Fresh Ideas For Those Wanting To Buy Real Estate

Fresh Ideas

Buying real estate is both exciting and stressful at the same time. If you aren’t sure what you’re doing, it’s easy to make costly mistakes. Iowa Valley Realty wants you to be happy, satisfied and excited with your real estate purchase. We have many tools to aid you and experienced Realtors® to guide you to that end. This article is written to help people avoid costly mistakes and be successful when buying real estate.

♦Lots with a view can come with a high price tag attached. Think carefully before you pay that premium. This feature is entirely subjective and perhaps your buyer will not find it interesting. Subsequently it is best to only pay for the view because you want to.

♦Be sure to get a warranty on your home. When you buy a brand-new home, get the builder to provide a warranty, or get the seller of a pre-owned home to provide you with at least a one-year warranty. Reputable builders shouldn’t balk at warranting a new home for a little while. Prior owners of your newly-purchased home should have no problem providing a home warranty of some duration as a way of compensating you for repairs that may need to be made.

♦Be open to different possibilities. You probably won’t be able to get everything on your want list, but narrowing it down to a few things you absolutely have to have can give you a lot of what you want. If you can’t find a home in the area you want, shop for one in a similar area.

♦You should be pre-qualified for a mortgage before you even start to look for a home. One main reason to do this is to make sure you are searching for a home that fits within your budget. Also, securing a loan can take a long time, and waiting until the last minute to start finding one is not a smart decision. Homes in today’s market can sell quickly and you want to be ready to make the offer as soon as you find the right home.

♦If you are buying a foreclosed home, you should assume that it will need repairs. The majority of foreclosures have been sitting empty on the market for quite some time. The lack of a tenant means that maintenance has generally been neglected. Many foreclosed homes may have pests, and might need a new HVAC system.

♦When you are considering purchasing a building for business use, do your research on the surrounding neighborhood to ensure it is a safe and stable area. By placing yourself in an unattractive location, you dissuade potential customers. Seek the advice of a Iowa Valley Realty’s professional Realtors® regarding the best place to start your business.

♦Pay close attention to pre-foreclosures. If you’re looking for an investment or rehab property, and you can afford to wait, pre-foreclosures might be your answer. Properties where the owner is risking foreclosure because of delinquent mortgage payments are referred to as pre-foreclosure properties. Lenders will give you lists of homes that are about to enter foreclosure. Another strategy you can use is advertising that you are paying cash for houses. However you find owners of pre-foreclosures, find out what the owner owes, and make an offer that is a couple thousand dollars above that amount. You’ll discover that this is a great bargain because most individuals don’t owe the home’s market value.

♦Using a calculator on the web helps you determine what is affordable for you to spend. The online calculators will ask for a variety of information about your earnings, your debt and how much you have saved for a down payment in order to calculate the amount of money you can afford to pay for a home. This provides you with a realistic price range of houses you can afford so you do not get in over your head.

♦Prior to purchasing any home out there, you always need to check the property thoroughly. Too many people dive into real estate too quickly, then they end up making bad purchases, which causes them to lose money and time. Therefore, prior to purchasing any specific property, it is important to investigate the neighborhood, crime rates, repairs needed on the property, and any other relevant details.

♦Do the required research on rental properties.  Your lender will probably want to see income verification before issuing the loan.

In many cases, these homes are priced lower to make up for their need for renovations. This lets you pocket some extra cash up front, and then you can make the repairs on your schedule. You are increasing the value of your home with each improvement and have the flexibility to design it the way you want. So always consider a home’s potential, rather than just focusing on the negatives that you can see.

These tips may help you make better decisions. Apply this advice to invest wisely and make your real estate purchase a promising step in your financial future. Iowa Valley Realty can help you purchase a home with confidence that you have made the right decision.