Buying and Selling a House by Home Inspector

If you are buying a home, you need to review the documents the seller has provided to you, such as the seller's disclosure statement and lead-based paint disclosure statement carefully to be sure they are completed in full and signed. You should ask questions about anything you don't understand or about which you have concerns.

You can decide to rely solely on seller's disclosures. Many buyers, however, elect to hire a home inspector. While a termite inspection is required by most, if not all, lenders, a home inspection can be much more involved. Many inspectors can start at the rooftop and evaluate the condition of the roof, the attic, the walls, the electrical system, the heating and cooling system, the plumbing, the sidewalks and the basement. The home inspector may also check for the presence of radon gas and lead based paints. I have known of inspectors who discovered carbon monoxide leaks, incorrectly installed electrical wall sockets, evidence of basement water leaks, and structural problems affecting the stability of a wall.

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Most agreements of sale address the home inspection. The agreement will allow you a specified period of time in which to obtain the inspection and receive a report from the inspector. If the inspection reveals any problems which must be corrected (safety issues) or problems which you want corrected before closing on the home, you will have a specified number of days in which to turn over the report to the seller. The report should include an estimated cost to remedy the problem identified.

Each of these time limits are negotiable, and you should be sure that enough time is provided to meet your obligations. If you have not yet approached a home inspector when you sign the agreement of sale, a 10 day time limit may not be sufficient if you have to find an inspector, have the inspector come to the home to make the inspection, and write and deliver a report to you. Whatever time limit is specified, however, be sure to comply with it. The failure to comply can, in many circumstances, be treated as a waiver of the right to have problems corrected. That is, if you have 20 days to tell the seller what problems must be corrected, and do not turn over the report until the 22nd day, you may have waived the right to have seller correct those problems.

You should also negotiate the dollar amount for problems identified which will allow you to terminate the agreement of sale. For example, most agreements of sale typically provide that if the home inspector finds any problems, you cannot terminate the agreement of sale, and the seller has to only correct any dangerous problems identified, unless the cost of any single repair exceeds a specified amount (for example $500) or the total of all repairs noted exceeds a specified amount (for example $1000).  www.rhnws.com.au

Making Money By Selling and Buying Homes

Real estate has become big business, more so today than ever. One of the oldest trends in real estate marketing is to purchase a home in need of restoration, do repairs and restore the home, then flip it for a substantial profit. Buyers have been flipping houses for years but the popularity of house flipping has greatly increased, possibly with the help of the internet in locating homes for sale. The classified section of the newspaper often has ads for low priced homes for sale in need of being fixed up or repaired. Sometimes the repairs are simple and inexpensive. Sometimes the home is very damaged and in need of a lot of overhauling to be livable again. Whatever the problem with the house, the owner wants to sell it and sell it cheap. Their loss can be your gain.

House flipping is a very lucrative business. Purchasing a house at a very low cost allows the buyer to be able to spend money on repairing the home. After the buyer does the home repairs, the house will be put put up for sale by the new owner. The buyer sells the home at a huge profit. In order to make a profit when you flip a house, it's important to remember to keep spending down. If you are buying the house only to fix it up and then resell it to make money, your main goal is to keep costs low so that profits will be high.

When searching for a house to purchase that you plan to repair and sell, you want to first consider the price of the home. Then you will want to do a thorough walk through of the home and determine the amount of work the home needs, and the approximate cost of the home restoration. It's also a good idea to check the value of the property value of the homes surrounding the house you are thinking of buying. This will give you an idea as the possible selling price you can expect after restoring the house.

After you have a buying price of the house, the approximate restoration costs, and the potential resell value of the home, you can make a decision about buying the property. You will also want to factor in the time that you personally spend on the home repairs. The idea of buying a home to flip it for a profit is just that, to make a profit. If you don't find yourself making a profit that is worth the investment, time, and effort put into the house, then you might want to pass on this particular house and look for another.

