Pages Menu

Buying a home with little money in savings

Buying a home with little money in savings

Things To Discuss With Your Tenants When Selling Their Home

Posted by on Nov 29, 2016 in Uncategorized | Comments Off on Things To Discuss With Your Tenants When Selling Their Home

When you own an investment property occupied by tenants, you might eventually wish to sell the home. In some cases, the tenants will need to leave the property when you sell it; in other cases, you’ll find a buyer who will also use the property as an investment, which means that the tenants will stay. Regardless of the eventual outcome, you need to remember that selling the home should necessitate regular communication with the tenants. Here are some important things that you should discuss as the listing gets ready to hit the market. Importance Of Cleanliness You might not care how tidily the tenants live on a day-by-day basis, but you should take an active interest in this topic when you list the home for sale. You’ll eventually be dealing with open houses and visitations, and you can’t afford to have the residence look messy. This could discourage any interested buyers. Come up with a plan for cleaning the home. Perhaps you’ll hire a professional cleaning service to deep clean the house from top to bottom, for example. You must also get the residents to commit to keeping the house clean while it is on the market. Advance Notice Of Viewings You need to communicate how much notice you’ll give your tenants when an interested buyer wishes to schedule a viewing. When you’re selling a home that you currently live in, you might be able to accommodate people quickly — maybe even vacating the home with a few hours’ notice. It’s courteous, however, to make a pact with your tenants that you’ll give them a specific amount of notice. For example, you might settle on 24 hours or 48 hours. Make sure that your real estate agent knows this detail so that he or she can convey the message to the buying agent. Closing Date If it’s probable that the tenants will be moving out upon you selling the home, you need to come up with a closing date that will suit both parties. Given that a home can sell in a couple days or several months, this can be an uncertain time for the tenants, who won’t want to feel as though they’re being evicted upon the sale with little notice. A closing date two months after the sale is finalized, for example, will give the tenants an opportunity to find new accommodations, while you’ll have a chance to fix up any issues with the house for the new...

read more

3 Reasons Your Home Isn’t Selling And What You Can Do About It

Posted by on Oct 21, 2016 in Uncategorized | Comments Off on 3 Reasons Your Home Isn’t Selling And What You Can Do About It

If your home has been on the market for weeks or months without a single offer, you may be wondering what you’re doing wrong. While the home selling process can certainly be frustrating, there are a number of things you can avoid doing to ease your frustrations and increase the odds of your home selling. Below are three possible reasons your home may not be selling and what you can do to fix them. 1. Your Home Is Too Personal When putting your home on the market, it can be difficult to see what potential buyers do when taking the tour. Unfortunately, a home that is too personal—unusual paint colors, children’s art and decorations, etc.—can have a negative impact on the thoughts of potential buyers. So, what can you do to turn this around? Luckily, this is an easy fix which will require a bit of your time. First, it’s always best to stick with neutral tones—both in your paint and furniture—when getting your home ready for showings. This will allow potential buyers the chance to see the home for what it really is and imagine their own belongings and style incorporated into it. Second, it’s best to put away any macaroni art or construction paper decorations for safe keeping. While your children’s art is certainly adorable, it can distract buyers and not allow them to see themselves living in the home. Third, put into storage any unusual art or furniture pieces that you have lying around. You don’t need a statement piece when selling your home, so it’s best to put it away for safekeeping. 2. There Are Too Many Required Repairs Potential buyers understand that buying a home means paying for necessary repairs and remodels. If your home has too many required repairs, though, this can be a huge turn-off to buyers. So, instead of deducting the cost of necessary repairs from your home’s asking price, it’s better to do the repairs yourself and have that reflect in the listing price. For example, if the home you’re looking to sell needs a new boiler, it’s best to pay the $4,000 for it yourself than to give potential buyers a cut on the asking price. Money isn’t everything when it comes to buying a home. For many would-be homebuyers, the amount of required work is also something to be factored in. 3. Your Home is Priced Too High It can be difficult to put a price on a home that you love, but when looking to sell, it’s important to be objective and fair. While this may be the home that you bought with your husband, raised your family in, and experienced a number of life’s greatest moments in, potential buyers won’t be willing to pay for the sentimental value of your home. This means that it’s important to work with someone who can give your home an objective price, one which is based on the true monetary value of your home. This is where a realtor can be extremely helpful, as they likely have experience selling in your neighborhood, so they know how much similar homes have sold for in the past. To learn more about the real estate market in your area and how to put your best foot forward when selling, consult with a local...

