Real Estate Investing Opportunity: How to Locate a Property to Buy

Are you looking for a profitable commercial real estate investing opportunity? Below are some helpful tips for locating a commercial property to buy.

Before you start your search, you need to decide on your desired property type. Determine the size, type and the location of the commercial property you are looking to purchase. It is possible that you may be looking for a multi-tenant office building instead of a small single-user office building. In such cases, make sure you are clear on these distinctions before you start your search.

Once you have the type of property clearly in mind, there are a number of sources you can use to locate that property:

Internet

The internet is a great platform to use to locate a real estate investing opportunity. There are several commercial real estate industry sites that give you detailed descriptions of properties offered for sale, as well as videos and other statistics that can be a helpful complement to your search. In addition, there are websites that are hosted by professional commercial real estate agents that will show listings of commercial properties for sale.

Another good source to use on the internet is to connect with user groups and real estate forums that can help you in your hunt.

The only downside to the internet is that it can be restrictive, especially if you are looking for a local commercial property. Most local areas do not have a multiple commercial listing service for commercial properties like the MLS (Multiple Listing Service) for residential properties so listed properties are not readily available to research.

Networks

Networking is another good technique used for finding properties. All you have to do is to visit your local real estate investment group and discuss your needs, clearly indicating the specifics of the type of property you are looking for as well as the financial requirements.

The same approach is valid at Chamber of Commerce meetings. You can also join groups of apartment owners, building owners, and associations of shopping center owners.

Professional Commercial Realtors

Last but not least, you can seek the assistance of professional commercial realtors. Good commercial realtors can be a great helping hand in your hunt for commercial properties. Not only will they provide you assistance but they will also help you in locating the most suitable property for your specific investment plans.

Sellers typically are represented by brokers and it is in your best interest as the buyer to have your own professional representation in any transactions you enter into. If you are worried about the realtor fee – it is usually paid by the seller and, therefore, you do not have to bear any expense.

In summary, homework is important if you wish to find a commercial property that suits your requirements. So do your homework and get the professional advice of a commercial real estate broker who will look after your best interests.

There are a lot of financially lucrative real estate investing opportunities in the marketplace. Good luck with your hunt!

Immobilienmakler Heidelberg

Makler Heidelberg



Source by David Earl Morgan

Real Estate Statistics Explained

Basic Real Estate Statistics Explained

We are going to define some of the basic real estate statistics that get thrown around on a regular basis. To do that, we will use one real estate market, located in Hood County Texas. Even more granular, we will use the single family numbers for homes in Granbury Tx, a small town of approximately 8,000 residents which has seen substantial real estate growth in the past 12 months. It is important when reviewing real estate statistics to use a group of numbers large enough for consistency, but granular enough to tell your story.

The statistics that we will be referencing are true and accurate for the year discussed but are being used to define the real estate statistic itself.

We have chosen Granbury Tx as our example because the growth of the local real estate market there make the statics stand out.

Anytime you are evaluating statistics, especially in real estate, the source of the numbers are extremely important. In most instances, the MLS (Multiple Listing Service) provides the most accurate numbers when referring to real estate. This is because they have all listings by all local real estate brokers in their database. For the sake of explanation of the data, we will be looking at the numbers for home sales in Granbury Tx, directly from the MLS. These numbers are meant to give an example of how to read the statistics themselves. Anytime you evaluate real estate numbers, its important to pay close attention to how the numbers are gathered. In this instance, we will be using ONLY single family properties in the city of Granbury.