Using the profits of the first house that you flip to purchase another home to repair and flip adds to your profit because it undoes the need to a bank or credit loan. Once you flip your first home, you can be set for a lot of house flipping simply by using the profits of one sold home to continue purchasing, repairing, and flipping more houses. House flipping can be a nice and profitable living.  www.rhnws.com.au

Good Time to Sell Your House

Selling a house is a big decision, and there will be many factors in your decision to put your house on the market. Some people are just ready for a bigger home to accommodate a growing family, while others must well as quickly as possible in order to purchase a new home due to a transfer or change of career. In the first case, you could afford to wait the market out a little longer, while in the second you may find you do not have the luxury of time that might allow you to hold out for the maximum price. In either case, there are factors that will determine the ideal time for selling your house. Here are some of the best times to sell a house in order to make a good profit and to sell quickly. Some of them are beyond the control of the buyer, but just a few in combination should help to add that extra push to your sale.
Time

As touched on above, time is the most valuable ally you have in an attempt to sell your home. We also mentioned that in some cases, you may not have the time you need to ensure a great sale price. Most of the factors that we will list below are matters of time, and even in pressing situations you should be able to squeeze out a little bit more time to get your house up on the market at a good price. Remember that every day is critical, so planning ahead could mean a great sales price. Some suggestions for stalling the sale of your house until the ideal point in time:

Most moves don’t come as real surprises to the people involved. Many of us will have at least a little bit of warning if a major life decision is going to take place. Start thinking about the sale of your home, including looking into possible agents, as soon as you hear any rumors of promotion or transfer. You don’t have to sign any papers, but doing the groundwork ahead of time (including deciding on an asking price) will save a lot of time should the event transpire.

In the event of a transfer, ask your employer if you can move later in the year. Don’t ask to wait until your house is sold; that aspect is really up to you. The key is to not have to sell your house until the timing is right; in other words, at a time of year when the market is hotter. If you are really on your game, you may even be able to buy a home in your new location during a slow time of year and sell your own house in a good market. www.rhnws.com.au

How to buy a new home from a builder

The process of buying a brand new home, whether it is already built or one you have decided you want to build, can often times be daunting. The pursuit of that beautiful new home you are dreaming about can be exciting, overwhelming and confusing but most of all it can be expensive. Mistakes can be made if you do not understand the builders position during your the negotiation process.
Here are some things to know, ask and consider while you are choosing a builder and negotiating a contract to build or buying an already built home in a builder’s community. Remember that above all the builder wants to sell you a home but it is after all a profit business and the builder’s goal is to close the deal with a reasonable profit, as much cash up front as possible and financial commitment on the buyer’s part before breaking ground or getting to a closing table.

Why do some builders include upgrades, options or interior and exterior choices in the upfront price of the home, often called the base price, and some do not? The bottom line is that you will be expected to pay for upgrades often called options, interior choices and even elevations, exterior design choices, one way or another. Often it boils down to marketing and negotiating strategies between different builders. If there seems to be a large cost difference between builders, once you have chosen your features, then you need to look at several issues.             

Ask yourself, am I comparing apples to apples on the kind of upgrades and quality of the structure the different builders are offering?

Example: the same quality of granite, flooring materials, window types, energy efficient programs , roof poundage, amount and type of decorative trims, and door qualities just to name a few. Each builder has a builders specification list that tells you what is included in your base price and the specifications of the materials such as granite level, heights of base boards, types of doors and electrical, energy and plumbing specifications.
If you do not understand the differences it is the job of your sales person to explain to you the differences in these items. When comparing product to another builder’s product offering the sales person needs to explain why their product cost more money. Remember, in life you usually get what you pay for when it comes to quality. However, do not forget some builders may expect you to pay more for identical quality items.   http://www.rhnws.com.au/

Things to look for when house hunting

 If you're thinking about buying a new (or old!) home, our list of the "Top Things to Look for When Buying a Home" can help to get your search off to the right start. While the number of rooms, condition of the kitchen, and size of the yard are important, there are other things to consider before you make an offer.
Location:

    They say that the 3 most important things to think about when buying are home are location, location, location. You can live with almost any imperfection in a home if you love the neighborhood and your neighbors. You can change almost everything else. But, once bought, you cannot change your home's location. When you go house hunting, consider any potential home's proximity to your work, the charm of the neighborhood, how the home is situated on the lot, ease of access, noise from neighbors, traffic, or pets, and access to parks, shopping, schools, and public transportation.