read more

Choosing A Real Estate Agency: Why Your Interest In Certain Properties Should Not Be The Deciding Factor

Posted by on Oct 11, 2016 in Uncategorized | Comments Off on Choosing A Real Estate Agency: Why Your Interest In Certain Properties Should Not Be The Deciding Factor

With all of the real estate agencies out there, how do you choose the right one? If you are just buying a house, there are only a few factors that really affect who you choose as your real estate agency and who you work with as an agent. One of those factors should not be your interest in certain properties. Here are the reasons why and how to choose a real estate agency otherwise. All Real Estate Agencies Have Access to the Same Property Listings Regardless of who the house is listed with, all agencies and agents have access to the same house listings. That means that if you are interested in a house that is listed with Agency A, but you want to work with Agency Z, you can still view the house and purchase it through Agency Z. Agency Z gets a small percentage of the sale if and when your agent closes the deal with you. This is why you should not be daunted about your choice in real estate agencies and agents with regards to the properties you want most to see and/or buy. How Best to Choose an Agency/Agent Instead Instead, choose an agency and agent by the costs. Since most buyers and sellers would choose an agent/agency by price anyway, this is a sensible decision. Your closing fees, agent fees, listing fees and bargaining fees all vary among the agencies in your area. You can ask the agencies what they charge for each of these fee categories prior to hiring the agency and agent you most want to represent your interests in the home buying market. Usually, each of these fees is within a few hundred to a thousand of those charged by competing real estate agencies. You can also choose to hire an agency based on the awards, praise, and acclamation an agency has received. Many of these awards are given based on the agency’s customer service and excellence with regards to how it treats both sellers and buyers. You may find that the agents in these agencies are more accommodating with showing houses in off-hours and are willing to be flexible in your search for a new home. Finally, personalities and personality types are often the reason that people choose the real estate agents they do. You will have an easier time of finding a house when you find the agent agreeable and...

read more

Why The U.S. Is An Attractive Market For Commercial Real Estate Investors

Posted by on Sep 26, 2016 in Uncategorized | Comments Off on Why The U.S. Is An Attractive Market For Commercial Real Estate Investors

If you are looking for commercial real estate investors, one area you should search is among foreign real estate investors. International investment is becoming more attractive because governments around the world, including in the U.S., have eased restrictions both on inbound and outbound investments. There are many other reasons why you should look abroad for investors. By knowing specifically why the United States is an attractive market, it will be easier to promote U.S. commercial real estate properties. It Is Less Expensive To Invest In The United States The Foreign Investment in Real Properties Act 1980 was created originally to impose large taxes on foreigners who invested in commercial real estate. However, the JOBS Act went a long way toward eliminating the burden that was imposed on foreign investors. The percentage of publicly traded stock that a foreign investor can own before he or she is forced to pay a higher tax has been effectively doubled. Canada, China, and Australia Are The Top Investors Chinese investors are one of the largest players in the domestic commercial real estate market. However, the appetite for commercial real estate in the U.S. is not limited to Chinese investors. In fact, the number one foreign source of investors in commercial real estate are Canadian investors. Australia is also a major source of foreign investors. Many Foreign Investors Lack Other Options One of the most common reasons for foreign investment into the U.S. market is that there is a lack of commercial investment options for investors in their own countries. Also, there are relaxed restrictions on outbound investments in the United States. The U.S. is seen by foreign investors as a secure and stable place for investment. A Better Monetary Policy The United States has low interest rates. This has made it possible for lower finance costs and lower yields in the bond market in comparison. Europe Is A Major Competitor With The United States Europe is becoming a more competitive investment option as well because the Eurozone has stabilized. However, Europe’s greater competitiveness has not lead to a decrease in the number of foreign investors investing in U.S. real estate. The U.S. population growth is also leading to increased opportunities for investment as infrastructure is upgraded and as more properties are constructed to cater to a growing consumer base. By clarifying the benefits of investing in U.S. commercial real estate when marketing investment products to foreign consumers, you will be able to better attract...

