and you don't want to invest any more time or money into your property, there are a few necessary steps that every homeowner should take in order to ensure that their home will sell quickly and at the highest price possible. Contact A Real Estate Expert-A REALTOR® can give you advice on what your property's potential value may be, what improvements your home needs to get the best price, and the best strategy to use to market your home. Have Your Home Professionally Cleaned-While this may seem like an unnecessary expense, it can give your home that fresh appearance that really appeals to potential buyers. Make All Necessary Minor Repairs-This is an inexpensive way to give your home a finished look and will convince potential buyers that the home is in good repair. This includes fixing any damage to walls and ceilings, installing new faucets or lighting fixtures, and making any cosmetic changes to the kitchen and bathrooms that will give your property a modern appearance. Clear The Clutter-Giving your home an open and clean appearance can definitely make a huge difference in attracting buyers. Be sure you tidy any messy areas of the home, and depersonalize it by removing most photos and any items or collections that may distract buyers during open houses or while looking at pictures of your home. Look At Your Home From A Buyer's Perspective-Because you are use to it, sometimes you may not notice small imperfections or areas of your home that seem not to flow with the rest of the house. Try to take a walk through your home and on your property with fresh eyes, and be as critical as you would be if you were looking to buy your home again. Make Repairs To The Exterior-Don't forget the front and back yards, as well as the roof and brick or siding of your home, when making repairs to your property. Your investment is always worth it, and creating curb appeal can really make a difference in attracting buyers. Have Professional Photographs Of Your Property Taken-Photographs are very important tools for home sales in today's housing market, and having a complete set of high quality photos that best accentuate the features of your home is critical to the success of your marketing campaign. Consider More Major Renovations If Necessary-If your kitchen or bathroom is very outdated or in bad repair, or you have electrical, plumbing, or mold problems in your home, these are all issues that can really stall the sale of your property. Fixing these problems will usually not only make your home sell more quickly, but will also increase the value of your home far beyond the expense associated with making the repairs in the first place.
|
-
In addition to location and condition, the asking price of a home is at the top of the list of important considerations. When a potential buyer is looking for a property, they want to get the best possible value for their dollar. This doesn't mean that a home should be priced too low, but it does mean that knowing how to price your home is a must. Know The Value Regardless of whether you are in a buyer's market or seller's market, it's important for every seller to know the actual value of their home with the help of an appraisal. With this information, you will be able to choose a listing price that does not exceed the home's value. At the same time, you will know how to react to various offers that a potential buyer may make. If you can select a price that is affordable to a range of buyers, you may receive multiple offers thereby sparking a possible competition among the interested parties. Do Your Homework The asking price that you choose should not be based on an appraisal alone, but rather a combination of factors. One such factor is that of recent selling prices for comparable homes in the area known as “comps.” Important comparisons include construction year, square footage, views (if applicable), interior upgrades and additional features that make the home unique. While you're doing research, check out current listings and the asking price for each home available in your area. Set A Realistic Timetable In researching the sale price for other comparable homes in the area, you should also note the length of time a particular house has been on the market. Some homes practically sell overnight, while others may remain on the market for months without being sold. If you want to sell your home quickly, you should consider this when setting a price. A bargain will obviously move quicker, but it's important to make enough from the sale to feel good about your choice. If you aren't in a hurry to close, talk with your realtor about a fair starting price that's at or near the appraised value of your home. Ask Your REALTOR® For Advice While you hold the key, so to speak, to your house's actual asking price, most sellers will ask their REALTOR® for their opinion. After all, real estate is their business and they will be working with you through every step of the process. If you choose a REALTOR® that you trust, give great consideration to the advice they offer.
|
-
The process of purchasing a home can be a complicated and stressful experience, but if you have to purchase a new home in another city the experience can become even more complicated. Whether you are relocating for a job, retiring to a dream location, or are just looking for a change, purchasing a home long distance has a whole separate to-do list on top of the already long list of things that need to be done to purchase a new home. Here are some tips to make purchasing a home long distance a little easier, and still get the home of your dreams! The Internet is a Powerful Tool! The internet is a powerful research tool for learning more about virtually any topic, and purchasing a home is no exception. From finding a REALTOR® to searching properties, the internet is a great aid in finding a home. It is also a great resource for finding information about potential lenders, home inspectors, and all the other extras involved in buying a home. Though the internet is a great resource in the real estate market, like any information you find online, it is always important to be sure it is coming from a reputable source. Finding Web sites that are run by professional REALTORS® or real estate organizations is your best bet for reliable information. Hire a Local REALTOR® Your best approach is to be sure you have an agent in your prospective area on your team early on. They can certainly direct you to some great online resources and help you determine which are accurate and up-to-date. They are also a great resource for finding out which neighborhoods would be a good fit for you and your family, and the local amenities that are available to you. In general, buying a home long distance can have its obstacles, but with a little research on your part and the help of a professional REALTOR®, you can make the transition to both a new home and a new city easier and stress free.
