Gail DuBois' Blog
Want to relocate to a condo? Buying a condo can be an uphill climb, particularly for homebuyers who are browsing the real estate market for the first time. Fortunately, real estate agents are available who will allocate the necessary time and resources to ensure you can find a top-notch condo in no time at all.
Ultimately, hiring the right real estate agent to assist you during your condo search can be easy. Here are three questions that you should ask a real estate agent before you hire him or her to guide you during your condo search:
1. How have you helped condo buyers in the past?
Ask a real estate agent about his or her past experience with condo buyers – you'll be glad you did. With this information at your disposal, you can find out how a real estate professional collaborates with condo buyers to help them achieve their goals.
A real estate agent should be a good communicator, i.e. someone who keeps condo buyers informed at each stage of the condo buying journey. That way, this real estate professional will keep you up to date about new condos as they become available and ensure you can find a great condo at a budget-friendly price.
When in doubt, be sure to ask for client referrals too. By doing so, you can reach out to a real estate agent's past clients to learn about their condo buying experiences.
2. How do you approach difficult situations?
Unfortunately, the condo buying journey sometimes can be filled with roadblocks along the way. For real estate agents, it is important to remain calm, cool and collected in these situations and do everything possible to limit their impact.
Ask a real estate agent to share details about past condo buying experiences that did not necessarily go according to plan. This will provide you with insights into how a real estate agent approaches unforeseen circumstances and whether he or she can thrive under pressure.
A real estate professional with condo buying experience should do whatever it takes to help his or her client get the best results possible. With this real estate agent at your side, you should have no trouble securing your dream condo, regardless of the challenges that you encounter along the way.
3. Why should I hire you?
There is no right or wrong answer as to why you should hire a real estate agent to help you find a condo. For many condo buyers, it is a gut feeling. Meanwhile, other property buyers will choose a real estate professional based solely on his or her education and past successes.
As a condo buyer, it is important to employ a real estate agent who you will feel comfortable working with at all times. This real estate professional should be happy to help you in any way possible and respond to your condo buying concerns and queries. In addition, he or she will go the extra mile to ensure you can buy a terrific condo that matches or exceeds your expectations.
The homebuying journey may prove to be difficult, and assorted challenges may arise that make it tough to quickly find and buy your dream house. Whether it's encountering problems during a home inspection or negotiating a house price with a property seller, there is no telling what may happen during your pursuit of your dream home. However, if you know how to handle homebuying challenges that come your way, you'll be better equipped than ever before to enjoy a seamless homebuying experience.
Now, let's take a look at three tips to help you tackle various homebuying challenges.
1. Stay Patient
When you are faced with a homebuying hurdle, it is important to remember that every problem has a solution. Thus, if you take a calm, cool and collected approach to a homebuying issue, you can find the best way to alleviate this problem.
A patient homebuyer usually is a successful homebuyer, and for good reason. If you maintain patience as you navigate the homebuying journey, you can analyze problems that come your way and allocate the necessary time and resources to solve them. And as a result, you may be able to speed up the homebuying journey and acquire your dream residence in no time at all.
2. Consider Your Options Closely
As you encounter homebuying hurdles, you should consider your options closely. That way, you can weigh the pros and cons of potential homebuying decisions and make informed choices as you try to buy your ideal residence.
Sometimes, it may be beneficial to consult with family members and friends too. If you reach out to loved ones for support, they may be able to help you make the best-possible decisions throughout the homebuying journey.
3. Collaborate with a Real Estate Agent
When it comes to purchasing a home, you may require expert assistance. Lucky for you, real estate agents are available in cities and towns nationwide, and these housing market professionals can help you overcome property buying issues.
A real estate agent is committed to your homebuying success, and as such, will work with you to make your homeownership dream come true. Therefore, if you want to acquire a city residence as quickly as possible, a real estate agent can help you do just that. On the other hand, if you want to purchase a small town home at an affordable price, a real estate agent will help you accomplish your desired result.
Let's not forget about the comprehensive guidance a real estate agent can provide as you search for your dream residence, either. A real estate agent can teach you everything you need to know about the housing market. By doing so, he or she can help you identify and resolve homebuying problems before they escalate.
For those who want to streamline the homebuying journey, it helps to prepare. Thanks to the aforementioned tips, you can reduce or eliminate homebuying hurdles and purchase your dream house without delay.
Buying a home is never easy, but it can be especially challenging if you're making your purchase from a remote location, like when you're buying a vacation home. If you're purchasing a second home or a vacation property in the next few months, these tips can help you through the process. By doing your homework, working with the right real estate professional, and by making decisions in advance, you can make the purchasing process easier on yourself. Here's what you need to know.
Understand the Tax & Loan Implications
Mortgages for vacation homes often require a larger down payment than primary residences. In addition, some loans that can be used to purchase primary residences cannot be used to buy vacation homes. For example, you can't pay for a vacation home with an FHA loan.
You may be able to deduct the mortgage interest from your taxes, but only up to a certain amount. Your accountant can help you understand how the mortgage deduction will work before you buy the house. Call your accountant before getting into the home purchase process, so you can be fully aware of the tax implications before finalizing the purchase.
