Tag Archives: buying

Rent over Buying

 

Flexibility

At this point, students are just beginning their journey into adulthood. Their future options are still unsure so buying a house would just mean more responsibility and less freedom of movement. In case they want to switch schools while renting an apartment, it would be much easier and won’t hold them back. And of course, during summer, most students head back home, or they might go abroad to study, so buying a house would result in total immobility.

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Temporary

College students are in a transitioning period of their lives and aware that renting is temporary. A student studying in one state is not certain that they will eventually plan on settling down there after graduation. Most students move on to another city to start their career. Graduate students attending Law and Business School may even be there for less. So, renting is often the right option.

students3

First Time Home Buyer Credit

This kind of incentive and many more are offered by the government and private institutions to first time home buyers which are actually quite lucrative and have low-interest rates. Renting an apartment is a wise thing for college students because buying a home at this stage in life will also deprive them of this benefit later in life.

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Maintenance Costs

If students get a condo or a house, maintenance expenditure is big hole on their pockets. When renting an apartment, they won’t have to worry about an appliance breaking down or if there’s a water leak from the unit above because the property management company fixes such type of maintenance issues. Low maintenance costs for students means less burden on their shoulders.

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Payments

College students can split the rent and utilities between roommates. This is a great deal for them unlike buying their own property because there’s a lot of other costs like mortgage, down payment, closing costs, property taxes, maintenance costs that will be a burden. It will be quite a commitment to make. Buying and selling a home also takes time, effort, and money.

students6

 

Source: RealtyTimes.com

 

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Important Questions to Ask Your Realtor

You will need a Realtor when buying a house. That agent becomes your best friend who shows you the houses for sale within your budget, informs you of open house events and even helps you put in an offer once you find a house that you like. In choosing one, there are some simple questions you should ask first. Your agent will provide you with useful help during the home buying process.

 

How do you communicate with buyers?

Does this Realtor use email, phone calls or a combination of both? As much as possible, you want someone who will keep you up to date on homes that work with your budget, wish list, and homes for sale in your preferred neighborhoods. That Realtor who will stay in touch with you until you’ve signed all of the mortgage documents.

 

Where are the hottest markets?

neighborhood

You want the best Realtor who is knowledgeable and well-informed about the local market. Those agents who will just give you the runaround doesn’t know what they’re doing obviously. So you should always ask the agent about which markets are the hottest in the area. In this way, you’ll know which neighborhoods grew the fastest in recent years and which have poor reputation. Another one is to give you an idea as to how much it will cost to buy a house in one of those markets.

 

What are the fees and charges?

fees-and-charges

It’s always more than just the price you saw in the listing. Buyers are responsible for paying the miscellaneous fees relating to the closing costs and escrow, as well as the cost of the home inspection too. Regarding this one, the Realtor may recommend you to talk with a mortgage broker or lender about the costs and fees associated with your home loan.

 

What are your honest thoughts?

honest

It is a good practice to ask your agent for his or her honest thoughts about the house that you really like. Lying to their customers just to make a sale will just damage their reputation and their agency as well. The best Realtor you should have can give you an honest assessment of both the house itself and the surrounding area.

 

Source: RealtyTimes.com, money.usnews.com

 

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What Buyers Do that Real Estate Agents Hate

1

Having to spend quality time with your Realtor® is one of the processes in buying a new home. This is the part where you could drive them a bit crazy.

It’s not about those late night calls for a listing you saw online. Well, maybe you could calm down on that too. We’re talking about those things that could sabotage your chances of getting the right house, at the right price, or not getting one at all.

Here’s a list for you to take in consideration and be on your realtor’s level.

 

Caring too much about aesthetics

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Every real estate agent is excited and happy to show you as many houses as you want but she just wants you to see that the beauty is only shallow when it comes to real estate. Lots of buyers get caught up with how the house looks at the moment and not thinking of the possibility of it getting dirty, outdated and need repairs. Costs for that aren’t that much but buyers might blurt out otherwise and run away. What they didn’t know is that they may end up paying nothing at all. “The cost to make the home like new is often easy to negotiate,” says Joshua Jarvis, owner of Jarvis Team Realty in Brookhaven, GA.

 

Tipping your hand

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When you’re totally comfortable with your agent, you begin to feel a bit loose-lipped. You might blurt out about the unwanted things or your opinions about the home. This might get you in trouble with the seller. There are instances that the seller might have overheard you or caught every little joke about their home, and hurt them in negotiations. Better keep it shut and wait until you’re alone with your own agent.

 

Waiting too long

wait too long

If you’ve found a house you want to buy, why wait? It’s a competitive market out there so taking too long to make an offer can drive your agent crazy. The seller won’t wait for you forever. Of course, they would love to entertain the party who express serious intentions for the property right? So act now, or you’ll be losing your dream home.

 

Thinking it’s all about the money

love vs money

This is a huge part of the offer but it’s not the only thing you should worry about in the process.

According to Dan Hicks, a Realtor® with Equity Colorado Real Estate in Denver, “It’s not necessarily the highest offer that the seller will accept, but rather the best structured offer,”

A mix of timing with the right price and some reasonable contingencies will make a great offer. Even if you bid for a high price but refused lots of contingencies, most probably, you could end up frustrating your agent and everybody in the deal.

 

Ignoring what the seller wants

ignore seller

Most buyers see shopping for a real estate is just like buying a simple product but it’s really not. This isn’t like any other business deals. You’re buying from another person who has to choose you as the buyer. Some sellers are motivated with big money, and some just personally wants to see the buyers who will love the home as they did.

“When you hire a Realtor to represent you in the purchase of a property, [they’re] gathering information about the seller’s motivation,” Hicks says.

Creating the best offer is your agent’s priority to ensure that you’ll get the home you need. If you ignore the information from the seller, you’d end up losing your chance owning the house.

 

Talking to the other team

talk to other party

Even if you’re just being friendly to the listing agent, it’s never a good idea to help seal the deal. You should always have your own realtor to help or hear you out. You might disclose information that would harm them in the process, may it be like the inspections, bonus and negotiation. You’ll never really know it unless it fires back. Remember, “The listing agent’s job is to get the most money for the seller,” Jarvis says. So better hold it back or you’ll be sorry.

 

Lowballing the counteroffer

Lowball offer

Sellers might consider you throwing about 1 or 2 counteroffers, but if it isn’t reasonable, your agent will spend a lot of time going back and forth which could just frustrate everyone and you might lose the house for good.

Of course, you don’t want to overspend but don’t be such a baby. Listen to your agent because by now, they know what could make the seller say yes and no. And you hired them because you know they’re pretty good at what they do.

 

Source: realtor.com, highpowerednetwork.com, pursuitist.com, realpropertymgt.com, quotesgram.com, ksup.com, aplus.com
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