Key Factors To Buying Real Estate
One thing everyone will agree on is the condo real estate market is continuously changing; it doesn’t matter if you sell or buy a home, there are some key factors you should always consider. With the housing market in a constant state of flux, there is never really any guarantee as to when is the best time to invest in real estate. Some financial advisers just say to “invest when you can invest.”
In many places across the country, renters are paying upwards of (or more than) two thousand a month. That averages more than $24,000 a year, and it’s money you’ll never see again. Unlike renters, property owners have something tangible, that they can sell whenever they see fit, often times doubling their investment. Owning a home gives you a place to call your own; that you and your family can grow old in, a house is not only a home but a financial investment that you can eventually leave to your children.
Here are some of the Things to Consider before you Buy or Sell a Home
Find a Trusted Realtor
It’s important to find a Realtor you trust, someone who will try their best to ensure you get the list price you’re asking for, which is why you should remember that it’s the seller that has to pay the commission, not the buyer. Weather you’re trying to buy or sell a home, it’s essential to find an agent that looks out for your best interests.
Find a local Realtor who will not only help negotiate the listing price but also handle everything from open house showings to scheduling whatever home inspections need to be done. Finding the perfect Realtor may take time, but is a vital component not only to the seller but also helps buyers, such as first-time homeowners get a fair deal and don’t end up overpaying.
Commitment
Rather it’s buying or selling your house, it’s a decision that requires a great deal of commitment. Buying a home is almost like going into a marriage, it’s not a decision a person should ever take lightly, purchasing a home requires the right preparation, planning, and having the proper financing.
You should fully understand that if you’re planning to buy a house with your significant other, than half of that property legally belongs to them even if you’re not married, so you should have a contract in place to help protect each other’s assets beforehand, consulting a lawyer is a never a bad idea.
One of the reasons people tend to rent a home is because the thought of owning their own house can seem a bit overwhelming, many people work two jobs to save enough money to eventually be able to afford their own home, which is why before you hire a Realtor, you should create an outlined budget of what you’re comfortable spending.
Know What You Want
A common problem many people tend to face when buying a new home is figuring out what they want. When you buy your first home, you should first decide if you want to buy a house or condo if you’re single, and live alone, a condo might be a great option for you.
One of the disadvantages of living in a condo is usually the rules set in place by the condo’s administrative board, but what I love best about living in a condo is they cover all maintenance and upkeep on the property or grounds, so if you’re patio or yard is flooded; the condo administration will handle any damages.
It’s also the condo administrations job to ensure your community is protected; they’re responsible for managing the daily operations of the community and maintaining open communication with the condo board.
Your condo fees will also cover the insurance that covers the exterior and common areas of the complex. Condo owners purchase Ho6 insurance, which only has to cover from the sheetrock in. So your insurance is generally less. As a general rule, you also wont be paying for flood insurance, as most condos are vertically built. When buying a house you should also consider how much space you want, and remember a bigger yard requires more upkeep.
Commonly many homeowners overlook the neighborhood, but the location is everything, because this is the place where you’ll more than likely call your home for years to come, so you want to live in a place you’re comfortable with.
For more information about buying or selling a home, contact a local real estate professional in your area today!