Situation Factors

    Beyond location, look at the particular site of the home. If the home is on a hill does it have a view, a walkout basement, or lots of stairs to climb? Do neighbors' windows look directly into the home? Is the yard suitable for kids, pets, gardening, or other uses? Is access to the property safe regarding driveway elevation, stairs up to (or down to) the front door?           
                   

Check Out the Neighborhood

    Be sure the neighborhood, and not just the house, meets your expectations. They say that you should own the smallest home in the nicest neighborhood that you can afford. You'll have a great view! Drive around on week days and weekends, during the day and in the evening. Are homes in the neighborhood consistent in size and features? Do the neighbors keep the yards clean and tidy or are there old cars and trash around? Is the neighborhood safe enough for people to walk, run, or bike and are there children playing in the yards?
   
Consider a Home's Curb Appeal

    Your home should reflect your lifestyle. Do you live a laid-back life? Then you might not want a formal Victorian or Tudor style home. Something simpler and more contemporary might be in order. Look at the exterior features. A brick home is easier to maintain, unless you live in an earthquake-prone area! Is the roof in good condition? Is the landscaping attractive and are the sidewalks leading to the home safe?
 
Size and Floor Plan

    You may be thinking about buying your dream home. But is your dream home impractical? Do you really need 4 bedrooms and 4 baths when you live alone? A large home can give you the extra space you've always wanted for a home office or crafts or art projects. But you'll pay higher heating bills and have higher taxes. It will take more furniture to furnish and money to decorate. Think about how the new home space will be used and whether it will fit your lifestyle now and in the future.  http://www.rhnws.com.au/

Buying real estate done affordably with tips

 If you are considering leasing a home or even apartment that features a back garden, discuss with your landlord concerning that has taking care obligations before you sign the actual hire. A few rental fees require the renter to execute yard tidy up or perhaps backyard function. Some other leases include this particular service inside the monthly payments.

Make an effort to acquire homes that have fireplaces only however family room. It is a discomfort to maintain washing several unnecessary fireplaces clean. Should you hold out to obtain your approval letter, it'll prolong just how long it will take to purchase the home, which may run you more in the end.  Although the see is unquestionably lovely, when you sell the home there isn't any ensure that potential purchasers will value it as extremely when you do. Consequently, you can buy your house with all the look at, but do not overpay for it.

You've got to be organized if you are going to try to purchase a home. Have a particular notebook with regard to saving information a person learn about property from numerous online and offline options.

If you are looking to purchase a fresh house, it's imperative you do not bottom your final decision on the residence's decoration. You must obtain a home-based in route it absolutely was built as well as the condition it's got. If you base your buying selections about just the home's decor, you could don't identify essential imperfections that can end up costing you thousands of dollars down the road. Sex offender facts are publicly published, however that doesn't mean that a person selling real estate is obligated to cover that for you. Determine how much money possibilities are over a readily available loan calculator.

Don't work with a property valuer unless of course they've five-years of expertise.Avoid the use of an evaluator your own real estate company suggests. There is possibly a very real discord of great interest. The appraiser needs to have qualification given by the express you're buying property within. As is available had the opportunity to see from the details outlined above, there is a lot achievable home customers to consider but with a standard feeling method and thorough investigation you will be successful in attaining your ultimate goal. With all the suggestions you have study in the following paragraphs can make you a wiser real-estate purchaser.  http://www.rhnws.com.au/

Duties of a Property Manager

One of the first reasons to consider hiring an estate agent is that they help provide a buffer between you and your tenant. If there are any problems with late payments or damaged property, the agent would deal with these issues so that you can avoid an unpleasant confrontation.
Today's top property managers are fully licensed real estate agents. They know all the ins and outs of your state's laws that relate to rental properties, and can advise you regarding your landlord rights. A good real estate agent does far more than simply rent your home and collect your money for you.

•     Advertising and marketing your property
•     Sourcing and screening potential tenants
•     Managing your financial accounts
•     Completing inspections on a consistent basis
•     Organising and sourcing tradespeople for repairs and maintenance

If you prefer to take care of some of these tasks yourself, you can write this into your contract. A property manager will give you as much or as little involvement with the daily management of your rental property as you like. They are specialists at multi-tasking, and thus are highly qualified to prioritise and perform all of these duties. You can expect your real estate agent to help you with matters of communication, negotiation, and conflict resolution.