Basic Real Estate Statistics

  • Number of Sales – This one is pretty self explanatory. It is simply the number of single family homes sold in a particular month. In January of 2015, they had 51 single family homes sold. One thing to pay attention to when looking at this statistic is are they using the Under Contract date or the day the property actually went to closing. These two dates are usually between 30 and 60 days apart, so its critical that you know which one is being referenced. In addition, many of the homes that get calculated, if you are using the „under contract“ number may not actually close! In our example, we are using the number of homes that actually closed. In January of 2016 they had an increase of over 49% which brought the total to 77 from 51. Growth of that level is very seldom ever seen.
  • Sales Volume – Sales Volume is simply the total amount of dollars spent on single family housing within that month. Once again, when reviewing this statistic, its important to keep the property types consistent. If you are comparing two areas to see which one has grown more and you include vacant land in the number for one area, you must include it in the other too. As previously mentioned, our examples only include single family properties. With Number of Sales looking at the units, you would expect the Sales Volume to go up appropriately, but in this instance, it went up even more than the units (by percentage). The total Sales Volume of single family homes in Granbury in January of 2016 was $15,191,500 as opposed to the January of 2015 number of $9,281,915. That is an increase of over 63%. Because the Sales Volume went up at a larger rate than the number of units, this reflects the average home sale being much larger in 2016 than 2015.
  • Months of Inventory – This is a commonly referred to statistic when examining a real estate market. This statistic refers to at the current rate of sales, how long will it take to sell through the existing level of inventory. This reflects the supply and demand for the market. In our example, in January of 2015 the level of inventory was 9 months and in January of 2016 it had dropped to 6 months. That is a 33% drop in available inventory! This means if you are looking to buy a home in Granbury Tx, it will be a little tougher in 2016 as there is less inventory available to buy.
  • Median Days To Sell – This stat simply refers to how long it takes for single family properties to be put under contract. Don’t let the „to sell“ confuse you. To accurately show the demand for active homes, you really want to track how long it takes to go „under contract“. The process of acquiring final lender approval, insurance and getting to a closing can vary on a variety of factors. In January of 2015, the Median Days to Sell was 88. That number dropped by over 30% to 61. Once again, this tells you if you are looking for homes in Granbury TX, you better get your offers in quickly as the most desirable homes are going fast!
  • Average Price – This statistic can be derived in a variety of ways. We are going to use it in its most raw form and simply be the Average Price of Homes Sold within that month. Be careful when looking at this statistic printed anywhere as how the user defines the date sold can vary. Needless to say, Average Price can be used for active homes for sale or for the homes that sold. The Average Price of ACTIVE homes for sale is generally a pretty useless number as you can list a home for any price, without any possibility of it ever selling. Many homes listed for sale are at unrealistic prices thus the Average Price of Active homes for sale can fluctuate dramatically and give little insight into the market. You will want to look at the Average Price of SOLD homes. In January of 2015, the Average Home Sale was $181,998 and it jumped to $199,888 in the same month in 2016. This is an increase of almost 10%. This is not a number that truly tells the increase in home values across the board, but simply of the homes sold in that month, what the average was.
  • Median Price – The Average Home Sales Price can be skewed by a variety of factors. All it takes is one 5 million dollar home sale to throw those numbers off. To get a better view of the overall increase in value, it can be better to look at the Median Sales Price. Median Sales Price takes the number that is perfectly in the middle. For instance, if you have 11 homes that you are using in your statistic, you would take the sales price of the 6th one. This leaves 5 homes sold higher and 5 homes sold lower. In this instance, they are pretty close as the Median Sales Price increase from January 2015 to 2016 was 9.69%. This shows that we didn’t have the Average Price skewed too much because of an extremely large or extremely small sale.

There are hundreds of ways to look at the same numbers, when referencing to real estate, so be very careful to read the fine print on exactly what numbers they are using. When making comparisons, you will want to make absolutely sure that both are referencing the same property types, dates etc. It like the old saying says… there are lies, damn lies and statistics.

Immobilienmakler Heidelberg

Makler Heidelberg



Source by Dean Cacioppo

A List Of Property Definitions

There are numerous types of property on the market that are being advertised at any given time. Some of these names for different properties may be confusing, so it is vital that you know what to expect, here are the names of the property types and their definition.

Terraced Housing:

Terraced Housing is an old fashioned property set up where more than two (usually three or four) houses are joined together. To avoid using the phrase terraced, estate agents will now use the phrase link. A terraced house, or a mid link house is one of the properties which is between others.

An end of terrace, or end of link house is the property which is the last one in the row of houses.

