Buying a home is not necessarily always easy, and neither is selling one. However, if the buyers/sellers take all the precautions they need, then it can make the process run much more smoothly. Take a home inspection as an example. Without conducting one, homeowners are left blind to what information may really be hidden in the walls. Whether it is a faulty update or lack of knowledge on the home in general, it is better to save time and worry and have someone look to gather the full information.
It Is a Personal Responsibility
If someone is selling home, it is important to provide any potential buyer with the necessary information he/she needs to make a purchasing decision. The same goes for someone buying the home. That person is entitled to knowing exactly what kind of building they will be investing, and it will save time and money if they find out it will not truly be a good fit in the end.
Illegal Installations/Updates Can be Revealed
Conducting a home inspection will reveal any illegal or faulty errors the building may have gone through during the times of maintenance. It will be beneficial to know these before putting the home on the market and encountering any further problems. Illegal home updates may risk the safety of others, making the home itself a hazard to anyone living there.
The home inspection will also reveal what cannot be so easily seen. Even if a home seemed perfect at the beginning, old age or weathered materials could cause future problems that only a home inspector may be able to find. As an example, the inspector could find wet areas in the building’s interior after a storm, which could lead to mold and mildew forming later.
Negotiation Tool for Buying and Selling
After knowing new information with a home inspection, this inspection could benefit either the buyer or the seller. If the buyer can find quality updates or more stability in the home than before, the home has the potential to increase in value. Although, if the buyer finds a few faults with the potential new home, there may be room to negotiate a lower price.
In some instances, homes will not be able to get the proper insurance if certain conditions are found. By getting a home inspection, the homeowner will know what he/she needs to do to get the building fixed to obtain the right coverage. Sometimes, the home inspector himself can make these changes, which will save time and money.
If someone is buying the home, it is important for the buyer to have an inspection conducted because it will reveal all needs for maintenance or upgrade costs. This will then give the buyer direction to see if the home is worth purchasing when compared to all the extra money needing to be spent due to these expenses. If it is the seller, he/she will have to compare how the money being invested in these upgrades compares to the profits after the home is finally sold.
Most importantly, a home inspection will provide several answers to all who are speculating and asking the “what ifs”. This is a service that will provide clarity, saving time and money. It will hopefully also bring buyers and sellers closer to meeting their real estate goals.
When it comes to a buyer. Every single one of them is different. They are different in terms of their needs and their budget. While some may be forthcoming with information that will help a real estate agent finds the perfect home, there are other times where they will have to do some digging for key information that could make or break a deal on a home. By looking at the following, these are the top questions to consider before selling a property.
What are your plans for the property?
This is an important factor to consider when showing each property. If they were to purchase, what plans would they have for it given the current condition? Depending on their answer, the changes could either benefit or hinder the buyers. The purpose of buying a new home/property is so that it can service them better than the previous area, and it is the real estate agents’ job to find that good fit for them.
If it is a business, what parts will be updated?
Specific to selling a business property, it is important to know what will be updated/changed because this could affect the negotiations in a deal closing. Knowing this information up front will be a great benefit for both parties, so that everyone will understand how the property may be alternated for future use. This is especially important for someone that might be buying the business outright because there are more legal matters involved.
Why are you buying now?
This answer gives the agent a better understanding of the buyer’s thought process for buying in the first place. For instance, if the buyer is looking to start a family, then the agent will most likely need to show homes that have more bedrooms than the previous needs. It is those types of situations that will bring the situation closer to a deal.
What is your budget?
Budget is a huge deal when it comes to selling property. This is the number one question to ask so that both parties are not wasting their time on potential places that are out of reach. Knowing the budget will help to narrow the search and give a realistic perspective on what the buyer can get with their money.
Are you working with a lender?
This is an important piece to add into questions about budget. Different types of lenders or loans associated with buying a home could impact the initial deal. For instance, if a great deal of money needs to be borrowed, this may make the purchase riskier and more untrustworthy.
What deal breakers are on your list?
