Buying and selling a house is one of the biggest transactions you will make in your lifetime. This is similar to learning how to play chess. You have to master some of the language, learn some skills, grasp some strategies, and also have competitors to outmaneuver. The process brings about all sorts of challenges.
It is therefore important to be well-prepared. You’ll need to ask the right questions to get the information you need to protect you as a consumer.
I asked Lisa Salt from the very successful Vernon real estate team Salt Fowler for some home buying and selling tips that can help you capitalize on the strengths and down-weigh the weaknesses.
Buyers: Edge out Competition
Before you decide on buying a house make sure you are ready both financially and mentally. Here are simple things that must be in place before buying a house.
Figure out what you can afford
When you have a high credit score you are likely to get the best deals. On the other hand, low credit scores will lead to paying a sizable fee or a high down payment. Therefore, it is advisable to stop applying for new credit a year before applying for your mortgage. Every time you apply for new credit your credit score goes down.
Consult a Mortgage Broker
If you feel confused by the number of mortgages available it is worth consulting a mortgage broker to guide you. You can get the best mortgage broker from referrals from friends and family. Also, you can research on the internet for mortgage brokers with the best reviews.
Get a good Lawyer
It is important to include a member from the legal profession in the process of buying a house. This will ensure the buying process goes smoothly and quickly. Consult your friends and family for recommendations. You can also use the law society to get a reputable law firm.
Get at least three quotes, but always remember that cheap is not always the best.
Research the Area
Before you decide on the house to buy, make sure to research the area first. What nearby amenities are available? Is there public transportation close to your location? Does it have schools and hospitals nearby? What are the levels of crime? You can find all this information on the internet.
Also, it is important to find out if there are plans for erecting new apartment building near your house. It could be disappointing when a new apartment building obscures your view soon after moving in.
Sellers: Get the best Price for your Property
With the right approach you can sell your home fast and at an attractive price. Make sure to set the right price right off the bat. This will attract serious potential buyers. Here are tips that will help you sell your house fast.
Price it Right
Most sellers believe that they should set the price high and later lower it when the house fails to sell. This can result in a slower sale even at the low price. When the price is too high, many buyers and agents will keep away, assuming you are not serious or it will be waste of their time to put in an offer.
Enhancing the Look of Your Home
Potential buyers always form a first impression the moment they first see your home. Therefore, it is important to enhance how it looks. You can do this by planting flowers on the flower beds, repainting the house, replacing the mailbox and updating the landscaping. Doing this will give your home a makeover and give it good curb appeal.
Fix all Problems
Before listing your home make sure you get inspections for roof damage, termites, potential drainage blockages and other hidden concerns. No one would like to buy your house when they suspect any issues.
Clean, Declutter and Depersonalize
Remove unnecessary items and furniture from your house. The fewer items in your home the bigger it looks. Also, remove all the family photos, religious items, and political posters so potential buyers can envision their family owning the space. You can also conduct a thorough cleaning to make the house look attractive.
List your House on Major Online Portals
This is usually your real estate agent’s job, but it won’t hurt to double check if they have listed it on major online portals. It could also help if your agent showcases your house on social media.
I hope the above tips will help you when buying or selling your home.
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