Town House

Usually, the term Town House is used to describe a standard two story terraced house which is more modern. Some Estate Agents will also use this term to describe newer properties that have three or more floors.

Semi-detached House

A semi-detached house or property is used to describe of pair of houses which are usually attached in the middle. Semi-detached properties tend to offer their owners front and back gardens, with many also offering drive way space in more rural areas.

Detached House

A detached property is a solo property with it’s own land which is not adjoined by or to another property in any way. This type of property is usually more sought after by families who want extra privacy.

Bungalows

A Bungalow is a single story property which can be terraced, semi-detached or detached. Bungalows are often considered to be smaller properties, which usually have two bedrooms. Big loft spaces are commonly found in bungalows, which allow their owners to convert a second story living space if desired. Bungalow’s tend to maintain their value and can be more expensive compared to properties of similar size.

Flats

Flats essentially come in two forms. The first where an existing house has been split (usually into two separate dwellings). The second is a block of flats where there could be many separate flats in one building.

There is some terminology that you need to be aware of, a communal entrance is a main entrance that allows its residents to access their properties. Communal gardens is a shared garden, which you usually are required to pay a maintenance charge. Flats are often referred to as apartments, particularly in newly built developments.

There are also variations of apartments that you need to be aware of, here are the more commonly found variants.

Duplex Apartment

A Duplex Apartment is an apartment which has more than one floor, usually two. These can be found in converted houses or apartment blocks. Usually these types of flats are found towards the top of the buildings if they are in a block.

Penthouse Apartment

A penthouse apartment is a more luxurious and bigger apartment which is located on the top floor of the building.

Immobilienmakler Heidelberg

Makler Heidelberg



Source by Jonathan Walker

Offices, Condominiums and Apartments – How Have Things Changed In The Past 10 Years In Bangkok?

Hi. I’ve been working as a real estate agent in Bangkok since 2006. In that time I have seen some changes, but surprisingly very little has changed. Let me explain.

Apartment Rental Prices Bangkok 2008 – 2018

Rental prices of most apartment buildings have increased very marginally over the past 10 years. Whereas a spacious 3 bedroom apartment in Sukhumvit area would have cost 70,000 Baht 10 years ago, it may cost you 85,000 Baht today. That’s only a 20% increase over 10 years, actually far less than inflation, and in many ways an apartment is cheaper now than 10 years ago.

Why? It’s difficult to say but I would guess that ongoing political problems, 2 coups, and a pretty stagnant economy barely kicking over at around 3% growth in GDP each year are the reasons. This level of growth may be acceptable for a world leading developed nation, but for Thailand that (let’s face it) still has some way to go in terms of development, it’s not very good.

The apartment rental market in Bangkok is mostly governed by expats. Thai people don’t rent at these prices, either they don’t earn enough, or are sensible enough to buy a property in the suburbs, or are part of the immensely wealthy elite and already own several blocks in central Bangkok. As the number of expats has remained fairly constant, so have rental prices.

Newly built condominium buildings have seen a rise in rental prices, and there will always be a small percentage of people who have sufficient budget and only want to live somewhere very new, something is particularly true of Japanese renters, but the new buildings will become old and once they have been constructed and a rental price has been established, you will notice that the price will stay relatively stagnant from then on.

This is actually the same with condominiums for sale. Once a building has finished construction, a sales price and rental price is established, and it will remain stagnant at this level for years to come.

But prices have been increasing in Bangkok, everyone knows that!! So am I wrong?

Condominium Sales Prices Bangkok 2008 – 2018

I don’t think I’m wrong. There are some condominium buildings that have experienced a very good level of capital appreciation in recent years, but „on average“ they haven’t.

Yes, prices have been increasing significantly in Bangkok, and this is something that all developers will happily promote to you when selling you their brand new project. They will show you graphs with an upward trend in prices, and show you that prices are increasing at least 5-10% year on year.

Prices of brand new buildings have been increasing a 5-10% year on year, but not completed buildings.

This is mostly down to increases in land prices. As land prices increase (and to some extent construction costs) so have the cost of new buildings. So new buildings get ever more expensive, but are completed buildings following suit?

