For Buyers

Home Buying Tips - Your Own Home

1. Start with your lender. Find out how much you qualify to buy and what payment that translates into. Your comfort level may be lower than what you qualify for, but you should still know your maximum. Find out what your closing costs will be, what kind of financing you are doing (and what choices you have there and the pros and cons of each), and what your down payment will be. Know how much cash you’ll need on hand to cover your down payment, your side of the closing costs, and your buyer commission. 
2. What are your big wants and needs in the home – size, number of bedrooms, yard size and type, what home amenities do you want, what neighborhood amenities do you want, what amount of fixing up are you willing to do, what tradeoffs will you make, and which things are non-negotiable.
3. What area do you want to be in? Near what? Will that area cost more in taxes, or require flood or wind insurance? Are there HOA fees or CDD fees (they will reduce your buying power)? Again, what tradeoffs are you willing to make, and which things are most important to you.
4. Negotiate price on what you know or think you know about the condition of the property. Do not expect the seller to fix everything once you have an inspection. The only things that ultimately matter are the things that are on the 4-point inspection report necessary for insurance – HVAC, roof, electrical and plumbing. Anything beyond that may end up being what you take on to fix after closing. If you need to negotiate having the seller pay any of your closing costs and/or commission expect that they will be looking at their bottom line and may then ask for a higher sales price, to possibly be above list price. Especially if the property is new to the market. 

 

Home Buying Tips - Investment Property

1. Same thing, start with your lender. If you are not going to be living in the property and in some cases even if you are, you may be required to put down 20-25% of the purchase price as a down payment. Run your numbers with your lender BEFORE you start to look for property.
2. Get a financial statement on the property before making an offer or make the offer contingent on getting it and having time to review it properly. See what capital improvements have been made in recent years and what has been done on maintenance. Do not just look at gross rents or the most recent year’s expenses. Deferred maintenance and capital expenditures may need to be done soon after closing.
3. Make sure you have figured in a vacancy and collection line item to your financial plan. Over time you will have units sitting vacant, possibly for months. And you will have tenants who do not pay the rent and you must go through the time and expense of evictions.
4. Do not buy property just because it will make a good Air B&B. Unless you are prepared to be the maid service, and have laws change that change how you can use it, and have your expenses go up and the income go down, just don’t. 
5. Evaluate the market for other rental properties. See what rents are going for and the percentage of homes being rented. Your competition will determine your potential income and profit.

 

Home Buying Tips - On Any Purchase

1. Are you planning to own it for at least five years? If not, don’t buy. It doesn’t matter what kind of market we are in. No one can predict the short term future, it’s too volatile. You have to pay closing costs when you buy, closing costs when you sell, and be able to appraise at a high enough value to cover both as well as a reasonable profit. Statistically it will be generally back up in five years, so you would be fine. But if you must sell within that time there are no guarantees you would get your investment back.
2. You can’t have it all. The good fairy of real estate did not put it all there for you, where you want it, at the price you want to pay, in the condition you want to have. Be realistic and adjust to what the market has available.
3. What area do you want to be in? Near what? Will that area cost more in taxes, or require flood or wind insurance? Are there HOA fees or CDD fees (they will reduce your buying power)? Again, what tradeoffs are you willing to make, and which things are most important to you.
4. You will know it when you find it. It might be the first place you look or the tenth (if you must look at more than that your agent did not get enough info from you to do a good job). You toes should curl, the little hairs stand up on the back of your neck and you just know you’re home.

Buyers, Inquire Here

Thinking of buying or selling? Contact me today! You will be glad you did.

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