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Get the Most for Your Money when Buying Real Estate

By Chaitanya Subscribe to RSS | February 24th 2012 | Views:
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With all the complexities and red tape of buying real estate, you can quickly be overcome by confusion or overwhelmed with the stress. It's very important that you learn all the ins and outs of successful home buying.

Do not pay high premiums for your view lot. Even if you love the view, and you want to sell it later on, the buyer might not agree. So, you should purchase a home if you like the view, but don't pay too much.

Learn as much as you can about properties that are made for rental. If you are thinking about buying a rental property, don't sign on the dotted line if you haven't thoroughly reviewed at least two years worth of records. Make sure you are getting accurate information from the seller about how much money you could make with this property. Also, your lender will probably want to see income verification before issuing the loan.

Monitor residences in pre-foreclosure status. If you can wait to make a purchase, many pre-foreclosure properties offer an excellent investment opportunity. Pre-foreclosure properties are those with owners at risk of losing the home due to delinquency. You can search on the internet or talk to any lender for pre-foreclosure properties. You can also advertise your willingness to pay cash for homes. When speaking with the owner, you should attempt to find out their current balance, and offer them a little more than that. Since most home-owners significantly less than market value on their houses, it may be that you will get quite a steal.

Even if the home is just for you, don't go it alone. It is always helpful to have an experienced person at hand. It is always helpful to have another set of eyes while looking at properties, particularly if that person has experience buying a home. Encourage your friend to ask questions to the realtor.

Before you begin the home buying search, you will want to hire a reliable real estate agent. The Better Business Bureau is a great resource, along with a number of other Internet resources. Trust the references of those around you the most, like from co-workers and family.

When purchasing a home, try to limit the existence of fireplaces to one, to avoid having to maintain too many of them. It is not easy to clean fireplaces and it is pointless to have to go through this if you are not going to use it much.

Do you have children, or do you plan to? If so, you should consider a home that has adequate room for the entire family. Your new home should be equipped for safety; consider this wisely if your home has a swimming pool or steep stairs. If you buy a house from a family who has raised their children in it, it should ensure that the house is relatively safe.

If you are serious about buying a house, measure it first. Ensure that the listed size matches the public records. A number is considered valid if the difference is not more then about a hundred square feet. If it is more than this, then you might want to consider another property or do some research to figure out why the number as off.

If you are buying a home and you also own a car, make certain there is plenty of parking nearby or a dedicated parking space. Especially for walk-ups and other homes that don't have a driveway, you will need street parking. If you don't have enough parking you will end up walking good distances.

Use this advice to begin your education in real estate. You will be able to avoid the most common pitfalls if you apply these tips during your next real estate transaction. Good luck with your search, and enjoy finding your new house!

Chaitanya - About Author:
To know a good deal for San Francisco real estate, click here.

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