No. And this is why I’m not wrong. A building that cost 150,000 Baht/sq.m. 5 years ago, may now only be 160,000 Baht sq.m. In this example around 1.5% compound growth. This building was brand new 5 years ago, and a brand new building today still under construction might cost you 200,000 Baht/sq.m. which is 33% more than the new building was 5 years ago, hence the 5%++ compound growth.

But the fact remains, the building that YOU purchased 5 years ago may have increased only 1.5% compound per year.

This is the ongoing trend with Bangkok property. New buildings constantly set new benchmarks in prices, and then remain the same. With even newer buildings adding a layer on top, setting new benchmarks, and then remaining at the same level. Even newer buildings still, just keep adding another layer on top.

This is why you will find such huge price discrepancy between buildings, even if they are located right next door to each other. An example would be Lumpini 24, a new condominium located on Sukhumvit Soi 24, where prices will fetch around 250,000 Baht/sq.m. So, a 60 sq.m., tiny little 2 bedroom unit will cost around 15,000,000 Baht.

Immediately next door is an older condominium called President Park, where prices have remained stagnant at around 60,000 Baht/sq.m. So, a very spacious 3 bedroom unit of 260 sq.m. will cost you around 15,000,000 Baht.

Four times bigger, located immediately next door, but the same price! So the old adage „Location, location, location“ doesn’t apply here. It is ONLY based on the age of the building.

Here is an example of a newer building for sale, 275sq.m. asking 80,000,000 Baht: http://www.property-bangkok.com/viewproperty.asp?id=587

Here is an example of an older building for sale in a similar location, 366sq.m. asking 21,000,000 Baht: http://www.bangkokcondo.org/viewproperty.asp?id=614

Yes, the new condominium is much nicer, better design with newer lobby and sparkling facilities. But is the variation in price fully justified. I mean, 4 times the price!

Baring in mind that the interior of the new condominium will age and need replacing, and if you bought in the older building you can renovated the interior to have it all brand new.

In any event, whether you buy in the new condominium or older building is neither here nor there, the main issue being raised in this article is that prices of new projects may have increased nicely, but once you have invested in your condominium unit, you may not realise the same level of growth that you were told by the developer.

The only ones really seeing huge capital growth, are the land owners. And these are mostly already very wealthy Thai people, as non-Thai’s cannot own land. It doesn’t help the majority of non-wealthy Thai people who still remain financially strapped.

Office rental prices have also remained quite static. Over the past 10 years office rental prices have increased marginally, similar to the apartment buildings. However, as most investors (both Thai and Foreign) seem fixated on condominium buildings, the price of office space for sale has also remained quite static, and arguably office units for sale provide the best option for rental returns, given that office leases are normally minimum 3 years, and you don’t need to renovate the office space like you would with a condominium, with the former requiring a whitewash lick of paint, the latter new furniture, new bathrooms, new kitchen etc.

This is not to say that it is a bad idea to invest in Bangkok real estate. But you need to consider office space and commercial properties as well as residential, and you need to very carefully consider the building, as I previously mentioned, some condominium buildings have seen good growth over the past 10 years, whereas most haven’t.

You need to have a good eye. Best of luck!

Immobilienmakler Heidelberg

Makler Heidelberg



Source by Neil Simmons

How Staging Helps To Sell A House?: 4 Basic Options

Many homeowners, learn from their real estate agents, and opt to take advantage of some of the principles of staging their home, in order to enhance the potential and possibilities of achieving the finest, possible results, in terms of selling their houses, for the best possible price, in the minimum period of time! We refer to staging, as a process, which improves, how, potential buyers, might perceive the specific home, in a positive way. In light of that, this article will attempt to, briefly, consider, examine, review, and discuss, 4 basic options/ alternatives, for getting this done, effectively, and productively.

1. De – clutter, and touch – up, limited areas: In some instances, it only takes a little, well – considered, tweaking, to achieve the intended objectives. Before beginning to show the house, reduce the amount of clutter, significantly, remove excessive furniture and furnishings (put into storage, or dispose of), and proceed, to, touch – up, largely viewed areas (many people, can do this, themselves). When a house looks neater and cleaner, and distractions, and negatives, are removed, and/ or, addressed, it usually translates to better showings, and more, qualified buyer, interest, and, hopefully, meaningful offers!

