Before You Purchase Your New Home

Before you start searching for your next house, these following tips will help you decide on what features you need in a home, help you prepare to move, and get your finances in order. Remember to take your time when looking for your next home. If you need a mortgage for your next purchase, finding the best program will involve some research and many questions to figure out your best option. There are countless mortgage options and down payment assistance programs available. Once you have your mortgage financing in order, determining the best location, features, and price range of your new home will take patience and the help of a devoted real estate agent.

Before you look at your first house, you should review your credit report and check it for inaccuracies. Once per year, you can get a free copy of your credit report at: annualcreditreport.com. Before you contact a bank or mortgage company, review the report and clean up any past issues and make sure there are no inaccuracies or mistakes. To qualify for a mortgage, you will need to meet the minimum credit qualification standards.

If you are a first-time buyer or have had credit issues in the past, it is a good idea to talk to your family and friends and ask them to refer a mortgage professional that they have had a good experience with when they applied for a mortgage. To apply for a mortgage, you will need at a minimum the following documentation: pay stubs, bank statements, tax returns, and other personal information. If possible, try and meet your loan officer face to face. This will give you peace of mind and reduce stress. If you are concerned your mortgage could be denied, be sure that you apply for a fully underwritten mortgage pre-approval. A pre-approval will take longer to complete than a pre-qualification, but it will eliminate unforeseen issues such as: employment history verification, residencies history questions, verified funds, past credit issues, and other potential problems. During the pre-approval process, your loan officer should thoroughly review any mortgage programs and down payment options that may benefit you.

Once your pre-approved for a mortgage. Review your budget and determine the maximum monthly mortgage payment that you are comfortable with and the total funds you have available to purchase your new house. When buying a house, remember to include all expenses, such as: upfront costs (appraisal fee, insurance, warranties, and inspections), down payment, closing costs, and moving expenses. Both the real estate agent and mortgage loan officer should be able to give you an itemized estimate of the likely expenses associated with purchasing your new home.
Next determine, what features you need and want in a house and what cities would be the most desirable to you and your family?There may be many well maintained and affordable homes available in your search area that have the features you are looking for. Make sure you prioritize your desired features. You may not be able to get everything on your wish list, but knowing what your requirements are before you get started will make your search easier.

Once again, you should talk to your family and friends and ask them to refer a licensed real estate professional that they have used in the past. You may spend a lot of time discussing home options and looking at potential houses with your real estate agent, so it is important to be able to rely and trust their opinion and expertise. Knowledgeable real estate agents should be able to listen to your wants and needs in a house; then be able to honestly tell you what you can afford and the areas you can find the most house for your budget.

What You Need to Know When Moving to a New State

1. Does it have facilities that you need on a daily basis?

You do not want to move to a new location and find that there are no grocery stores for you to get vegetables; you need to drive miles away. And it is not just a matter of availability; they should also be stocking commodities which are required daily. It should be convenient for you to shop at any time of the day. There should be schools, drug stores, hospitals and other important facilities near the new location, they should be accessible anytime of the day and night.

2. How is the environment, is it conducive to your needs?

Do you need a quiet neighborhood, or don’t mind the noise? Do you have children? Will they have an easy way to get to school? Does it snow in the winter, if so how good is the plowing service? How good is the garbage collecting service? are there nearby recycling centers? There are so many questions to be asked about a new area. It pays to ensure you have as much information as possible before deciding to move. You will enjoy your new neighborhood much more if the environment accurately fit your needs.

3. Who are your neighbors?

They say that we may not have the power to choose our neighbors but when you are planning to move, all the power rests in you. Although it might not be possible to know what kind of a neighbor you will have by just looking around or having a little chat, getting some information no matter how little could make all the difference. Avoiding a potentially negative experience with a neighbor can save much trouble and heart ache. It would always be good to know who your neighbors are, do they have lots of late night parties, do they have a son learning drums? or maybe they have children at the age as yours or old enough to babysit yours? Having information about the residents in a new neighborhood is extremely valuable.

4. How much will it cost to move?

Although this should not influence your decision to buy a property, you will need to consider this as some planning is required. Moving to some places can be expensive given the few movers in the area and also the attitude of the movers. You need to consider the cost if you have other home options, and are finding it difficulty to choose. It should not be overly expensive to move. Go for places where moving expenses are low, if all the other factors play out to your advantage.

