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Now That You Are Ready to Buy, What Comes Next?

August 5, 2011 By Leave a Comment

You have good or excellent credit, or maybe you qualify for federal programs to help you purchase a home, like HUD; you have saved a down payment, calculated your budget and know how much you can afford as a monthly mortgage payment. And you don’t even need paycheck advance anymore. Now what do you do?

You will want to find a real estate broker to help you find the right property and make the deal. Though some people think it will save money to try and manage this part alone, in many situations, particularly when dealing with federal home buying programs, a real estate broker is required to make the deal. A real estate broker can also help you determine a price range, find a property, a lender, broker the deal, and help your with everything until after the closing. Real estate brokers can save you time, energy, and stress throughout the home buying process. Though a broker cannot tell you exactly what to bid for a property they can advise you and make suggestions, but ultimately you have to make the final decision.

One step that can speed up the process is to get prequalified with a lender. If a property owner gets two equal bids, but one buyer is prequalified for a loan and the other bid is contingent on qualifying for the loan, the homeowner or builder will usually accept the bid from the prequalified buyer over the other bid. This does not mean that being prequalified means a seller will accept any bid because you are a prequalified buyer. It just means that the seller knows you can get the loan if your bid is accepted.

Filed Under: Budgeting, Real Estate Tagged With: , ,

Got Curb Appeal?

June 5, 2011 By Leave a Comment

Farm House & Cabin

Image by fredthechicken via Flickr

 

“Curb appeal” is something everyone who owns real estate knows of; it simply means how nice the house and yard look from the street. When someone’s selling a house, curb appeal is essential.

 

One way to get curb appeal is to plant flowers in the yard. It doesn’t have to cost a lot of money, especially if the work is done by the owner. Choose perennials so they don’t have to be replanted and choose plants that have low maintenance and long blooming time for the amount of sun the yard gets.

 

People often rally the aid of friends and family to help with yard work or painting, which always helps for curb appeal. It can be surprising how much a fresh coat of paint or a pressure washing helps the look of a home. Choose a color that’s not stark in comparison to those around it.

 

Don’t Forget the Concrete

 

The driveway, sidewalks and any cement paths can be pressure washed for a very clean look. Go over them first with water and Dawn or Cascade dishwashing soap and a broom until an oil stain is gone, then pressure wash again.

 

Is there moss or leaves on the roof and in the gutters? Moss will cause dry rot, gutters stuffed with leaves and needles will clog the works and then water will spill over the sides.  This makes for holes and puddles in the yard near the house; plus, full gutters draw heat away from the house, so it makes good sense to keep them cleaned out.

 

Spruce the place up as much as possible and it’ll sell faster.

 

 

Filed Under: General, Real Estate Tagged With: , ,

Investing in Your First Rental Property

May 21, 2011 By Leave a Comment
Single-family home 2 

Image via Wikipedia

Should you invest in a rental property? The answer depends on your motives.

It’s impossible to give a definitive statement about your prospects, because real estate markets are so specific to location. In terms of the overall economy, 2011 is not considered a good time to buy a house hoping it will appreciate quickly so you can “flip” it for a quick profit. But it’s a better time to buy properties for long-term cash flow, as many markets may have excess inventory and sellers are motivated.

The first step in choosing whether or not to invest is to do your research. Check into the multiple listing services in the towns and neighborhoods you’re interested in. Also visit directory sites such as Canada 411 to see how many thriving real estate-related business are in the area: storage units, moving companies, cleaning services, etc.

Then you’ll need to decide what type of property to buy: single-family dwelling, multi-unit complex or business property?  Single-family homes leased to tenants with the intent to buy is the lowest-risk, least-hassle option.

In a rent-to-own arrangement, your tenant signs a lease agreement, pays a refundable security deposit, and has an option to purchase (with a non-refundable option fee that will be applied to a future down payment). You can offer a rent credit if they pay on time, which can also go toward their down payment. Tenants will typically agree to a higher rent this way.

You’ll also save in advertising costs, as one yard sign reading “Rent to Own” will generate more calls than a dozen newspaper ads.

Filed Under: Landscaping, Real Estate Tagged With: , ,

Online Resources for Home Repair Loans

May 8, 2011 By Leave a Comment
Stranahan House, Ft. Lauderdale, Florida 

Image via Wikipedia

Home repair is an all too easy concept that becomes burdened by all too difficult concerns — none more pressing than the need for funding. Trying to offer enough pennies to projects becomes a tedious thing; and loans are soon required, sparking worry. They seem far too complicated (and far too demanding).

