7 Things House Buyers Usually Forget To Do When Buying House

7 Things House Buyers Usually Forget To Do When Buying House

There are few things that usually house buyers forget while making a final deal and then they regret it later. Below is the list of those few things which every house buyer must keep in their minds according to real estate agents.

Location is Very Important

Due to limited budget or any other reason, people neglect the factor of location of house which is very important to consider. It plays a major role in your living standard, bringing up your kids, their surroundings, extra activities, social life, traveling and so on. In short, it has an effect on everything which is a part of your life. So, make sure you are choosing a location which is perfect for your kids, their education and especially it does not make your commuting difficult. An ideal location should be not far away from the main roads but not too close as well so as to not get affected by traffic. Also, if there are pools or parks in your nearby areas then try to buy a house near to these locations.

Resale Value

It is yet another important factor which many people miss to consider as buying a house is a long term project and you don’t intend to sell it away soon. But no matter if you have no intention of selling it soon, you should know that the house you are going to buy is worthy enough to resold with a good price when needed. Check the market price from past for comparison and know about key points of the house you are going to finalize the purchase deal. It may benefit you or your children, this point should be in your mind before buying any house.

Check the Neighborhood

As explained in location importance of a house, neighborhood also has a very important effect on your life. A good and cooperative neighborhood is always a priority as you basically share your lives with them especially when your family is living far away. You will greet them, share problems related to maintenance of house or area, can call upon them in need but not every person is lucky to have such neighbors.

As there are some tough neighbors who make life difficult for other people and you feel miserable as you cannot buy a house again and again. Remember it is a long term deal which cannot be changed anytime you wish. Apart from this, neighborhood areas are very important where you forget to check the factors like you have a nearby grocery store, good schools, a hospital, crime rate in that area, and so on.

Home Inspection Before Signing Purchase Contract

Many people either skip this step completely or do not pay much attention to the house repairs needed. However, they don’t concentrate that these findings can help you in negotiating your final deal. Or you have a complete right to ask the previous owner to get everything repaired before you sign a purchase contract.

Number of Bathrooms

This is something many people do not pay attention to and then they regret to not consider this important factor before purchasing the house. People mostly prefer attached bathrooms inside bedrooms these days while the house might have only one common bathroom if it is very old. Also, some people prefer to have a bathroom even in drawing room while someone gets offended by this. So, check the number of bathrooms first and see your family preferences before making a final deal with seller.

Age of House

Generally, people neglect this factor as least important while it is actually the most important to think about. Older the home is, older will be the construction, walls and all related items of the house. No doubt that older houses are strong but they definitely require some renovation, upgrades and repairs. Either ask seller for doing that before you purchase the house or you can make a deal of reducing price so you can get it done yourself as per your choices and preferences. Also, the kind of construction and interiors may also need upgrade as bedroom shapes were quite different in the past few decades. Same goes for living rooms so a good advice is to deduct some amount from seller’s deal and get your new house upgraded as per your choices.

Not Hiring a Reliable Real Estate Agent

If you’re in DC and you haven’t hired a good buyer’s agent DC for your house buying process, you may end up in various hurdles. Remember that you need an agent for buying house.

Pros And Cons Of Buying Foreclosed House

Pros And Cons Of Buying Foreclosed House

Buying a foreclosed house can be a great investment but it might have some disadvantages as well, contact a realtor to make you visit some foreclosed houses that meet your requirements. Here are a few pros and cons of buying a foreclosed home;

Pros of Buying a Foreclosed House

  1. Much Discounted Price

One of the main advantages of buying a distressed home is that they are available in much-discounted price than the house that isn’t foreclosed. According to the researches, distressed houses are found to be 5% lesser than their original value. It’s like you can buy a house that isn’t foreclosed in the same area and would have to pay 5% extra money. This is a great advantage as you can save money without worrying about the renovation of the property as the bank owning the property gets its renovation done so you get the house in perfect condition. Previously when these foreclosed houses were sold 15% lesser than their original value, they were found to be in the worse condition and the buyers had to spend a lot of money on the house’s renovation.

