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Posted by John Boey on 4/28/2019

First-time homebuyers are prone to making a lot of mistakes when it comes to picking a home, due to many reasonsóone of which is just plain old inexperience. If you plan to buy your first home soon, these are a few things you want to avoid.

  1. Not having a budget. It might surprise you to know but a lot of first time home buyers donít have a spending budget before they start looking. Or sometimes, they look at houses that are way over what they can afford and end up spelling more money than they ought to. It's always better to clearly define what you are willing to spend on the new house and stick with it. That way you have a more comprehensive search scope that you can share with your realtor.
  2. Being overly emotional. Sometimes you see a house that looks like the builder intentionally had you in mind. But sometimes it's better to put your emotions in check because it might reduce your bargaining power with the seller. Being too excited might even make you oblivious to specific reasons why the home may not be a good fit for you.
  3. Not factoring additional costs of renovations and home improvements. Having a budget and firmly sticking to it is not enough, you also have to take into consideration the costs of any home additions or repair work you think of doing. You want to change the lamp fixtures or faucets in the showers? Be prepared to spend a little more.
  4. Underestimating the costs of maintaining the home. Sure, you get to buy the house at a giveaway price but have you stopped to consider what it will cost you to keep the house in that condition? Lots of first time home buyers don't do this. Electricity bill, gas bill cable bills, and even homeowner association fees are things that any home buyer should consider before concluding on any deal.
  5. Not hiring an agent. Winging it on your own is probably the most common mistake first-time buyers make. In a bid to save some money, they neglect to hire an agent of their own and choose to work directly with the seller or even worse, the sellerís agent themselves. More likely than not, whatís going to happen is a novice buyer who finds himself outclassed by an experienced salesperson.

Whatever you do, avoid these mistakes by contacting a real estate professional in your area.





Posted by John Boey on 4/7/2019

If youíre in the market to buy a home soon, you probably have a long list of things to look for. You also are most likely focused on savings and shopping around for the best mortgage rates. You may know everything that you should do when youíre buying a home, but has anyone told you what you shouldnít do? Read on to discover some of the worst practices of people searching for a home. 


Lack Of Research


You need to search for a home before you even set out to look at properties in person. While youíll want to work with a realtor, you should know what you want before you start working with him. Your agent will be able to set up alerts for you that enable you to see properties put on the market as soon as they become available. This search will be tailored to your wants such as a large yard, master bathroom, or separate dining area. If you understand what your needs will cost you in relation to your budget ahead of time, working with a real estate agent will be a more fruitful experience.


Not Letting Your Real Estate Agent Do Their Job


Real estate agents are experts in the housing market. Your agent will research prices and help you to understand what a reasonable offer on a property will be. Your agent has the tools to get you the information you need to make an informed offer on a property. Sellers get insulted if an offer is well below the asking price. Trust that your agent knows what heís talking about. 


Youíll have a close relationship with your agent throughout the house hunting process. Youíll need to make arrangements with your agent to go to open houses and home showings. Your agent will accommodate you to the best of his ability. All you need to do is communicate with them. 


Not Looking Beyond The Online Search


If you are out and about and see a property for sale that interests you, donít assume that itís out of your reach. Sometimes the online searches miss things. A property may include (or not include) something that youíre looking for. You can take down the address where you saw the ďfor saleĒ sign and speak with your real estate agent about it.


Skimming Over Properties


When you have the opportunity to look at a property, really take the time to view it. You can miss a lot of details by quickly going over a property due to your first impression. Thereís a lot of things that you may not see if you donít look at the details of a home as you walk through it.       





Tags: house hunting  
Categories: Buying a Home   Real estate  


Posted by John Boey on 7/15/2018

Before you even start the home search, research is key. There are a few areas that you should look closely at in every home that youíre touring in order to make an informed decision about each property and your future in it. 


Check The Foundation


When youíre walking around the home, note creaky floors, cracks in the walls, and water drainage issues. Maybe you wonít even be able to see if the foundation has any cracks in it or not with your own two eyes. A certified home inspector will, however, be able to tell you what is happening on the property. Cracks in the foundation or major foundational damage can be incredibly costly to you as a homeowner. Youíre going to want to know about these issues ahead of time. 


Do Some Investigating


Taking a walk around your desired neighborhood can give you a lot of valuable information. You may be able to talk to neighbors who will give you a bit of information about a property. Even wandering around the neighborhood or attending yard sales can help you to see whatís going on, if you can see yourself living there, and if there are any major issues that you should be aware of. 


