If you have plans of finally settling down and buying a house that you can call your own, you will usually be facing the dilemma of either buying a brand new one or buying one that has been previously owned. The differences between these two housing options will be discussed in this short article in relation to certain factors so that you can better decide which one you should go for with the family that you are building.
The price is the first factor that must be taken into account when on the hunt for a good home for sale. When you look at the current real estate market, short sale homes and foreclosed homes are usually cheaper in comparison to new homes. It might not sound right to know that a brand-new house sells for more in comparison to a home that is several years old in the same neighborhood or location. New houses are not considered comparable to previously owned houses in this regard, that is why you can always expect them to sell for more, most especially that upon appraisal, they do not show any issues at all. However, with the price in mind, it might sound unfair that a previously owned house with a spa or pool, landscaping, window treatments, and ceiling fans will still sell cheaper than a brand-new one that does not have any of these features.
With brand-new houses, you can always expect to pay higher for them with their current condition and being under full warranty. In addition, you will also be securing some things not yet found in this new house as well as have some landscaping or patio done. Nonetheless, a lot of people still choose to buy a new house from a previously owned one, and you can see this trend among builders who sell really well.
In terms of location, you seldom see houses that are located nearby the place where you work as well as more common amenities such as schools, hospitals, the airport, or the downtown area. For more developed cities or towns, you cannot find a lot homes in their main area, more so, builders of new homes in these areas. When a city develops, the development will be outward. So, for newer homes and commercial establishments, they are mostly fond outward. This is something that you should think about when deciding to get a used home or a new home. As you travel both ways, also consider what effect traveling daily has on your time and the prices of your gas.
• Updates and add-ons
Lastly, updates and add-ons will also have some effect on the overall costs of used homes and new homes. For instance, used homes will most likely be needing some updates that will usually be comparable with adding new things to a brand-new home in terms of total costs. For used homes, you might need to have a fresh coat of paint done, update your granite counters, or change your appliances. So that you can better decide if you should go for a used home or a new home, calculate both the updates and add-ons that you will be needing for them.
Keeping all of these factors in mind, you can say that either buying a new home or buying a used home will have their own advantages and disadvantages. The key to making the perfect choice is to assess your particular preferences and needs and choosing a housing option that can better fit them.
Who says you cannot sell your own home all on your own? Of course, you can! You should not always rely on the services of a real estate agent. And not hiring one does not imply that you will be facing more challenges and long-term hassle while selling your home. Even real estate properties listed on the market for sale can take weeks or even months to attract potential buyers. As a home owner selling your own home, it is very much possible to finish the entire process of selling faster all on your own.
For faster selling of your home without any help from a real estate agent, make sure to do the following.
1. Do home staging, take high quality photos of your home, and upload them online.
Since you are putting up your property for sale online, it is a must that you have it look incredible from the inside out. Make sure every spot is presented on a good light. You can even hire an expert to do home staging by decluttering certain surfaces, re-pleating your curtains, setting fresh flowers on top of your table, and plumping up your cushions.
2. Take advantage of word of mouth strategies.
Having your property listed online or on newspapers will never be enough in gathering as many potential buyers as you can and hopefully getting a good deal out of them. You must spread the word to anyone and everyone you know that your property is for sale from your friends, neighbors, workmates, churchmates, your Facebook friends, and all other social media contacts that you can ever think of. You can even place a huge banner outside of your gate for all the people passing by your property to see.
3. Deal with a number of potential buyers.
Always keep your phone lines open and your social media accounts active to entertain possible queries via messages, call, and texts regarding your home for sale ad. While you are on them, be careful of property agents who will appear out of the blue and provide you with some interesting valuations of the house that you are selling. You should rather go with people who have better reputation about selling properties that are similar with yours.
4. Master the game of playing hard to get.
Now that you have posted the best photos of your house for sale as well as some crucial details and descriptions about it with your phone ringing countless times, embrace all of these things as they happen. You can begin by turning down the view requests of people, just be sure to do it courteously. You may want to make the excuse that you are doing a few pre-sale improvements. The really interested buyers will make an effort to really reach out to you that will surely end up in your house selling fast.
