If you’re interested in jumping into the home buying game then you’ll already be playing the game of real estate investing. These two items go hand in hand and it’s impossible to buy a home without playing the investment game. Check out our article on real estate return on investment to learn more. Regardless if you plan to live in the home or not you never want to buy a home that is above market value or sell a home below market value. Of course saying never when talking about selling below may be extreme since we would need to establish someones personal needs to really find out why they’re selling. After all a sell under market value will be likely with an illness, relocation of familial change to name a few.
When you’re ready to start the process, choose the best and most efficient way of home buying, choose technology! The internet literally offers you all the info you need at your fingertips on any property in the entire world. Buyers that invest the time to do proper research and their due diligence will end up more educated, savvy homeowners with little to no regrets.
New Paint and New Carpet Goes a long way!
While shopping for homes you might encounter properties that need a little work. Many time these properties just need a little TLC and cleanup and can be purchased at a discount because of these reasons. Buyers with a little vision on what could be usually see profit in their favor due to a little sweat equity. If it’s your plan to move into the home your buying then you’ll always want to upgrade the carpet and pad anyway. Paint the walls a neutral color, stay away from dark colors like red and black unless you’re intending to repaint when you’re ready to sell. Depending on how long the property has been for sale the seller may even consider doing these upgrades for you at the close of escrow. Feel free to contact us about how we negotiate this into our deals.
Keep in mind if you decide to purchase a home that is turn-key ready then you will pay top dollar. Turn-key means little to no work on the property needs to be done and thus any possibility to take advantage of sweat equity in the home buying game will be lost. Additionally, many buyers will likely be competing against you when offering on a turn-key property as many buyers do like a move-in ready home. Think about that for a minute, if you buy a home that needs work and fix it up then your home will be turnkey also. This is the real estate game and buying low and selling high is the name of the home buying investment game!
Poor decisions while Home Buying can cost you thousands
When it comes to buying real estate, good decisions can save or make you money and bad decisions can cost you money. The amount can be in the thousands so you’ll want to limit your liability as much as possible. Having a real estate professional by your side to help you through the home buying process can be the difference between making or losing money and did you know as a buyer that Realtor representation is at no charge? That’s right, the seller pays the commission a buyers agent earns and so the buyer gets professional real estate representation at no cost!