Buying real estate can be a stressful process, especially when you are dealing with bank-mandated home inspections, last-minute counter offers, and unexpected closing costs. Oakstrand Realty is here to help you understand how to successfully purchase property with these tips and tricks.
Start by asking your real estate agent for referrals of their most recent sales. Most agents will be more than happy to provide you with the names of clients who can provide feedback on the strength and weaknesses of the agent. This insight can be invaluable when selecting the right realtor.
Before buying a new home, it is important to carefully inspect the property. If any issues are found, make a note of them and discuss them with the seller. If you can get the seller to fix the problems prior to the sale, it will add value to the home and save you from costly repairs down the road.
Talk to the owners of neighboring properties to gain insight into the area. Realtors, mortgage providers, and sellers have their own interests and biases when they provide information about the neighborhood. The best source of information is someone who lives and works right next to your potential property. If you can, pick their brains for information.
If you are looking to purchase a vacation home, now is a great time to do so. Home prices have dropped in popular vacation destinations like Florida, Las Vegas, and California, and interest rates are low. Although it may sound risky, you can rent out your second home while you are not using it. It's a buyer's market.
Research the area and the property. Learn about any natural disasters that have occurred over the years and the local crime rate. Also, find out about local highway access to map out your route to work, school, or shopping.
Remember that the advertised price of a home is not set in stone and is only an indication of what the seller is looking to get out of it. Negotiate with the seller until you reach a price that you are both comfortable with.
If you want to save money when buying real estate, ask your agent about properties that are being short sold. This means that the owner and the bank have negotiated to take less than the mortgage amount in order to prevent a foreclosure. This can result in a much fairer price for the property.
If you cannot afford a traditional home, consider purchasing a piece of property and placing a mobile or manufactured home on it. Although it may not be your dream home, it is affordable and it is yours.
Involve your entire family in the real estate buying process. Your kids don't get to make the final decision, but their likes and dislikes should be consulted and considered. The family home should be a family decision.
By following these tips, you can make smart real estate buying decisions and avoid the craziness of the market. With the right knowledge, you can spot and take advantage of the best deals available.