5. A few other things to remember:
• If you cannot avoid getting visits from potential buyers:
Be sure to make lasting impressions regarding your home. Remove all personal belongings and clutter and ensure to keep your entire house looking magnificent, cozy, and fresh all in all.
• Get ready with things your solicitor might need:
Organize all the necessary legal documents of your house that might be needed including warranties, building regulation certificates, and window and door certificates. Do not forget to all prepare the most crucial document, that is your title deed.
• Have a real estate agent nearby:
With no prior experience of selling a home, you will be better off having a good agent nearby that can assist you with all your concerns about the house that you are selling.
Inheriting a property from a loved one implies that you have a lot of things to think about, and usually, it goes in both ways. There are some who choose to move right into the property once they have found out that they have inherited it. On the other hand, there are some who want to sell it and get it over with. For some, choosing the latter allows them to have some peace of mind while at the same time help them come up with some profit that they can use for other more important things such as paying off their debts as well as financing for the college education of their children. Even so, those who choose to sell their inherited property are not so sure where they must begin. If you happen to be one, it is best that you find someone or a company that specifically deals with these matters so that the entire process will just be smooth sailing for you and profitable at the same time.
• Tax implications
Typically, emotions are heightened during these scenarios that people who are involved in the inheritance forget to formally discuss what tax implications they must face later on. Due to the fact that there will be estate tax and inheritance tax issues that will come into the picture, it is best to hire an agent who is an expert in selling inherited properties. It would be a wrong move to go alone or with a family member or friend who does not have any idea as well about the best way for you to sell your inherited property.
• Sale preparation
Before you will have your inherited property listed on the market, ensure to have it read for possible buyers. Besides, for most investors and buyers, if they find out that an inheritance property is for sale, they often expect to good a good deal as they often conclude that the seller wants to get rid of the property as soon as they can. To prepare the property for sale, be sure to remove all of your personal belongings and have it cleaned. In addition, it would be a great idea to have an estate sale or a yard sale for the belongings of the inherited property that are now yours.
• Picking a price for the inherited property
As mentioned above about buyers knowing that a property for sale is inherited, usually, they convince as much as they can the property owner to reduce the selling price. But then, this should not always be the case. If you are going to sell an inherited property, again, it is best to work with an agent who has dealt with selling these properties for a long time. You can get the price that you want and need with this agent you hire who has for sure asked around for selling prices of nearby properties, assessed trends in the locality, and has in-depth knowledge of the current happenings in the real estate market. The process becomes smooth sailing not just with their knowledge but with their negotiating skills that they have developed through several years of experience.
• Never do it alone
Never let your emotions get in the way and lead you to the wrong direction during these trying times. Always have a reliable company by your side with the experience and knowledge making sure to always have your best interests in mind.
Waterfront properties seem to be one of those rarities in real estate. They remain firm and do not get easily swayed with most trends in the market. Of course, there are reasons why this is so. Summer days can be better off spent on rivers and lakes offering the benefit of decreased stress as well as memorable family times. Cabins and house rentals are also becoming popular all year round. Aside from that, these properties can also be bought to serve as permanent residences among home owners who wish to get some privacy and be one with nature. Your seldom see waterfront houses for sale in the real estate market. But if you do see them, for sure, you have a long list of interested buyers ahead of you.
There are many reasons why people invest in waterfront properties. This short article will give you the top 5 reasons to invest in them in case another one comes along for sale, and you are interested in buying it.
1. Getting your much-needed privacy
A lot of people are now prioritizing privacy over other things when looking into several housing options. With waterfront properties, this is a given. The presence of dense foliage and the long distances between homes diminish sounds effectively. This makes home owners better appreciate their own quiet time and go into deep thoughts as well as go into conversations with family and guests. Since there will only be limited space for further housing development, you cannot expect to have other houses seen between the water’s edge and your property. This enables the home owners to have a better view of the water. Usually, waterfront houses that are put up for sale come with a private dock or if not, at least have some walking distance or pathway to the shoreline.
