A Real Estate Investor’s Guide to Buying a Home

Most people only buy a couple homes in their lifetime. This lack of experience leads many home buyers to feel woefully unprepared — increasing their stress level which affects their decision-making at the worst possible time.  The process doesn’t have to be so complicated if you keep things in perspective. Here are five helpful tips to keep in mind when buying a home.  

One: determine your needs for the next five years. Affordability is number one. Make sure you consider all the costs (like maintenance). Also, family size, life style, and profession and important factors.

Two: get the facts. Try to determine what the home is worth based on comparable sales. Be very careful trying to project future value. In addition, if the home needs repairs, be very realistic when you estimate costs. Every problem is fixable as long as the home price is low enough.

Three: Don’t fall completely in love with the house. Real estate agents know that buyers rely on emotions, that’s why real estate agents put a lot of emphasis on the staging. Instead, buyers should be aware of the things behind the staging, like the price of improving home insulation.

Four: Get professional help. The key is to trust but verify.  Not all real estate agents are created equal so interview several and ask for references.  Educate yourself as much as possible so that you can better utilize your agent.  Real estate agents have many tools to help determine value. 

Five: Don’t be afraid to pull the trigger or walk away. If you love a house, the price is fair and affordable then don’t be afraid to seal the deal. On the other hand, if the home price is above market value or not appropriately discounted for the amount of work it needs, then remind yourself that there are plenty of other houses to choose from.

For more information on this article, go to: http://www.washingtonpost.com/blogs/where-we-live/post/a-real-estate-investors-guide-to-buying-a-home/2012/08/21/b3db4936-ebcc-11e1-aca7-272630dfd152_blog.html

Interested in investing in a home? Call Mynor Herrera for more information.