In purchasing a property, an interested buyer should consider the time he intends to stay in the place, since selling a house too soon would probably not be a profitable move, especially if there is instability in the market. Make sure that you stick with your price range and to minimize lower depreciation for your house, buy a property that is a little bit cheaper than those in your neighborhood. The added wisdom in this is lesser vulnerability to market volatility, with nearby luxury homes pulling the neighborhood’s price range in times of market boom. It would also be beneficial if you talk to a real estate agent on the market condition of your desired neighborhood.
Ask for special incentives in buying a house, as there are a lot of sellers now and the market is quite saturated. Be very attentive on the financial terms offered by the seller and try to determine any possibility of reducing your transaction costs, such as asking the seller to shoulder the closing cost.
More importantly, always consider the location of the house you wish to purchase. Try to avoid properties near busy streets or places where a lot of people converge at particular times of the day. Choose a house located in a community with viable economy, to ensure your property will still sell a few years down the line. Examine also the local services available, as well as the crime rate. A property near a good school is considered a good find. Do not be discourage if the house is located in a community with higher property tax, as this often translates to better services and infrastructures.
Hire a home inspector to check whether appliances are in good working order, the electrical wirings are all in order, and determine the state of the heating and air conditioning systems. A good home inspector should also scrutinize the exterior of the house, including the roofing. Have the inspector check the plumbing, ventilation and the general foundation of the house.
At the other end of the spectrum, selling your house also entails that you must first formulate a good marketing plan. This includes considering several listing contracts with your real estate agents, who will be the one bringing the clients to your house. Evaluate also your asking price and try to adjust it with the current pricing trends in the local area. Timing is also important as it will do you no good to sell during a market slump. Next, improve your house’s appeal through cleaning, tidying up the yard and even adding a fresh coat of paint. Remember that first impression always makes a big impact on potential buyers. Make sure that you are also familiar with disclosure laws in your area. Lastly, be discriminating in who you allow inside your house. The value of a good real estate agent comes into play here, as it is always good to have somebody around who is quite knowledgeable and can answer questions regarding real estate.
