Ideas on Flipping Homes For Profit The real estate market can be a very lucrative business to get into. Whether you buy a home or you sell a home, there is money to be made and a lot to be gained. There is no set of solid instructions on how to make money in real estate, but with a little learning curve, and hopefully not too much money lost, it can be mastered with a little time and practice. It is a very rewarding career due to the flexibility the job offers. These days, there are plenty of television programs about people flipping homes and making a living at it. It can seem overwhelming, but if you know what to look for, you will reduce the risk involved and with a lot of diligence, you have a good chance of finding a good deal. Know All Your Costs There are many common hidden costs when buying a home, so be sure to work with a local Realtor to get detailed cost estimates before you purchase. You will be looking at not only the purchase price of the home but also transfer fees, mortgage costs, home insurance, title insurance, and even legal costs, for example. You will want to ask your real estate agent to provide a list of all the estimated closing costs up front so that you don’t have any unexpected expenditures. Don’t Skip the Home Inspection No matter, what you should never forgo the home inspection. A home inspection will give you a very thorough overview of the home and will even bring to light issues that you would never have known about otherwise. It doesn’t matter if you are buying a brand new home or a fixer-upper… always opt for the home inspection. In many cases, the seller will even cover the costs of some of the repairs that you want done. Home inspections are typically performed AFTER an offer is accepted, but with a little experience and education, you can learn some of the things to look for. Consider establishing a business relationship with a good home inspector, who may offer you discounted pricing if you’re requesting that he/she inspect multiple properties. Get a Feel For the Neighborhood Always get familiar with the neighborhood, whether or not you plan on living in the property you are buying. You wouldn’t want to have an investment in a neighborhood that was unsafe or prone to break-ins, so steer clear of these types of areas. You could have the nicest house on the block when all the renovations are done, but a bad neighborhood can actually lower the property value of your home. A good way to learn about the neighborhood is to be observant. Walk around and even talk to some of the potential neighbors to get a good feel for the location. Don’t Be Fooled By What You See It’s always good to look at a
Want to Experience Beach Life? Local Realtors Have The Expertise You Need Who hasn’t had dreams of spending your retirement years in a beautiful house overlooking the ocean, listening to the waves as they break onshore? Maybe you are currently looking for a vacation condo to make your family getaways easier while building great memories in one location. Home buying is not the easiest process, even in the best of circumstances. Finding a well-priced condo in a great location close to your work and schools for the children is a high priority for homebuyers. Finding a vacation or retirement condo on or near the coasts adds a whole new set of requirements to the normal home buying purchase. PANAMA CITY BEACH Panama City Beach is a coastal city located in the panhandle of Florida featuring beautiful emerald ocean waters that have brought a recent influx of new homebuyers to the area. Featuring eight “neighborhoods” where the median household income is $53,251.00, most of the home purchases are new construction. With all this new growth is buying a Panama City Beach retirement or vacation condo a good investment? The best place to find answers is to work with a local PCB Realtor who has the inside track to all the information needed when looking to buy a condo in a specific market, like the beach community of Panama City Beach. SPECIAL ISSUES SURROUNDING BEACH COMMUNITY PURCHASES An experienced local Realtor will explain that Panama City Beach is an extremely popular destination that can provide all the entertainment, dining, sun, sand and sea your family would ever need while on vacation. The agent will also explain that the population fluctuates significantly between seasons, offering opportunities for possible rental income while you are not actively occupying your residence. Agents can explain hurricane and flood insurance needs and can refer you to the codes and permits that buyers who are building or remodeling would need, in order to comply with the state and local building laws. Many locals of coastal areas have a love-hate relationship with tourists. Once you buy a home in a beach community and become a local yourself, how will you feel when “your” beach is inundated with college kids looking to party the night away on spring break? That feeling is hard to put aside, even when you consider the income generated for your local area by those tourists. That is not a question most people even think of in the excitement of buying beach property. That is why you need the wisdom of local real estate agents who will walk you through, not only the good aspects of ownership, but the possible downsides as well. HOW REALTORS CAN CHANGE THE GAME If you are looking to buy or sell a home in Panama City Beach, hiring a local agent brings all the tools and years of experience that Realtor has accumulated to make your transaction as smooth as possible. They not only have
Buying and Selling Real Estate Buying or selling real estate is a complex process. Hence, having an experienced professional Realtor by your side is highly advisable. Realtors buy and sell property as a career, working with them makes it possible to find what you want quickly and easily. Even though saving the commission you pay a Realtor for their assistance sounds like a good idea, you will realize that you will end up spending much more in soliciting for a buyer or a seller, then you saved in commission. The commission that you pay matters. The basics of buying and selling a property To get a buyer for a property you are selling or a seller to buy your house, you need to understand the undertakings required of you. For instance, for a seller to have their home listed and taken off the market, they need to extensively market it so that they get qualified buyers. Working with a Realtor saves you the hustle and puts you in a better position to have your property off the market sooner. The process using a professional Realtor goes through to get you a closed deal on the property you are selling may include: Initial marketing positioning Extensive marketing Paperwork; writing up contracts Negotiations Disclosure Inspections Seeing the deal through to closing If you are looking to buy a home, having a Realtor working with you is of great help because they understand the market and know where to look for what you want. They are aware of all house listings and can search and find faster than if you are working on your own. Using a Realtor Why exposure is good for a property seller