  1. Pressure on the Seller

If the buyer’s agent shows you a property that is in the stage of pre-foreclosure then your bargaining power would be much greater as the homeowner would want to sell the house as soon as possible before it gets completely foreclosed. In such a situation, you could take a licensed home inspector to check the house and help you in making your final decision. In such urgent conditions, the homeowner is pressurized and usually give huge discounts to the buyers in order to avoid the mark of foreclosure.

  1. Lesser Mortgage Payments

If you buy a foreclosed home under the limit you set for your budget then it is for sure that you would have to pay lesser monthly mortgage payments which is a great reason to consider buying a distressed house.

  1. You Can Find Your Desired Neighborhood

Living around the people you like and understand is extremely important. Buyer’s agents have a huge list of foreclosed properties in almost every area so tell your realtor about the type of neighborhood you want and if you find one that is suitable for you then don’t waste time and jump in.

  1. Property’s Title Is Clear

Buying a foreclosed house gives you relief from any hidden taxes or liabilities. Every bank-foreclosed house is clear from any sort of taxes, mortgages, and liens. All these payments are done legally, and you just have to care about the property and its condition. Buying a distressed house means that you are investing your money in a clear titled house.

Cons of Buying a Foreclosed House

  1. Hidden costs

If you choose to buy a house that hasn’t been foreclosed formally and is in stages before that then the liabilities and costs would be inherited, and you would have to pay all the unpaid taxes and equity lines that can cost you a huge amount of money.

  1. Quite Daunting For Beginners

If you are a beginner real estate investor then you should not go with the foreclosed house as it can trick you and you might get confused in making decisions and handling all the stuff of real state and the bank. However, if you are still interested in buying a foreclosed house then there are many buyer’s agents out there, visiting one of them might help you in the process.

  1. Banks Don’t Negotiate

You should keep this in mind that banks always try to make most of their foreclosed properties, and they don’t care about your emotions and situation. All they want is money, they won’t pay heed to any of your negotiating offers. If you agree with their set price then they’ll be fine otherwise they have many buyers in the queue.

  1. Timeframe Is Short

When you buy a foreclosed property through auction, you would be provided a very short timeframe to gather your funds and clear the payments for the house which sometimes gets stressful for many people.

Both you and your buyers agents washington dc should know these basic pros and cons of buying a foreclosed house in order to stay safe from any sort of damage caused later in the future.

8 Important Things To Repair Before Selling House

8 Important Things To Repair Before Selling House

Most real estate agents recommend to repair your house before selling it off but the question is:

How much should you invest in real estate?

According to a thumb rule, following areas of the house must be in good condition if you want a good offer for your house.

  1. External Part of The House

‘First impression is the last impression’

Maybe your house looks awesome from the inside but is a complete fiasco from the outside. Any person who would come to your house for property survey will be turned off.

External part of the house includes the area in front of the main door and the region surrounding the house. Porch, door condition, grass, lighting and cleanliness – everything matters.

  1. Lights

This includes both natural (sunlight) and artificial lights.

With appropriate lightening, your house space can appear larger. Clean your lighting utilities and replace the broken ones.

The intake of sunlight in house is also extremely important. For this purpose, ditch the heavy drapes which block the sunlight.

  1. Paint Job

If we see an automobile with a recent paint job, even without complete inspection, we make a good impression about that vehicle.

Same is the case with houses. If you paint your house, it will give a feeling of freshness. Seller’s agents recommend you to paint your house, especially if you haven’t had a paint job for two years.

Talk to your real estate agent to find out the best painters in your area. Who knows! You might even get some discount deals through your agent.

  1. Windows and Cupboards

A typical window design includes a glass, guarded by either a wooden or metallic framework. Sometimes the glass is broken, sometimes metal involves rust and sometimes the framework is sabotaged.