5. Can I afford the lifestyle in my new location?

You may be moving to a location where life is a bit expensive compared to your current area. It might be a place where residents have to cut a niche for themselves. Do not go to a place where you may be forced to spend more than you can afford to keep up with the lifestyle. Move to a location where your income allows, do not struggle to pay your bills, you may be moving out to get a peace of mind only to start a life of endless debts, misery and stress.

It pays to consider these questions when making this crucial decision, it will make your move easy and enjoyable.

How to Rent a Home Safely

Renting a home can be tricky, and finding ways to make it a safe transaction take some time and diligence. There are different considerations that must be taken into account depending on whether you are a renter or a landlord. Let’s take a few moments to look at both sides.

Renting – the landlord side

There are a wide variety of reasons that you might have to rent out your house. Perhaps you are in the military and you are being temporarily assigned to a new duty station. Or you need to get a little extra income and you have space in your house for a college student to live in. Each of those reasons is perfectly valid, and has a different set of factors that have to be considered before the tenant moves in.

For everyone you rent to, a background check is always a good idea. It will cost you between $25 and $100, depending on how deep the check goes. The last thing you want is to be stationed in Germany, helpless to deal with a tenant who has damaged the house.

Second, you will need to find out if there are any additional costs involved in renting, like fees or taxes you will owe to the city for being a landlord. There may also be HOA considerations to be met or additional dues that have to be paid. You will also need to be financially able to handle the times when your house is not being rented, because that mortgage won’t go away.

To help oversee the tenants and to make sure your rent is collected properly each month, particularly if you will not be living on-site, consider hiring a property manager who can be your representative.

Make sure you also have enough of the right kinds of insurance beyond homeowner’s insurance. Your agent can help guide you so you have all of the right coverage.

The easiest way to determine what you should charge for rent is to do some research using sites like Zillow, Trulia, or Home Finder. This will give you an idea of what comparable homes are renting for. If you are only renting a single room, look at the apartment sections to get an estimate of a fair rent amount.

Renting – the tenant side

As a tenant, make sure you take out renter’s insurance to cover your own property and belongings inside the house or room. Your landlord should also have a rental agreement or contract for you to sign that will protect both of you legally.

Check other rental units in your area to see if the room you are considering is fairly priced. Do a quick Google maps search to confirm what you are looking at is the same as what you see when you drive past the place. And, when you contact the owner, make sure he or she is ready to meet with you or have his or her property manager meet with you if the owner lives out of state. Mailing you keys, rents below market value, and a Google search that turns up empty are all red flags of places to avoid. Also, if the landlord wants you to wire money to him or her before anything is signed, walk away and be glad you didn’t fall into a scam artist’s trap.

Whether you are the renter or the landlord, a little prep work ahead of time can save you a ton of grief later.

All The Real Estate Basics For Beginners

There are several methods of making good money in the real estate industry. In case you do have the right amount of capital then you could easily create a consistent cash flow of profits by investing in the right property. There are various basics of the real estate industry, which could help you in making good money here. All you have to do is to use some of your knowledge and skills to survive in the industry and then you’ll be able to become really successful here.

Selling Properties

Having a career as a real estate agent can prove to be really rewarding if you do know what to do with your skills. The best way to utilize your skills for making good money is to sell real estate properties. As we all know that agents in the industry are paid commissions and by earning even 2 or 3 good commissions you’ll be able to make a lot of money. Even if you don’t have any prior experience of selling properties, you don’t have to worry about anything as this industry would surely offer you something good.

Property investment

Investing in the real estate sector is an impeccable way to make some passive income. You could easily buy a property and rent it out at good rates. This would surely allow you to make some good profits over a long period of time. All you have to do is to find the right area or locality where you could invest your money and earn some good income.

Flipping homes

Another major income earning proposition in the real estate industry is to buy a distressed house, redecorate and design it and eventually sell it at a good rate. This is basically flipping of homes for making good profits. A lot of good investors do this from time to time because they do know the fact that there is a lot of money in the industry. You could even take up a loan for purchasing such a property at good rates.

Occupants in Common

A simpler method of getting into the field of real estate investment is to bring together a large group of family members or friends to purchase a large piece of property. This is the best way through which you could save a lot of money and also reduce the total financial burden on each of the investors.

