Buying real estate can be beneficial for many reasons. For investors, the purchase of real estate will mean both rental and capital profit. For home owners, they gain a valuable place to live. We hope the advice here will help you whether you are an investor or home seeker looking to purchase real estate.
Curb Appeal: As more and more home buyers do their shopping on the internet, curb appeal is more important than ever. Be sure to spruce up the exterior of your house before you put it on the market. If the outside of a house doesn’t immediately attract attention, buyers will just click ahead to the next property.
Expectations: Let the real estate agent know what you expect from them. It is important to make sure that you and your real estate agent are on the same page from the beginning. Make absolutely certain that your agent knows how often they should be expected to communicate the status of things with you. You can count on us at IndyREI to be knowledgeable, reliable, and excellent communicators!
Signing Docs: When signing documents related to selling or buying a home, make sure you know what you are signing. People often sign these documents without knowing what they mean, thus agreeing to terms that they do not like. If you are unsure what certain terms mean, ask your real estate agent. Whatever you do, don’t rely on an internet explanation if you don’t have an expert-level, credible answer to confirm.
Annual Costs: Check the yearly costs of maintaining property you are interested in buying. There can be some hidden costs of ownership you may not have noticed on your thorough inspections. Fees such as taxes, water, and the cost of winter heating, are all factors you should strongly consider when you are buying a new home.
Flexibility: If you need to buy a home quickly, remember that it is important to be flexible. It will be easier to find a home if you are not searching for one that meets a lengthy list of requirements. Narrow down your criteria to only the things that are absolutely crucial for you to have in a new home. Rank your criteria in order of importance, to help you stay focused on what is important as you search.
Research: When buying real estate, make sure to investigate similar real estate properties in the area to ensure that the price being charged is in line with the neighborhood or property type. If the property is overpriced in relation to the neighborhood, it gives you some negotiating power with the seller. The experts at IndyREI can help you with all of this. It is part of our core practices to perform an evaluation of the area you are looking to purchase and provide you both projected performance on the purchase of any home you may purchase as an investor. If you are purchasing as a home owner, we can also provide you with numbers that explain to you what you can expect of the neighborhood and potential home over the coming years.
Mortage Calculators: Use online mortgage calculators to determine what range of prices you can afford. There are calculators to determine the mortgage payments of a house and others that can help you determine if your current income will allow you to afford those payments. Knowing your limit ahead of time will prevent frustration later. If you’re using an online mortgage calculator you may be interested in getting an even closer-to-true calculation which we at IndyREI can provide. We are able to provide projections that will be much truer than an online calculator because we consider more factors than what your standard online calculator is able to.
Document your Conversations: To save money on your financing when you buy real estate have all of your conversations with the mortgage broker documented by having everything done through email. By requiring that everything in writing, you create a chain of communication that can back you up in case they a future change in rate or terms comes out down the line.
Buying real estate can benefit both home seekers and investors. We know that it’s not an easy process to do on your own, which is why we would love to partner with you and help you be successful as an investor or home buyer. Contact us today to get the conversation started!