(BPT) – If you love the idea of being a landlord and don’t mind being on duty around the clock, buying investment property may be the wealth-building option for you.
Property values have enjoyed a steady increase over the decades. That’s why real estate has earned its reputation as a sound investment that builds wealth and credit.
Most people, however, don’t have the quantity of cash on hand to purchase a house or apartment building outright. Still, if becoming a landlord means taking out a 30-year mortgage, the monthly payments from the tenants should be enough to service the loan and build equity for you, while leaving some cash flow so you can maintain the property.
If buying investment property sounds like a step you’d like to take, here are some credit considerations every investor needs to know.
1. Be mindful of the inquiry stage
Once you decide to purchase an investment property, it’s important to do everything you can to make sure your credit score stays as high as possible until the loan is approved and signed. Your goal is to land the best possible interest rate because View full post…
(OL) – Buying a home for the first time is a big deal.
To help you get ahead, we’ve outlined some first-time home buyer tips by calling out six of the biggest mistakes that you should avoid going into the purchase of your first home that could end up saving you a lot of time, money, and frustration.
Mistake #1: not getting pre-approved
Many first-time buyers make the mistake of thinking that they don’t need to get approved for a mortgage until they’ve found their dream home.
Unfortunately, that often ends up being too late.
These days, most sellers require that pre-approvals be submitted along with any offer, and, since your finances need to be vetted before the lender will agree to grant you a loan, this process can take days or even weeks.
5 home buying tips for first-timers and old-timers
(BPT) – Whether you are buying a home for the first time or you are just looking for an upgrade, it is never a bad idea to arm yourself with home buying tips that can make your search go from overwhelming to enjoyable. Rather than learning the hard way about hidden expenses and difficult neighbors, there are things you can do to feel more confident as you begin your search.
With a seller’s market in many parts of the country, these home buying tips are even more important as you battle other buyers for the home of your dreams. The more efficient and straightforward you are in your search, the better chance you’ll have to hear “offer accepted.”
Consider all the costs
When starting the home-buying journey, the first thing to consider is the cost and expenses. When pre-approved for a mortgage of a certain amount, keep in mind that number is not a target – it is a maximum. While a View full post…
Home improvements that help sell your home faster and for more money
(BPT) – The real estate market is heating up, and if you’re planning to sell your home faster in the future, you want it to sell quickly and for as high of a price as possible. By taking proactive action now, you can make a few strategic home improvements that can help you achieve both your goals.
To boost your home sale and reduce time on the market, consider these top home improvement ideas to catch buyers’ eyes.
Garage door: When potential buyers visit your property, you want to make the best first impression before they even come inside. That’s why it’s wise to replace your garage door. It takes up a significant amount of exterior visual real estate and helps define the home’s aesthetic. What’s more, according to Remodeling Magazine’s 2018 Cost vs. Value report, a garage door replacement recoups an astonishing 98.3 percent of cost upon resale.
Bathroom addition: More bathrooms typically mean you can charge more View full post…
House hunting? Use this handy checklist before you make the offer
(BPT) – House hunting can feel like an adventurous new chapter in your life. If you’re lucky enough to find the property that checks off all the “must have” boxes – appearance, size, price, location – it’s easy to fall in love.
Not so fast. Before making an offer on any property, it’s smart to take a deeper look at the overall structure and its systems, just to make sure warning signs of major and costly problems are not hiding in plain sight. If the house holds more issues than your budget (and drive to renovate) can handle, it might be best to walk away.
Of course, once the offer is accepted, it’s always a smart idea to hire a third-party home inspector to take an in-depth look at the property. In the meantime, one last pass-through with this checklist in hand can give you peace of mind about taking the next step.
Exterior: Walk around all four sides of the house, scanning it from ground to rooftop. Note the View full post…
Insider tips and tactics for buying a home in a seller’s market
(BPT) – Whether you’re a millennial looking to buy your first home or a boomer thinking about buying a home to downsize your empty nest, you’re probably aware that it’s a seller’s market out there.
Homes are selling at lightning speed, bidding wars are commonplace, buyers often have little to no room for negotiation and the price of those homes keeps rising.
But don’t worry! Just because it’s a seller’s market doesn’t mean you can’t get a good deal on the home of your dreams. Here are some insider tips and tactics from the pros at RE/MAX, LLC to help you get your slice of the American dream at a price you can afford.
Work with a full-time, experienced agent. This is critical, vital and non-negotiable. Things move so fast and offers are made within minutes of seeing a home. If you don’t have a real estate agent, you can easily be overwhelmed by this thrill ride. Your agent can help you with negotiation, serve as your champion, and can guide you through this process as a pro.
Get pre-approved with a lender. When you’re pre-approved, you’ve View full post…
Top tips to help first-timers navigate the fast-paced US housing market
(BPT) – The US housing market is picking up pace moving into the peak of the summer home-buying season.
In city after city, home prices are on the rise, up 2.3 percent on average between April 2017 and 2018, according to the RE/MAX April 2018 National Housing Report. And there are fewer houses on the market to choose from, with total housing inventory down by 11.3 percent.
Based on home sales in April 2018, the national supply of inventory was at 2.5 months, making it a strong seller’s market. (A 6-month supply of inventory historically indicates a market that is balanced equally between buyers and sellers.)
What’s fueling the demand? More members of the millennial generation View full post…
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