Posted on 06. Jul, 2012 by admin in Info Buyer
Research rental properties. If you are thinking about buying a rental property, look at the records for this pertaining to the property for a couple years back or more. You need to make sure the seller is offering information that is both complete and accurate about the income potential of the property. In addition, you need these records to prove that a rental property has generated income in the past before you can get a mortgage on the property.
If you can?t make a traditional down payment yet, look into assistance programs. This along with the seller paying the closing costs will significantly reduce the amount of money you are required to save before you purchase a home.
Do your homework before buying a property. You should check a few important features for rental properties. Sustainability is important. Is the condition of the property good now? Are there potential problems that could increase the maintenance required? The second feature is the property?s location. Yes, location is extremely important for most rental properties. Your property will be more desirable if tenants have access to major shopping districts and services. The income of residents in the area is a third concern. Buying in an area that commands higher rents is more to your advantage than low rental communities. Location is less of a problem in areas with a higher rent than in neighborhoods with lower rents.
If you want to buy a new home, measure it wisely. Be certain that the square footage noted on public records and that listed by the owner are the same. If the numbers are not within 100 sq. feet, find out why there is a discrepancy; you may need to reconsider buying the home.
Just like any other product, your home should have a warranty. Anytime you purchase a new or older home, ask the builder or previous owner for a warranty. Reputable builders shouldn?t balk at warranting a new home for a little while. If the home was previously occupied, ask the previous owner to buy a home warranty so that you won?t be out thousands of dollars if things break.
Be flexible in your choices. While you might not get the perfect house in the community of your choice, you may be able to find something that works for you. If you can?t find a perfect house in a certain area, perhaps try a smaller home or a different neighborhood with a better house.
Make sure to contact people you helped to buy a house every holiday, and on anniversaries of their first day in the house. When they hear from you, they will be reminded of how much you helped them when they were purchasing their home. When a friend, neighbor or family member needs a real estate agent, your name will be fresh in their minds and they will suggest using you.
Buying a home may be the biggest financial transaction you will make in your lifetime, not to mention that it?s a big decision overall. The information that you have just read will help you make educated decisions about buying real estate. It will also help keep you from making some common mistakes as well.
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