Posts Tagged house
10 Steps to Buying a House without a Buyer’s Real Estate Agent
Posted by Top Home Loans in Mortgage Advice, Mortgage Rates, Property Management, Real Estate on May 3, 2009
- Never sign anything with a real estate agent unless you are making an offer to purchase.
- Make sure you fully understand your financial capabilities before searching for a property. Get a pre-approval from a bank and make sure that they confirm with you that you can get your financing fulfilled by the bank before making the offer.
- Make sure to find an extremely good, extremely honest lawyer and property inspector. This will be important when doing shopping. Make sure to research the real estate documents. An example of this is the OREA Forms.
Ask several real estate agents to be included on there distribution lists. They will email you listings as they become available. This will allow you to be sure that you are getting access to the most up-to-date real estate listings as they come available. It is, also, important to sign up with several agents mailing lists in order to ensure you are getting the most recent postings. You can also make bookmarks on potential properties, and potential neighborhoods to view frequently.- Begin tracking the real estate market in your area by frequenting different home listing websites frequently. Track open houses and visit the open houses as well. Track all your results in a easily defined database. By doing this you are building a list of comparable market prices to see if you are getting a good deal or not.
- Contact the listing agent to get a showing of the house that you are interested in. If the listing agent refuses to show the house to you without you having a listing agent, then threaten the listing agent by telling them that you will contact the owner if you aren’t able to see the property. How do you think the owner will feel about his agent refusing to show the house to a pre-approved potential buyer.
- When you find a house that you are interested in making an offer on, then determine what the fair market value is of the property. Use your market analysis to help you determine what some comparable properties are, and what the comparable property prices are. If you have been actively tracking properties, then you probably have a better understanding of the market than most agents. Ask the seller to complete a property information sheet. An example of this type of document is the Seller Property Information Statement.
- Make an offer. The agent may request that you sign either a buyer’s representation or a buyer’s customer service agreement. Only sign this agreement with the listing agent and no other agent. If you sign with another agent, then you would have thrown away all your hard work finding the property. Also, ensure that the form is for the specific property only. If the deal falls through and you do not get the property, then you will be stuck with a buyer’s agent. Your offer should be 2% to 2.5% than what you originally would of offered, and this is because of the difference in fees. This would mean that your maximum offer is at least 2.5% lower than the fair market value of the property based on your analysis. Make sure that you make the offer conditional on financing, inspection, and review of the offer by your legal representative.
- Once your offer has been made, now it is up to the seller’s agent to try to cut a deal with the seller. The seller’s agent will try to convince the seller to take the low priced deal by possibly getting a kick back from the real estate agent. Let the seller and the seller’s agent do the negotiation of the offer. The seller’s agent will also work harder for you because of the increased commission that they will receive. The worse case scenario is that neither the seller nor the seller’s agent is willing to renegotiate, and you have to walk away from the property empty handed.
- Obtain financing, clear the inspection, and have the lawyer review all the documents. If everything goes according to plan, then you will be able to waive the conditions, and you will be moving into your new home.
Save your Mortgage from the Bank. Simply Mortgages can Help!
Welcome back!
Landlords and Tenants; What to Repair and When to Renovate
Posted by Top Home Loans in Investing, Landlord Guide, Property Management, Real Estate on April 13, 2009
Why is it Important to Renovate and Repair
Renovating and repairing a property is common to perform when maintaining a property. It is not uncommon to replace of repair floors, walls, electrical, and plumbing in units. It is important that these common upkeep methods are done many times through the lifetime of the property. This is important for a few reasons. First of all, by renovating a property, the property will have a new look and feel to the property. If a tenant thinks that a property is new or fresh, then the potential tenant will be willing to pay more money for the property per month. Using white or a bright color can make the property seem larger than it actually is.
The second reason to renovate is to maintain or increase the intrinsic value of the property. The return on investment for properties is based on how much you had initially invested in the property, and what the property was eventually sold for. The difference between those two numbers is the return. A property can obtain a higher return on investment if it is able to be sold for higher when it is marketed.
A property maintains and grows in value when renovations are completed on the property. These renovations are important to maintaining the upkeep in the property and keeping it marketable. If you wait until when you are selling the property to complete the renovations, then the damage might be already done on the property.
When can I Renovate if I Always have Tenants?