It is crucial to know why someone will say no to a particular property. For instance, if someone owns multiple vehicles, the buyer may not say yes to a home that does not have a garage or set parking places. These types of needs must be considered before showing a home.
How many homes have you already looked at?
The agent needs to know how long you have been in the middle of the buying process. He will be able to better assess why those homes were not a match and can make sure not to show the same home twice. If someone happens to just be starting out, the agent may then supply more information to those who have not experienced purchasing a home before.
How long are you looking to live in the area?
This question will better assess the type of investment someone is willing to make on the home. If a buyer happens to travel consistently, they may not want a home that needs to have renovations considered. This person may also have a lower budget because of how long he/she will be staying in the area.
What is the best way to contact you?
New listings come as fast as they go. By knowing the best way to reach the client, more effective communication may be established. This will lead to a faster deal and ability to move into the home faster.
What is your ideal neighborhood?
This question will give the agent the ability to start looking at properties/homes that are located in either that neighborhood or one similar that will cater to those needs. It will create more of a narrowed search, giving the buyer more of what he/she wants up front.
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Real estate is not what it first appeared to be a few years ago. Like any industry, it grows and changes with a target market’s wants and needs. It also rapidly evolves with the technology that becomes available to it. Although real estate may have changed in the last few years, it has done so for the benefit of all buyers and sellers in the market. By looking at a few key technological updates, we’re able to grasp exactly how one of the most lucrative industries has developed.
With the power of being plugged in online, listings have the ability to sell themselves without the buyer having to actually be present. This especially caters to international buyers who are unable to make the trip to see their new home. By listers uploading pictures/videos appealing to the potential buyer, there is able to be an accurate virtual representation. If seeing the home through photos/pre-made videos aren’t enough, then real estate agents have the ability to chat over the phone via video and walk the potential buyer through the home in a personalized manner. This is a perfect way for the buyer to see and ask questions about anything they were originally hesitant about at the beginning. When listings are offered online, deals are more likely to close faster, and the lister will have the opportunity to sell more over a shorter period of time.
Nowadays the buyer or seller don’t necessarily have to be present to close the deal, which will save time and money for both parties. With the advancement in technology, important contract papers are able to be scanned through from the comfort of a phone. Again, this is a great factor for those who live internationally because those people won’t keep having to travel back and forth. This may help those who only live in a different borough because it will save the normal commuting time.
Sometimes, seeing isn’t always believing when it comes to a new home. Potential buyers like to feel as if they’re really there to grasp the full experience. With the enhancement of virtual/augmented reality, that same buyer will have the capability to visit another home from the comfort of their current living room. This type of technology reality is much newer to the market, but it has been able to build trust and add credibility to those who don’t always believe a simple picture.
Mobile apps are a clear game changer to the market. Now sellers have the ability to upload listings on more than one platform, giving the home far more exposure than it once was able.This benefits the potential buyers in the same way. They are able to look at several listings at once, giving them more options.
With the mobilization of different online platforms, people now have more of an opportunity to invest their money safely online with a guaranteed return. One of the many ways investors are doing this is through crowdfunding. There happen to be several crowdfunding sites available that will match investors with new opportunities that will benefit them the best.
With the advancement in technology, marketing has changed immensely over the past few years. As an example, Instagram users have been creating different profiles specific to homes they’re renting or selling. This has allowed them to showcase the home in a unique way and highlight all of its unique features. By marketing in this way, a large audience may be reached and the platform has encouraged a larger engagement record.
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Stunning Colonial in the Rockville Center school district. Boosting new kitchen and baths. This house is ready for its new owner, Gleaming hardwood floors, granite counters, ceramic tiles and a fresh new look.
Property: 1065 Long Beach Rd. S. Hempstead, NY 11550
Date: Saturday, April 25, 2020
Time: 2:00 p.m to 2:30 p.m
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Prince & Associates Realty
If you are preparing to buy the house of your dreams then congratulations, this is a major achievement! However, the road to buying a home is a bit daunting, and if you don’t know where to start or have begun doing some research, this guide contains the five most important factors that you have to consider before making the big investment.
