The must-read tips for house buying and selling. Get the scoop on finding the right real estate agent and home for you with UpNest online. AD #AgentsCompete
House Buying and Selling
The Tips You Must Know Before You Start
So, you are thinking about moving? Looking to buy or sell a house? Or just gathering information for future plans? I have some must-read tips that will help you find the house of your dreams with a real estate agent that is a proper fit for your needs and SAVE you TIME and MONEY.
Acquaint Yourself with Real Estate Terminology:
How will you know what is going on, if you do not understand the words and exactly what they mean? Do not be afraid to stop and ask for explanations. Check out this glossary of Real Estate Terms, Definitions & Dictionary — it is an invaluable resource.
Do Your Homework:
House buying and selling is not something most people do every day. So, it is important to really prepare yourself as best you can in order to get the most out of the deal. Don’t rush, DO some research.
- Know the Hidden Costs
Be aware that the price of the house does not include all of the costs. You will have added expense for Land Transfer Fees, Mortgage Costs, Home Inspection, Home Insurance, Title Insurance, Legal Costs, etc. Another thing to consider in the price department is how much you will be paying in Property Tax. You cannot go off what the previous owner is paying.
- Know the State of the Market
The state of the real estate market will vary according to the area. Find out if it is a seller’s market or a buyer’s market where you are looking to buy or sell a home. A Buyer’s Market is one where inventory lingers and sellers must get serious about price reduction, credits, and throw-ins or incentives. A Seller’s Market is when inventory remains below demand. Sellers enjoy control over prices and terms.
- Establish a Price Range
Buyers, get pre-approved for a loan. What is your monthly income? Make a list of your recurring monthly bills such as car payments, life insurance, etc. How much money do you have for a down payment? Then, you can factor in the research you have done with the hidden costs and the state of the market to determine a price range. Have a workable range, as different properties will have their own added operation costs.
Hire the Right Real Estate Agent:
Let’s face it, most likely, you are not an expert in house buying and selling. The purchase of real estate is a big deal, don’t blow it or make costly mistakes because you do not know the ins, outs, and legalities of the business. Hire a qualified professional. But how do you know if a real estate agent is right for you? Here are some things to consider:
- Check online Marketing Material and Listings
- Pay close attention to Photography, Video, and Descriptions (are they accurate, complete, complimentary but not exaggerated)
- Check profiles on LinkedIn, Facebook, and other social media. Read reviews. Get a sense of who the agent is and how they work.
- Narrow your search to three agents and meet with each, in person ideally.
- Ask for Sales Activity Reports, Existing Listings, and Time on Market Averages, plus the Local Requisite Comps.
UpNest is an awesome online resource for finding the right agent for your needs. It takes the pain and complication out of the process and helps you find a qualified and trusted local real estate agent. Plus, with UpNest, agents actually compete for your business, which means lower commission rates and thousands in savings for you! Take a look at this quick, easy and FREE online tool…
All you need to do is answer a few questions on UpNest and they will get you started in the process of finding the right realtor for you.
- Don’t hire a luxury home agent when you are looking to buy a farm. Make sure your agent is knowledgeable and experienced in your market, your needs, and your wants.
- An experienced real estate agent will know the best times for Open Houses, and how to initiate a Price War if your market allows.
- Never consent to a listing contract longer than 90 days in a seller’s market — you can always extend.
Learn the Community:
- Get to Know the Neighborhood
You are looking to live here and maybe raise a family here. Drive around the surrounding areas. Where will your do your shopping, get gas, find restaurants, go to the doctor or hospital? Where are the schools, and how are they rated? How are the roads? What route will you take to get to the highway, and how far is it?
Actually, WALK the neighborhood prior to making your purchase. Learn about the noise, traffic, and density of the community. You will be surprised how much more you can learn about the area by walking it rather than driving past. Get to know the locals, they will give you the inside scoop.
Consider the Costs of Owning and Operating the Property:
Different properties have different operation and upkeep costs. Know what you are getting into, especially if moving from city to country or vice versa. Research costs of maintenance and repairs, or added insurance costs. Some things to keep in mind:
- HOA Fees
- Sewer vs. Septic Tank
- City / Municipal Water vs. Well Water
- Utilities – electric and /or gas, internet capabilities
- Private Road – maintenance and upkeep
- Fire Hydrants – is there one on the property or nearby
- Creek, Pond, or any other water source on the property
You need to know if utilities are at the property ready for use, or if you will need to pay to have them brought to the property.
NEVER Skip the Home Inspection or Survey:
You want your house buying and selling to go smoothly and not have any problems when you move into your new home. The inspection and survey are vitally important whether it be a new-construction home, remodeled, or a fixer-upper.
- The Home Inspection will point out things you need to know. The seller will usually take care of any issues prior to your purchase. Be sure all required permits for the property are in order. ONLY make an offer SUBJECT on your approval of home inspection.
- A Survey tells you the exact borders of the property. You do not want to find out that a fence, shed, or a portion of your house is sitting on your neighbors land. Knowing the correct borders will help you plan and develop your property, and save time and issues in the future.
Make house buying and selling a snap. Let UpNest help you find your dreams…click here
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Contact Lorelai at Lorelai@LifeWithLorelai.com