Right now, you may notice that many real estate markets are setting records, where the most popular homes get caught in a bidding war. People who are looking to see their houses have more groundwork to do as compared to buyers. In selling you need to consider: Take professional photos of your property – or follow these tips for taking the photos. Virtual and video property tours Extensive property description All these are to make sure you have a quick sale by finding a qualified buyer. Prospective buyers need to see your property for it to sell. Having advertisements on TV, emails and online websites such as Trulia or Realtor.com might seem like a good idea, but people block advertisements all the time. Also, selling your home FSBO wont get your home in the MLS. Working with a Realtor ensures that your property is included in all necessary listings in websites that have an optimum online presence. Real estate agents also understand how to reach potential buyers who do not search for property online. The world today is fast-paced and having someone who will quickly respond to interested buyers is necessary. It can be challenging to find time out of your busy schedule to attend to concerns a potential buyer
Strategies for Pricing Your Home to Sell Fast If you were in the mall and saw one cell phone for $400 and one for $399, can you guess which one blows off the shelve in record numbers? While on the surface it might only be one dollar difference, retailers understand that psychologically, $399 feels like you’re getting a deal. The same goes for real estate, there are many tricks that real estate agents employ to move listings faster. Think about it, a house for sale at $399K just feels cheaper than a house listed for $400K, even though its a difference of a grand. There is an exact science to this, and your Realtor is going to employ strategy and psychology, to price your home to sell fast. 1. Stimulating the Herd Mentality Regardless of how much time and effort goes into researching the surrounding neighborhood to come up with a price for your home compared to others in the region, you’ll still need to reach the right buyer at the right time. Your Realtor is suggesting a lower price but you feel that your home is worth every bit of $400,000 because of the fair market analysis report and you’re hoping to find people that are willing to step up and pay your asking price so you stand firm. What can happen in this scenario is that other sellers are all targeting the same $400,000 buyers with the market flooded your listing can go stale very quickly. When you are selling your home and need to move fast, your Realtor can employ a little trick to stimulate herd mentality and create a rush of excitement about your home. Your Realtor will determine your absolute bottom dollar you’ll accept and still feel like you made money, then promote the property at that price to create interest in several potential buyers. By pricing the house at the lower end of your perceived value range, you stimulate interest in several buyers, which might result in a quick offer or best case, a bidding war. 2. Slipping in Other Realty Searches The time has come to sell your home and you have determined based on the fair market analysis report that you need to get the house listed for $410,000 so you can make a decent profit. You also want to sell fast, but you are hesitant to lower the asking price from the start. You want to leave it at $410,000 and test the waters a few months, then drop the price down after there have been no serious offers. In this scenario you are most likely missing out on a huge burst of initial traffic, and risking letting the property get stale on the market. Drop it now, and here’s why. When people are interested in buying a home, they tell their Realtor to send them listing up to $400,000 range. That automated search misses your home by $10,000, so you lose out on a ton of potential buyers who have
Flood Insurance for New and Existing Home Owners Flood insurance is not mandatory for every homeowner. However, flood insurance is a worthwhile investment – and every homeowner should have it. Whether looking for homes for sale or an existing home owner, flood insurance is particularly important for waterfront and beachfront properties. With the damages left behind by Hurricanes Harvey, Irma and Maria – countless properties are still damaged due to mass flooding. With this in mind, you should know that flood insurance is subsidized by the U.S. Federal Government. In fact, your flood zones will determine your overall premium and deductible rates. For example: homeowners in C or X flood zones usually have cost-affordable coverage. However, properties in certain Municipal Utility Districts (M.U.D) or Levee Improvement Districts (L.I.D) may have higher insurance rates. Still, it is essential to have flooding insurance to protect your home and valuables. Whether dealing with hurricanes or tropical storms, flooding can result at any time. In fact, flooding can also stem from frozen pipes and busted water mains during those frigid and colder months. With this in mind, you also need to know that regular homeowners insurance does not cover flooding. Explanation of Flood Insurance Link to the video on YouTube Flood Insurance – Essential Information Property flooding can occur at any time – and you must be able to protect your home or business. In fact, local districts have stepped up their efforts -due to the recent hurricanes – in monitoring flood plains and bayou/dam levels. However, this and rescue plans are simply not enough when it comes to Mother Nature. We have seen the billions of dollars in damages that these recent storms have caused across Florida, the Gulf Coast and even the North Carolina. With this in mind, flooding insurance ensures timely restitution for damages to homes and businesses. This includes optimal coverage for draining flood water out of your property, as well as complete restoration services. Here are some more benefits of taking out a flood insurance policy: Timely financial compensation for flooding damages to floors, furniture, fixtures, Sheetrock and all interior-exterior sections of your home. Complete insurance coverage for property restoration services – draining floodwater from your home, while restoring floors and replacing any damaged materials. This includes walls, fixtures, tiles, etc. Financial compensation for pipes or water main systems that busted due to frigid or below zero temperatures. Coverage for all rooms that were flooded – living rooms, dining rooms, kitchens, basements, dens and much more. Restitution and checks for additional restoration services – contractor fees, cleanup crew fees, furniture replacements, design team fees, Sheetrock installations, lighting, and even mold remediation and treatment services. Getting the Right Flood Insurance Plan Getting the right flood insurance coverage does not have to be hard. In fact, local real estate agents are just a phone call away. With years of extensive industry experience, these professionals can help you find the best flood insurance coverage plans and policies.