|
-
Did you know your IRA can purchase real estate? That’s right, since 1975 IRAs have been afforded the ability to purchase real estate, which has helped many investor create large nest eggs by investing in what they know and understand. As the famous investor Louis Glickman once said, “The best investment on earth is earth.” Self-directed IRAs offer substantial tax advantages that have made many millionaire investors. The greatest advantage is that IRA investors pay no capital gains tax when the property is sold by the IRA. In addition, because the profit from the sale is deposited back into the IRA with no tax on gain or growth, the investor enjoys the power of compound interest to invest in the next real estate deal. Although IRS 1031 exchanges can be used to fund partial IRA investments in real estate, Self-directed IRAs do not have the same limitations and holding periods, thus are much more flexible. Self-directed IRAs offer true portfolio diversification; i.e., in real estate, to help build wealth via tax-deferred or tax-free income-generating assets!
Your first step in purchasing real estate is to have a trusted Realtor who is knowledgeable in finding your ideal property. Purchasing real estate with your IRA is very similar to conventional means, but IRS regulations must be observed. As with any investing, it’s always appropriate to have competent advice from tax and legal advisors. Beyond that, the best remedy to avoid problems with the IRS is to become an educated investor by reading or attending a workshop or seminar on buying real estate in an IRA offered by your local Self-directed IRA Administrator.
|
-
If you are a first time homebuyer, navigating all the new information about homeownership, the home buying process, and mortgages can seem overwhelming. If you are beginning the mortgage shopping process, but have no clue as to what information you'll need and whether or not you'll even qualify, here is some information that may make the process a little smoother.
Will I Qualify For A Mortgage?
There are essentially three things that lenders look at to determine whether or not you qualify for a mortgage.
Income Verification
When purchasing a property, all income of a homebuyer must be validated by a mortgage underwriter in order to receive a loan. Income verification can be done using several types of documents such as a W-2 statement, paycheck stubs, or income tax statements that show proof of income. These documents usually will have to span a period of two years or more to show you have a history of a steady income. Income proof can include such things as child support payments, disability payments, or income from the Social Security Administration. These additional monthly payments can increase your potential to qualify for a mortgage, as well as the amount you will qualify for, but like regular income, must be validated in order to count.
Debt-To-Income Ratio
Another important factor in getting a mortgage will be your debt-to-income ratio. This involves looking at your total debt load and monthly payments, including car payments, credit card debt, and any student loan debt. If the ratio of debt exceeds 40 % of your income, you will likely have to pay off some debt before you will qualify for a loan. In this case you may want to seek out the advice of a financial advisor to help with this process.
Credit History
The final consideration that lenders will take into account in determining whether you qualify for a mortgage is your credit history and score. They will not only be looking for a strong history of on-time payments for all your debts, but also that you have already established credit. You can arm yourself with this information by getting your free credit report from sources such as Equifax, so that you are able to check that it is accurate and up to date.
When getting a mortgage, being prepared with a little background research and all required documents will make the process simpler and less stressful. Armed with this information, you will be able to get the best possible deal with a lender who is right for you.
