DC Fawcett says that Life is full of surprises, so is the industry of real estate! Seeing that, political disconcerts, social ambiguity, and international instabilities have had a plunge in 2016, real estate enthusiasts and home buyers are frantically looking forward to a change in the year of 2017.
We’ve crossed a month and half-way through March now, so let’s have a look at how this one and a half months have been.
By now you would have heard this several times, 2017 is going to be the best year for investing in real estate, real estate activity is taking heads. The question now is whether or not the increased real estate activity reported in January, February and March will continue through the year.
During the month of January it was predicted that you can expect transparency in the property market and in the month of February it was said there will be a decline in the interest rates.
This is a rough data, most importantly this is not the thing that exactly happened, so it is always good to be on your guard and be double cautious because even the slightest mistake in real estate can bankrupt you.
- Choose a healthy market
- Study the location carefully
- Look for growth drivers
- Pay the right price
- Don’t follow the herd
- Have a strategy
- Do the paper works right
Irrespective of the kind of real estate activity you are involved in, it may be selling a property, buying a house or investing in a commercial or industrial property, you should make sure that you are tagging along the housing trends and know about commercial real estate that could have an impact on your real estate activity.
A keen watch on the pulse of the real estate market is said to help steer clear of being left out in the cold by growing interest rates or a widening gap between supply and demand.
Now let’s see some points for purchasing a home in 2017.
There are a few fortunate people who can make the entire payment in cash. But for the others, financing comes to the aid. But, you need to furnish a decent credit to avail the mortgage. Your ability to furnish a good credit score makes it possible for you to avail a mortgage. When you cannot furnish a decent credit score, you might be turned down the mortgage.
When you avail of more loans, there is every possibility that the debt outweighs the credit. There are lucrative mortgages which would come up, and you should not miss it just because you have severe debt damaging your credit score.
You can get a fine picture of how much you can afford through the process of mortgage pre-approval. Just see to it that your pick of property caters to your budget. Being conscious of every penny that you spend, you can ignore the properties that are beyond your affordability. Thus, you can avail of the option to purchase a property in the community that best suits your financial stand.
For the first time buyers, there is no inkling of a doubt that, for the financing to be done, a mortgage lender has to be approached for consultation. You need to come to terms with the money you can afford and then get into the process of buying a home. You need to have a sound knowledge of the market in the vicinity. You know your priorities better when you work with a realty agent.
Purchasing a home:
Always there is a prevalent uncertainty about the value of the houses, but when you make an informed decision to purchase a home, you are happily in the home thereafter.
The Price you have to pay for financing the home buying generally exceeds the home’s actual value. Be versatile regarding the mortgage alternatives and other expenditures.
The House may be offered for a certain price for which much care is given. The proposal to purchase a home involves both the cost and the terms. The terms require much additional amount to be shelled out in certain instances.
Retaining a property without insurance is one of the most foolish things that one could do. The insurance acts as a shield during untoward incidents that affect and damage the property.
The Closing process comes with different terminologies as Settlement or Escrow. It is no more manual in most of the places, and there is increasing computerization of the process.
The process of home purchase requires you to be financially sound. Following the steps that are listed above will make things easy for you to purchase a home. A bitter surprise should not spring on you, and you need to take every measure to see to it that you clear the process in a hassle-free manner.
Get the inside track on forthcoming opportunities in commercial, residential and industrial real estate with DC Fawcett at his seminars and webinars.