If you are considering purchasing a condominium, whether it’s a new one or a resale, you need to carefully review these important documents before making your decision: Buying a Condo When buying a condo, there are additional condo docs you need to review and take into consideration above what is generally looked at when purchasing a single family home for sale. Shared Ownership Condominiums, by design, have some level of shared ownership. In most condos, the condo association will be responsible for maintenance and upkeep of those shared areas. The shared parts of a condo can include: The parking lot The actual buildings – from the sheetrock out. Swimming Pool Gym Other Common Areas In addition, the condo association is responsible for the insurance on the shared areas. Since the association will take in money from all condo owners, they decide where and how that money gets spent on behalf of all of the owners. This makes reviewing the condo docs extremely important – to insure the money is being spent appropriately. The Condominium Instruments. The Instruments include the Declaration, the Bylaws, the Plats and Plans, as well as the Rules and Regulations and, if your Condominium Association is incorporated, you’ll also need to obtain their Articles of Incorporation. This set of documents should clearly state the operating procedures by which the Condominium functions. The most important of these aspects deals with “use restrictions.” As an example, the use restrictions will spell out whether you can you rent or sublet your unit, and if you can for how long? Can you have pets? Are the amenities of the condominium, such as a tennis court or a shared pool, included in your condominium fee, or will they cost extra? The Bylaws will also tell you if there are architectural control requirements which have to be met, as an example, if you want to make external changes to your unit. Many community associations have architectural controls that will be outlined in the Association documents. These controls must be followed by all unit owners. Condo Buying 101 A statement of the monthly condominium fee allocated to your unit. At the end of the Condominium Declaration, there should be an Exhibit listing the percentage interest for every unit in the building. The simplest way to determine your monthly fee is to multiply your percentage interest times the total budget that should be your annual fee. Now divide that number by 12 and you’ll have your monthly payment. As an example, if the annual budget is $100,000, and you have 5% interest in your Association, your annual fee will be $5,000, and your monthly fee $416.66. You also need to know if the utility charges are included in your monthly fee. Often, buyers are caught off guard thinking that their monthly condo fee also includes heat, electricity and gas, and then feel taken advantage of when they find out otherwise. If you are purchasing from a seller, you’ll want to know if they are current
Real Estate and Homes For Sale We specialize in Richmond Homes For Sale. Whether you are looking to purchase your first home or sell your 10th, we are here to help. We pride our self on our knowledge of real estate transactions and can navigate your through the most complex of real estate deals. Choosing only the Best Real Estate Broker We understand that you can choose any real estate broker. We want you to choose the best real estate broker . We work hard to make you not regret your decision to use us. We strive to sell every house that we list and for the highest fair market value. All brokers are not created equally – this is most likely the largest investment decision of your life, choose wisely. Representing Buyers We offer buyer representation for the real estate buyer. We work with you from finding the right lender and getting your finances in order to searching for a home for sale, to the contract negotiation, home inspections and ultimately getting you to the closing table. Its true that most home buyers do not pay anything for their REALTOR – that doesn’t mean that who you choose does not matter. Whether you are looking for luxury properties or your first home, we are here to help you every step of the way. Unlike some other brokers out there — we NEVER miss a closing! The closing is where all of the hard work comes together — some agents feel its not necessary to be there…WE DO! Representing Sellers Selling a home can be a very stressful process. First you need to get an accurate home valuation for your property. Once you know what you home can bring on the open market, you need a real estate marketing plan to get there. Any real estate agent will put a sign in the yard and put your listing in the MLS. What else will they do? What We Do To Sell Your Home We use professional real estate photography on every one of our listings. This insures your home is displayed in the best light for all potential buyers. We put your home on the best real estate websites to sell your home. This insures that you get the most exposure to your property by making sure that your property is properly displayed in search engine rankings. We put your needs above our own when selling your home. That means we go the extra mile to get the top fair market value for your property while insuring that you are in a position of leverage every step of the way. Real Estate Education We believe that you never stop learning. That is why all of our agent don’t simply just get a real estate license and start selling. Our agents have much more real estate education under their belts. All agents must undergo yearly continuing education, but we take it one step further. We hire the