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Okay, I've been out there studying the market etc. for a year now.. and I obviously still have a lot to learn but.. got any crucial tips that make it worthwhile?
Realize that there are certain things (like wall color / wallpaper) that you can change almost immediately. That whatever clutter or horrible decorating choices the current owners have will go out the door with them.
Okay, I've been out there studying the market etc. for a year now.. and I obviously still have a lot to learn but.. got any crucial tips that make it worthwhile?
Define what you are looking for; a personal primary residence? A vacaton home? A rental property? A flip? Each of these property types needs to be evaluated differently. Even if you are open to any or all of them, define the parameters of each search so that you are judging potential purchases correctly.
I know to watch and compare..
I know my neighborhoods in my city okay.. and have narrowed down area's to focus on
I know that the best buying time should be when the market crash's for my area happens but I should still be looking and considering until then..
I know that winter is now supposed to be the slowest moving time for inventory..
I know to pay cash.. cause I think mortgage payments are a bit outrageous
I know that in my city some properties are still being setup for flip..
I know that in my city the cheap stuff I'm watching is sometimes moving..
I know or as far as I can tell my markets not hit bottom..
I know that a bargain can be seen in a area with a simple look at MLS Real Estate Map and there's only 1-2 properties in that area with below prices.. it can indentify houses that people want more for.. essentially a bargain houses by neighborhood area (somewhat)
I know your supposed to drive-by's in neigbborhoods (but I haven't always been doing that)
I think that's all I know off the top of my head anyway..
Last edited by themaster; 12-04-2008 at 12:43 PM..
I know to watch and compare..
I know my neighborhoods in my city okay.. and have narrowed down area's to focus on
I know that the best buying time should be when the market crash's for my area happens but I should still be looking and considering until then..
I know that a bargain can be seen in a area with a simple look at MLS Real Estate Map and there's only 1-2 properties in that area with below prices.. it can indentify houses that people want more for.. essentially a bargain houses by neighborhood area (somewhat)
I know your supposed to drive-by's in neigbborhoods (but I haven't always been doing that)
I think that's all I know off the top of my head anyway..
Since it seems your looking for a "bargain" you need to know that while you MIGHT find a house at a "bargain basement" price if the rest of the homes in that area are NOT valued per the tax rolls at such you are going to be paying the higher value in property taxes. Also know that with the bigger house you need to include the higher utility costs. Just because the house was purchased at a "bargain" price does not mean the utilities or taxes will be as well. You also need to know that once the area does start to go back up the taxes will also go up with the value of the property.
Using prices here just as an example since your price range has not been mentioned. If your looking to spend $200K on a house and your looking in areas w/ homes that average over $300K you need to stop looking there. You need to find an area that the average price and value of the homes is in the same range that your looking to spend. Most of the people trying to find the bargain priced home in an area of homes priced out of their reach are the very ones getting into financial trouble. However, if you CAN afford a $300K house easily by paying cash and could easily afford the taxes and utilities on such then it would be fine.
are you looking for a residence to live in or an investment? you're going to cut a check for the property or finance?
To answer your first question.. both
More then likely pay cash/check
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