Are you looking for waterfront property? This is perhaps one of the dreams of many an average person. Having a piece of property fronting a lake or the sea is something that makes you think of the ultimate relaxation, time off from your daily routine. If you have the means to purchase waterfront property, now might be a good time to do so. Before you do that, however, why not take a look at some of these tips to help you make the right choice?
Look for a specialized agent. There are a lot of real estate agents offering their services. Perhaps you may even have one already. However, if it is waterfront property that you are looking for, you should make sure that the agent handling your purchase is specialized in waterfront property. He will be able to provide you with information that you will be thankful for in the future. This includes points such as fishing spots, seaweed problems, and so on.
Take a look at insurance costs. Waterfront property may have higher insurance costs, especially if it is located in a hurricane-prone area. You should make sure first that you will be able to handle these costs and if the property is worth the premium.
Find a specialized inspector. Much like with the real estate agent, you would want to hire an inspector who knows what to look for in waterfront property. Aside from regular damages that may be present, an inspector specializing in waterfront property will know what to look for in terms of damage due to the weather and water.
If you are thinking about buying a house in the next year or so, you should be asking a different set of questions.
For starters, ask yourself if buying a home is the right move. Why are you looking to buy a home? Do you want to move to a more suitable house? Do you want to buy an additional home? Are you going to buy a new piece of property for investment purposes? At the outset, it should be clear to you as to why you are planning on buying. From there, you can proceed to the other details.
If you are planning on buying a new house for personal – not purely investment – purposes, here is one question that you should answer with all honesty. Never mind that you really want a new house, or that you “think” you can manage all the related expenses. Ask yourself this: If your household income suffers a drastic decrease (say half), would you still be able to manage the mortgage payments? If your answer is no, then I suggest you take a second – even a third – look.
Another question you should ask is about the interest rate: if the rates go up considerably (say 10%), would you be able to afford the mortgage? Again, if you are sure that such an increase will pose a problem for you, then you will have to re-examine your goals.
It all boils down to planning and a realistic view of the situation. Good luck in finding that dream house next year!
Are you feeling that your home’s value is depreciating over the years? Although this is quite possible, there are always ways by which you can increase the value of your home. And I am not talking about spending a lot of money in various home improvement projects! Think curb appeal. Think landscaping.
What better way to increase the appeal of you home than to pay careful attention to what the buyer will see when he first arrives than to make sure the surrounding landscape is nice to the eyes? Here are some tips on landscaping; tips that will not end up costing you and arm and a leg.
Color is key.
What you want is to have splashes of bright colors. You do not need to pay for expensive landscape artists. Get some potted flowering plants with colors of red, yellow, and orange if you want to grab the attention of buyers. If you want to present the atmosphere of calm relaxation, go for cooler blues and green.
Use artificial grass to cover up dirt.
If you have no time to grow real grass or you have no money to get the real stuff, why not go for the artificial? Just because it’s artificial does not mean that it is going to look ugly. There are many options when it comes to fake grass these days – look for those that have warranty for years (10 years if you can). That will surely be a selling point for you!
Make your place seem spacious.
If you have a fence enclosing the yard, cover it up with foliage and paint. Play around with these elements to create an illusion of space. More so, remove or rearrange clutter, such as lawn furniture.
When you’re looking for that perfect place for yourself to live in, it often takes a lot of time, patience and money until you’ve got the job done. But if you’ve done it right, you’ll have a great new place for yourself, which makes the investment well worth it. People tend to ignore the auxiliary expenses in the whole process though, and they can often add up to quite a lot – so if you want to be wise about it as much as possible, make sure you take those into consideration as well.
Phone conversations are easily among the most burdensome things in this regard – the number of hours you spend arranging your deals and checking out places can cost you a lot in your phone bill. A good solution to this problem is to use a calling card that comes with free calling plans. Depending on the people you’re commonly talking with over the phone, this can easily save you hundreds of dollars over the whole course of looking for a new apartment.
Free calling can benefit you not just by saving you some money though – it can also give you the benefit of having a phone completely dedicated to your apartment hunt, which can easily make the process more convenient and easily manageable for you. Just make sure, as we mentioned above, that you pick one with a plan that matches your situation – e.g. the people you’ll be talking to – otherwise you may waste more money than you’ll be saving!
I have lived in a condo for the past few years and I have to say I like it. I still want my own house one day, and I have no serious plans of buying a condo but I am very much open to the possibility. But what about buying a condo in a building that is half full? I actually have a friend who is considering renting to own a condo. His concern is that around half of the units remain unoccupied, despite the fact that the building has been operating for more than a year now. Is it a good idea to buy a condo under such circumstances?
There are some things to consider here. One, you have to realize that the amenities in the building do not come for free. Association dues and other charges cover these amenities. In the beginning, it may not seem much since the developer usually covers these charges. In effect, they subsidize the costs. In the long run, however, the developer usually pulls out, leaving the upkeep to the residents of the building. It does not take a rocket scientist to figure out that the more people who live in the building, the lower the costs. In the same way, the less people occupying the building, the higher the costs for each resident.
Considering this, it really is up to you if you think that it would be worth buying a condo in this situation. Perhaps the units will sell later on. Perhaps not.
I was watching reruns of the TV show Criminal Minds, when a thought for a post occurred to me. In that episode, the serial killer pretended to be a potential customer. He got the real estate agent (a woman) alone in a house for sale in a secluded neighborhood. The rest, as they say, is history.
