If someone is eager to sell their property, they may keep a few defects hidden. Sadly, most of us cannot afford hiring a professional inspector for each property that we view. Thus, here are a few things that you can spot yourself, telling you to avoid the purchase. If you can afford a professional inspector, check out Phil Pustejovsky.
The first thing is that you must get to know the neighborhood. Very few things are more important than this. Find out whether the community is going through growth, or whether it is declining. Seeing a lot of homes in foreclosure and boarded up businesses is a sure sign of trouble. Also make sure that you visit the area at different times and on different days. This is also a great opportunity for you to get to know the traffic. Do also come at least once at night, so you can see whether the streets are safe and quiet at night or not. Also make sure that you get a local crime report from the police.
There are also a number of things that can cause a lot of damage to a property that are almost irreparable. Some of these issues include water damage, pest damage, asbestos, mold and faulty wiring. Sadly, in order to see these problems, you may require quite specialized skills yourself. It is very much possible that the sellers don’t know these problems exist. If they do know any of these problems are present, they may do all they can to keep them hidden. In order to hide these types of issues, all that needs to be done is a bit of cleaning and reducing how much power is being used. Besides organizing a professional home inspection, what you can do is speak to members of the community. They will quickly tell you whether any of these problems have occurred in the area in the past. Generally speaking, big issues like pests, water damage and mold happen in more than one house at the same time.
When it comes down to it, you are the only person who is able to decide whether or not to buy that property. However, make sure you exert due diligence at all times. Always make sure a professional inspector has looked over the property first. If an inspector does find significant issues, you can decide whether you want to leave the property behind, or whether you want to bargain and bring the price down substantially. However, you do have to make sure that you don’t purchase a true money pit.
In order to sell your home for top money, you need to invest a bit of time. You need to invest time fixing minor issues in your home, but also to research the world of real estate. It is people who have learned about real estate that tend to sell their properties for the highest amount. Let’s take a look at a few things that real estate professionals have demonstrated to influence sale prices positively in your favor.
First of all, you have to decide why you want to sell. You need to know your motivation, as it will also help you to determine what your available resources (effort, money and time) are. For example, you will need to handle the process of wanting a quick sale differently from wanting a huge profit.
Your motivation is yours and yours alone, so don’t go around telling potential buyers. When you tell people what motivates your sale, they are able to use this to their advantage, not yours, particularly if they are working with a good real estate agent. If people really want to know why you are selling, try to be obtuse about it. Tell them, for instance, that your needs have changed. This is just vague enough to be the perfect answer. It has been shown psychologically that people will interpret these answers in a positive light that works for them. They will think that you came into a bit of money and want to move to something bigger, for instance. Or they may think your kids have left the home and you are looking to downsize. The thing that matters most is that your buyers will believe you have a genuine motivation other than money for selling.
Last but not least, get ready to clean up. Every surface must be properly cleaned. This is the time to really get the elbow grease out and to get rid of clutter, which you need to do before you move anyway. Your goal is to ensure your home is a true show home. This means you need to look at the outside of the home as well. Clean your yard, mow the lawn, get rid of weeds and prune your trees and bushes. Remember that the outside of your home is what will create the first impression. And don’t forget that you only get one chance to make that first impression. Hopefully, you will have been able to use these tips to make a quick and profitable sale of your property.
If you want to purchase a property or sell your own, you should consider hiring the services of a realtor. You may know someone who works in real estate yourself, but you should still take the time to find the one that is truly the best for your needs. Let’s take a look at two important things to ask in order to find out which realtor is best for you.
You should always ask others for recommendations. However, you need to look for more as well. Make sure you do your research therefore. Make sure you find a realtor that has a specialization in the properties you are interested in. If you want to purchase a condo, there is no point going to someone that specializes in luxury mansions. Always take the time to interview a potential realtor. Ask anything that is relevant, such as how they will represent you, what they can do for your, what experience they have, how much they cost and so on. You need to make sure your realtor understands your expectations. It is important that they understand your needs. Last but not least, make sure that your realtor is someone you like. After all, without a personal liking, there will be no trust either. The last thing is that you need to find someone that is very experienced. There is something to be said for working with new people and giving them a chance, but buying or selling homes are incredibly important financial decisions and you need someone that actually knows what they are doing.
If you are looking at making a property purchase, you shouldn’t work with the seller’s realtor who is already involved in the sale. This is because if you reveal any information that you could use in negotiations, the realtor would be obliged by law to pass that on to the seller as well. The same is true if you are looking at selling. What you need is a realtor that only works with you. Start by asking people you know whether they can refer you to a realtor. You can also contact the NAR (National Association of Realtors) in order to find a professional for you. Finding a NAR realtor means that you are guaranteed to be represented ethically and professionally. Do make sure you speak to several before you decide which one to go with. You should discuss your needs with them, finding out what kind of suggestions they offer. It is an opportunity for you to find out how much a potential agent knows about neighborhoods, prices and more. As a potential seller, looking into the track record of the realtor. You need to know whether they usually sell below, on or above the asking price.
Hopefully, the above tips will help you to find the best realtor to represent you. The services of real estate agents should be employed whether you are buying or selling. One of the main things they are aware of is when the best time to buy and sell is, and this could end up saving or making you thousands.
Deciding to invest in rental properties can be a great idea. However, there are quite a few things you should know about if you want to be successful. It is strange that so few people consider rental properties as an investment, even though the returns can be so high.
The first thing is to find something with a good return on investment. Real estate is an illiquid asset that require you to take money out of your liquid assets. You need to strive to get a return rate that is the same as what it was on your liquid assets. In other words, you want a good cash flow property, and not a property that will only cost you more money.
Investing in real estate, therefore, shouldn’t be about the appreciation, but rather about the cash flow. The cash flow of a property is the money you have left over from the rental price after you have paid for all the necessary bills in relation to that property. If you can, try to leave your cash flow alone in a bank account to create significant savings. Additionally, as your rent goes up over time, so will your cash flow. Best of all, your mortgage payments should stay the same. You should make sure that at least 20% of the money you get is cash flow. Spend some time using the internet to work out exactly how much your cash flow is.
If you don’t have a lot of money to invest in a property yourself, it is easier to get started in this world if you are still young. This is because banks usually want at least 20% as a down payment before agreeing on a mortgage. This can be a significant amount, particularly if the property needs repairs as well. However, if you are a bit younger, banks may be slightly more understanding. There are many other things to think about as well. Finding the property is an entire enterprise on its own. However, even this requires a whole lot of research and analyzing. Plus, you will need to find a representative realtor to help you as well. Their goal is to make sure that you find good properties and make solid investments. You will then need to look into what it means to be a good landlord, something that will take a considerable amount of time to learn. Don’t let this put you off, however.