Know What You Want
Sit down with your family before you start shopping for a home. Have discussions that will focus your search. Ask questions like: Where do we want to buy? How big will the house be? How large should the lot be? Answering these questions in advance will help you narrow your search and keep it focused on houses that are likely to make you happy.
Research the Real Estate Market
Are homes competitive in the area where you'd like to buy? Do they go fast? Must you act quickly? What's the price range of homes you'd like to buy? What's the forecast for real estate in the area? Having answers to these questions will help you make decisions that will inform your home buying process. Some of this information can be found online, but the best and most accurate way to get a lot of this information is to work with a reputable real estate professional.
Plan at Least One or Two Trips
Much of the home buying process can be done remotely. PDF document signing technology has made it easy to make offers and send documents to home buyers from out of state or even out of the country. However, it's still advisable to make at least one trip to the area and see the house you'd like to buy in-person before making an offer.
Very likely, you won't find the house you want to buy in the first trip. Plan to make at least one (and possibly two or more) trips to the area where you'd like to purchase. Plan your trips carefully to ensure each trip is productive. Make a list of properties to see before leaving. Communicate your list of properties with your real estate agent in advance, so your real estate professional can make appointments to see homes before you arrive.
Find the Right Real Estate Professional
Work with a real estate agent who has facilitated long distance purchases in the past, and who has strategies for helping out of town buyers. To find a real estate agent, interview reputable candidates before settling on the right one for you. The real estate professional you choose should be friendly, communicative and confident in their ability to help. Working with the right real estate agent, you'll be able to get the job done, even when you're not in town.
A home inspection is a service that’s usually paid for by the buyer in a real estate transaction, and you have the option to forgo this when you’re purchasing a house. In almost every situation, however, real estate agents recommend getting a home inspection. Here’s why an inspection is so important.
What is a Home Inspection?
A home inspection is essentially an audit of a home’s structure and vital systems, and the audit is performed by a home inspector. Home inspectors are independent parties, which allows them to provide objective assessments, and they specialize in this particular service. Home inspectors have a broad knowledge about foundations, structural integrity, HVAC systems, plumbing systems and much more.
A basic home inspection generally includes an assessment of the house’s structure and essential systems. Some inspections will also check for mold, pests, lead paint and other potential issues.
How Much Does a Home Inspection Cost?
The cost of a home inspection is usually based on the size of a home and what exactly an inspector is looking for. An inspection that checks for mold and pests will typically cost more than only a basic inspection that looks at structural integrity and essential systems. Even among basic inspections, there are sometimes varying levels that cover different systems at different costs.
Despite the variance in price, however, home inspections tend to be quite affordable. Most inspections cost a few hundred dollars for a fairly common single-family house.
What Do You Do With Results from a Home Inspection?
After a home inspection is complete, the inspector will furnish a report that details their findings. Few homes are absolutely perfect, and there are normally at least a few issues noted on an inspection report. Depending on what the real estate market is like and what’s noted on a report, there are a few ways you might use this information.
First, the report at least tells you what issues the house has so that you can make sure you want to purchase the property. Second, you can also use the report to prioritize projects once you own the building. Finally, sometimes items in a report can be used to negotiate the sale price lower.
Submitting a "fair" offer on your dream home may seem difficult, particularly for a first-time homebuyer. Lucky for you, we're here to help you determine what it takes to submit a fair offer on a home that increases the likelihood that a home seller will accept your proposal without delay.
Now, let's take a look at three tips to ensure that a first-time homebuyer can submit a fair offer on a house.
1. Study the Housing Market Closely
Are you preparing to submit an offer in a buyer's market or a seller's market? Ultimately, the current state of the housing market may help you define a fair proposal based on the sector's conditions.
For example, a buyer's market frequently includes an abundance of top-notch residences and a shortage of homebuyers. In this market, you may be able to submit an offer at or below a home seller's initial asking price and receive an instant "Yes."
On the other hand, a seller's market usually features a shortage of high-quality houses and an abundances of homebuyer. As such, you may need to submit an offer at or above a home seller's initial asking price if you want to secure your dream residence.
For first-time homebuyers who analyze the housing market closely, they should be able to differentiate between a buyer's market and a seller's market. That way, a first-time homebuyer can determine fair market value for a residence and submit an offer that corresponds to it.
2. Evaluate Your Homebuying Budget
There is no need to overspend for a house, regardless of the current housing market's conditions. But with a homebuying budget in hand, a first-time homebuyer can resist the urge to pay too much to acquire an outstanding residence.
Getting pre-approved for a mortgage often provides a great option for those who are uncertain about how much they can spend on a home. This budget will enable a homebuyer to narrow his or her home search based on the finances at his or her disposal.
Meet with a variety of banks and credit unions to learn about all of your mortgage options. Then, you can select a mortgage that matches your budget and move one step closer to acquiring a terrific residence.
3. Work with a Real Estate Agent
A real estate agent is a must-have for a first-time homebuyer, and for good reason. This housing market professional can teach you about the intricacies of buying a house and help you submit a fair offer on a residence any time you choose.
Furthermore, a real estate agent will guide you along each stage of the homebuying journey and help you overcome any potential pitfalls along the way. And if you ever have homebuying concerns or questions, a real estate agent is happy to respond to them at your convenience.
Take advantage of the aforementioned tips, and by doing so, a first-time homebuyer should have no trouble submitting a fair offer on a residence.