|
-
Always dreamed of renovating a home exactly to your specifications, or have you found an older house that is structurally sound but needs a lot of work inside? Perhaps the price is right and you can't resist all that house you can get for your money. Whatever the reason, buying a fixer-upper can be both an exciting and rewarding purchase or a financial and time consuming disaster, depending on whether you are prepared for what you have gotten yourself into. So what should you know before buying a home that requires a little or a lot of tender loving care? The Benefits The benefits of purchasing a fixer-upper are obvious. The price is usually right, and if the seller wants a quick sale because of decreased interest in the home, you may be able to negotiate a really great price. Also, if you intend to flip the home after the renovations, the profit for the money and time you have invested can be quite considerable. The trick to getting these benefits, however, is knowing what type of property to look for, as well as having an accurate idea of the associated costs, and realistic expectations of the time and labor it will take. What Makes A Great Fixer-Upper? There are several features that may make for a great fixer-upper. Location-Buying a home in a desirable neighborhood is always a smart idea, particularly with homes that require a lot of work. Purchasing a house in a sought after area can mean a greater profit margin for resale value. Layout And Configuration-This is especially important if you plan to sell the home after the renovations are finished. Selecting a home that will appeal to the greatest number of buyers will get you the best price. Also, choosing a home with a layout that flows may save you a considerable amount on the actual renovation costs because you are less likely to need custom installations and work. Condition-Ultimately the most important consideration is the actual condition of the home. Choosing a fixer-upper with only cosmetic problems such as damaged flooring or old fixtures and appliances, and in need of only a new paint job, can often have the greatest profit margin and require much less money and time. Overall, when purchasing a home that needs work, getting a qualified home inspector's advice and getting estimates of the cost of work to be done before making your offer can make all the difference.
|
-
Given the recent state of the economy and the rising rate of mortgage foreclosures, the number of properties available at rock bottom prices is at an all time high. While purchasing one of these homes may seem like a sound investment and a great way to get more house for your dollar, there are some issues to consider before purchasing a foreclosed property. Depending on your financial situation, your experience as a homeowner, and your access to information about the foreclosure market in your area, there are some risks involved. Finances Of Foreclosure The financial considerations of purchasing a foreclosed home can sometimes be overlooked. Often foreclosed homes can be in need of considerable maintenance and repair to make them habitable. You need to know this cost when making the purchase, or you may end up with a considerable amount of debt in bringing your home back to its original shape. Also, even though the price of the property is right, there are other financial considerations you may not have considered. The cost of maintaining a home, property taxes, and utilities are all expenses that may be greater than your budget will allow, especially if you are purchasing a home that is much larger than your existing home or if you are unfamiliar with the costs associated with home ownership. There is also the consideration of your ability to pay for the purchase. Often foreclosed properties must be paid for in cash, so be sure you have the available credit. Knowing The Facts The process of purchasing a foreclosed home can be much more time consuming and complicated than a normal real estate transaction. If the sale is occurring because an eviction notice has been served or if you are purchasing the property at auction, you may not be able to inspect the house before purchasing it or you may have to deal with some issues to get the current homeowners out. There is also the issue of not knowing the condition in which they have left the home. You will want to be sure you get the advice of both a real estate agent and a banker to ensure that your purchase is both a good investment and will increase in value over time. Overall, purchasing a foreclosed home can be a great way to enter the income property market or find yourself a great investment opportunity, but being sure you have all the facts can prevent you from making a poor investment decision.
|
-
If you're selling your home, there are a number of things you can do to improve your property's potential value and appeal. Creating curb appeal is one of the most effective and easy ways to accomplish this and to increase the interest of potential buyers in your home. Here are some simple and inexpensive ways you can increase your home's curb appeal. Use Color Effectively Color can be a power tool in attracting people to your home. If the exterior of your home could use a fresh coat of paint or a new door, this is a great opportunity to add some points of interest to your property. Always remember, however, more is less-choose colors that are similar to other homes in the area. You can infuse more vibrant and interesting colors through accent features and flowers or plants. Create An Inviting Entrance Making the entrance to your home attractive and inviting will give potential buyers an instant sense of welcome the moment they walk through the door. Make the door the focal point of the exterior of your home, and think about elements such as lighting and color to make it as attractive as possible. Also think about details such as including a nice welcome mat on your front step, some flowers in attractive pots or urns flanking the entrance, and even consider adding a chair with a small table if you have a larger porch area. Landscaping Is A Must! Making your lawn and yard attractive, free of clutter and debris, and nicely landscaped can really make all the difference in adding curb appeal. First remove all weeds, fix any areas on your lawn that need repair, and mow it carefully. If you have any unsightly items or clutter in the yard, remove it and replace it with well-placed flowers and plants. If you have a large front yard with no trees, consider planting one or two to add interest and value to the property. These are just a few of the many ways in which, with a little effort and a small amount of money, you can increase interest in your home.
|
|
|
|