Be Likable


Sellers prefer to sell a home to a buyer who they like. if you see that you have something in common with the seller like the fact that youíre both veterans, you should send a letter along with your offer to let the seller know your connection. Itís also helpful to send an offer letter that lets the seller know how much you love the house and that you can see yourself living in the home. It never hurts to add a personal touch to a home offer.  


Keep Your Options Open


Just because a home doesnít consist of the modern decor you picture yourself living in, doesnít mean it canít be changed. If a home happens to be older with less present-day decor in it, be sure to keep an open mind as to the potential that the home has for you.


Make A Strategic Offer


We know that prices that end in 9 are a bit more attractive to the psyche than prices that end in a flat zero. If the asking price for a home is $310,000, you may be tempted to offer $320,000 to shell out the competition, but you may be better off offering an odd number like $312,000. Sometimes a small difference makes a big impact in the eyes of the buyer. Work with your realtor to see if a home youíre interested in has any other offers. Your agent can help you to find a good price point for your offer as well.





Posted by John Boey on 1/7/2018

When you sell your home, it may be tempting to just try and put your home on the market yourself without any assistance. By hiring a real estate agent, youíll have a insurance policy of sorts that allows you to know that everything is taken care of throughout the process of selling. The general goal in selling a home is to sell it as fast as possible for the most amount of money that you can. A realtor should do a bit more for you than simply post the home and hope that it sells. Hereís what a great realtor who is looking to be an advocate for their sellers will do for you:


Put The Home On The Market For The Right Price


Selling a home at the right price is the single most important thing that can be done in the entire process. A good sellerís agent will pinpoint the right price for your home. If the home is priced too high, there will be no interest in the property. People will believe that the price can only come down. If the price is set too low, a bidding war can ensue, or buyers may wonder whatís wrong with the property. Thereís many different formulas and methods that agents will use to price the property right. The important thing is that the agent does his research.


The Market Needs To Be Marketed


Marketing is one thing that agents should be good at. A good sellerís agent will take good photos of a property or hire a professional photographer if needed. The photos and videos that are put up online are a big part of how homes get sold. Buyers want to know the property before they even see it in person. A realtor can help make this impression visible online.


Communicate With You


An agent should keep their sellers informed about whatís going on in the sale of their home. Even if offers havenít come in, realtors should be getting in touch with their clients regularly to update them on home showings, concerns, and open house dates. A good sellerís agent will regularly communicate with you throughout the sale of your home. At the start of the sale, youíll know a realtor is a good fit since theyíll return your calls and e-mails promptly.


Be There For The Home Appraisal


When youíre selling your home, the appraisal can be one of the most nerve-wracking things that occurs during the entire process. Your agent should attend the appraisal to help clarify confusion and answer the appraiserís questions. The realtor will be educated on the recent updates that have been made to the home. These are what add immense value to the home.





Posted by John Boey on 10/29/2017

Buying a rental property is often one of the best things that first time home owners can do. They will often live in one of the units, and rent out the other units of the home. Thereís many things to consider before you buy a rental property. Here, weíll break down the good and the bad of being a landlord and owning your very own rental property. Weíll also show you the steps that you should take before you sign on the dotted lines. Gather As Much Information As You Can Before you make the decision to become a landlord, gather as much information as you can. Talk to people who are landlords and who own rental properties. See how people feel about living in their own rental properties. You can also read and research as much as you can on the topic for a broad perspective. Consider If Youíre Ready To Be A Landlord Thereís so many things to consider when it comes to buying a rental property. One of the biggest things to think about is if you truly are ready to become a landlord. Thereís a lot of responsibility in being a landlord. Also, youíll need to be prepared to deal with tenants and various problems that may come up with the property. Before you make the leap to becoming a landlord, think long and hard about how youíll handle the responsibility and time commitment. Make Sure You Have Plenty Of Cash On Hand To purchase a rental property, youíll need to secure a sizable downpayment for the mortgage. Itís also important that you have a reserve of cash ready for repairs that may need to be done around the building before it can be rented out. Youíll most likely need to spend some money first before you start making money on your rental property. Decide If You Want To Live On The Property For first-time homebuyers, purchasing a rental property and living in it can be a great decision. Youíll save on your monthly mortgage all while building your own capital. While you donít always have to live on site when purchasing a rental property, itís a great financial option to consider. Think About Hands-On Management While you may decide to pay someone to manage your rental property, you may need to deal with all aspects of your property yourself at first. Part of the job will include dealing with tenants as well as scheduling and assessing repairs. You should estimate that about ten percent of the rent that is collected will go towards these purposes. As a landlord, youíll also need to be sure that the tenants you house are dependable and that the building is in the best shape it can be in.  







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