Categorized | Commercial Real Estate

Tips For Real Estate Buyers (4)

Tips For Real Estate Buyers

With the current economy downturn profit can be garnered by purchasing real estate while property values are lowered. In a sense, homes, commercial space and land are one of the few investments that one can be guaranteed will not remain diminished in value long term. The reality is there is only so much land to purchase. If you buy some now, someone will have to buy it from you in the future.

While searching for a home, be sure to check out how well-maintained the homes are in the neighborhood that you are searching in. If you happen to see the seller’s neighbors watching as you view the house, be sure to acknowledge them with a smile and a wave. If you are really interested in the house, come back later, without your agent, and speak to the neighbor.

When buying a home you should try to think a bit into the future. This is a good idea because you do not want to have too little space for what you need. A couple should not buy a one bedroom home if there is a possibility that they will be having children sometime in the future.

When you are scheduling the closing date of your new home purchase, make sure it is late enough in the month, that you can roll the prorated mortgage payment for that month into the closing costs. This means that you will have more like 45 days from closing before your first payment is due.

Purchasing real estate is a serious financial commitment. Be sure to do all the research you can when you decide to buy. City websites typically have information on crime, fire department and police coverage by neighborhood. By exploring this information, you can help to ensure that your house is in the best neighborhood possible.

If you will be going in with a low ball offer, do your homework on previously sold properties. You can easily come back and say that similar homes sold for less and the seller can say that they sold for more. Be sure to have a come back that will explain the higher priced homes with something like the fact that they had a renovated kitchen that cost a specific amount of money.

If you are a commissioned employee or your potential job’s income will be based a lot on a bonus, you should wait to change jobs until after you purchase your home. The reason for this is that for these types of jobs the lender can not accurately calculate out your income, and since they can not do that, they will not be able to approve a mortgage.

It is clear that buying real estate can be a wise investment choice with a high profit margin if you are willing to have patience and/or take calculated risks. Land is a fixed commodity. Mark Twain had it right when he said to “buy land”, its one of the best ways to secure a profitable future.

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