So, what are you waiting for? Go ahead and go through these real estate basics for making good income.

Why Are So Many Single-Family Homes for Sale

Single family home listings are pretty common right now. But why? This is where economics comes into play. Homebuying happens to be a momentous event in the lives of many people. It is a part of life that many people forward to. It is a rather accomplishment to be a homeowner. However, there has been a string of events that have occurred in the lives of tens of millions of people who should be purchasing homes right now. Since these individuals are not purchasing homes right now, single family home listings are pretty common. Because the demand for them is low, so is their price.

Single family home listings may be common and cheap to purchase but what is not cheap is renting. Since so many people are opting to rent instead of buying rent in some cities has gotten out of control. Government agencies have had to step in and pass laws known as rent control due to rent skyrocketing. In some cities and states in the United States, working minimum wage full time will not compensate a person enough to afford a two-bedroom home. The increase in rent is dictated by economics. Because the demand to rent is growing, so is the price.

Many people would actually prefer to purchase a single-family home over renting. So why don’t they? Poor credit scores damaged by a failure to pay student loans has something to do with this. In addition, the lack of a savings has something to do with this as well. Many millennials do not have an account filled with money that would allow them to put a down payment on a home. A lot of lenders are bit concerned with lending a home loan to a person who has loads of debt, especially those that have loads of debt that are currently not being paid off.

Single family homes are often the first type of homes people decide to purchase. They’re great for a single person, couple or family. They can come with a host of amenities. They can be small or large. Purchasing one of these homes would be an accomplishment and investment for anyone who has the money or is interested. Single family home listings are common pretty much everywhere. You can search online for any type of single family home listings williston nd is one area where you can a good selection of single-family homes available. You must understand what you want in your home first before making the commitment to purchasing one.

If you are new to homeownership keep in mind owning a home is much different than renting one. Owning means you have to be fully responsible for every aspect of the home. Get your finances together ahead of time. Leave room in your budget to afford a mortgage, maintenance and property taxes. Home ownership is a great accomplishment. It is part of the American dream. Single family homes are great to start out in

Important Tips for Selling Your Luxury Home

If you are an owner of a luxury home desirous of selling it, you might be surprised and disappointed to find that there are not many takers for it. The reason behind this reluctance is the fact that people do not want to spend an astronomical sum in buying a residential property. It is like maintaining a white elephant that does not guarantee returns on investment. You must make sure that you keep the luxury home in top condition so that it is able to attract prospective buyers. Also, you need to advertise it aggressively so as to find buyers willing to give your asking price.

Correct Pricing is the Key to Quick Selling

It is understandable if you are deeply attached to your home. But your love and appreciation for your home should not dictate the asking price you set for it when trying to sell it. If you set this price too high, you might be disappointed with the response of the interested buyers. It is a good idea to hold consultations with a real estate agent in your area to set the asking price realistically. He knows the prices of similar properties in the area that have been sold recently and so there is no reason not to believe him in this regard. However, you can double check this information by comparing the figure with the asking price of similar properties currently listed in the market.

First Impressions Are Often the Last Ones

If you are lucky enough to receive a flurry of interested buyers, make sure you are able to hold and sustain their interest through a property that looks beautiful at first glance. Just imagine how a prospective buyer feels when he comes to buy a dream house for his family and sees a structure that looks old and tattered. If there are lawns in the property, ask a gardener to spruce things up. Get the entryway cleaned with high pressure steam and also get minor repairs fixed to give the visitor a good impression.

Use Aggressive Marketing to Tell People about Your Property

There are all sorts of buyers from passive to active in not only domestic market but also at the global level looking to invest in properties. Most owners make the mistake of targeting their gun on rich people thinking they are likely to be interested in buying a luxury home. There are many middle class people who are attracted to the idea of owning luxury properties through financing. Spread the word about your luxury home through print and electronic media and do not leave social media platforms behind. The more you advertise, the higher the number of people across whom the message goes about your property.

Show Patience When Selling Luxury Property

Luxury property is not like an old iPhone or a pet that can sell pretty quickly in your own locality. You have to be prepared for grueling rounds of negotiations with prospective buyers to be able to sell the property at a desired price. Do not jump on to the initial offers you get but also do not reject them outright. If you show patience and wait for sufficient time, you will definitely find a buyer who can pay your asking price.

