How to Do Well With Your Real Estate Investment

If you are planning to invest some of your money into real estate then here are the things that you should do:

(Photo from Flickr.com)

1. Partner with experience – First-time investors should find a Realtor experienced with investment property deals that can help you locate promising properties. “Look for relational brokers who expect to do business with you again and therefore are going to be much more careful with what they recommend,” says Merrill. A second option is to collaborate with a more experienced real estate investor and close a deal together. In this economy, an experienced real estate investor may be willing to work with you in exchange for the capital you can provide, giving you the opportunity to glean investment knowledge and experience firsthand, Merrill says.

Even if you don’t collaborate with other real estate investors, talk to them about pitfalls they’ve experienced. “Go down to the general district court in your area and listen to some landlord/tenant cases so you can get a sense of what kind of challenges landlords face,” says Jeffrey Taylor, author of “The Landlord’s Kit.” Source: Bankrate

2. Mortgage interest rates are low again – Several years back when the mortgage rates hit an all-time low, people went crazy buying homes and investment properties. Some of the same people ended up getting greedy and borrowed against their newfound equity, which eventually contributed to the downturn of the real estate market. Don’t repeat these mistakes. Source: Money Crashers

3. Find a mortgage broker – These are essentially “freelancers.” They take your application and “shop it around” to a variety of different lenders. They’ll come back to you (hopefully) with several offers from various lenders, and you can pick the loan with the interest rate and terms that best fit your own unique financing needs. These may be your best bet if you have weak credit, if you’re self-employed, or you have other issues that don’t quite fit the bank underwriter’s cookie-cutter criteria. One important point: Property flippers should avoid llong-term loans with pre-payment penalties. These will just mean an additional cost when you eventually do sell the house and pay the mortgage off early. Source: Real Estate

Contact:
Ian Klepsch – Duncan BC Realtor
2610 Beverly St Duncan, BC V9L 5C7‎
+1 855-710-0011

Gas vs. Charcoal BBQ

The summer season is in full swing. With warmer temperatures and longer days, now is the time to move your entertainment outside onto those decks and patios and break out the BBQ. For some reason, everything tastes better grilled. With so many makes and models to choose from however, the process of finding the model of BBQ that best suits your needs may be a bit overwhelming. One of the age old debates is gas versus charcoal, and you will, at some point, need to make a decision. Here is a brief overview that explores both the pros and cons of each. Continue reading “Gas vs. Charcoal BBQ”

3 Quick Landscaping Tips for the Summer

With the warmer weather comes the desire to get outside and play. It can also be a time to get out and spend some time in your yard. A nicely landscaped yard creates beauty that surrounds your home and offers the homeowner a chance to express their individuality through their choice of plants and how those plants are arranged.

Landscaping not only adds more of an aesthetically pleasing look to your home, but it will also increase its value. The next time you are out walking in the neighbourhood or looking at real estate in Duncan, see which houses catch your eye and why. Here are 3 quick tips to help you landscape your home this summer. Continue reading “3 Quick Landscaping Tips for the Summer”

Things to Do Before Buying a Home

Before jumping into the decision of buying a home, you need to consider some factors first so that you will know what you’re up against. So check out the following tips to have an idea on what to do before buying a home:

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1. Are You Mortgage Worthy?

Say you saved enough cash, but what about your credit? It’s not a secret that getting a mortgage these days is harder than it used to be. Lenders are looking closely at all documentation of your income, debts, assets and liabilities, to make sure you don’t exceed the maximum debt-to-income ratio. And when it comes to credit scores, the most competitive interest rates (the 5 percent you may have heard about) only go to buyers with credit scores above 700.

