You want to look at homes for sale but finances are tight; fortunately, this does not mean you cannot buy a home right now. With the right professional assistance, preparation, and planning you can make your home-buying dream a reality and still afford your utilities, and here are some tips to help you.
Use a Professional Real Estate Agent
Using a real estate agent to help you buy your next home is a good way to get a home for a better price. When you use the services of a professional agent, you have access to their experience and knowledge to search for a home for a lower price. This can include their helping you to look for a seller who needs to sell their home fast due to financial difficulties, such as in a short sale. Your agent can also be an invaluable tool in negotiating the price down on a home or getting attractive terms written in the purchase contract, such as home appliances and financial allowances to make improvement or repairs on the home.
Your agent will analyze a home's selling price to make sure you are not offering too much according to the home's value. A good realtor will research the area of a home you are interested in buying to find out what comparable homes have sold for in the past 30 to 60 days, for example. This process will indicate a home's true value, based on what other home buyers are willing to pay.
Rent Out the Basement
As you search of a home, consider renting out its basement, upstairs, or another rental unit on the property to help you in paying the mortgage payment each month. If this is a scenario that you are open to and need help with your monthly mortgage, look for properties that have this option, such as with a duplex.
If you buy a duplex, for example, and your mortgage payment is $1,500 each month and you can rent out the second unit for $1,000, you only need to come up with another $500 each month to cover the mortgage. It is always a good idea to keep some extra funds on hand in the event the other unit is not rented. This will help you make your mortgage payment even when the other unit is not generating you income.
Being the property owner and landlord to a tenant living in the other unit can be a good situation, as you live on the premises to handle any problems and to collect rent. Just be sure you calculate how much rent you can correctly charge for the other space, and make sure you screen your tenants thoroughly before renting to them so you don't create any problems for yourself.Share
16 April 2018
I have always been someone who is passionate about making the world around me more beautiful, which is probably why I was drawn to real estate initially. I really wanted to create a place where me and my family could spend a lot of time together in a peaceful, relaxing place, so I started looking for places in my area that were fit for the job. Within a few months, I was able to find an incredible property that was within my price range, so I purchased it as soon as possible. This blog is all about choosing beautiful real estate.