Hire the services of a real estate agent

It is a long and tedious procedure trying to sell your luxury property. It is a prudent idea to hire the services of an experienced agent who has the experience of dealing in such properties in the past.

• Huge Clientele

A real estate agent has high profile connections and huge clientele when it comes to home buyers. He/she knows how to sell your home to the perfect buyer within no time. On the other hand, not being a professional agent, you don’t know as much home buyers as he knows.

• Perfect Home Value

Sometimes, home sellers find it difficult to sell their homes on their own and the biggest reason for not being able to sell home is that they usually overprice their home and don’t analyze the contemporary market prices. However, professional and experienced real estate agents help them price their home perfectly so that that may get more potential home buyers quickly.

• Convenient Process

Professional realtors make the selling process convenient for the home sellers. For instance, there are many home sellers who don’t want to get involved in documentation or to deal with home buyers all the time. Here the agents will help you and get your home sold by potential home buyers.

• Motivation to Sell

Selling homes is their professional and they’ll get their commission only when they sell a house. So there is enough motivation for them to delicately sell your house to potential home buyers.

Contact A Real Estate Agent To Buy Property

The best rates for properties are in the United States. Most buyers find real estate agents to be helpful. Families choose to buy a property that can be fixed up. There are many new homes for sale salt lake ut. Renters usually take the time to look for better opportunities to purchase a new home in Utah. The area is known for having lakes that cover 1,700 square miles. Some residents choose to fish or boar. Salt Lake is a great place to retire. Some residents enjoy leisure walks around Salt Lake. The city is known for its brewery and social life.

Residents can choose to travel to locations to ski or purchase gifts. The area can offer a great educational atmosphere for children. Most children enjoy museums and hiking trails. There are national parks where families can enjoy picnics. Real estate agents are available to help families that are interested in purchasing property in Salt Lake, Utah. Residents want to learn more about properties surrounding a lake. Real estate agents want to speak to renters that are ready to purchase property in Utah.

There are restaurants for travelers and residents. The restaurants give customers a chance to taste cuisines. Most meals are provided from the lake. There are sightseeing tours and nature trails for residents. Salt Lake has historical sites that allow children to ride trains and see the lake. Buyers can enjoy camping trips with their families. Most residents choose pottery classes or painting classes. Real estate agents are ready to help buyers find great locations in the city. Buyers can find Salt Lake a nice area to purchase a property. Families will have great camping trips and sports activities for enjoyment. Renters are ready to buy land and homes in a great area.

Salt Lake has the property for residents or renters. Renters can choose to relocate and start owning their property. The fun activities will keep children happy and parents interested in traveling. Salt Lake has plenty of activities for families to do. Residents choose to retire in Salt Lake for a peaceful environment. Real estate agents want to help to provide any information needed to purchase a nice property. Buyers can locate the property in Salt Lake, Utah. There is a great quality in the lake and historical monuments. Buyers should contact real estate agents to start the process of owning a property. Renters should think about buying a house to have a way to keep their families together.

The air in Salt Lake will be the best for any resident. Salt Lake is a clean area for boating and recreation. Residents may enjoy tours and parks with their children. Real estate agents can be contacted through the local court district or through attending a homebuyers workshop. Salt Lake can be a place for anyone to settle. The solution to finding a property is to contact a local real estate agent. They will have the information that is needed to purchase a house. Families will have the chance to sightsee and learn more about the area.

How To List Your Apartment And Get Results- Not waste Time

If you own an apartment building, or are looking to invest in one, acquiring quality tenants can be more difficult than imagined. One of the issues is knowing which Outlets to use in order to advertise your vacancies and get the attention of qualified tenants. Another issue is screening potential tenants properly in order to ensure that they can afford the rent, I will be cooperative as a neighbor to your other tenants. Even if a tenant can afford the rent, and pays on time every month, their tenancy could still prove to be a nightmare if they are inconsiderate about their neighbor’s enjoyment of peace and quiet. Either way, it is important that you are selective about how you go about attracting tenants, and once you have gained their attention, even more selective about who you choose to rent to.

