The economy is slowly rising back to normalcy but many still aren’t sure if they should be selling or buying property. According to real estate professionals, now is a really good time for first time buyers, those who are planning to upgrade property, or for those looking for property as investment. Market predictions state that interests are rising so buyers will want to move fast.
Although the best friend you can have when buying real estate is still your agent, here are some tips than can help the buyer in navigating the property market.
Buying that Real Estate:
Location, locaation, location…
Understanding the best locations for properties is important especially if you’re a first time homeowner or an investor. The smallest house when located on the best street will earn more than the biggest house on a street that is less preferred by customers. Condos near a university or public transport are good investments.
There’s currently a surplus of condos in the property market, so your realtor should be able to find you a really good deal. It’s recommended that you lease out the condo for four to five years before selling it because of the predicted upswing in prices.
Before meeting with a lender, you might need to check your credit rating first to avoid unpleasant surprises. This will also give you time to resolve any issues that might delay you from buying the property you want because of finance problems.
Stick to a price range
Get a pre-approved mortgage by meeting with one or more lenders before you start looking for a house to buy. Having a budget you can work with narrows down your choices. Whatever the economic situation is, it’s always safer to buy within a budget.
Move out of the city
Young families are moving out of the city into the nearby suburbs to buy more affordable and newer homes that are being resold. If you have a budget you need to stick to but also need bigger space, a property in the downtown area might not do.
Prepare your property for sale
When selling your house, getting it ready is crucial. You might need to work with a real estate professional who specializes in maximizing the potential of houses that are being sold.
Update and upgrade
Complete renovation is not necessary but you should consider upgrading areas that look tired and old. Replacing the kitchen sink and counter or replacing the old carpet can do wonders in making your house more attractive to potential buyers.
Price it right
According to real estate experts, pricing the property right the first time is important if you need to sell it fast. Buyers usually have a budget and tend to stick to a certain price range. More Advice on How to Price Your Home at: http://www.realtor.com/advice/homes-first-price-best-price/