How To Buy A House With A Good Resell Value

When you want to buy a house there are certain things you should look for to make sure that you get a good resell value on your investment. We are going to look at the some of the most important things to look for when you decide to buy a house.

Try to buy a house in a good area with a under-landscaped area. You will pay much less for this and you could always improve your landscape over time, fixing the grass and adding a few bushes and trees.

You will also have to determine the size of the house you buy. When you buy a house and deciding on the size, try to look at the other houses in the same neighborhood. Buying a big house in a neighborhood might not be such a good idea as when the time comes to sell, the price could be dragged down by the prices of the other smaller houses in the same neighborhood.

If you decide to buy a house with a good view, try to pay as little extra as possible. Most people usually spend a tremendous amount of money on a home with a view. Though you spend a lot of money on your view, you have to think if future buyers would do the same. By the time you want to resell your house you will maybe looking wait a long time for a buyer to come along. This could also cause you to drop your price a lot just to keep in match with the other houses in the neighborhood.

Also try to buy a house with a rectangular yard. Get a house with a decent front and back yard no- odd shape shaped yards or oddly situated yards.

Try to buy a house with at least three or four bedrooms, as this is the majority of home buyers’ needs. Try to also make sure that you buy a home with two bathrooms or two and a half bathrooms.

Garages also adds a lot to the resell value of your home, so try to at least get a double garage the next time you are looking at a house.

Make sure that there are enough closets in the house and that there are enough closets for linings to.

The kitchen is the most important aspect of the house as the centers around the kitchen. Try to get a big kitchen with a lot of space and modern appliances. Your dinning room should also be near your kitchen. Make sure that there is easy access from your kitchen to your backyard as you occasionally might have a barbecue from time to time and that you can easily get to the kitchen when you want to.

The above factors should guide you in the right way the next time you decide to buy a house to make sure that you get a good resell value.

Tips for Negotiating When Trying to Buy a House

When you want to buy a house, you will need to master the art of price negotiation to be able to get a good house at a much cheaper value. Though sellers are open to negotiations, you will need to be more cautious. The following are the tips for negotiating when trying to buy a house.

1. You should always make a point of involving a real estate agent in the buying process. An agent will be able to protect you and also uphold your interest during the home buying process. If you do not understand the terms and contracts of the process, he or she will explain them to you. The agent can also help you to negotiate the lowest buying price for the house you would like to buy.

2. Find out why the owner is selling the house. This will help you know when they will be moving out of the house. Maybe you are in hurry to move in that house but the owner has not found a new house just yet. Making an offer on such a house maybe risky since the owner may be hesitant to move out of the house even after you finish paying for it. The owner may also be in a financial difficulty and therefore they desperately need to move out of the house. In such a situation, they can be more receptive on an offer that is considerably low.

3. Analyze the property market and find out what is happening. If for instance the prices for homes are shooting up, it means that the seller will have an upper hand and therefore you will not have much to negotiate. But if the home prices are dropping, the market favors you and therefore you have more room to negotiate.

4. You will need to establish if there are other people interested in buying the house and if there are offers that have already been made on it. To gain an edge over other interested buyers, you can make your offer to be slightly above the asking price for the house, but not too high such that you end up paying over the odds.

5. Avoid being attached to the property right away. You should try not to show the seller that you really want the house. If the seller notices that you are really interested in the house, they can make it hard for you to negotiate the price.

6. You should be ready to make counter offers. Though sellers want the best value when selling a home, most of the times they do not have an upper hand. If you think the asking price for the house is too high, feel free to look for another home. Always know that you are free to walk away if the offer does not interest you.

7. Find out how long the house has been on the market. If it has been on the market for long, there is a likelihood of negotiating the prices much lower to your advantage.

Buying A House – Design and Style Tips

Welcome again to our Buying a House Series.

House Designs and Styles

We are going to start this entry with a basic overview of the designs and styles of houses. The different types are as follows:

Ranch – One level
Split Level
Split Foyer
1.5 Story
2 Story
Patio Home
Condominiums
Town House

To understand the difference between the types of houses we should look at things someone would normally consider when they buy a house. If someone does not want to walk up and down stairs it would be a natural assumption a ranch or patio style house would best suit their needs. Someone that does not want to cut grass would be more interested in a condominium or town house. The people with children or an expanding family would probably lean toward a split level, split foyer, 1.5 story, or 2 story. Especially if they need their own space.

Does the House Conform

When we ask if the house conform we are asking a basic question. Does your house look like the Jones’ down the street? We all want to be different in some ways but being different in Real Estate is not always a good idea. This can drastically affect the value of the house you’re buying. If the house is a lot bigger or smaller than the other houses in the neighborhood, it does not conform. When buying a house you never want to buy the biggest house because the value will never be maximized to it’s full potential. If you are going to buy a house that does not conform, buy the smaller house. Think of it with this example, if Donald Trump lived in your neighborhood would his house help or hurt your value? The answer is Donald Trump’s house would help the value of your house because he is always going to have the very best house. Your house on the other hand would hurt Donald Trump’s value because your house would bring his value down. This is why you see similar designs and styles in a neighborhood. The reason for buying a house smaller than any others in the neighborhood is because the only way the value can go is up. The most inexpensive addition anyone can make to a house is adding square footage. No one ever tears down part of their house to make it conform to their neighbors.

Things You Notice But Do Not Realize

Have you ever noticed there are always more condominiums, town houses, and patio homes for sale in a neighborhood than there are in a traditional neighborhood? There are many reasons for this activity but we will cover the most important. When buying a house you should examine competition. Competition is what is for sale in the neighborhood, how many and for how much, compared to the house you’re interested in buying. For these types of homes, they are usually a first or last time home buyer. This means the young married couple or the elderly that down-sized. In these neighborhoods, there is always what I refer to as a fire sale. Someone is expecting a baby and needs more room so they need to sell fast. When a fire sale takes place there is always a drop in the asking price to try to sell it before any of their neighbors. This is a good strategy for them since all of the homes are identical. This is not good for you though. This is also called the principle of substitution. Why pay more for the exact same thing when you can get it on sale down the street? The value in these neighborhoods struggle to appreciate and go up in value because there is so much competition compared to a traditional neighborhood.

How and Why to Bargain Shop When Buying a House

It is unfortunate to have as many deals on the market as there are today. It does not make you less of a person to look for a foreclosure or short sale when you’re buying a house. A house is your greatest savings account. If you look at these types of houses they will most likely need repairs. This is perfect for you as a buyer. The market is slow and Lowe’s is not selling as much. If Lowe’s isn’t selling as much then contractors are not working as much. This benefits anyone buying a house if they will use the discounts available to them in the market. The house down the street is selling for $150,000, but the foreclosure is selling for $65,000. The foreclosure looks horrible and not very appealing in it’s current state. Take the blinders off and imagine it like the house down the street once the repairs are completed. Let’s say the repairs cost $30,000, with the foreclosure. You saved $55,000, instantly by buying the foreclosure. If you buy the house down the street you are going to paint it at the least to match your taste. Now you’re in debt because you paid full price and spent money after the fact. There are mortgage loans to buy and repair from the very beginning so take advantage of them. The most recognized is the FHA 203(k) loan. There is also Homepath sponsored by Fannie Mae. You can look at their website for available houses in your area. You can also visit the HUD Home Store.

When you’re buying a house make sure you don’t buy with short sighted thoughts. Buying a house is an investment you are making today but is one of the most important investments you are making for your future. If you buy a house right today, it will provide the equity for security in the worst Real Estate market. It’s a long term saving account to draw from if it’s ever needed.