The key is to review your financial situation before you check out open houses. Use our affordability calculator to see what kind of monthly mortgage payment you can comfortably afford. Continue Reading

2. Seek the Help of a Home Inspector

Even if you feel you can trust the seller and your own inspection skills, hire a professional home inspector. “Make sure they’re a member of the American Society of Home Inspectors,” advises Holmes. “It’s also a good idea to avoid home inspectors recommended by your real estate agent. The real estate agent wants to make a sale. Any problems the inspector finds will delay this. If the inspector wants to get clients through the agent they might turn a blind eye to a few issues.” Continue Reading

3. Kick The Credit Card Habit

Another step to cleaning up your credit history? Make sure you aren’t buried under credit card debt. Take steps to stop credit card spending, and consider using a balance-transfer credit card to reduce your debt load faster. Improving your credit will give your credit score a boost, and that will make you more attractive to lenders. A bonus? Kicking the credit card habit can help you get a handle on your finances so making mortgage payments isn’t overwhelming. Continue Reading

 

With the tips you have acquired from this article, you are more ready than ever when it comes to buying your first home.

Contact:
Ian Klepsch – Duncan BC Realtor
2610 Beverly St.
Duncan, BC V9L 5C7
+1 855-710-0011

Expert Tips on Buying Real Estate

If you want to buy real estate then you need the following advice in order to get through smoothly with your deal.

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1. Finalize Your Decision

If you can’t commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing money if you sell any sooner – even in a rising market. When prices are falling, it’s an even worse proposition. Source

2. Choose Your House Carefully

Everyone’s drawn to the biggest, most beautiful house on the block. But bigger is usually not better when it comes to houses. There’s an old adage in real estate that says don’t buy the biggest, best house on the block. The largest house only appeals to a very small audience and you never want to limit potential buyers when you go to re-sell. Your home is only going to go up in value as much as the other houses around you. If you pay $500,000 for a home and your neighbors pay $250,000 to $300,000, your appreciation is going to be limited. Sometimes it is best to is buy the worst house on the block, because the worst house per square foot always trades for more than the biggest house. Source

3. Ask Suggestions From Your Lender

If you receive a great offer on your home but the closing date is up to 30 days later than the closing date of the property you already purchased, don’t sweat it, Linda says. Most mortgage lenders will approve bridge financing for approximately 30 days, if all conditions have been removed and you have a firm sale. For peace of mind, speak to your current lender prior to listing your property to confirm this, she suggests. Source

4. Perform a Thorough Inspection

Don’t assume that the inspection will allow you to reopen negotiations. It’s certainly acceptable to ask for a credit if the inspection reveals major problems. But in a tight market, you may not get it. These days, it’s unlikely that a seller will make significant repairs, and you’re better off asking for a credit at closing so you can hire your own contractors. In some hot markets, prospective buyers do an inspection before making the offer so they can submit an offer with fewer contingencies. Source

 

5. Seal the Deal

If you’re able to work out a deal with the seller, or better yet, if the inspection didn’t reveal any significant problems, you should be ready to close. Closing basically involves signing a ton of paperwork in a very short time period, while praying that nothing falls through at the last minute. Things you’ll be dealing with and paying for in the final stages of your purchase may include having the home appraised (mortgage companies require this to protect their interest in the house), doing a title search to make sure that no one other than the seller has a claim to the property, obtaining private mortgage insurance or a piggyback loan if your down payment is less than 20%, and completing mortgage paperwork. Source

 

With all the tips mentioned in this article, you can assure that you will be safe with your journey in buying real estate.

Contact:
Ian Klepsch – Duncan BC Realtor
2610 Beverly St.
Duncan, BC V9L 5C7
+1 855-710-0011

Recreational Facilities in North Cowichan

The recreational facilities of North Cowichan are a big selling points for those looking to purchase Duncan real estate in that area. It is not a community to simply enjoy living, but a location in which you can truly live. This is due to a multitude of parks and facilities that were designed to keep community members active and engaged in city events and projects. There is something fun available for family members of all ages through the Municipality of North Cowichan. After you purchase your great piece of Duncan real estate, be sure to enjoy these excellent recreational facilities.   Continue reading “Recreational Facilities in North Cowichan”

