September 25, 2015
Real Estate Tips for First Time Buyers and Investors
With the economy slowly rising back to its normal state, most investors are still unsure about the best time to buy or sell properties. While there are so many obstacles and uneasiness, you don’t really need to stay put. This is what our experts usually say to first time investors or homebuyers.
For those who want to invest or buy a property, now is actually a good time. “With the all-time decreasing mortgage interest rates, it can be very beneficial to every first-time buyer, investor, or existing homeowners who want to upgrade to purchase a property. On top of that, there are also several predictions that the interest rates may rise in the coming months. This is why you need to move fast.
To help you out, our team has listed the best advice for weathering they still unsteady economy we have. Whether you’re planning to buy, sell, or probably both, here are some tips to get you going. Read on.
- Location, location, location!
Location is the very first thing you need to consider whether you’re a first time buyer, investor, or existing homeowner. You need to assess the area so you can assess the real value of your investments. This is where you will need to contemplate on the smallest house on the street and the largest house on a less preferred street. Keep in mind that the location plays a vital role on the rates.
- Think about a condo
Just recently, condominiums are in demand. However, this doesn’t mean you cannot negotiate the prices. You can always find a good deal with realtors and real estate agents. As an investor, you need to consider leasing out your unit for the next four to five before putting it on the market. Check how the prices increase or decrease. Once you see an upswing, put it on the market right away.
- Know your credit rating
It is advisable to not just assume your credit rating is in order. Take it from us, check your rating first so you can have all the time to resolve any issues that may cause delays when buying or renting properties. Get the latest update of your credit rating and consider having them printed out.
- Know your budget, and stick to it
Consider getting more contacts when it comes to mortgage lenders. Examine the interest rates they offer. Once you know how much you’re willing to spend, it would be easy to narrow down your choices. Set your budget and stick to it! Compute your monthly income and expenses. Never buy something you cannot afford.