2. Do – it – yourself (DIY) staging: Depending on the size, price, niche market, etc, it may be possible, to do – it – yourself! This DIY staging process, includes, reducing the amount of furniture, and fixtures, especially, any, which seem to show, wear – and – tear, or don’t enhance the overall appearance of the house. This should include: paying attention to curb appeal; reducing/ addressing any unwanted odors, and/ or, eye – sores; touch – up painting, cleaning fixtures, and adjusting lighting, and overall esthetics, etc.

3. Hire professional stager: Sometimes, it is necessary to hire a recommended, quality, professional home – stager! This process, often, includes: removing, existing furniture/ fixtures, and replacing them, with loaner items; enhancing strengths, and addressing areas of weakness, etc. However, because this is often, costly, to do, if you choose, a quality approach, the price range, and niche of the property, are relevant factors, whether this is an advisable approach, for you!

4. Study and understand some of the basics: It makes sense for homeowners, deciding to sell their homes, to thoroughly, study, and better understand, some of the essentials, and basics, which will add value to the transaction, and process! For example, to show a smaller room, such as a dining room, better, it often makes sense, to use taller furniture, and bigger fixtures, hanging from the ceilings. Understand, how lighting factors – in, as well, as where to highlight, and how to minimize attention, to some locations, Where some touch – up painting, curb appeal, etc, may be beneficial, are key considerations!

Become a smarter home seller, by understanding, and taking advantage of the relevant, applicable aspect of staging, for your specific house. Doesn’t that make sense?

Immobilienmakler Heidelberg

Makler Heidelberg



Source by Richard Brody

Creative Ways to Buy a House – Tips for Buying a Home Without a Loan

Becoming a homeowner is common in the hash tag goals of many people. Dream homes are always on everyone’s bucket lists and wish lists. Yet, owning a house is a difficult goal. Some find it even impossible to have them in their buckets of dreams. But if you are persevering, hardworking, and have some sense of thinking of how to make it a reality, you will actually see for yourself that it is not an impossible feat even if you don’t avail of loans. Here are some tips.

  • Rent-to-own. First time home buyers are usually short of big amount of money to purchase their dream homes especially if they are just starting to earn for it. Also, there is some sort of credit scoring that goes with the availment of home loans. If you’re constrained by these situations, renting to own is the best choice for you.

Under this option, win-win situation is accorded to both the owner and the tenant. Some tax exemptions are due for the owner while still collecting some money from you as part of his income. On the other hand, the tenant secures priority shall he or she decides to purchase the property during the period stipulated in the contract.

Portion of the rent is typically set aside to become part of the purchasing money shall the time comes. The tenant also benefits from slowly rebuilding credit score for future endeavors.

  • Private loans. How is this different from the loans offered by banks and lending institutions? Private loans are availed from persons you know. They can be family members, colleagues, relatives, or friends. Despite being affiliated with each other, you still need to exercise some sort of business etiquette. You may still need to have written contracts or promissory notes.
  • Owner financing. Some sellers who are not in hurried need of the money from the selling of their properties might be willing to avail of owner financing. Under this option, the owner avails of the financing and the buyer pays the seller the monthly dues until the last payment before ownership is fully transferred.
  • Cash payment. The most difficult but the simplest form to own a house without availing loans from financial institutions. As hard as it sounds, but it actually frees you from any obligations to repay in monthly dues. This option is best if you have pre-saved for your dream house from your salary and other income streams.

Owning a house is great. It is rewarding. It is fulfilling. It makes you a step ahead in preparing for your future.

For other real estate concerns and help, your local agent is just a call away.

Immobilienmakler Heidelberg

Makler Heidelberg



Source by Desare A Kohn-Laski

Foreclosures And Short Sales – Important Tips

There is no need to say that you can’t live without one thing: the roof over your head. The majority of people want their own home, especially if they have a family to take care of. Of course, you will need to do a lot of planning before buying a house as this decision can have a great impact on you and your family. Let’s know more about it.