4 Tips on Buying Real Estate

Real Estate Buying Tips

Before you start shopping for real estate, consider these 4 real estate buying tips:

Real Estate Buying Tips
Image Source: Flickr

1) Everyone’s drawn to the biggest, most beautiful house on the block. But bigger is usually not better when it comes to houses. There’s an old adage in real estate that says don’t buy the biggest, best house on the block. The largest house only appeals to a very small audience and you never want to limit potential buyers when you go to re-sell. Your home is only going to go up in value as much as the other houses around you. If you pay $500,000 for a home and your neighbors pay $250,000 to $300,000, your appreciation is going to be limited. Sometimes it is best to is buy the worst house on the block, because the worst house per square foot always trades for more than the biggest house. Continue Reading: HGTV

2) If you receive a great offer on your home but the closing date is up to 30 days later than the closing date of the property you already purchased, don’t sweat it, Linda says. Most mortgage lenders will approve bridge financing for approximately 30 days, if all conditions have been removed and you have a firm sale. For peace of mind, speak to your current lender prior to listing your property to confirm this, she suggests. Continue Reading: Style At Home

3) Don’t assume that the inspection will allow you to reopen negotiations. It’s certainly acceptable to ask for a credit if the inspection reveals major problems. But in a tight market, you may not get it. These days, it’s unlikely that a seller will make significant repairs, and you’re better off asking for a credit at closing so you can hire your own contractors. In some hot markets, prospective buyers do an inspection before making the offer so they can submit an offer with fewer contingencies. Continue Reading: USNews

4) If you’re able to work out a deal with the seller, or better yet, if the inspection didn’t reveal any significant problems, you should be ready to close. Closing basically involves signing a ton of paperwork in a very short time period, while praying that nothing falls through at the last minute. Things you’ll be dealing with and paying for in the final stages of your purchase may include having the home appraised (mortgage companies require this to protect their interest in the house), doing a title search to make sure that no one other than the seller has a claim to the property, obtaining private mortgage insurance or a piggyback loan if your down payment is less than 20%, and completing mortgage paperwork. Continue Reading: Investopedia

Contact:
Ian Klepsch – Duncan BC Realtor
2610 Beverly St.
Duncan, BC V9L 5C7
+1 855-710-0011

Choosing the Right Carpet

The right floor choice is as important as the right colour on the wall or the right furniture in any room. Once you have made the decision as to whether you want wood flooring or carpet, the next step is trying to match the right flooring to the room. If you have decided on carpeting, this is a big decision, one that you will have to be happy with for many years. Because of the cost associated with carpet, you want your choice to compliment the colours or planned colour scheme in your home.

The right colour and style of carpet can make all of the difference in the resale value of your home. In a competitive real estate market, this can be a make or break point for many potential buyers. As a premier real estate agent in the Duncan Real Estate market, we would like to offer the following tips to choose the right carpet in order to love the home you live in, but also to make sure that potential buyers will love it too.

Continue reading “Choosing the Right Carpet”

Selling Tips for Success on the Summer Market

Duncan real estate sales reach peak numbers during the warm seasons of spring and summer. If you are looking to sell your home successfully and quickly, this is the perfect time. Though it may seem like buyers control the terms of sales these days, the summer months provide homeowners with the edge they need to get a top return on their investment.

The long months of June, July and August see an increase in buyer motivation; a little sunshine can make all the difference in how quickly a home is able to sell. If you are placing your piece of Duncan real estate on the market this summer, here are a few tips to draw in those motivated buyers. Continue reading “Selling Tips for Success on the Summer Market”

Things to Keep in Mind When Buying a Home

It is easy to get caught up in the excitement of buying a new home. Whether it’s your first home or one of many, having a new place to call your own is a great feeling. Before you put in all the research and work and sign the final papers, you are going to need to make some difficult choices. Here are some important things to keep in mind while the search is going on, and before you sign on the dotted line for your new home. Continue reading “Things to Keep in Mind When Buying a Home”