Buying Real Estate for You and Your Loved OnesBuying real estate for your family is probably one of the most momentous occasions in one’s life. It’s both a scary, fun and exciting time. To ensure that you make the best decision possible, read the tips we have for you below.Tip No. 1: Find a great realtor. Not all realtors are created equal. Some are just after a sale, while others truly strive to meet your needs. Do your best to find the latter. It may take some time to find a great realtor but it will be worth it because his or her knowledge of buying real estate can save you a lot of money in the process. From finding the right home, to securing financing, to helping close the transaction, a good realtor can do wonders for you.Tip No. 2: Define your property needs and wants.Once you’ve found a great property agent, be as clear as you can about your property wish list.Be clear about what your NEEDS are versus your WANTS. The clearer you are, the better your realtor can meet your needs.Tip No. 3: Define your budget.Tell your realtor your max property budget and if you can extend this budget, what are the things that will make you bend that number. For instance, will you be able to find it in your heart to pay more for a bigger kitchen? a bigger garden? an extra bedroom?Tip No. 4: Consider the neighborhood.Some people are so focused on the property they want to buy that they do not put enough importance as to where that property is situated. It’s important for you and your family to be in a safe neighborhood so check out crime rates in the area. It’s far better to be in a smaller dwelling in a safe community than to live in a grand house in a deteriorating neighborhood.Tip No. 5: Shop around!Be sure you look at several properties before buying real estate.The more homes you see, the bigger the chances that you’ll end up finding The One. Also, looking at various homes enables you to discover what you like and don’t like in a home, which narrows down your property specs.Tip No. 6: Bargain!When you find your dream home, you may get too excited that you want to offer the asking price to secure the property… DON’T. Remember that there’s always a deal to be made in buying real estate. Also, be sure you check everything and not be blinded by excitement. For instance, does anything need to be repaired?If so, the costs for repairs can be made a bargaining point.
Buying real estate investments has always been one of the best ways to build wealth – but if you’re a new investor, it can be confusing when you’re first starting out. These are two of the most commonly asked questions.When buying real estate investments, what type of property should I start out with?Most new investors are still building up capital with which to start investing. So the first type of property you’ll want to start out with is one that will allow you to make money from your property right away. Landlording will require you to buy and hold property, so it’s probably best to save that for later (if ever), and buy properties you can flip right away for a profit.There are a lot of ways you can go about buying real estate investments with the intent to quickly re-sell, but tax sale property beats all other types hands-down. You’ll rarely find any other type of property that is free from a mortgage (free and clear, other than the taxes). And there’s a LOT of tax sale property in a recession, so finding a suitable property to buy is easier right now than ever before.How can I start buying real estate investments if I don’t have a lot of money?Tax sale properties are great in this respect as well. Properties that are in mortgage foreclosure are usually rife with liens in addition to the mortgage, and the owners aren’t thrilled to be selling. Tax sale properties, on the other hand, are often owned by people who are simply tired of owning the property for whatever reason. They inherited it, they owned it as a failed investment – whatever the reason, often they have made the choice to let it go delinquent.What this means for you is that if you approach these owners at the right point in the tax sale process – after the property has been “sold” at tax sale – you can often pick up the deeds to their properties for as little as a few hundred dollars. They don’t want it anyway!If you’re a new investor without a lot of cash, this can be the best way to get started. Very few other ways of property investing offer any opportunity for those that don’t have capital. With the inventory of tax sale properties continuing to be on the rise, this is the time to explore this avenue for creating wealth, if you’re really serious about buying real estate investments.