When Buying a House

If you want to buy your own house, you need to consider a lot of things. You may have to face some serious problems. For example, if you lose your job, you will find it harder to keep your word. And in the worse scenario, you may have to deal with a short sale or foreclosure. This may have a bad impact on your routine life. Therefore, you may want to understand how it works.

Short Sale And Foreclosure

If you are not familiar with the two terms mentioned above, you should know the difference between the short sale and the foreclosure process first. According to most people, foreclosure is a situation where you are forced to give your home back to the lending authority, which is a bank most of time. Once the house is given bank to the bank, you no longer have to pay back the debt.

A Misconception

Aside from this, some people have a misconception that short sale is not a real transaction, which is not true. No matter what happens you should keep your word and you should be ready to meet the deadline.

Foreclosure

In case of a foreclosure, the lender has to auction your house in order to sell it to the person who places the highest bid. The lender will advertise the property to sell it in a certain period of time. However, the law requires the home owner to show up in the court. The home owner is the same person who borrowed from the bank. In the court, the homeowner will have to present his point of view about the mortgage. If you, the homeowner, have strong evidence, you should present it. If you don’t have strong evidence, the judge may issue a verdict giving your house back to the lender.

On the other hand, in case of a short sale, you can sell your property. You will find a buyer yourself and you won’t be required to show up in the court. And it will be an agreement between you and the lender. However, in some special cases, you will need the professional advice of a good real estate broker. But before the closing of the deal, you will need to make sure that the lender expresses his agreement to the proceedings.

The two processes are different in some ways. It’s important that you complete the short sale as soon as possible or the lender may lose interest in the property and may not acquire it. But in case of a foreclosure, you can’t do much as you will have to comply with the court decision.

Long story short, foreclosure is not easy. Therefore, it’s important that you get help from a professional so that the process is completed as smoothly as possible.

Immobilienmakler Heidelberg

Makler Heidelberg



Source by Satvik Mittal

Expired Listings Marketing Help Real Estate Investors Locate Profitable Properties

Expired listings marketing is a strategy that all real estate investors should implement. Expired listings occur when contracts between sellers and real estate agents expire. By reviewing expired real estate listing lists, investors can quickly find homeowners eager to sell their property. In order to fully capitalize on the list, investors must first develop a strategic marketing plan.

The first step of developing expired listings marketing is to understand the psychology of home sellers. Expired real estate listings occur when real estate agents are unable to attract qualified buyers during the contract term. Sellers are usually stressed out and anxious when their property has been listed for months on end without attracting a buyer.

Most people are aware that selling a house in today’s recessed market is challenging at best. However, when homeowners need to sell their real estate to prevent foreclosure or relocate to another state they need results, not excuses. Investors must be able to develop marketing strategies which will place a „Sold“ sign in front of the seller’s property.

One consideration for investors is realtors frequently check the multiple listing (MLS) database to locate expired listings. When agents locate a hot property they quickly send out an expired listing letter or contact the seller by phone in an effort to obtain a new realty contract. Investors often end up competing against multiple realtors. Therefore, it is crucial to develop marketing materials that stand above those presented by competitors.

Homeowners need assurance your company will provide results. Many investors make the mistake of focusing marketing materials on past successes and tend to toot their own horn. While it is important to highlight success stories, marketing materials should primarily focus on addressing sellers‘ needs. By addressing concerns and fears, real estate investors can connect with potential clients on a personal level.

Sellers need to know that your company understands their angst and offers solutions to solve their home selling problem. While it can be impressive that your organization has sold dozens of expired listing homes, distraught sellers want to know exactly how you plan to sell their home when their realtor was unable to accomplish the job.

Expired listings marketing materials should also address how you plan to compete in a buyer’s market. Presently, sellers are in competition with a multitude of reduced priced foreclosure, bank owned and short sale homes. Buyers can easily purchase real estate below market value and rarely offer the full asking price for houses even if they are in pristine condition.