They don’t have to be.

Choosing to find loans online can instead offer relief:

Information Explained

Real estate is far more than a collection of acres. It’s instead defined by rules — many of which can baffle home owners. Trying to determine what can be accomplished within your house therefore can seem too challenging: unless you rely on online resources. These sites will outline information without an abundance of technical words or insider-jargon.

Opportunities Discovered

Home repair is a joy for you but a business to others. It’s only to be expected then that companies will demand high percentages for loans, refusing to reveal the savings that you may be owed. Online resources can help you find those savings for yourself, explaining the value of: low credit scores, steady employment histories, restorations intended for those with disabilities and more.

Applicational Ease

The notion of shaping your home into a reflection of your personal style is one that appeals. The notion of trekking to a bank and surrounding yourself with disapproving stares and stacks of paperwork is less appealing, though. Online resources help you to avoid that horror. They allow you to instead submit your application virtually, taking you through every step of the process from the comforts of your living room.

Online resources are essential for those needing home repair aid.

Filed Under: Real Estate, Repairs Tagged With: , ,

Betting on Good Real Estate

April 25, 2011 By Leave a Comment

Flipping a house is always considered a gamble, because you’re putting money upfront to possibly sell for some more money without any assurance that it’ll actually happen. Why would anyone do it? Because there can be big money in it.

In real estate, that’s the name of the game — hitting it big. You don’t know for sure when or how any particular house is going to sell, but you bank on it. It’s like everyone’s sitting at the poker tables with their cards in hand not knowing how the other players are faring; but they play anyway because they might come out on top.

Houses are a fickle beast these days — what with all the foreclosures and short sales. Tricks up the game just a bit. But if you’re smart and savvy, knowing how the market lives and breathes can actually make you quite the weather forecaster. Whether it rains or shines on the market is important to know, so you can know when to strike the hardest. A house has a better chance of selling and selling well when you put it out there at the right time. Then, for sure, your hard work in updating the house, spiffing it up with staging techniques, will pay off in a big way.

Just don’t expect to hit it overnight. Working in real estate is a long process of hits and misses; bear with all of it, and you might not only come out on top, but with some experience to boot. And that, my friends, is probably the most profitable gain in real estate; it’s about the experience.

Filed Under: Real Estate Tagged With: , ,

Preparing a House To Put On The Market

March 24, 2011 By Leave a Comment

Investing in a home can be a good form of investment for many families. A few people buy a house under a bank loan and pay the equal amount of money that they pay for rent every month to the bank and in the end own the house after paying rent for a few years. This is a huge respite for many families, instead of wasting money on rend every month, after a considerable number of years, the house will be owned by the person going for the loan. This is the best form of investment if one can manage to pay the high loan amounts for a few years.

After the house is yours, when you go for selling this in the market, most houses go for quite lesser than the amount that was invested in it. The reason for this is because after a few years of living in the house, most houses begin to fall apart and require loads of costly repairs and need to be renovated according to the likes and dislikes of the new party. Many home owners have been able to get back almost 90% of the cost that they initially paid for the home and in a few instances, home owners have obtained more than what they paid for the house because of costly renovations.

Home improvements that include adding an extra room to the house, a swimming pool and other such landscaping changes add on to the cost of the house. Small repair work and maintenance is necessary if you do not want to end up losing a lot on your house. It is very important that you keep the design of your house simple.

Filed Under: Budgeting, Real Estate Tagged With: , ,

Don’t Sell! Add On Instead

February 27, 2011 By Leave a Comment

With the dismal state of property values in the current economy, the idea of selling your home probably isn’t too appealing. No one is jumping at the chance to sell their home for far less than what they paid for it. If you’re itching for a change, why not add on to your current home instead of selling it? With a construction industry desperate for work, this is the best time to start a new project. If you’re interested in taking advantage of the current bargains in home additions, consider one of these ideas:

Game Rooms

If you’ve always wanted your own game room complete with a wet bar, pool table, and pinball machine, this is the perfect time to make your dream come true. Affordable poker tables can finish off the room. Your friends and family will definitely enjoy a weekly poker night in your new home addition!

Home Theaters

Now that the latest technology has become affordable, home theaters are one of the most popular home additions. Whether you decide on a projector system or a large screen plasma HDTV, movie night, Super Bowl Sunday, and extreme video gaming will never be the same! Don’t forget the furniture. Most furniture stores are now selling affordable home-theater seating, complete with built-in cup holders.