Today’s housing marketing has a very aggressive trend, which means you need to create a “task force” of all the right professionals who will help you make the right decision as a home buyer. This is just as important as getting your finances in order. Let’s look at five professionals you need to have on your team on your home-buying journey.
- Lenders. Compare Different Lending Institutions
The first major step you need to take get one step closer to buying your dream house is bringing a good lender on board. A lender that helps you make better decisions and guides you is a major win. Or if you manage to have one that you can get in touch with easily via phone or email can also be important for you.
If you are looking for a house in a hot market, the best thing you can do is hunt for lenders that offer a pre-approval letter. This can significantly help you solidify your offer. Moreover, if you’re searching for a lender that can deliver an affordable discount on your loan, ask them if they have savings offers based on where you are located, or if they offer lending offers for low to moderate income families such as Fanny Mae’s HomeReady.
Irrespective of what your personal needs are, it is vital to ensure that you understand the pre-approval process of each lender. If you think your lender is a being a bit difficult at the initial stages, drop it. But before you zoom in on another lender, get an official LE (loan estimate). The LE is a standard document that contains a clear summary of your monthly mortgage payment program, its features, and the risks and costs associated with it.
- Real Estate Agent. Make Sure You Thoroughly Interview and Evaluate Agents Before Hiring One
You would be surprised to hear that many people don’t conduct interviews with real estate agents before they decide to bring them onboard. You have to understand that not all real estate professional are equal in terms of expertise, skill and experience.
So it is vital to conduct evaluations and interviews with real estate agents before hiring them. You could also do some due diligence online, see if they have a portfolio on their website and be sure to check client testimonials and reviews. You could also individually get in touch with some of the clients via phone, to ask them how their experience was with a particular real estate agent. Remember that great real estate agents have a proven track record, which comprises of winning bids and happy clients.
- Real Estate Attorney. Research and Evaluate Properly
Real estate attorneys are responsible for helping clients draw up, negotiate and thoroughly review your terms of contract. This also includes different clauses pertaining to timelines and deadlines of the contract as well as other contingencies.
However, one of the most important benefits of a real estate attorney is the fact that they help protect your rights and ensure you are not swindled out of a good deal. They will evaluate and review all the necessary documentation such as disclosures and more importantly, your closing documents. They will also help eliminate any problems associated with title insurance.
So, you need to ensure you pick the best one for your team. Do some research online, look for credible attorneys with a solid track record and a list of happy client lists. Also, do not forget to interview the potential real estate attorney!
In addition, many states require attorneys by law and New York state is one of them.
- Home Inspectors. The Counterpart to Appraisers
Think of home inspectors as counterpart of an appraiser. Appraisers are sent in by the lender to estimate the accurate value of the property you intend to buy. Home inspectors on the other hand, are on your team. They will help inspect the entire property from roof to basement, looking for major and minor damages, potential restoration possibilities, code violations, structural damage, water issues, seepage, mold, etc.
Moreover, they will provide you with a detailed assessment of repairs and replacements costs on things like plumbing and heating, electrical, heating, air conditioning, insulations, etc. The same goes for roofs, walls and the exterior layout of the house. A routine home inspection can last about two to three hours and could cost up to a couple of hundred dollars. However, there are also some professional home inspectors that provide a whole range of repair and replacement services and could offer you a good discount deal if you hire them.
- Homeowner’s Insurance Providers
Homeowner’s insurance is very important; it can help protect you and your lender from bearing undue liabilities when it comes to major damages. And as a prerequisite to your lending application, your lender will require the total cost of your home insurance. They will also need a confirmation of the insurance cost paid before the loan is processed and finalized.
So, now you know about five important professionals you need to have on your team. Buying a home is a lot more than visiting nice homes and picking one. Not only do you need professional help when visiting the different houses, there’s a ton of paperwork that needs to be managed hand numerous formalities handled. You simply can’t do it all yourself. Remember the advice regarding how to hire and work with these professionals when you’re shopping for a house.