Normally, when a person goes to see a house, he/she will naturally take a look outside a window, see how things look from the angle.

Same is the case with cupboards. If they are dirty from inside, have broken locks and are not appealing, the buyer will lose his interest.

  1. Taps, Pipes and Drainage System

A lot of people think about selling a house when it becomes unbearable for them. They don’t care about the party which will live in the house, in future.

Taps, pipes and drainage system should be in tip – top condition. In some cases, if you sell a faulty house, you can also get sued so it’s best to give them therefor real estate agent urge you to sell a house in good condition.

  1. Floor

Depending upon your taste, your house may have chips, marble, limestone or hard wooden floor. You can have any floor – that is not the problem.

The problem lies in broken or ill-maintained floors.

Polish your floor and replace the broken tiles. Not only, it is enjoyable to spend time inside the house, refurnishing your house floor is an epitome of higher ROI ‘return on investment’.

  1. Ceiling

Over time, water starts to accumulate between bricks and beam blocks, resulting in seam. The seam tarnishes the paint and makes water drip.

It is an unpleasant sight to watch and definitely can make a deal go south. Also, if your house suffers from seam, any potential buyer will think buying this property is a lost cause, considering seam often comes back.

If you could repair the seam, the house will look good as new and will help make the mind of the buyer to buy this property.

  1. Other Small Repairs

There are things which cost only a few bucks but they either make or break your house deal. This includes broken locks, malfunctioning doorknobs and doors which are not in good shape.

You may think of them as something of less importance but they are what makes the impression of you (the owner) inside the mind of a buyer.

Getting a Pre-Sale Inspection

Seller’s agents recommend getting a pre-sale inspection. This is handy, especially if you have a limited budget and are unsure about which areas need the most attention.

A sellers agent washington dc will help you identify such areas from your house. If you don’t care about pre-sale inspection now, you will find yourself with lots of problems during the time of selling the house.

How To Sell Your House In A Slow Market

How To Sell Your House In A Slow Market

Many top real estate agents agree that today the real estate agent market is declining in a rapid way. If supply is more than the demand, than you need to reduce your prices to sell your house. Here are a few tips on how to spark an interest in your house and to sell it.

Top real estate agent

  1. Stand Out Your House from The Neighborhood

If your house is more attractive and has a unique design, then it will stand out amongst the neighborhood. Having the same design or the same infrastructure will not offer anything new to the buyer. Unique is more appealing. Add a new roof, or a high-grade window. This will not only add value of your home. But keep everything balanced and don’t go overboard. A real estate broker will suggest you upgrading your house in the most modern way.

Only put your money into things which have a good return as well so that you do not regret your investment.

  1. Keep Your House Organized

Before any top real estate agent or a potential buyer visits your house, make sure it is in the most optimum condition. It is necessary to keep your house in a presentable way so that the buyers can visualize the space. Also make better use of the available free space. Use a neutral color of furniture to make your rooms appear more open and wide.

  1. Make the Deal Better

Improve your dealing with the buyer by cutting down the closing cost or offer a home warranty which is transportable and will cover up cost of appliances as well. In this way, your potential buyer will feel more comfortable if you provide them some edge. Some buyers also want the closing of deal to be done quickly. So, try this as well to get your contract.

  1. Improve External Appearance of Your House

At first glance, any buyer will notice the external appearance of your house. Make the curb much more appealing to catch the glance of the potential buyers.

  1. Improve the Condition of Your House

Although your real estate broker may guide you about it, but make your house presentable in a way that it does not need a lot of repairing before settling in. Appliances should be up and running, pipes and roof should be in optimum condition and bathrooms should also be functional. So that the buyer feels at ease that he will not have to work on the house a lot.

Real estate agent

Consult the top real estate agents or your real estate broker washington dc who will guide you the current market value and rates according to your area. A little margin is fine, but always priced according to the work done in your house. Do not price too high or too low, either way could be a loss to you. If you have worked hard to renovate or build your house, then price it accordingly.