Real estate listings often expire because sellers refuse to lower the asking price. Investors should address creative finance options in expired listings marketing brochures and outline how these strategies can help sellers obtain top price for their property. Creative financing options can include lease-to-own, seller carry back financing, 1031 exchanges, and subject to transactions.

When developing expired listings marketing campaigns it is important to create a variety of pieces that build upon the last. For example, investors would create an initial contact letter that introduces their company and summarizes available services. A few days later, an expired listing postcard would be sent which offers a complementary consultation. The next follow-up marketing piece might be a brochure that addresses common problems of selling in a buyer’s market. The campaign might wrap-up with a phone call utilizing an expired listings marketing script.

Investors who are not savvy at developing marketing campaigns should enlist the help of a marketing company that specializes in real estate. Another option is to invest in realty marketing kits that include premade scripts and templates.

Before entering into the expired listings arena, investors must develop plans to ensure they can deliver on promises outlined in marketing materials. Take time to become educated about the process and develop a network of real estate professionals who can help close the deal. Expired real estate listings can be a profitable investment niche for those who take time to learn available options and develop strong marketing materials and follow-up plans.

Immobilienmakler Heidelberg

Makler Heidelberg



Source by Simon Volkov

10 Things to Evaluate When Buying a Home

Buying a home is a lifetime investment and you need to be very cautious to avoid losing money, buying the wrong house, or buying in the wrong neighborhood. Buying a house is a process that involves a series of steps with the goal of making the wrong choices. Sometimes, when buying a house, you need the help of professionals; for instance, for inspection to ascertain that the house is in the right condition. If you are considering buying a house, here are 10 things you should evaluate:

1. The roof

The roof of a house plays a key role in ensuring your valuable items and family members are safe from different weather conditions. It is important to understand that roofs have a lifespan, depending on the materials used, and the type of roof. Therefore, before you buy a house, ensure that the roof is in the right condition and that it has not exceeded its lifespan to avoid a leaking roof. You can have a roof contractor carry out an inspection to avoid incurring additional roof repairs or replacement after buying the house.

2. The plumbing system

The house’s plumbing system should be working properly to avoid additional costs. Ensure that you like the way the toilet flushes, check the drains, water pressure and faucets in bathrooms and kitchen. In addition, you need to know how long it takes for hot water to get to the shower, whether there is a water softener and the age of the water heater. Most water heaters have a lifespan between 10 – 15 years depending on the model, how they were maintained, and how often they were used as well as other factors. Therefore, checking the age of the water heater will help you know when you should replace it; thus helping you to determine whether it is worth buying the house.

3. The size and the floor plan

When buying a house, you are obviously thinking of settling down with your family as well as about your future. The size of the house and the floor plan are some of the factors you should consider in order to make the right choice. Depending on the type of family you want to have, the size of the house will be a determining factor, because a large home can offer enough space for your family and friends when they visit, as well as a home office. However, you will have to pay more for a larger home – both in mortgage and utility bills.

4. Location

Your neighborhood plays a key role when buying a house because it not only affects the value of the house but also availability of resources and security. You should gather as much information about the neighborhood as possible to make sure that it is safe and has all the facilities (social amenities) you need. Consider the proximity of your home to your place of work and ease of access because you will need that every day. However, you should know that the location might determine the value of your house.

5. Electrical systems

Just like the plumbing system, your electrical system should be working properly to avoid possible injuries and accidents. A good electrical system also has little or no maintenance and repair costs after you’ve bought the house. Therefore, when evaluating the electrical system, make sure you know how much the electrical system can handle, whether the electrical sockets are upgraded to take grounded plugs or the type of electrical system used to wire your house. If you cannot o the assessment yourself, hiring an electrician is a better option.

6. Kitchen appliances

You will need to use your kitchen every day after buying the house. Hence, checking the condition of the microwave, refrigerator, kitchen range, dishwasher and other kitchen appliances. If the house has a gas range, you should know whether it has a pilot light or an ignition starter and above all, know if these kitchen appliances will be sold with the house. You can make up your mind whether you want them or you will buy your own kitchen appliances depending on what your preferences and budget estimates are.