Finding time is difficult if you always have the property rented out in full. It is difficult to get in and get out to even get any minor repairs completed. If a landlord is entering an apartment, usually the tenants will not feel at ease. It is best to hire a contractor if you need to complete renovations while a tenant is living in the unit. If a tenant is moving out, then take this time to invest in renovating the property. It may take a few months to complete; however, the results will be worth the effort. If renovations are a necessary, then your municipality may have laws to evict the tenants so that you can complete the necessary repairs and renovations.
What is best to renovate or repair?
When a person is viewing a property to rent or own, the main selling places of the area include the washroom and the kitchen. These two areas of the house are critical to the sale or lease of a property. To retain the best value, then consider putting the most work into these areas. In a rental unit consider putting tile and hardwood floors in the entire unit. Carpets go neglected by clients and can easily grow mold. When painting consider white colors and colors that are bright. Choose gender neutral colors. Also, make sure that the house is in a clean upkeep. Getting rodents or bugs in the house can be a nightmare. Make sure to review the property in full from time to time to make sure everything is in working order. Gutters must be cleaned and roof work must be completed annually. These items are critical to complete because if they are not, then they can cause the house to depreciate faster.
When renting a residence, make sure that you take advantage of the tax advantages of owning a rental unit. Make sure that you take the time to put the effort into making the property stay in a good upkeep. The better you take care of the property, the better return you will receive at the end of the day.
Save your Mortgage from the Bank. Simply Mortgages can Help!
Comparing Real Estate Neighborhoods
Posted by Top Home Loans in Mortgage Advice on October 20, 2008
Before deciding on where to live, you may want to review the neighborhood before finalizing on your final decision. Reviewing the neighborhood will decrease your stress levels, save you money and make your overall life a lot better in most situations. Sometimes you can find the best houses in the city; however, if they are in dangerous neighborhoods, then no one will want to move into these locations.
Neighborhood Atmosphere
When selecting a neighborhood that you want to raise your family in, you have to consider several key factors. The first thing you want to see in a community is people out walking, if the streets are empty and no one is around, then there is reason to assume that something might be wrong that is preventing people from going outside. Is there local social events? Will the neighbors build friendships with your family and children? If no one goes outside, then it will be very difficult to meet friends in your neighborhood. Another important consideration you must make when choosing a neighborhood is the level of crime. Surely you do not want to raise a family in a neighborhood that is known for dangerous or violent activities. Ensure to research a neighborhood before you decide on a house to live in for several years.
Forget Your Car
It is essential to your health to get outside and exercise on a daily basis, and with the ease of taking the car for everything you do, then it is easy to forget about your health. The best way for you to ensure that you will walk is by living in a neighborhood that promotes a healthy lifestyle. You will want to examine the neighborhood for parks, sports areas, nature trails, and other recreational activities. If these activities are not your thing, then you can be healthy and save money by walking to do daily errands like shopping and groceries. By walking at least 30 minutes a day, then you can reduce your chance of severe diseases.
Another consideration is the proximity of schools for your children. By having a school they will attend close to your house, then this will make it easier and less expensive for your children to go to school. It will also allow you to keep your children safer than if they had to travel long distances.
Your Work is Important
The distance of your work from your house is very important for many reasons. The most obvious reason is that if you travel far distances by car, then you will spend much more on travel expenses than if you lived close to your work. Also, the time you lose will affect your life in negative ways. The closer you live to your work, then the more positive life you will have. Make sure that you choose a house to live in that is convenient for all members of your family living in your house. If someone is left out, then they may have to spend additional amounts of time in transit while everyone else is at home.
Also, spending less time in transit means that you will experience less stress. It is a well known fact that if you spend a lot of time driving, then this will cause a negative effect on your attitude and in turn this will have a negative effect on your home life. This can be avoided by spending more time at home and less time traveling to your home.
Clean and Green
A clean neighborhood is a happy neighborhood. It will help lift your mood and make you feel better about where you live. By living in a neighborhood with a lot of trees and plants, not only will this make the atmosphere more pleasant, but it will also help to brighten your mood. Make sure to review the amount of cleanliness and nature in your neighborhood before deciding on a place to live.
When looking for a place to live, remember that the atmosphere around your house is just as, if not more important, than the actual house itself. Most of the time you live in a neighborhood, you should want to spend that time outside. Not only will this make you feel better, but it will make you feel better about where you live.