While it is highly unlikely that you will find yourself in that exact same situation, it is quite possible to be in unsafe circumstances when you look at houses. Reverse the scenario. After all, you may not know who you are dealing with, and who is to say that unscrupulous individuals are not pretending to be real estate agents?
If you think about it, both real estate agent and potential buyers can be in danger. You never know exactly who it is you are dealing with. The only thing you can really do is to take certain steps to stay safe.
A cardinal rule is to always let people know where you are going and with whom. As much as possible, do not visit houses alone. Actually, even if you are with another person, it does not ensure your safety. At the very least, tell someone else what you are up to.
Another important thing is to find out everything that you can about your real estate agent. If you have been using this agent for a while, or he/she has been personally recommended, then you should be okay. But if you are dealing with a new agent, make sure that he/she is from a reputable agency.
You can also suggest a meet up in a neutral, populated area first. The real estate office is the best place. This way you can check out the legitimacy of their operations.
Do your homework. Stay safe.
While we’re on the topic of searching for an apartment, let us go into more detail. When you are actually taking stock of the units, you should go ahead and ask all the questions that are in your mind. Do not hold anything back. A good thing to do would be to actually write them down so that you do not forget anything. Here are some questions that you might want to include in your list.
How much are the utility bills each month?
Of course, you cannot expect to get the same amount as the utility bills will vary depending on your own consumption. But of course, getting a rough estimate will help you get an idea of what you will be getting yourself into. You can get a better idea if you mention the appliances that you will have and the number of people that will be living in your apartment.
Are the noise levels manageable?
Of course, the unit is not the only thing that you have to consider. You will have neighbors around you and if you are sensitive to noise, you have to make sure that the neighbors are not prone to all night parties and other noisy activities.
What is the cost of living in the area?
You have to make sure that you will be able to afford living in the area. Food sources, transportation, entertainment – all these things should be taken into consideration. Otherwise, you might be in for a surprise.
Are you looking for your own place? Maybe you have just decided to move out of your parents’ house. Or maybe, you have been living on your own for quite some time but have just recently decided to move to another place. You might have an idea of how much of a headache it can be to find an apartment. Here are some tips to help you find the perfect place for yourself.
Know what you want.
I think that this is the most important thing that you should do. Indeed, it should be the first thing that you should settle. Make sure that you know what it is that you exactly want. It would help to write down your “requirements” so that you do not accidentally forget a detail or two. Take note of the things that are non-negotiable and things that you are willing to compromise.
Be realistic.
You do have to know what you want but you have to stay realistic. You have to strike a balance between your dream apartment and the real world. For example, you cannot expect to get an apartment in a prime location for a few hundred dollars.
Take notes.
The chance are that you are going to go around and look at several apartments before you find the right one – unless you’re extremely lucky. In any case, having a notepad and pen (or a PDA!) will be handy. Take good notes. What do you like about the place? What don’t you like? These notes will come in handy when the time comes to make the decision.
A house is one of the most expensive things that the average person can ever buy. It involves long time commitment and a great degree of planning. Of course, mortgage is always part of the whole process. In the previous post, we took a look at some common mistakes that people make when it comes to mortgage. Let us take a look at a few more in order for you to avoid them.
Taking out too big of a loan
I have heard this rationale applied to many other types of loans. The person would think that since he or she is borrowing money anyway, he or she might as well go all out. Perhaps, in the future, his or her income will increase and it will be easier to handle the loan. Some people think this way when it comes to mortgages. But let me tell you, this is a surefire way of getting mired in debt.
Spending money does not stop at the moment of purchase. It is quite expensive to maintain a house, especially if you want to do it properly. And why wouldn’t you want to maintain your house the right way? Regular and proper maintenance will only increase your comfort and the value of your property anyway. So, instead of borrowing too much money, just borrow what you need and use your money on more immediate needs.
Settling for the first deal
This applies to so many other things when shopping – you do not settle for the first thing that you see. There are so many mortgage providers in the market today. They are all competing for YOUR business. Shop around, compare terms and prices, and try to get the best deal possible.
This may not be the best of times to apply for a mortgage. Then again, many Americans are feeling a renewed sense of hope after the results of the elections came in. If you are looking for a mortgage right now, I encourage you to do so carefully and avoid these mistakes.
Leaving your credit as is
Believe it or not, a lot of people actually just hope and pray that their credit will be good enough to get them a good mortgage. The truth is that you need a more than decent FICO score to get a decent deal on mortgage. Please do not leave your mortgage dealings to chance. Pay close attention to your credit and try to rectify errors in it before you apply for a mortgage. You will certainly appreciate the difference it will make.
Not looking into various deals for first-time home buyers
If you do not know it yet, the government has various programs for first-time home buyers. These programs are run in different levels – state or city, even county. If you are buying a house for the first time, I suggest strongly that you look for these deals. It won’t require much effort but the rewards are tenfold.
Thinking that pre-approved loans are not necessary
Ok, maybe they are not necessary but having a pre-approved loan will make you a priority in the eyes of real estate agents. Do not make the mistake of thinking that pre-qualified and pre-approval mean the same thing. The former is an unwritten thing – no guarantees – while the latter means that you really do have a loan ready for the purchase.
(to be continued)
