Real Estate Tips For Buying a House

2015 home buying tips

2015 is here with us and it is an economic year that has a lot of potential in the real estate field. This is a year that improved employment will be experienced. There are even predictions that claim that the single family sector of 2015 will outdo that of 2014. However, there are cautions you should also consider, there is a prediction that mortgage rates may increase by 4-6% before the year 2017. Here are a few tips you should consider before you buy a house.

Ensure That Your Credit Rating Is High

You should keep your money where it is – in your bank account. You should not make huge purchase before you buy a new house. This may make you take a lot of big chances with your credit profile. Lenders need to feel that they can trust you and they will need a rich paper trail of your economical history. This information is very important for you to get the best loan option available.

Get The House Inspected

It is very important for a survey to be done on a property before you buy it. This will help you avoid any disputes that may arise from the seller and you will also know what you are really buying. With this information you will be able to save yourself from any dispute that may arise from your potential neighbors. Your property tax also depends on the size of your property, hence you should have the right map drawn for you.

Don’t Try To Guess The Best Time To Buy

Kris Mugridge of the Cardas Mugridge Group gives great advice “Do not stress yourself trying to figure out the best time to buy or even sell your house. You should know that is almost impossible to anticipate the real estate market.”

Expert real estate agents recommend the best time to be that time you find a hose you like and you have the required resources to buy it. The real estate market is cyclical, it will go up and down with time. If you choose to wait, you might miss out or have to wait forever.

Get To Know The Location You Want To Buy

Before you buy the house get to know the neighborhood well. You should make visits in the morning, noon and evening. Most people get disappointed when they buy the best home but find out the neighborhood is not what they wanted. You should stalk the neighborhood and get to learn almost everything about it. You can make a mock and commute from the house to your place of work and make sure you can actually handle it.

Bigger Isn’t Always Better

Avoid making the mistake of thinking that bigger is always better. Most people are attracted to bigger and beautiful hoses. You should, however, know that bigger is not always better when you are dealing with houses. There is even an old saying that says “do not buy the best and biggest house in the neighborhood.” Big houses only appeal to a small group of people in the market – this means you will limit you base for potential clients

If you buy a house based on your personal emotions, you will only break your heart. If you love something, you will be in a risk of making bad financial decisions that may harm you economically in the long run.

Pros And Cons Of Using A Mortgage Broker

mortgage broker pros and cons chalkboard

Getting a home loan is a pain and typically a long and drawn out process. The main issue that people have to deal with is trying to find a bank that will loan them the money and even educating themselves about the loans that are available. This is when people should know the pros and cons of using a mortgage broker to secure their home loan for them.

Pros Of Using A Mortgage Broker

  • The broker is going to do all of the hard work of getting the lender all the required paperwork and even in locating a lender. While most of the time, people never think about this, it is a lot of work to get the loan approved and if people are not cautious they could easily fall behind on the paperwork and lose their loan.
  • “A broker will often get the home loans at a wholesale interest rate.” states William Bender of Community Lending Centre in Vancouver. “By getting the loan at a wholesale interest rate, it is normally lower than what people are paying. So people can experience a lower interest rate than what they could be paying.” (See more information at their website bc.communitylendingcentre.com)
  • Opening up more loan options is something else people enjoy viewing. While most of the time people never think about this, they need to realize if they are shopping with their local bank they are limited to their loan products. However, by opening up their options to a broker people will have a chance to get the exposure to more loan products.

Cons Of The Mortgage Broker

  • It is possible, just like everyone else to make a mistake. While most of the time people never think about this happening, it can happen and when it does happen it tends to lead to people not getting the right loan they need.
  • Can charge fees that are higher than the normal. While most people know they will get charged fees, the brokers fees may be higher than what they are expecting. So people need to make sure they know about these fees.

As many people are looking at homes, they need to realize they need to get a home loan. This is when people need to make sure they know about the pros and cons of using a mortgage broker, instead of dealing only with the local banks that are in the area when people are shopping for a home.

Top 2 Reasons To Use A Property Manager For Two Or More Properties

property management tips

If you are the owner of a single rental, there’s usually not a problem when it comes to renting out this one piece of property. You simply have to take care of one tenant, address any problems that need to be dealt with with the home that you have purchased, and when someone moves out, there is only one new tenant to deal with. However, if you have two or more rental properties, and especially if you have more than five, you could find yourself spending most of your time taking care of all of the properties that you own. This is not the reason you got into business for yourself, and that’s why using a Vancouver property manager is so important for not only maintaining the rentals that you have and keeping them occupied, but dealing with all of the problems that are associated with being a property owner. Here are the top 2 reasons why you should have a property manager take care of the different rentals that you have today.