Working with Tenants

When you are first thinking about renting out your property, you may not have a full picture of the amount of work that can go into this. A real estate agent can help you find suitable renters, to help you avoid periods of vacancy and income loss. They will be able to employ all necessary marketing methods to ensure that your property gains high visibility to potential tenants. The agent can then show the home to prospective tenants with open inspections, to showcase it in the best possible light.

There are many benefits to choosing a local real estate agent with a strong working knowledge of your area. You can compare locations and areas of expertise using the free comparison service at sellmycastle.com.au, in order to select the right agent for these purposes. With knowledge of the local market, your agent will be able to inform visitors of all of the relevant information they need regarding the house and the surrounding neighbourhood.

In addition to showing your property to prospective tenants, real estate agents can be involved with the professional screening of these tenants to make sure you choose reliable ones. They make regular inspections, to ensure that the tenants are keeping your property in proper working order. You may also want to take out landlord insurance to protect your investment. One of the major roles of a good property manager is acting as the liaison between the landlord and the tenant.  www.rhnws.com.au

How to Simplify the Process of Selling a Home

The real estate market is cooling which for many people will mean less money for their homes after more time to sell them. Staging professionals aim to change that trend for agents who know the advantage of this service for their listings. Homes that have been staged have been known to sell three times faster, on average, than homes that haven't been staged and they bring up to 15% above the asking price on an average home. Unlike interior decorating and re-design, the staging process prepares a home for sale--it involves depersonalizing it and broadening the appeal to buyers by maximizing space and lifestyle selling.
 
Staging professionals have specialized training to assist the home seller and real estate agent. They provide a service that benefits this industry through their understanding of the Canadian marketplace. Home staging is a topic of great interest to the television fan of design shows such as Designed to Sell. Homeowners can see the results from the staging process--multiple offers that are above the asking price within days of an open house, for example. They can also see that major renovations needing lots of time and money are not required to get top dollar on a property.

The reality of real estate is that most homes are not ready for a competitive market.  Reluctance to be frank with the seller can result in lower offers and longer times on the market which is not the best scenario for the listing agent or the seller. Stagers have the experience to diplomatically guide sellers in the preparation of their homes for today's discerning buyer.

 A stager who is professionally certified and trained to make the house more attractive to the buyers can do this transformation in less than three days for a minimal investment. Stagers do not renovate, decorate or design a house but help agents and sellers to create a strategy for selling the house. They have a proven colour palette to work from that has major appeal to buyers. They can provide economical furnishing and accessory rentals to show spaces in a new way. They can provide the homeowners with options that make the house look good, better and even best depending on the budget, timelines and the desire of the home seller.

Agents can take advantage of seminars that demonstrate the effect of a home prepared for the buyer. These sessions can provide tips and tricks for agents to use on their own as well as criteria for choosing a staging professional as part of an integrated real estate sales support team. The stager is hired directly by the homeowner and is presented to them as a resource for getting the best price in the shortest amount of time. This referral can add value to an agent's services since the seller feels that their listing is receiving the full service treatment. In addition, the listing gets a great look as well as exposure on another national website for properties for sale. www.rhnws.com.au

Real Estate Auction Tips for Home Buyers

Real estate auctions have seen a dramatic growth in recent years.. The advantages that an auction has, like a quick and an efficient way of getting cheap properties has made auctions a preferred mode of buying and selling properties.

Real Estate Auction Tips

Research

Gather as much information as you can about the property you are interested in buying. For example, get specifics about the property like the size, amenities and the opening bid. Then research the area in which the property is located. Find out about the benefits of living in that area and its drawbacks, and compare the price of properties in that location as compared to those in other parts of the city or town. Also look at properties similar to the one you are planning to buy. All this research will help one to evaluate the property against the budget set and also plan out one's bidding strategy.

Attend Local Auctions

Attending local real estate auctions will help you to better understand the value of the property in that area, and will also give you an idea of how an auction is conducted. Observe who all attend the auction, and how they bid. You might be bidding against the same people when you plan to buy property through an auction, and hence knowing their bidding pattern may give you an edge.