When advertising your apartment for rent, there are many advertisement Outlets to choose from. The internet has evolved into the most resourceful way of fighting a place to live, online ads are much more effective now. That does not mean that you cannot find quality tenants with a newspaper ad. In fact, your chances of acquiring a higher quality of tenant are better with an offline ad because it requires more effort on the potential renters part in order to go out and purchase a newspaper, then spend time browsing through the ads in order to find an apartment listing. Your chances of coming across a tire kicker or a problem tenant are less probable when the means to find apartment requires more effort. That does not mean that an online ad is less effective. It simply means not to ignore the value of finding tenants through newspaper ads.

Once you have selected your outlets for any apartment listings Frick Park PA, and potential tenants have started to call you, your next objective is to distinguish the potential tenants so that you do not waste time with people who are either only somewhat interested, or who just are not well suited to rent your apartment. One way to filter your potential tenants as they are calling you is to have them answer two or three questions when calling. The questions can be listed in the ad, and while you do not want them to scare your potential tenants away, you want them to help you prequalify the callers so that you will know right away which ones to disregard and which ones are the best candidates. Questions that inquire about the rental history, or ask for consent in running a background check will help to filter out those whose finances are in disarray and those who are financially stable.

By placing your ads strategically, both online and offline, you will have more success with attracting quality tenants. It will also help to make your job easier when it comes time to selecting which tenant is most appropriate for the apartment you are renting. All in all, it will allow you to enjoy the process of being a landlord instead of dreading the process like so many others do.

Easy Steps to Finding the Perfect Houses for Rent

Whether you are new to renting or have been leasing properties for years, the process of finding great houses for rent can be incredibly time consuming. One third of all Americans rent their homes, including college students, families, and seniors. Fortunately, you can find houses for rent that fit all budgets and types of households. The key to finding a great piece of property without stressing yourself out too much is to make your search smarter and more efficient. Read on for some tips on how to do just that.

Determine Your Budget

Before you even begin your search, create a budget and take a hard look at what you can really afford to spend. The general rule is that you should never spend more than 30 percent of your take-home income on housing costs. You’ll also need to factor in any debt you may have, as well as commuting costs, groceries, savings, and other expenses. Many landlords have income limits, so make sure to ask about that. Keep in mind that you will also need to budget for utilities, so it’s crucial to ask your landlord about what will be included in your rent.

Create a Wish List of Features

You probably have a count in mind for bedrooms and bathrooms, but it’s great to also draw up a “nice to have” list. Is it important to you that you have a patio, deck, or great outdoor space for entertaining? Do you want a fireplace or fancy bathroom, or can you make do with just a shower?

If you are into cooking, you will want to consider what kind of stove and kitchen amenities you will need. It is also a good idea to start thinking of compromises that you’re willing to make. For example, would you be willing to give up some square footage for a great location? Is a roommate a good compromise for a high-end apartment?

Choose a Rental Type

Consider exactly the type of property that will work best for your family and lifestyle. Houses for rent aren’t the only option – you can also consider townhomes, apartment units in high-rise buildings, and accessory units in single-family homes. A lot of this will depend on how long of a lease term you’re after and how much space you’ll need. Use these factors to decide whether a sublet or renting directly from an owner or corporate housing company would be better for you.

Go Through the Application and Approval Process

There are some things you should expect in the application process. Landlords will typically ask you to fill out an application that allows them to run a background check on you and request that you supply information in the form of references, pay stubs, and more. You’ll then have to negotiate the terms of your lease. With careful negotiation, you may be able to work out perks like a month of free rent or reduced parking. Now all that’s left is to put in your deposit!

Going through the rental process doesn’t have to be difficult. Follow some of the tips above and it will be a breeze!

Best Tips For Renting Out Your House

It’s a great time to rent out your home.

  • Rents are (in many areas) at an all time high, and keep moving higher.
  • Find the right tenant – so you make money while you sleep.
  • Have a new house payment? Then why not let someone else help pay for it?

There are times when you are looking for a new home, yet need to rent out your existing home.

Perhaps you have already purchased your new home and haven’t yet sold your old one? Rental income would definitely help in this situation.

Who doesn’t need extra monthly cash flow? Right?

Just like anything in life, there is a right way and a wrong way to do things. Be careful not to fall into common traps like rushing the process or leasing your home to the wrong tenant.

