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Jul 9, 2019
Make Buying a Home a Smooth Experience
Buying a home doesn’t have to be a nightmare. It can be a smooth experience if you know what to do and how to do it. Too often, it is a learning experience and people find out the hard way they should have done things differently. This information can help you to have a solid plan of action that works to your benefit. Potential for Future Value Don’t think just about a home for the present, what will it offer for the future? Is the area under development and more homes will soon be in demand? Does the neighbourhood offer safety and a friendly atmosphere? What are the going prices for similar homes and what types of interest rates can you get right now? Is it reasonable to think you will be able to sell the home for a profit later on? Location does Matter Think about where you would like to reside and look for homes in that radius. Don’t fall in love with a home that is an hour from your job and then reason you can make the commute each day. It will take a toll on your free time and it will catch up with you quickly. You want to be happy with the area where you live. Avoid buying a home in a neighbourhood where you don’t feel you fit in or you don’t feel safe. Those are factors you should never overlook when it comes to feeling great about the home you invest in. Location can influence price, so consider moving to a suburb of a main area you are looking in. As long as it offers what you want and the commute isn't too time consuming, it can help you to reduce the purchase price. Get yourself Approved It is smart to get yourself approved for the loan before you look for a home. Knowing you can get the money for a mortgage is important. It is a huge let down if you can’t get approval for a loan, once you find a great house. You will feel that loss for a very long time. Knowing how much you can borrow and that the repayments won’t be overwhelming, can put your mind at ease. Then you can look for homes in a location you are happy with, in a price range that is reasonable for your budget. Ideally, try to avoid maxing out the loan amount. This will reduce the repayment figure each month and give you more disposable income in your budget to work with.
Jul 2, 2019
Getting the most from Attending an Open House
Attending an open house can be a wonderful way to find out if you like a home and would like to make an offer on it. However, you may feel a bit intimidated by all of it. Here are ways you can get the most out of the experience. Make sure you adhere to the times of the open house, don’t show up 15 minutes before it is over. Give yourself plenty of time to check it out. If you can’t make it during the open house hours, you need to schedule an appointment. Dress Comfortable Be aware of your comfort when it comes to what you wear. Do not show up at an open house in your tracksuit pants, but there is no need to dress up either. Be comfortable and wear shoes for walking inside and out. It is best not to wear noisy shoes that echo through the home as you explore. You want to be able to check out the garage and the yard too. Meet the Host Take the time to introduce yourself to the host at an open house. This may be an agent or it could be the owners of the home. Typically, they will be by the front door to greet those coming in and to thank those leaving for stopping by. You don’t have to feel obligated to make an offer or to stay if the home isn’t what you are looking for. If you have questions, the host is the person to converse with. If they are very busy with people coming and going, it can be hard to get their undivided attention. You can tell them you are interested and ask if you can schedule a time to talk. When you do, do not criticise the home and there is no need to give them too much information about your own personal situation. You can share with them the type of home you are looking for and even the price range if you like. Ask Permission You may be interested in taking photos or a video of the home so you can review them later. Never assume it is fine to do this. You should always ask the host for permission. It is very rare they will decline your request, but you should always get their approval first before you do this. You don’t have to ask for permission to open up drawers or closets at an open house. However, make sure you are doing so for the sake of the home buying experience and not out of curiosity.
Jun 26, 2019
Additional Homebuyer Costs you need to be Aware of
Don’t be caught off guard when it comes to buying a home. There can be several additional costs that you weren't ready for. Knowing about them in the early planning stages can help you to budget for them. What you will pay depends on where you live and the cost of the home you purchase. Stamp Duty Any time you buy a home, you will be charged a Stamp Duty. It can be sizeable so keep that in mind. The more your home costs, the higher this is going to be. For a $500,000 home, it can be as much as $25,000! There are Stamp Duty calculators you can use online free of charge. They can help you figure out what you may pay. Just enter your state, territory, and the purchase price to get the figure. Legal Research and Verification It is important for the owner of any property to own it free and clear before it is sold to someone else. If they payoff the person holding the mortgage but they also have other liens, it can’t be transferred to someone else. A professional in the legal realm has to do this research and to verify there aren’t any other outstanding debts the home is tied to. Insurance Any time you finance a home, you must have insurance to cover the remaining balance due on that loan. This is required by the lender to eliminate their risk of a complete loss if the property is damaged or destroyed. Plus, it is recommended to have insurance coverage for your personal belongings as well. Utility Deposits and Transfers You may have to pay for utility hook-up fees, deposits, and transfers. This includes money for the water, power, gas, and internet. If you have a landline, there may be a cost there too. What you will incur depends on where you have services.
Jun 19, 2019
Bidding at an Auction for Property
Going to an auction can be a great way for you to get your hands on a property for a low price. Yet this is a commitment and you should have a bidding strategy in place. This will help you to decide if you should continue to bid or let it go to the other interested parties. Bidding Yourself If you are going to step into the arena of bidding on property at an auction, you need to be confident. You need to remain calm even when there is pressure to continue to raise your bid by those around you. Be realistic and don’t let the buzz around you get you to keep bidding higher and higher, or you may suffer remorse later on. Ask Someone to do it for you If you are intimidated, ask a friend or family member with experience to bid for you. They can go with you and help you to stay relaxed. This is known as a proxy and they will be able to get things done for you. Keep in mind, what they bid and agree on, you will be bound to! Buying Agent You may find it is easier for you to get what you want when you count on a buyer’s agent. They can bid on a property for you. They will only bid on certain criteria you have selected and up to a given dollar amount. This can help you avoid trying to make time in your schedule to go to the auction. It can also prevent you from spending more than you had intended.