Set your Budget
Real estate investments involve huge financial transactions. Hence it is very important to arrange one's budget well before the auction date. If possible set an uneven bidding limit. For example, instead of setting the bidding limit at $610,000 set it at $611,000. Sometimes a bid higher by $500 may win you the auction as that might help you to outbid your fellow bidder. While deciding on the budget, take into consideration extra costs like the stamp duty, legal expenses or the fees of realtors or other agents that you may employ to help you with the purchase.

Gather Information about the Property
It is best to be clear about legal issues in case of real estate. Try to read through all the paperwork related to the property. Get your solicitor to go through the Contract of Sale. Contact the agent beforehand and get a copy of any documentation that you can. In case of any confusion, get the agent to clear your doubts. If possible, also get the building and pest inspections done for the property before the day of the auction.

Be a Confident Bidder

Although most bidders shy away from being the first one to bid, for an auctioneer, the person who starts with the bidding process always comes across as one who is genuinely interested in buying the property. Such a person has an edge over others in case the property does not reach its estimated value by bidding.  www.rhnws.com.au

Real Estate Investors Turning to Hard Money Loans

Getting approved for a home loan these days can be challenging. As a borrower, if you have bad credit or are looking for a non-owner occupied loan, your situation is likely dire. With the credit crunch brutalizing the financial industry, banks have been forced to tighten up their lending standards. That means that if borrowers don't have pristine credit, and ample income and reserves, the chances of them getting approved for a loan is minimal. With credit standards so tight, there are a huge number of potential borrowers that are simply out of luck. If you happen to be an investor looking to take advantage of today's incredible real estate investment opportunities, the situation might seem hopeless - but it doesn't have to be.

Hard money lenders have become a very popular option for investors in today's market. The simple reason for this is that hard money lenders are filling the gaping holes not being covered by traditional lenders. Hard money lenders are in business specifically because they take on loans that banks won't. These hard money lenders tend to focus more on property fundamentals and equity position - rather than a borrower's credit history. Hard money loans will certainly cost more than traditional loans, but for investors looking to cash in on a great investment opportunity, the extra loan costs might be more than worth it.

  

Traditional or Hard Money Loan

   Hard money loans might be easier to get than traditional loans, but that doesn't mean that investors should overlook traditional loans entirely. As a borrower, if you are able to get a traditional loan, you should. Rates are so ridiculously low right now on traditional loans, those investors who are able to get long term fixed traditional loans are starting out with a huge advantage. Hard money loans will not only come with a much higher interest rate, but also more points up front. The total APR on hard money loans will be considerably higher.

   Typically the main reason an investor would choose a hard money loan over a traditional loan - assuming they could qualify for a traditional loan - is timing. If an investor needs access to funds in a very short amount of time, getting a hard money loan might be their only option.

Qualifying for a Hard Money Loan

   Qualifying for hard money loans tends to be more straight forward than traditional loans. When looking at hard money loans, remember that hard money lenders are themselves investors. When hard money lenders evaluate loan opportunities they are looking to maximize returns and minimize risk - just like every investor. While hard money lenders would love their borrowers to have great credit, it isn't the number one factor they use to evaluate lending opportunities.  www.rhnws.com.au

How to Buy Homes for Sales by Owner

Buying a For Sale By Owner house involves most of the steps of a conventional purchase, however, there are some differences.  Here is what you need to do, and what you need to look out for.

    Find a buyer's agent.  Some For Sale By Owners will offer a commission to buyer's agents since they do not have to pay a seller's agent a commission.  You do not have to pay for the service since the agent receives payment from the seller.  The agent should be an expert in the region you are buying.  This agent will make sure your interests are protected and will negotiate a fair price based on his or her expert knowledge.
  
 Know the lay of the land.  If the seller will not pay a buyer's commission it is up to you to determine the value of the property or hire a buyer's agent yourself. If you do not want to pay for this service do some research on your own.  Check out other open houses, go on the Multiple Listing Service to see what similar houses sold for, and ask the opinions of others in the neighborhood.

     Make an educated offer.  Many sellers overprice their house for the simple fact that they love it, and can't understand why anyone would not love it too!  Often they overlook problems with the house when they go to price for the reason that it never really bothered them while they were living there.  This is a dangerous way of thinking and be wary if and when you hear this.  Keep this in mind when you are viewing the property and making an offer.  Do not feel like you are insulting the seller since this is a business transaction.

