Real Estate Tips: On Buying and Selling Homes

Real estate transactions always require two parties for them to be stated as such. These parties are termed the buyer and the seller. So when it comes to real estate tips, there are two points of views to consider.

For Buyers

When it comes to buying a property, it is all about having an advantage over the other parties vying for the same property. The following are tips to achieve that:

  • Have a price range established and calculate the affordability of the home making use of different calculating tools available online. There are tools that take into consideration factors like income, down payment, car loans, credit card limits, and payments.
  • Credit history plays an important role in the buying process so it is important to keep them squeaky clean as they help make the transactions easy.
  • It is better to check with a mortgage lender before approaching a seller for the purchase of a property so as to avoid the rush of getting any mortgage and ending up with bad terms. The process of preapproval can be undergone to make it easier as it allows you have an idea of how much you can get from a lender and at a rate you can afford.
  • During the process of negotiation, a way to have an advantage over others is to make a cash offer or set down huge down payments so as to make the bidding process more favorable to you.
  • Do not just wait for the banks and mortgage lenders to dictate mortgage rates as you can make it easy on yourself by simply shopping for them. There are online sites that offer such.

For Sellers

In the event of making a sale in real estate, it is important that the best side of the property be put forward first so as to increase the number of interested parties and get a favorable offer. The following are tips on how to achieve that:

  • Get a report from a real estate valuation expert so as to know the range in which the property can be put on the market for sale. The report can also help to establish if there are certain aspects of the property and its surroundings that need to be touched up.
  • Negotiate with your broker: brokers always charge a certain percentage of the sales income as a commission but the standard 5-6% is not set in stone. An agent may be more amenable if you’ve sent him or her referrals, or have done some legwork so it does not hurt to try.
  • Attention to detail is important as a minor crack on a property can affect its sale value. Before listing the home, all customary inspections should be made and repairs that need to be done should also be fixed up.
  • All surfaces should be wiped down and kept clear of debris. The certificate of occupancy should also be prepared and kept well.