Ready to Invest in Real Estate?

10 Signs You Are Ready to Invest in Real Estate

moneybagWhen it comes to property investment, timing is everything. Ultimately, choosing the right time to enter the market will have a significant impact on the long-term success of your investment.

But how can you as an investor know whether the timing is right? Global property portal Lamudi has compiled a list of 10 tell-tale signs that now is the time to start building your investment portfolio.

1. You are financially ready. You have saved enough for the down payment and you have also established your emergency fund. You have taken into account home maintenance expenses. Your credit history is good and you are able to meet all the financial obligations.

2. You have set your long-term goals. You have a clear picture in your mind of the purpose of your investment and you are flexible enough to adjust to changing circumstances. You are not hesitant and when the timing is right, you are able to adapt to the market needs and the development of technologies.

3. You have done your research. You know the neighborhood of your future property well enough to foresee the coming trends and the possible changes in the community. You have researched all the schools in the area as well as the best commuting means and you are able to predict the next homebuyers needs.

4. You have chosen a stable economy. The area is financially stable, economic trends are promising and equities are surging. No demographic fluctuation or no irregular variation of population have been recorded in the area.

5. You understand the country’s policies regarding real estate. The policies of the region promote and encourage a positive, innovative environment as well as drive further economic growth. The tax policy in the country is positive for homeowners. Global innovation index is rising in the area.

6. Infrastructure projects are underway and likely to lead to an increase in property values. The infrastructure of the area is being developed with a focus on: transport, energy, solid waste and water management developments.

7. The region is moving toward sustainable development. The region’s awareness of global and local environmental issues is increasing, the demand for eco-friendly homes as well as for sustainable rural and urban development is rising. As more and more people head toward sustainable living, investing in sustainable property will increase its value in the future.

8. The location draws a lot of interest. Whether it is the best travel destination or the hot jobs spot, the location is always on the top of the search engine. It has become a successful startup hub already or is planning to do so in the coming years, driving a lot of job seekers into the area. The number of enrolled students is increasing every year, the area draws interest of international students.

9. You have found a reliable real estate agent. If you are an overseas buyer, it is particularly crucial to make sure you have a good representative on the ground. Your real estate agent is trustworthy and knows the local market well enough to be able to help you make the choice.

10. You have researched local differences in the property market. Whether you plan to invest in a residential property and turn it into a rental or an office space, you are fully aware of all cultural differences that might occur when you deal with a property seller.

Source: Lamudi

This post has been authored by Eric Slifkin, REALTOR® serving South Florida’s Treasure Coast. You can reach me at 888-288-1765, or visit my Web site. As your resource for information on new or resale homes throughout the Treasure Coast, please be sure to contact me about any home you may find on the Web, yard sign or ad and I will research the property, arrange showings and handle all the details.

Reprinted with permission from RISMedia. ©2014. All rights reserved.

Before You Buy a Flipped Property

Use Common Sense When Buying a Flipped Home

Have you recently fallen in love with a “flipped” home? Does the idea of moving into a cleanly renovated space excite you? To see an old home tuned up with brand new appliances, gleaming marble countertops, and fresh wood floors can make other homes seem shabby by comparison, but be careful before you make the leap. There are some precautions you want to take before you close.

“Flipped” or “rehabbed” homes are homes which real estate investors buy in order to renovate them and sell them for a profit. Sometimes these homes have been secured after short sales, foreclosures, surviving relatives, or even at auction. For real estate investors, part of the profit depends on how fast and affordably they can renovate the property. In seller’s markets, there’s even more pressure to make sure a home is ready to sell, fast.

While there’s nothing necessarily wrong with a flipped house, you will want to make sure you know a bit about the home’s history. Naturally, you’ll want to do all the due diligence you’d normally do when buying a home, but it can be useful to dig a little deeper. Here are some questions to ask:

1. What shape was the home in before it was renovated? Was it just outdated? Vacant? Trashed by squatters? Find out the state of the home when the flipper purchased it.

2. What deficiencies, damage, or other defects did the home have when the flipper bought it? Ask for a list of issues, if possible.

3. Who did the work on the house during the renovation? Contractors? Handymen? Did the flipper do the work personally? Are there invoices which detail the work completed and the money spent on the repairs? Were the appropriate permits secured?

4. Was anything left “as is”? What sort of issues were deemed too small or not vital to the renovation?

5. What was the legal history of the transfer of ownership? Short sales and foreclosures might have legal obligations on the flipper or other liens.

You shouldn’t shy away from a flipped home you love, but don’t go into the situation blind. I have experience working with buyers who have purchased flipped homes, and I’d be happy to help you navigate the questions. Let’s talk!

This post has been authored by Eric Slifkin, REALTOR® serving South Florida’s Treasure Coast. You can reach me at 888-288-1765, or visit my Web site. As your resource for information on new or resale homes throughout the Treasure Coast, please be sure to contact me about any home you may find on the Web, yard sign or ad and I will research the property, arrange showings and handle all the details.

Choosing a Realtor

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Choosing a Realtor: 10 Questions Your Agent Should be Asking You

Buyers aren’t the only ones who should be asking questions when interviewing agents. After answering all of your questions, it is the agent’s turn to further define your wants and needs by asking these ten questions:

1. Why buy and why now?

Helps the agent gain valuable insight into your reasons for buying a home tailor his or her services to your situation.

2. Are you working with a lender?

If you are not yet pre-approved, your agent will recommend a lender.

3. How many houses have you already looked at?

Helps us learn about your home search efforts and determines whether you are or have been working with other agents.

4. How do you prefer to be contacted?

Knowing the best way to communicate with you, whether via phone, email, or text, will set expectations as to when you (and your agent) are available.

5. What if we found the perfect house tomorrow?

This helps gauge your readiness to move and get insight into your timeline. Are you looking to move in the next three months? If you are a first time buyer, we will also discuss the home buying process.

6. What are your three favorite neighborhoods?

A fun way to talk about where you would like to live while having a conversation about local communities, neighborhoods, and subdivisions.

7. What is your favorite room in the house?

This helps us learn more about your lifestyle and opens up the discussion to features you are looking for in a “dream home”.

8. How important is outdoor/garage space?

In many areas and price ranges, this question quickly eliminates a number of options. Would you be willing to live in a condo or do you require a home with a garage and private back yard?

9. How long do you think you will live in the house you buy?

You may want a house you can enjoy for now that will be easy to sell later. Or you may want a forever home and have more particular requirements.

10. What is a deal breaker for you?

Roads with a lot of traffic? Apartment complex neighbors? No front yard? This question saves time by knowing your deal breakers upfront.

Whether you’re a first home buyer who is learning the ropes or moving onto your next home, these questions should help you to clarify your goals while selecting the right agent for you.

This post has been authored by Eric Slifkin, REALTOR® serving South Florida’s Treasure Coast. You can reach me at 888-288-1765, or visit my Web site. As your resource for information on new or resale homes throughout the Treasure Coast, please be sure to contact me about any home you may find on the Web, yard sign or ad and I will research the property, arrange showings and handle all the details.