Jun 12, 2019
Avoid Mistakes when Investing in Property
When it comes to investing in property, you may feel intimated. You may be worried you are going to make costly mistakes. You don’t want to have regrets down the road. Avoiding these common mistakes can help you to feel more confident about such endeavours. Paying your Debts Avoid getting caught up in more debt than you can reasonably manage. You may have big plans for the property such as fixing it up and renting it out. Yet there can be expenses and complications along the way. Make sure you are ready for the unknown and you are flexible with your plans. When you have extra funds, pay on your non-tax debt first. Once you eliminate that completely, then you can focus on your tax deductible debts. This includes property such as a home or a vehicle. Depreciation needs to be Considered The value of your property will hopefully increase over time. Yet there is no guarantee about that. The economy can be unpredictable and you also have to factor in the issue of depreciation. Make sure you take advantage of depreciation issues on your taxes too, as this can reduce the tax liability you are accountable for. The best way to find out is to hire a professional to take care of your taxes when you have invested in property. Increase Rental Amounts over Time Don’t overlook the issue of inflation when it comes to what you will charge for rent on your investment property. Each time the lease is renewed it may be necessary to increase the rental amount by a bit to compensate for the rental rates and for inflation. It doesn’t matter if you are renewing the lease with the same tenants or you have new ones moving in. Managing the Upkeep When you rent out the investment property, you are responsible for the maintenance and upkeep. Make sure you budget for this as the cost of repairs or replacing appliances can be expensive. You may decide you want to hire someone to take care of reported problems for you versus you trying to do the work on your own or calling a professional each time there is a reported incident by the tenant.
Jun 5, 2019
Understanding Stamp Duty
Stamp Duty is one of those upsetting and challenging costs involved with buying a home. Knowing about it and understanding it can prevent you from feeling blindsided when you are trying to get into a home. The funds from this type of collection helps society as a whole too, so that can help you to feel a little better about it with the funds going back to the public needs in Australia. Who Pays? Most of the time, the Stamp Duty is paid by the buyer of the property. The amount is based on the location and the selling price of the home. There are times when the seller will agree to pay this on their behalf. That all has to be put into writing though within the contract. The funds must be paid within 30 days of the settlement of the property. To find out the cost, there are free online tools. Just enter the location and the home amount to generate the figures. This can help you to make sure you have enough money ready for the purchase of the home. If you can’t afford it, talk to the seller about reducing the cost of the home or helping to pay the Stamp Duty.
May 28, 2019
Selecting a Family Friendly Neighbourhood
The right neighbourhood for your family to reside in is very important. It isn’t worth it to have the home of your dreams in a location where you don’t feel safe. You should have access to common amenities too. Here are some things to take into consideration before you make a purchase. Schools Even if your kids are very young, they will soon be going to school before you know it. Find out the quality of the childcare centres, primary and high schools in the area. You need to feel confident your child will have a solid educational foundation in the area you choose to live. Community Activities Most parents love getting their children and the entire family involved in various community activities. Find out what is on offer in the local area, including sports teams, community projects and festivals that you and your family can become a part of. Shopping You will appreciate the convenience of having shopping options close to you home. This can include places where you get groceries, put petrol in the car, pick up medications and maybe even have a meal out. It makes sense to have these necessary businesses in close proximity to your home. Transportation Even if you have a vehicle, you may find public transportation to be a necessity. If you have older children, they may need to rely on it to get to school, the library or even a part time job. Public transport also ensures you have alternatives by which to travel and is an indication of quality local infrastructure in your area.
May 20, 2019
Qualities to look for in a Real Estate Agent
Finding the very best real estate agent you can, is important. You need to be a good fit with them so you can work as a solid team. You need to have a conflict free relationship and someone who will listen to your needs. They need to be qualified, experienced and know how to make the process of buying and selling, as smooth as possible. Here are qualities you should be looking for in the person you agree to work with. Communication The core of any solid relationship has to be effective communication. You need a real estate agent who is patient and informative. They should be able to answer your questions. They should be able to share with you the step-by-step processes you need to follow, to sell your home. If you call them, they should get back to you within 24 hours. If you have an appointment with them, they need to show up on time. Your time is just as valuable as theirs is. They should keep you updated on what is taking place and what they feel is preventing the sale to that point. Your needs are Important to them In addition to telling you information, they should listen. Your needs should be very important to them. If you need to sell the home quickly or you simply can’t accept less than a given amount for the home, they need to be supportive of that. They should be able to provide you with references of very happy people who felt they were heard and for whom the process of selling a home was a good one. Motivated You need a real estate agent who does more than talk; they need to be motivated. They need to have a plan of action in place to share with you. Knowing what they are doing to stage your home, to promote your home, and to encourage qualified buyers, can put your mind at ease. A great real estate agent is likable and that makes it easy for potential buyers to talk with them about the home. They make people feel comfortable around them. They aren’t pushy but they do encourage potential buyers to come and inspect the home or they set up an open house so many people can view it on the same day.