2. Exciting water activities
Water activities are one of the most effective ways to bond better with family and friends. The water is never short of fun activities to choose from starting with swimming, fishing, boating, skiing, etc. They can never be done on land that is why you seldom see home owners who have the luxury to enjoy all of these activities. Even doing the simplest of activities near lakes and rivers like sipping your favorite cup of tea while reading a book can be all too magical.
3. Limited supply
You seldom see a lot of houses near bodies of water. With their being rare, you can expect their value to be retained unlike houses sold in urban areas that suffer from price fluctuations. Thus, if need be, you can easily sell your waterfront property in no time. If you will not be using them, you can offer to have them rented to get additional earnings. Of course, you are expected to maintain your property adequately. Even so, buying a house that offers unlimited fun and quality family bonding is no doubt a wise investment choice.
4. Being close to nature
Though being close to nature is dependent on the location of your waterfront property, if you choose one near rivers and lakes, for sure you can enjoy the wildlife and their natural habitat. You can fish for food or sport, catch rare glimpses of owls or deer, watch birds from the dock, and even just spend more intimate moments with nature that you can never get in the city.
5. Experiencing a wide array of health benefits
According to studies, being near bodies of water pose a wide range of health benefits. You can a sense of serenity and piece that allow your stress levels to be reduced. You also get to breathe cleaner and fresher air and steer clear from light and noise pollution in heavy amounts in comparison to living in the city.
The current real estate market is enjoying low interest rates just like what is happening in other business establishments. That is why most home mortgages that are being issues come in fixed terms. Most potential home owners prefer to enjoy low interest rates for the entire term or duration of their loan; thus, they proceed in taking advantage of this kind of mortgage term. If you have made up your mind that you would rather go with fixed mortgage rates than the variable mortgage rates, you proceed in applying for one. If you are eligible for this kind of mortgage, you then proceed in choosing the most suitable fixed mortgage term depending on your needs, situation, and/or conditions. Here you can find a brief discussion of the varying fixed mortgage terms that you can choose from for you to better decide which one you should be going for.
1. 15 years or less
This fixed-term mortgage is the shortest term among the others and offers the most benefit in terms of interest rates with its interest rates being always lower than those of the other types. You will be paying lower for your total payments with lower interest rates and having fewer payments in less years. Asset accumulation will grow faster and your payments will be able to pay much faster your principal mount rather than just pay for your interest rates. However, not all people are easily eligible for this fixed mortgage term. To qualify, you must have a higher income, other assets, and have less overall debt. Furthermore, you will be paying higher monthly installment payments at a shorter period of time.
2. 20-25 years
This particular fixed-term mortgage is considered as the in-between of the shorter mortgage term (i.e., 15 years or less) to the longer mortgage terms (30 years or more). That being said, if you compare the interest rates of this mortgage term from the shorter term, they are a bit higher; however, compared with the longer mortgage terms, they have much lower interest rates.
3. 30 years
Among the different fixed mortgage terms, this term is the most common one being chosen by potential home owners. Even if the interest rates can be higher than the abovementioned two terms, they are still low, generally speaking. This is the best option for most qualified individuals who are in need of buying a home but need to get an ideal financing option since the prices of most houses are increasing.
4. 40 years
The last fixed mortgage term was nonexistent decades ago. It was only just recently where this extended mortgage term has been introduced into the mortgage market. With this particular fixed mortgage term, you can extend the number of years to repay the house that you have bought with lower monthly installments. However, your overall payment will also most likely go up. This is a good deal for potential home owners who are having a difficult time qualifying to apply for a good mortgage loan.
As you choose which fixed mortgage term suits you best, just do not forget to look into a number of factors such as your comfort zone, financial capacity, overall costs versus expenses, and the monthly payments. So, which fixed mortgage terms do you intend to choose now?