Here are a few tips to have the process go smoothly:

1. Presentation is Everything.

Your home is your castle – no doubt about it. Daily life is so demanding that you don’t always notice that you’ve been jamming paper grocery bags in that space between the refrigerator and cabinets… for two years.

Here is what has been happening: You have secretly been forgiving yourself for all these little unsightly things around your home because of work, kids, travel, etc. Unfortunately, potential tenants are not so forgiving.

Just like anyone who is wants to buy something, the tenant will immediately look for everything which is “wrong” with your property.

Many homeowners take this personally, but it’s important to remember to put yourself in the tenant’s situation – how would you react?

You need to make your home presentable for the widest array of personal tastes, otherwise you are limiting the amount of potential tenants – and rental income.

Remove All Clutter – Stuff it in the drawers or bury it in the backyard, just don’t have it in your home.

Clean Everything Until it Shines – Think about those home magazines; are the bathrooms and kitchens clean or dirty.

Buy Plants and Flowers – TIP: You really can’t go wrong with orchids; they seem to breathe new life into an old room.

Create a Sense of Openness – Arrange your furniture and outdoor areas with a sense of open space, especially in entry ways. Retail stores do this in all their entry ways to allow customers to “take it all in” first, before they buy.

Natural Light Works Wonders – I mean really… if you have a tenant who thrives in a really dark space – unless they’re developing old camera film – it’s probably not someone you want in your home.

Make All Repairs Now (while you still have the chance) – Yes, it’s time. That loose door knob, leaking toilet, crack in the tile, etc. is costing you money. Fix it now and if it’s broken again when the tenant moves out, then remove it from their security deposit.

2. Price Your Rental Right

Pricing is everything,

It is easy to look at comparable rentals in your area to get an idea of how to price your home. Just be sure not to fall into the trap of thinking “nothing compares to our home… it’s better than anything else in the neighborhood”.

Unfortunately, potential tenants have no emotional attachment to your home, so be prepared for some brutally honest opinions.

Remember that you have to see things from their perspective. What would you look for? What type of things would you point out about your home if it did not belong to you?

A huge value-add to add to a lease is for the landlord to offer to split the utilities with the tenant. Sometimes this can make a lease more desirable if you are having trouble getting a qualified tenant.

Remember, I said split the utilities – never offer to pay them in full, as this will open you up to a lot of problems of over-usage.

Splitting the utilities will require some extra paperwork at the end of the month (the tenant will need to email you the utility bills each month, however it’s a very attractive offering to most tenants and will allow you to keep your lease at a competitive price.

3. Build a Short List of Leads

The amount of resources available to landlords today is vast. Social media, online profiles, online background checks, etc. make it much easier to get a clearer picture of who you are thinking of having in your home.

As long as the information on your potential tenant is available to the public, don’t be afraid to use it. Facebook, LinkedIn, Instagram and Google Images can reveal a lot about someone and their lifestyle.

Remember: It’s not fair to judge someone based on their online profiles alone. However, if they allude to participating in illegal activity, or post a lot of photos about having house parties, etc. – well, this makes your decision a little bit easier.

4. Verify and Qualify Your Tenants

Some of the biggest mistakes I see with landlords qualifying tenants is that the landlord is way too busy to individually look up references and simply call the numbers provided on the rental application.

Don’t just call the numbers provided on the application!!

It’s not a common practice, but sometimes a potential tenant will give numbers on their application to “references” which are actually friends or family doing them a favor.

If a tenant lists a reference which is a previous employer or previous landlord/management company, ALWAYS look up the number on your own. This is just a safeguard which will get you more accurate information.

Honestly, I’m not a big fan of using third-party services to qualify your tenants. Call me old-fashioned, but I like to do my own research and actually pick up the phone

Here are some helpful resources to make your life easier:

1. Get Application – Try and search Rental Applications

2. Get Docs Signed – If you are managing multiple rentals and screening a lot of tenants, yet are still faxing or hand-signing documents. STOP. Look into using Docusign.

3. Manage Your Business – Search for management software which runs your entire rental business. Everything from screening, background checks to even collecting rents.

4. Advertise Your Rental – Always favor paid services (where the tenant has to pay to search listings) to advertise. In general, paid services provide more qualified tenants (in my experience).