The real estate business can be tricky to navigate successfully. There are a lot of ins and out to learn. The more you know the better prepared your are to invest in real estate.
According to Steven Alonge, President of Realty Coach Enterprises, Inc. and author of several published real estate investing books and guides, these are the most important things to do before you purchase a property:
- Research, Research, Research! Get to really know the area that you are considering investing and living in. The more you know about the area the better poised you will be to take advantage of properties that you are interested.
- Visit the area through the day and all seasons. An area may very different in the summer as when you first visited in the winter and the more you know of what each season brings to this area. Climate is important as well as seasonal events and other aspects that make this area special during different times of the year.
- Get pre-qualified for a loan. There are usually multiple loan programs out there for you choose from. Examine all of your options as you may preserve your cash for remodeling by taking a loan that has less upfront costs.
- Make sure you’re must-haves are in line with your budget not your wish list. This is not time to to let your emotions run away with you.
- If you have to think about it then it is the wrong house. In most markets by the time you weigh it out its gone. You should continue looking until you can say THIS IS IT!!!
- Have a Home Inspection to eliminate surprises. You can sometimes renegotiate your price after you know the extent of the condition of the property in question.
- Will this be the one and only property you will buy? Some people live in a home forever while others know that in 5 years they will be ready to move on. Postponing items on youre must haves for a later date can satisfy the immediate desire knowing this is the first step to everything.
- Add 10% to what you think things will cost. Be prepared.
And when you find your property that says THIS IS IT, call Realty Coach Enterprises, Inc. We are here to help!