Saves You Time

Without a doubt, the number one reason that we all need to use a property management company is because of the time that it will save us. You may not notice this, as mentioned before, if you have a single rental, but “…you will certainly feel the burden of having all of these properties to manage if you have five or more.” Gina Reid of Ascent points out. “Those that have a significant number of rentals will always have a management team, perhaps even two, that are capable of handling repairs, evictions, evaluating the new tenants, and an assortment of other things that are associated with being a landlord.” (Find out more about what Ascent Real Estate Management offers at http://ascentpm.com.)

Saves You Money

If you’re looking from the standpoint of saving money, this is something that you can equate to the situation in that every dollar that you earn is usually spent managing your own company. Rentals are probably something that you have as a supplemental income, but even if they are your primary income, you should be spending more of your time searching for new properties, securing loans, and working deals to get more rentals. You are actually losing thousands of dollars every month when you are having to deal with all of the paperwork and problems that may come up with the rentals that you own right now. By simply working with a property management team that is highly recommended, and competent at what they do, you will definitely have a different outlook on life and what it means to be in business for yourself.

How To Know Whether You Need A Reverse Mortgage

reverse mortgage graphic

With the rising popularity in reverse mortgages all over the country, more and more people are asking themselves whether they require a reverse mortgage or not. This can be answered using various different means. In this article, we are going to discuss about the most common questions in discovering the usefulness or need of a reverse mortgage for various situations.

1. I Do Not Need Anything.

A reverse mortgage is often used to remove an existing monthly mortgage payment, have your home or real estate investment pay you monthly, secure an investment, secure an insurance product or help a senior out of a credit card debt or large medical bill. However, the term “I do not need anything” is a statement frequently used without closely looking at the possibilities and safeties of having a reverse mortgage. The reverse mortgage can be a very effective safety net which can establish quite a large and liquid high interest earning account that can be used in case of an emergency. When a medical crisis occurs or a financial opportunity presents itself, the person will not have to use their savings, income or investments.

2. Why Should I Give My House Away?

This is another common misconception that most people have when learning about reverse mortgages. A reverse mortgage lender doesn’t take your home as there is no deed or title transfer. The homeowner retains all the rights of ownership of their real estate and the only change is that the reverse mortgage is a lien on the property. The owner may sell the home and move and if they should pass away, the home ownership is passed on to the heirs as the will reads. You can find out all of the details on this question by visiting the Senior’s Lending Centre.

3. I am on Medicare and Social Security. I do Not Want To Lose These Benefits

The biggest advantage of a reverse mortgage is it is guaranteed from the government. This program is facilitated by the Department of Housing and Urban Development and because of this, all federal benefits such as medicare and social security are not lost or affected by the additional income brought about by reverse mortgage. The federal government classifies the proceeds of reverse mortgage as equity and not as income.

These are all some of the common questions related to reverse mortgages presented in the early stages of getting the loan. Almost every senior will ask themselves some of not all of these questions at some point. Hopefully, this article has helped you see the need of having a reverse mortgage.

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Tips For Selling Your Home For A Great Price

tips for selling your home

Are you thinking about putting your home on the market? Have you put up a “For Sale” sign, but no one seems interested in making an offer? Do you watch other houses sell quickly while yours sits unsold for months on end? If so, you may just need some simple tips that you can use right away to sell your home.

Curb Appeal

One of the most important areas to focus on in real estate is curb appeal. Most potential buyers form their first impression of your home before they ever get out of their cars. If your home does not look attractive from the curb, most people are just going to move on to the next candidate.

Focus on sprucing up the outside of your home. If the paint is worn or peeling, give it a new paint job. Make sure that the lawn is mowed and there are no sticks or rocks in the grass. A bit of landscaping can really pay off, so add some flowers or attractive plants to the front of your home.

Depersonalize The Interior of Your Home

The interior of your home needs to be as impersonal as possible when people look at it. If your house is still filled with personal items, such as family photos, heirlooms, or other things, buyers will have a hard time imagining what it would look like with their stuff in it. Remove these items and put them away before anyone comes to look at your home.

Fix Minor Problems But Avoid Large Renovations

Make sure that you fix any minor problems with the house before putting it on the market. For example, if there are cracks that need to be repaired, have these fixed before you try to sell. It can be a good idea to hire an inspector who can look over your home and spot any problem areas that need to be addressed.

However, it is best to avoid any sizable renovations if you hope to sell quickly. Instead, focus on smaller jobs. If you sink a lot of money into a big home improvement project right before you sell, you may end up not getting much of a return on your investment.

Selling your home can be quite an ordeal if you do not plan ahead. However, a little advance preparation can really pay off. With these tips, you should not have to wait too long to attract an offer from a serious buyer.