Wine Cellars

If you prefer the finer things in life, why not invest in an authentic wine cellar to protect your favorite vintage? This could be a wise addition if you enjoy collecting a wide selection of fine wines by the case. As you well know, the improper storage of a wine bottle is the fastest way to ruin even the best varieties.

By adding on to your current home instead of selling it, you will not only enjoy your property more now, but you’ll also increase its value once the market recovers.

Filed Under: Budgeting, Real Estate Tagged With: ,

Improving Your Home – Project Ideas

February 18, 2011 By Leave a Comment

Improving the home is a popular activity for any home owner. Aside from the pride and enjoyment that results from these home improvement projects, it goes a long way in adding value to the home. An initial, small investment can make a big difference in the long term.

Take a moment to observe ways in which your home could improve. There are a number of home upgrades that can improve your property’s value, including updating appliances and siding. Siding, for instance, is an easy choice, because it improves an area of the home that is seen at first.

Appliances and other improvements based in technology are also popular. Every home shopper takes note of newer and more efficient appliances, ultimately. Another area in efficiency and technology is found in solar panels, which can significantly add to the value of any home. Home shoppers enjoy seeing this caliber of improvements.

In addition to new siding, there are additional choices when it comes to projects that are easily noticed. According to reports, the entry door and garage door are the sources of the biggest returns when it comes time to sell a home. These are projects to seriously consider, based on reports that point to their success.

Visit your local Lowe’s store to see the different options for your next home improvement project. Also, take advantage of a Lowes coupon code to enjoy additional rewards when you improve the value of your home. It can make a big difference and add to the savings, both in the long, and short term.

These projects can make a significant difference in the value of your home. You should also recognize how these improvements will add to the enjoyment of your home. Take a look at the ways in which your home can improve before you get started.

Filed Under: Budgeting, Real Estate Tagged With: , ,

How To Maximize Revenue From Real Estate

February 16, 2011 By Leave a Comment

There are several tips that will help those who are investors in the real estate business to make money. There are some people who may invest in the real estate, but they are not able to make money because they do not know when to sell the property. At the same time, there are other people who may sell the property even before it has appreciated in value. All these kind of investments will not help the person to make money. It is important that an investor in real estate knows about the business to be able to make the right amount of money and these tips will help you in making money with your real estate investment.

The first thing that the person who is investing in the real estate needs to think of is that the person should not become too greedy. If the property is for the sake of investment, then the person needs to have a goal. If the goal is achieved in terms of price rise, then the profits should be taken. If the person is invested in it for a long time, then there is a lot of chance for the person suffering from loss as the prices of property is cyclical and it can move down over a period of time.

The investment in the real estate should also be made after assessing the price of the land. There are times when the sale price can be quite high. This is because the price would have been hiked up and this can cause the person who buys it to be unable to sell the property for a profit. To prevent this, the person should do research before buying the property and then buy it for as low a price as possible to increase the chances of making a huge profit on the investment.

Filed Under: Budgeting, Real Estate Tagged With: , ,

The Various Kinds Of Real Estate Investments

February 10, 2011 By Leave a Comment

There are various kinds of real estate investments that are seen. Some of the common real estate investments that can be made are the investment in the land that has no buildings. This is usually done by a person to just sell after the value of the land has increased. This is the common kind of investment in real estate that is done even by people who know little about real estate.

A real estate business man on the other hand, will invest in properties that can be developed. There are places where there are no buildings on the land. The real estate developer will build a huge building with many apartments. This construction on the property can be done with the help of loan that is got from the bank or other financial institutions. Once the construction is completed, the same building can be re sold for a price that is much larger. So, the person will be able to make a huge profit on the investment that was done.

The other kind of business is one in which the apartments that have been constructed, but have no things in them are bought by a developer. This person will then fit the raw house with various kinds of furnishings and then resell the house that has been developed and has complete furnishings in it. This too will help the person to make huge profits in spite of the expenses that were incurred in furnishing the house.

These are the three different kinds of real estate investments. The person who is investing in the business must make sure that he or she knows about the business before investing a lot of money in it. Though there are some who think that the real estate business is a sure shot method of making money on the internet, it is not true. The truth is that this is not a sure shot method of making money because there are many risks that are involved. After a person has invested a lot of money, the property may not sell leading to huge losses.

Filed Under: Budgeting, Real Estate Tagged With: , ,
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