   
Get a disclosure form. Make sure you get a disclosure form from the seller stating any problems with the house, any past problems (for example, flooding in the basement), and any other nuances the home may hold.  Keep a copy of this for your records
   
Have an inspection.  Although buying a FBSO can be more relaxed than going through agents, you should never feel too relaxed.  Even if the seller promises there has never been flooding in the basement, you need to have an inspection.

Lastly, get a lawyer.  Even if the seller insists on not having a lawyer, you should get one.  A lawyer will protect your interests and make sure the seller is providing you with all the information needed. Buying a FSBO can be a great experience as long as you do not lose sight of the fact that it is a business transaction.  You should follow the same steps as you would if you were going through agents.  www.rhnws.com.au

Helpful Hints To Successfully Sell Your Home

   It seems like every single day there’s some more breaking news about homes being foreclosed on and others that are just sitting around stagnant. For this reason it can seem very daunting to sell your home in these market conditions. Don’t worry about it too much, though. Just use the tips provided here, and you should have no trouble moving your property.

    Photos speak volumes. Make sure that you or your agent include lots of great photos in the listing of your home. Today’s buyers want to sit at home on their computers and window shop. They want to see each room of the house, especially the kitchen and the bathrooms. Put yourself ahead of the competition by having great quality pictures.

When you are trying to sell your home, at a fairly low cost, you can give your rooms a fresh coat of paint in a neutral color. This will give your home a look of being recently updated. Plus, it allows you to mention in the listing that it has had some updating done recently. Buyers love to hear that. When you are trying to sell a home you should take all of your personal items like awards and family photos and put them out of the sight of the buyer. This is because people like to envision themselves living in the home and by seeing your items it might make it more difficult for them.

    If you notice that your home has been on the market for a fairly lengthy amount of time then it might be best to do some research to see if your asking price is too much above fair market value. Buyers will hesitate to buy homes that are much more expensive than comparable ones in the area. If you are trying to sell your home, keep personal items minimally visible. Potential buyers who visit your home are hoping to picture themselves living there. Having personal photos and mementos everywhere only serves to remind them that it is someone else’s home. You can bring out and proudly display everything once you are in your new home.

    Sell when housing construction is at a low point. When new houses are not being built, this lowers the competition. Waiting for a drop in construction can let you elevate your price slightly, without being a turn-off to most buyers. Time your sale well to get the most profit on your home. You should not rely on placing newspaper ads to get your home sold. This is the computer age and more people rely in the internet to do things. More than 90 percent of all people that have purchased homes in the last few years have done so after finding the homes online. www.rhnws.com.au.

Advantages of Buying Unfinished Homes

Normally, an unfinished home should have at least one bedroom, a bathroom a living room and a kitchen. It must be that the credit lenders and professional home inspectors have taken a look on the unfinished house so that you are sure that the house is really a good place for your family to stay. You’ll see that the construction of the second floor of some unfinished houses is really entirely incomplete.

With your plan of buying an unfinished house comes with important stuffs like the period of time you need in order to really finish the house plus the complete floor plan that you wish to have for your house. These things must be carefully thought of before purchasing the house. If you just realize that you would be doing big renovations after you purchased the house like some additional rooms later on, then having an unfinished home may not be right for you. It would also be possible for you to obtain from the former owner the complete floor plan of the house. If you really want to finish the house, you really need to get the copy of the complete floor plan from the original homeowner.

It would still be necessary for you to discuss the floor plan you have obtained from the previous homeowner together with your home inspector before you start anything with the house. You may also set a discussion together with the house builders to plan for some important finishing details on your house like the plumbing, electricity and framing. At last, you may start finding the builders for your house and the equivalent amount of money you need to put in its construction. You should apply for a specific business permit before you start the construction. Buying a particular unfinished home would be very helpful for those who would want to own a house. It could also be a way for some to have a big house once finished. For some, it gives them the chance of purchasing a good starting house. For many other reasons, buying an unfinished home is still considered as an exceptional investment.

