The economy is slowly returning to normalcy; however there are still many who are unsure of whether they should buy or sell a home. Those who are looking to buy, this is a good time to do so. With the low mortgage interest rates, it is ideal time for those who are buying for the first time and those who are looking for upgrading their property.
Here are 10 great real estate tips for buyers and sellers.
Tips for buyers
• Location is what matters- whether you are buying the property for the first time or already a homeowner or if you are an investor, you should know which is the best location for investing your money. It is better to invest on a small home on best street rather than a big house on less preferred street. It will fetch you good money when you sell.
• Consider buying a Condo- if you are planning on buying a condo, your realtor will be able to bag a good deal, if you are an investor then you can buy a condo and consider leasing it out to the necessary for a period of 1-5 years. It will fetch you good amount of money.
• First know your Credit rating- it is best you confirm your credit rating before you plan on buying a property instead of just assuming it. Before you meet the lender resolve all your issues with credit rating.
• Stick to your budget- before you hunt for houses meet mortgage lenders for pre-approved mortgage. Once you get an idea on how much money you can spend you can streamline your choices. Always stick to your budget.
• Look outside the city- sometimes you get real good deals outside the city, you get what you are looking for at the outskirts. If you want a spacious home, yet have budget constrictions then looking within the city for a good home will not do. Widen the area where you are searching for a good home.
Tips for sellers
• Renovate- you need to prepare your home for sale. It will improve the look of your property. Get rid of all the clutter, do little repairs to the furniture, paint the exteriors, clean the yard etc. all this will help to improve the sale value.
• Upgrade your property- if you have a limited budget and when the property is not completely in a mess, you do not have to completely renovate your home. Just update the areas that have become old like kitchen counters, sinks, bathroom cabinets, carpets in the living room etc.
• Maintain the right price- according to the market value where your property is located, price it correctly. If you overprice it then it could have a negative effect as your property will not be a choice of the buyer due to high price. If it is too costly then buyers will skip it. So price it appropriately.
• Don’t get upset with the closing date- if you have got a good deal on your property but the closing date is very near, do not worry. You will get a bridge finance from the mortgage lenders for a period of 1 month if you have a firm sale. To have a peaceful mind, it is better you speak with the lender before you put your property on sale.
• Get a good real estate agent- your home is probably your largest investment, so you need the right real estate agent who can negotiate a good deal. It is the best way to get to kick start to sell your property.