7. Interior environmental hazards

It is important to look for interior environmental hazards in a home to avoid exposing yourself and your family to health hazards from toxic substances. For instance, in an older home, you need to look for any asbestos coating on the furnace, pipes, heating systems and on water heaters. Make sure that the basement is tested for the presence of any poisonous gases e.g. radon which is carcinogenic and may cause lung cancer. You should also be on the lookout for carbon monoxide and vermin to make sure that your home is safe. Finally, an inspector should determine whether the house has any lead-based paints because they are poisonous. In fact, homes that are offered for sale should not have any lead-based paints under federal laws.

8. Structural problems

Although you cannot buy an old house in perfect condition, it should have few or no structural problems. If you buy a house that has numerous structural problems knowingly or unknowingly, you will end up spending a lot of money trying to fix them. Know the state of the interior walls, roof, gutters and downspouts, flashings, doors and windows. Remember to inspect the floor too, as well as the fence and other structures in your house.

9. The Bedrooms and bathrooms

First of all, you need to decide how many bedrooms and bathrooms your house should have and then start looking for such a house. This will be determined by your preferences, family size and budget. You will then evaluate the conditions of the bathroom and the bedrooms, their size and closets as well as the flooring. Your bathroom should have tiles for easy cleaning as well as a showerhead or a bathtub or even both. If you are thinking of adding extra room in future, have an architecture advice you whether it is possible after considering lot usage, space planning and city regulations.

10. Check outside the house

Finally, evaluate the exterior part of your house because it also plays a role when buying your home. Does it have enough landscaping and a fence, where are the lot (or property) lines and the condition of the garage? Don’t forget to check the condition of the fences, patio and the deck.

Immobilienmakler Heidelberg

Makler Heidelberg



Source by Bob Tom

Is There, A Best Time, To Buy A Home?

As a Real Estate Licensed Salesperson, in the State of New York, for well over a decade, I have often been, asked, if, a specific time, is the best time, to purchase a home. Since there are many factors involved, there isn’t a simple, one – size – fits – all, answer/ response, but, in most cases, it’s always, a good time, to buy, the right home, for your needs, Since, for most of us, our house represents our single – biggest, financial asset, doesn’t it make sense, to learn, and better understand, as much relevant information, as possible? With that in mind, this article will attempt to consider, examine, review, and discuss, some of the factors, involved.

1. Are you buying your first home, or are you selling one house, and either, upgrading, or down- sizing, to another? While, first – time, home buyers, have no other property/ house, to sell, to relocate to a new place, those, either upgrading, or down – sizing, have different circumstances? When you are selling one house, in order to buy, a new one, pricing has less significance, because, if prices are high, you will sell high, but also, have to purchase, at a higher price. If real estate pricing is lower, you will, both, sell, and purchase, at a low price. Therefore, pricing, will, balance – out. However, if you are a first – time buyer, price becomes, significantly more relevant, because, it means, you will need, a larger down – payment, and higher monthly payments. It also means, since, nearly all first – time buyers, require mortgages, you will discover, it is more difficult to qualify, for the loan.

2. All real estate is local: Real estate varies, from market, to market. Some regions are more sought – after, and/ or desirable, and, thus, may be more or less affected, by national trends. Even within a smaller region, there are often fluctuations, based on factors, such as safety, schools, local real estate taxes, transportation, convenience, etc. In general, the more positive attractions/ reasons, the higher the pricing, and less, impacted, by certain downward trends/ tendencies.

3. Personal needs: Each individual must consider his personal needs, such as family matters, finances, employment/ job needs/ conveniences, and other, specific factors. Sometimes, timing is determined, by factors, which require action, regardless of market conditions.

Regardless of pricing, and/ or, other market conditions, it is wise to proceed, carefully, and weigh, your options, alternatives, financial circumstances, needs, and priorities. An educated, prepared, home buyer, normally, achieves the best results!

Immobilienmakler Heidelberg

Makler Heidelberg



Source by Richard Brody

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close