read more

Two Tips To Help You Choose The Right House

Posted by on Sep 19, 2016 in Uncategorized | Comments Off on Two Tips To Help You Choose The Right House

If you’re in the market for a new home, you have quite a few decisions to make.  You need to determine where the house should be located, along with making sure that it has all of the features that make you feel comfortable while relaxing in your abode.  Although you may be mainly focused on the price, there are a number of other things that you should look for.  Use this information to learn two tips that can help tailor your decision when you’re buying a house. Location Is Everything The first thing you want to do is make sure that the house you’re looking at is in the right location.  This is about much more than the school district, since you’re making a large purchase that should be especially meaningful. For example, you may be moving into a small town that has the quaint feel that you’ve been wanting.  However, the city plans may include building a stadium within the next few years.  This will change the landscape of the community and definitely must be factored in when making your decision. That’s why it’s so important to be smart about your move.  Take the time to pay a visit to the local Department of Urban Planning so you can peruse the city plans for the next few years.  Carefully factor whether or not the plans that are listed fit with the vision that you have for your family’s life before you make the purchase. External Factors Are Important When you’re choosing your next house, it’s vital that you factor in external matters.  You need to determine whether or not you have the time to maintain the upkeep of the area that surrounds your house.  If you don’t, you have some decisions to make. Condominium communities typically have a homeowner’s association that will make sure the grounds are always cared for.  If you’re a busy professional, this can be best for you.  Also, think about whether or not you need personal parking.  If the neighborhood that you’re moving into doesn’t have private parking, or if there isn’t a garage attached to your house, you may want to look elsewhere.  Selecting the right house doesn’t have to be difficult if you know what to do.  Understanding your lifestyle and knowing what you need are the keys to making sure that you end up with a beautiful home that you enjoy coming home to each...

read more

The Basement’s Role In Selling Your Home

Posted by on Aug 25, 2016 in Uncategorized | Comments Off on The Basement’s Role In Selling Your Home

For all the year’s that you have had your home, you may have planned to finish your basement. Alas, you never got past the wishing stage. Now that you are planning to sell your home, you have to face the fact that your basement is still a little sad looking. Before you put the house on the market, you should consider making over the basement. The Housing Market When it comes to this issue, experts frequently disagree on whether the basement helps sell the home. The answer is that it depends partly on your particular housing market. The extra living space that a finished basement offers can be a big inducement for potential buyers, especially in areas where the hunt for extra square footage is most important. Before you begin your remodeling project, consult with a local realtor for advice on this issue. They will know if the basement investment is worth the potential sales return. Cost Effectiveness Finishing your basement is a less expensive option than new construction or buying a larger home. In fact, finishing the basement should cost somewhere between $40 and $75 per square foot. Your other choices will cost $150 – $200 a square foot. As a result, you can pass these savings on to buyers. Your sale price will not have to rise that much to recoup your investment, and the additional space should make your home a more attractive entry in certain markets. Quality The quality of the work needs to match that of the rest of your house, but you do not want to spend too much money. Most people are not interested in a luxury basement, and you will be unlikely to recoup your money if you overdo it.  Also, do-it-yourself efforts will not be attractive to buyers unless you are a skilled craftsperson. The project needs to be done professionally, or it shouldn’t be done at all. An inferior job will cost you time and bring you no return. In fact, a poorly finished basement may cause buyers to pass on your home. A finished basement can be a help in selling your home, but you need to be careful about your investment. Consult with experts before you commit to the project. You certainly do not want to waste time and money on a project that won’t help you. If you do proceed, remake the basement professionally and on a...

