If you are completely new to the world of purchasing real estate, then you are probably thinking that some tips on how to do so without losing money will help you immensely, so that you can get the property you have always wanted. Complex purchases may require that you get the advice of a real estate attorney.
Real Estate
Real estate agents who make an effort to remember clients will be rewarded when those clients need to remember a real estate agent. They will be reminded of how you made their home buying experience a great one. After you finish speaking with them, let them know that you would appreciate it if they felt comfortable referring you to their family members and friends.
Use the Internet to your advantage by studying up on your new neighborhood online. There are several sites online that give statistics for even the smallest city. Consider all of the area’s demographics: population, unemployment rate, median salary, the number of households with children and the average age of the residents, before committing to a real estate purchase.
When you decide to purchase a new house, look at the long term potential. You might not have children right now, but if you are going to stay in this house for a long time and you will one day want kids, you should check out the schools that are in the area and make sure you would want your future kids to go there.
Educate yourself on mortgage loan terms before you look into purchasing real estate. Making sure that you understand how your mortgage term affects your monthly mortgage payments and how it relates to the net cost of your home will leave you feeling less confused in the future.
Investing in real estate is always a risky situation. Housing prices are extremely low, and it is the right time to invest. This is now a good time to get out of your apartment and into a house. Over time you can expect the market to go up again, which will turn your investment into profit.
Take into account the asking price of a home when determining what your initial offer will be. Your real estate agent can help you negotiate a good deal that satisfies everyone’s needs.
Don’t be afraid to ask a seller for financial incentives when making an offer to buy. Have your agent request that the seller buy down your interest rate for the first two years of your loan. With incentives thrown into to the deal, however, it is less likely that the seller will move on the selling price.
Make a list of questions you want to ask, and take it with you when you interview real estate agents. Ask them for important information. This can include how many houses they have sold in the past twelve months and how many they sold near the location you’re looking at. A good agent will be happy to answer these questions for you.
During your search for an agent that might assist in you buying a home, inquire as to just how many years they have been in the community. If an agent has only recently started working in the area, or has just moved there, then this person will not be as knowledgeable of many details such as traffic conditions and community relations. This is especially true if they are compared to someone who has been there for some time. If it can be done, try to locate a Realtor who is ultimately familiar with the neighborhood, because they have made a long term home there.
Square Footage
Before you put an offer on a home, measure it yourself. Be sure that the square footage given by the owner is the same as the square footage of public record. The square footage recorded in both places should be no more than 100 square feet in difference. If they don’t match, investigate further or reconsider the transaction.
Always make sure to obtain a warranty for your home. If you buy a home, ask the seller (builder or previous owner) to warrant the home for a certain period of time. New home builders normally offer protection for one to three years. The previous owner should buy a warranty for the home for you, for at least one year, to help with any repairs that might need to be made.
If you are shopping for a home, it is important to bring your own professionals into the deal. While the seller is usually happy to provide the name of an appraiser or inspector, make sure you decline the offer. It is hard to pay out money when it could be free. With that having been said, it is still in your best interests to hire your own workforce so that you have people that you can personally hold accountable. This is one situation where learning the truth can potentially save you thousands of dollars and much heartache.
As you’ve been able to see from the information outlined above, there’s a lot for first time property buyers to consider but with a common sense approach and diligent research you’ll be successful in reaching your goal. By taking this advice, you will be a wise real estate investor.