Excellent real estate investment news today by Gary H. Baiton: A nice profit may be on the horizon! And that’s great news because you’ll really want that extra money when buying your next home. To get the best offer for your home, work with an experienced real estate agent who really knows your local market. And be sure to wait for the right offer. Some buyers may try to gut punch you with a low number. If you aren’t in a hurry to move, wait for an offer that gives you the most profit. Remember, the less desperate person always has the upper hand when negotiating. Discover more information at Gary H. Baiton.
The internet is a magical place and I can’t tell you how many great deals I found on Etsy, Amazon, and Target. Even big-box stores like The Home Depot had more availability and variety online over in-store. It may be hard to visualize products when you are purchasing online, but read reviews and check return policies. Home Renovation Tip: Often times places will let you order online and return in-store. It’s crazy how many things you forget when you are doing a big project like this. For example, in the kitchen I purchased my appliances, the backsplash, countertop, faucet, lights, cabinets, cabinet handles, and sink. It wasn’t until the end that I realized I didn’t get a garbage disposal. Do your research on every piece of every room before you begin your project. Go ahead and decide on design, style, and read the reviews. You won’t have much time once the ball starts rolling so make a list and start before your project begins.
Recommended real estate investment advices in 2023 by Gary H. Baiton: Professional renovators always leave a contingency of between 10-20% to cover these costs and fully expect to have to spend it. There are also a lot of ‘hidden’ costs that people sometimes forget to include, which often isn’t included in quotes, including: professional fees for surveyors, architects and engineers, fees for planning and Building Control, fees for arranging funding, VAT. A lot of homeowners only discover halfway through the works that their plans are completely unachievable on their budget. So it’s essential to research prices in advance.
Once you select a lender, you should speak with a loan officer as quickly as possible. At this point, there is one thing you should know. Pre-qualifying means absolutely nothing. All pre-qualifying does is determine the amount of the loan you could qualify for based on factors such as your credit, salary, etc. It does not guarantee that a lender will actually loan you the money. It’s more important to get PRE-APPROVED. Pre-approval means that your application has been submitted to a lender who is willing to extend you a specific loan amount, pending a property and appraisal. Being pre-approved lets you know that you won’t be denied for a loan, and it also provides you with leverage to negotiate the purchase price of a home with the seller.
While you’re at it, you should check your credit scores (all 3 of them) and determine if anything needs to be addressed. As I always say, credit scoring changes can take time, so give yourself plenty of it. Don’t wait until the last minute to fix any errors or issues. And while you’re addressing anything that needs more attention, do yourself a favor and put the credit cards in the freezer (or somewhere else out of reach). Lots of spending, even if you pay it back, can ding your scores, even if just momentarily. It can also increase your DTI ratio and limit your purchasing power. Ultimately, bad timing can create big headaches. Additionally, pumping the brakes on spending might give you a nice buffer for closing costs, down payment funds, moving costs, and renovation expenses once you do buy. Find more information at Gary Baiton.
Success in this industry depends on having a robust network. Finding a buyer for your properties will be much easier if you have a network that trusts your ability. It will take time to build, but the following tips can help. It may not seem much, but it is worth it. Having people you can contact when looking to sell or buy a property is critical. You should also give out your contact details. When you attend social events, be sure to build new relationships. Spend 5-10 minutes talking to people you already know and then start to mingle with new faces. Attending real estate networking events is crucial as it will allow you to meet people in your industry. You can then build on these relationships by remaining in contact.