read more

In The Market To Buy Your First Home? 4 Scenarios That Could Make It Difficult To Find A Lender

Posted by on Aug 2, 2016 in Uncategorized | Comments Off on In The Market To Buy Your First Home? 4 Scenarios That Could Make It Difficult To Find A Lender

If you’re in the market for your first home, you need to make sure you know where you stand financially. When it comes to purchasing a home, your income is only a small piece of the puzzle that lenders will put together to determine your eligibility. If you don’t know how you stack up financially, you might be a financial risk and not even know it. Here are four scenarios that could make you a financial risk when it comes to finding a lender. Your Credit Score Is Too Low Before you start shopping for a new home, you need to know what your credit score is. That’s the number that lenders will look at when determining your credit worthiness. In most cases, if your score is lower than 620, most lenders won’t approve you for a home loan. Take the time to look at your credit report to determine what your overall score is. If it’s too low, you might want to work on your score before you apply for a loan. Your Employment History is Questionable Your employment history can get you into trouble, especially if it’s not your typical history. Periods of unemployment or self-employment can create gaps in your employment history. Those gaps will need to be overcome before most lenders will take you out of the high-risk category. One way to overcome gaps is to provide proof of self-employment. You can document periods of self-employment by providing tax returns for those years. Your tax returns will provide an income paper trail that lenders will be able to follow. That paper trail can help elevate you out of the danger zone. You’re Behind on Payments Before lenders will approve your home loan, they need to know that you’re going to pay your mortgage on time. That can be difficult to determine if you’re behind on payments when you apply for your loan. If you know that you’re behind on payments, take the time to get caught up on your payments before you apply for your loan. You Haven’t Saved for a Down Payment Lenders like to know that you’re going to be adequately invested in the home you’re going to purchase. One way they determine your level of investment is through your down payment. If you don’t have an adequate down payment, you should talk to your realtor about down-payment assistance programs that might be available to you. Now that it’s time to buy your first home, make sure you understand your own financial status. The information provided here will help you determine if your current situation puts you in danger of being considered a financial risk. Be sure to speak to your real estate agent about ways to overcome problems in your credit status.   For a real estate agent, contact a company such as RE/MAX EXECUTIVES...

read more

The Three Most Common Mistakes New Real Estate Agents Make

Posted by on Jul 24, 2016 in Uncategorized | Comments Off on The Three Most Common Mistakes New Real Estate Agents Make

Whenever you try something new, you are bound to make some mistakes, and real estate is no different. If you make a few real estate mistakes, the best thing to do is understand what you have done wrong and learn how to avoid making the same mistakes again. Not Having A Plan Some home buyers will try to use your resources, including your gas, expertise, time and money, to look at homes. Then, when they find a home that they would like to move on, they may choose to buy the home without you. You may also encounter buyers who are time wasters who will look at homes with no intention of purchasing one. To avoid this problem, you will first need to create a business plan and determine exactly what services you will provide. For example, you will need to determine whether you will specialize in residential or commercial properties. Not Specializing Choose a specific demographic you would like to serve. For example, if you will specialize in commercial real estate, you may choose to serve those interested in opening storefronts. By carefully choosing a demographic that is more likely to actually lead to a commission, you are less likely to waste time on clients who will never lead to a sale. In a desperate attempt to get as many clients as you can, you may be tempted to say yes to every client who wants to work with you. It is essential that you instead learn how to say no in order to avoid wasting time and money on clients who will never lead to sales. This is especially true for clients who do not appear serious, such as if they do not bring what is necessary to begin the process, or if they are overbearing. Not Continuing To Improve The education that was necessary to obtain your real estate license will set you up to be a successful real estate agent. But there are always some things you may need to learn on your own, which can be learned only through experience. You will need to create scripts that you can follow to overcome common objections. You will need to cultivate contract negotiation skills. You will also need to work to develop contacts with various individuals, such as mortgage bankers, who can help you solve any unexpected problems that might arise. But if you stick with the business, it will eventually pay off. To learn more about real estate, contact a company like On Going...

