Tips For Buyers
No one wants to contract a case of buyer’s remorse. You know what I am talking about. It is that feeling that you’ve either paid too much or received too little. In most cases, there is no recourse for the buyer to receive recompense once the contract has been signed.
If no one wants to catch a case of buyer’s remorse, why are there so many people out there who suffer from it? The answer is simple, most of these people engaged in a transaction without enough knowledge and information.
The best way to make sure that you choose the right home is to properly prepare yourself. The purchase of a home is a tremendous investment, both monetarily and emotionally. The purpose of this page is to in provide you with some tips that will help your transaction progress smoothly and result in you being a happy homeowner.
Remember, if you have any questions I am always just a phone call or email away.
- Get help. Your home is likely to represent one of the largest investments in your life. In order to make sure that the transaction goes smoothly it is of vital importance that you choose the right agent to represent your interests. The right agent will be someone whose experience and personality makes you feel comfortable. You should try to find an agent that is familiar and knowledgeable about the area you plan to move into.
- Get pre-approved. Do you already know how much home you can afford? There is nothing more frustrating than looking for a home, finding the perfect home, and then discovering that it is out of your price range. Speak with a lender to learn about the different financing options available to you. When you find the right lender get the paperwork processed so that you will be ready to buy when you find the right home.
- Avoid major purchases. In order to determine the amount of home you can afford a lender uses your debt-to-income ratio. This ratio is the percentage of your pre-tax income that you spend on debt. Your debt ratio will include: monthly housing costs, car payments, credit cards, student loans, and any other installment debt. If you take on more debt right before buying a home it is going to have an impact on the amount of the loan that the lender will finance.
- Sign up for Property Watch. In order to make an educated decision you need to know what is available and how much it is going for. You can browse all the active listings from my website. Once you have found some homes you like save those searches and sign up for property watch so that new listings will be emailed to you. The best homes move fast so you need to make sure that you are on top of the available inventory at all times so you do not miss out.
- Ask Questions. No one knows the home better than the seller of the property; however it is not always in the seller’s best interest to disclose all the information. If you find out the seller’s motivation for selling you might be able to negotiate a better deal on the home. Try to find out the last time service was performed on the roof, furnace, and water heating. Asking the right questions now can end up saving you a lot of money in the long run.
- Get inspected. The last thing you want to discover after you have bought a home is that you have purchased a “money pit”. By “money pit” I am referring to a home that is full of defects that are going to end up costing you a lot of money. Save yourself a lot of time in future litigation and renovation by bringing in a licensed home inspector before you buy. If any problems are found it will steer you away from a bad decision or help you negotiate a better price.
Thinking of Selling your Home?
Home improvements to increase value
There are two reasons for pursuing home improvement projects:
- Just Want To Do It — You want some new features in a home to improve your family’s quality of life, but you don’t want to leave your current home.
- Really Need To Do It — You want to make your home more marketable to maximize return (or minimize loss) and speed up the sale process.
In the right market conditions, a project might fit into both categories. Other times, though, the two approaches will conflict:
Just Want To Do It — In situation A, the project is perceived as a necessary or worthwhile improvement to your family’s lifestyle. Say you have two or three teenagers in the family and the morning bathroom situation is completely out of control. It doesn’t matter if an additional bath generates a 150 percent return on investment or actually decreases the value of the home (unlikely, unless you’re a completely incompetent do-it-yourselfer with a bizarre design sense). The economic impact just doesn’t matter. If you have the money for a new bath and you don’t want to move — you add the bath. It’s that simple.
Or say you’re a barbecue fiend and the only feature missing from the dream home you’ve just purchased is a sprawling backyard patio with a natural-gas grill custom-built with flagstone and river rock. Again, return on investment just isn’t going to be a critical question. The improvement becomes more comparable to purchasing a depreciating asset that you feel is a necessity for your lifestyle — such as an automobile. When the barbecue aficionado adds a deluxe patio to a home that’s already the most expensive property in the neighborhood — perhaps destroying the entire backyard in the process — there’s a good chance that very little of the cost will be recouped in a subsequent sale.
An even better example might be a pool. If you’re a person who simply has to have one — fine. Put in a pool. But it’s probably worth checking with a real estate professional first, just to make sure you fully understand that adding the pool might actually lessen the property’s value and make it more difficult to sell should you later decide to move. That’s the reality in many markets. That doesn’t necessarily mean you shouldn’t do it, especially if you’re planning to live in the home for the rest of your life. It just means it’s worth knowing the cost and salability impacts at the front end — even if they’re not going to deter you from pursuing the project.
Really Need To Do It — The “type-B” home improvement project is pursued primarily to increase the property’s salability. In turn, this often increases your return on investment. A good real estate agent can advise you of possible improvements that will attract more potential buyers and also pay for themselves either through increasing the home’s value or through shortening the time it takes to sell the home.
Here we’re typically talking about projects such as: painting — either because the existing paint is in bad shape or is an unusual color; replacing carpets — again because of age, color or style; repairing or resurfacing a cracked driveway or sidewalk; refacing kitchen cabinets; and trimming or removing overgrown or unattractive landscaping.
While spending several thousand dollars on your home right before you sell it might not sound very appealing, it’s not uncommon for the right work to more than pay for itself in a higher selling price and shorter marketing time.
Consult with an experienced real estate agent to learn what improvements will make your home more marketable in comparison to similar properties that are now — or recently have been — on the market in your area.
People relocate for a number of reasons. Some of us move for new work opportunities, some of us move to be closer to family, and some of us move just for the adventure of new places and opportunities.
Whatever the reason for your relocation, it is bound to be a time that – though exciting – will also be hectic. There are so many details that you need to take care of as you move out of your familiar environs and move into an unfamiliar community.
To minimize the stress of this move you need the assistance of a qualified professional who has an intimate knowledge of the area to which you are relocating. Our company has helped numerous families with the transition to a new neighborhood and we are experienced at making this process as painless as possible.
Please fill out the form below to receive a free Relocation Package custom tailored with the information you need. Whether you are moving across town or across the country, we will make sure that your move is quick and painless.