Fallacies about the buying process keep many renters from exploring the possibility of buying a home, but savvy real estate agents know a little education can go a long way in turning many of these would-be renters into lifelong homeowners. Many renters consider home ownership out of reach, have concerns about economic uncertainty and fear of a housing downturn as reasons to sit on the sidelines, with many preferring to watch the market before making a move to buy.
Owning a vacation property can enhance your life and give you the chance to retire to a location you enjoy. But it’s not something to be done without plenty of preparation and a full understanding of the benefits and disadvantages of dual property ownership. If you’re a senior, you must be especially diligent in selecting your second home.
Real estate investments provide the perfect vehicle for increasing your monthly cash flow, growing your net worth, and achieving financial independence.
But investing in a property is a big decision. Before you make the leap to real estate investor, you need to make sure you’re ready to handle everything that comes with that title.
Here are three questions to ask yourself to help you decide if you’re ready for your first investment property. How many of these can you say yes! to?
Buying your first home can feel like one of adulthood’s true markers and a dream come true. For today’s millennials, however, that dream may seem daunting, especially when they consider the other financial responsibilities that people their age commonly face. Student loans, credit card debt, and a higher cost of goods are all obstacles to becoming a homeowner today.
But with planning and hard work, millennials can get on the path to buying a house of their own. Here are some expert tips for maximizing dollars and ensuring that homeownership is a reality for every generation.
Originally published on dotloop.com.
In a competitive market, customers are looking for a specialist who can give them the advantage with cutting edge real estate knowledge and insight of a true industry expert.
You don’t need 15 years of real estate behind you to become a real estate expert. If you’re relatively new to the profession, you’ll certainly want to draw from the experience of more tenured agents. But time alone does not guarantee expertise.
Here are three top tips to help position yourself as an expert and gain the upper edge in the marketplace.
Buying a home is probably a lot more manageable than you think. Somewhere along the line, these crazy misconceptions have crept into the home buying conversation and made the dream of home ownership seem less attainable.
It’s time to set the record straight. Here are five common homebuyer misconceptions and the truth about each:
1. You need to save 20 percent for the down payment before you can buy a home.
There are several ways to buy a home without a 20 percent down payment!
FHA loans are the most popular option. They allow you to buy a home with as little as 3.5 percent down. There are also zero percent down options for special cases, like military personnel (active or veteran) or rural properties. Simply contact a lender to discuss your options. You may be closer to home ownership than you think!
Quick side note: you should also understand that your down payment won’t be your only home buying expense. You’ll need money to pay for closing costs (typically 2-5 percent of the purchase price). And you should have a little money set aside to make any urgent renovations or necessary upgrades.
When it comes to real estate investing, is it better to buy-and-hold or fix-and-flip? The answer depends on your investment goals, your personal preferences, and your local market. Let’s looks at each strategy and figure out which is the better fit for you.
What is Buy-and-Hold?
Buy-and-hold is when you purchase an investment property for the long-term. Most investors start with a single-family home or small multi-family property (2-4 units).
You simply find a property where the rent will exceed all your expenses (as a general rule of thumb, investors like to see the monthly rent be more than 1% of the purchase price), then find reliable renters for the property.
The rents collected will pay down your mortgage debt, pay all your investment-related expenses (like taxes, insurance, and maintenance), and put money in your pocket every month for decades to come!
The world of mortgage financing can be a little overwhelming for first-time home buyers.
The good news is that there are professionals to guide you through the process of qualifying for a home loan. Lenders are happy to educate buyers on the different mortgage options. You just need to know a few basics so you can have a productive conversation with your lender.
Here are finance basics for first-time buyers:
When dealing with real estate transactions, finding a reliable lawyer presents valuable advantages especially in protecting your personal and business interests.
The practice of real estate law encompasses a variety of fields. Real estate attorneys are able to deal with more complex issues such as zoning problems and ordinances, environmental issues, or contracts and lease agreements. However, they can also offer indispensable advice and assistance to more common commercial and residential transactions.
Whether you’re buying and selling a house, investing in real estate properties, or in the middle of a simple legal issue, having a lawyer by your side makes the process easier. However, before you embark on the search for the best real estate lawyer to handle your businesses, you might want to take note of a few questions that will help you land the right attorney for the job.
So you’ve made an offer on your dream home, and the seller has accepted…what are the next steps?
Several things still need to happen before the deal can close, and the house can officially become your home.
The closing process (also called the escrow process) generally takes 30-60 days to complete. Much of the work is done behind the scenes by the team of real estate professionals handling your transaction. But you’ll also be involved in several of the upcoming steps.
Here’s an outline of what buyers can expect during the closing process.