read more

Crucial Questions You Should Ask A Real Estate Agent Before Signing Your Contract

Posted by on Jun 29, 2016 in Uncategorized | Comments Off on Crucial Questions You Should Ask A Real Estate Agent Before Signing Your Contract

Whether you are selling your starter home or this is just the latest of many homes you have bought and sold in your lifetime, you probably already know how important it is to work with an experienced real estate agent. However, choosing the right person is not always as easy as it seems. Fortunately, by asking the following three questions, you can be a little more sure that the real estate agent with whom you will soon be signing contracts will be the right person for the job. Who Will Be Handling Everything To Do With The Sale Of Your Home? Given the dollar amount you will be paying a real estate agent, it is important to be sure that you will be working exclusively or primarily with that person throughout the process. Therefore, you will want to make sure that your phone calls, research, open houses, etc. will not consistently be handed off to a junior agent. Although it is illogical to assume that you will never be asked to leave a message, it only makes sense that you want regular updates and input from the agent you have hired — not the receptionist, a co-worker or an aspiring real estate agent. What Items Do The Administrative Fees Contain, And How Negotiable Will They Be? It is important to note that many real estate contracts will contain an administrative fee. This is often the paperwork equivalent of a junk drawer and could be the charges for phone calls, excess paperwork, and you other miscellaneous expenses. That fee tends to be variable and can as low as $250 or as high as $1500. If the total number of services being listed under the administrative fee do not seem equal to the dollar amount being assessed for those services, you may want to ask if the fee amount is negotiable. Since that money is likely to go directly to the real estate agent and is typically charged on top of the commission already being paid when you sell your home, there could easily be some room for adjustment. In conclusion, choosing a real estate agent with whom you will be entrusting the sale of your home is a decision that can have significant financial repercussions for you and your family in the future. As a result, it is a good idea to ask the questions listed above of any real estate agent with whom you may do business with before signing any binding...

read more

Is It Time To Hire A New Realtor? 4 Ways To Know

Posted by on May 27, 2016 in Uncategorized | Comments Off on Is It Time To Hire A New Realtor? 4 Ways To Know

If you have ever found yourself struggling to sell your home, you know how effective a good realtor can be. Unfortunately, not all pairs of realtors and sellers work well together. It is often necessary to consider hiring a new realtor to handle your home. If you have been thinking about how to best handle your transaction, you might consider looking for a new realtor. These four signs will show you that perhaps it’s time to take action and switch realtors. 1. Your house just won’t sell. Simply because a real estate agent is experienced and has sold homes before does not mean that he or she is the perfect choice to sell your home. You also need to look for marketing efforts. What tactics is the real estate agent using to make a difference in the way your house is perceived? What changes has the agent made to the pricing or condition of the house to promote its sale? If you can’t answer this question, you may want to speak to another real estate professional. 2. Your real estate agent isn’t delivering on promises. You might realize that your real estate agent just can’t deliver on their promises. Realism is an essential component of being an agent, and you must be able to trust your agent wholeheartedly. Broken promises do not necessarily indicate that somebody is behaving badly. It could just mean that your agent lacks the necessary experience to sell your home. 3. You struggle to communicate. The key to building a strong relationship with your realtor is to communicate, but you may feel as if you are lacking communication from your agent. You must ensure that your real estate agent keeps you up to date with feedback received from potential buyers as well as any offers. An inexperienced realtor may fail to tell you about possible problems with the loan approval process or of buyer questions in a timely manner, ultimately sabotaging your sale. 4. You feel like your real estate agent is not answering your questions accurately or honestly. Some real estate agents may unknowingly direct you toward a plan of action you aren’t necessarily interested in. Selling your home is a big step, and you must be able to trust the person selling it. Sometimes asking questions you already know the answer to can be helpful in assessing your real estate agent’s knowledge. Trust is essential in this transaction. Seeking the assistance of a qualified and experienced realtor is the best way to ensure that your home is sold. For more information, contact a local real estate company like ERA Key 1 Realty Inc.-Cindy...

read more