It would be a wise decision coming from a person who would want to own a house to consider purchasing an unfinished one. It wouldn’t be wise and practical if you would choose to own a house that would result you to pay high credit interests. It is actually a reality that despite the low interest rates being offered today with regards to houses, you would still find it hard to purchase one due to significant rise in the house price.  www.rhnws.com.au

Make a List of Features to Buy a Home

Know your budget. This is the first thing you should do when considering the purchase of a new home. Be realistic and practical. If you're moving to another city or country, consider creating a new household budget that will take account of your new wage and the cost of living in your new town. Consider how much you can afford on a mortgage, insurance, taxes and utilities. You should also include the cost of the move and any other relocation fees. This should all be put into a new budget. Also think about how much your current home will sell for and whether you can afford to take on a larger mortgage. Make sure you also set the maximum price you could afford which will give you some room to negotiate should you find the right home.

Secure a mortgage before you start looking. This might be common sense, but some people are in such a hurry to look at properties that they forget that a mortgage can take time to be approved. If you gain pre-approval, not only do you know your budget, but you can make an offer, knowing it's approved and possibly beat out other offers.

Make a list of features. Everyone in the household should make a list of their ideal home, keeping in mind the reality of what you can afford. If you have children or teens, tell them what size of house you can afford and have them work within the size limit. After everyone makes their list of ideal features, have each person rank their priorities. What would you be willing to sacrifice to get something else? This is a great exercise to do whenever you're thinking of moving to a new space. Not only will it give you a better idea of your needs, but by having children provide their input, they'll feel like a part of the move and decision-making process.

After everyone makes their list and priorities, discuss the list until you can come to a consensus of what's important for the family as a whole. Keep this list with you whenever you look at a house, whether online or in person. Give the list to your real estate agent, too. It'll help them find the perfect space for you.

Know the neighborhood. Once you know you're budget, now you should start looking at possible neighborhoods, checking out the real estate prices in each area. Know the local market. This will help you decide if you can afford a specific area. Choose a few neighborhoods that are within your price range. Check out the local schools and make sure each area will work for you. You may find yourself having to compromise on some things. That's okay. At this point, you should remain as flexible as possible while still keeping in mind your ideal location and home. www.rhnws.com.au

Buying a Home with Good Convenience

If you buy a home with good resale value, it should be fairly easy to sell if and when that time comes. But some home buyers never consider resale value when they buy. They make the mistake of focusing solely on whether the home suits their own needs.

Number One Rule of Home Resale Value

Location. You hear agents repeat the phrase in triplicate: location, location, location. If you choose a home in a desirable location, odds are that location will remain in favor, which will always attract a larger pool of home buyers. Alternatively, if the location is less than desirable, it's possible that your future sales price will always be less than the other homes around it, and you may attract a smaller pool of home buyers.

A few years ago I listed a home on a busy street in the Land Park neighborhood in Sacramento. It wasn't selling because the sellers had picked a sales price in line with comparable sales around the corner, on quieter streets. I asked why they ever bought this home. Because it was the cheapest home for sale in Land Park. We lowered the price to make it the least expensive home in Land Park, and it immediately sold.

Be careful that the characteristics of the neighborhood are not undergoing a change. I once bought home in Eden Prairie, Minnesota, that enjoyed pond frontage. If I had checked the city records, I would have known a major thoroughfare was in the works about a block away. Five years later, it was difficult to sell this home with cars zooming by at 60 MPH.

Basic Indicators of a Home With Good Resale Value

First, define the type of buyer who would purchase such a home. Then think about the type of home that kind of buyer would need. Does your home fit those parameters? Here are indicators of a home with good resale value:

More than 2 bedrooms.

    If almost every home in your neighborhood has only 2 bedrooms, owning a home with fewer than 3 bedrooms is most likely not a drawback. But it is a drawback if you're trying to attract, say, a couple. Many couples need a guest bedroom and an office, if not an office for each occupant. A home with 3 bedrooms or more is always a better choice to ensure future resale value.

 More than one bathroom.

    Buyers will still buy a one-bath home but they expect to pay much less for it. Given a choice between a two-bath home versus a one-bath home, first-time home buyers will almost always opt for the two-bath home, even if the cost to install a second bath is much less than the price difference between the two homes.

    Moreover, it's not enough to simply have two or more baths. A home without a master bath will suffer a lower resale value. www.rhnws.com.au