Jeremy McElwain's Blog
If you’re in the market to buy a home, you have a lot of options. Do you want to buy a fixer-upper? Should you get a home close to the city or nestled in the suburbs? How much can you spend on a home to get the amount of space you’ll need for you and your family. There are so many variables that exist in the decision to buy a house.
One thing that many buyers want but aren’t sure of is the concept of a “move-in-ready” home. Sometimes, move-in-ready means that a home is brand spanking new. There should be no work in the house that needs to be done because everything is installed new during construction. As soon as construction is completed, you should be able to move right into the home.
Other homes that are deemed ready to move right in are those that are relatively new and have very little work to do. If a home has a roof that’s caving in, it’s not move-in-ready. If a home needs paint, it’s a sure bet that you can move right in. You may just need a bit of elbow grease in some of these situations. It’s your job to let your real estate agent know what you are looking for and what your budget is. Read on to discover the benefits of buying a move-in-ready home.
You Can Enjoy It ASAP
It takes a lot of work and a lot of cash up front to buy a home. You want to enjoy the fruits of your labor sooner rather than later. If you buy a home that needs little to no work, you’ll be able to enjoy it sooner. There’s no waiting period to move in when you buy a house that’s in excellent condition. You can just start living.
If you buy a home that you can move right into, you will often get things that are trending at the moment. The best of appliances, technology, and security are just some of the benefits that you’ll be able to enjoy when you buy a home that doesn’t need a lot of work.
Many times, you’ll find move-in-ready homes in great locations. These homes will also give you a great resale value once you head to sell the house in the future.
Whether you buy a brand new home or a home that has been upgraded, these sellers are often very motivated. Builders want to get paid for the work they have done. Sellers of upgraded homes wish to get their homes off of their hands and get a return on their investment.
Finding a move-in-ready home may take some time, but the benefits are definitely worth it.
If you plan to submit an offer to purchase a home, there is no need to leave anything to chance. And in most instances, it is a good idea to put your best foot forward with your offer to purchase. That way, you can boost the likelihood of receiving an instant "Yes" from a seller and moving one step closer to acquiring your ideal residence.
Now, let's take a look at three tips to help you put together a competitive homebuying proposal.
1. Study the Housing Market
The current state of the housing market may impact the definition of a competitive offer to purchase. For instance, if the housing market favors buyers, you may face limited competition to acquire your ideal residence and can craft your offer to purchase accordingly. On the other hand, if the housing market favors sellers, you may need to submit an offer to purchase at or above a seller's initial asking price to secure your dream home.
Take a close look at the housing market and analyze market data. Then, you can differentiate a buyer's market from a seller's market and determine how much to offer for a house.
2. Weigh a House's Pros and Cons
A home has its strengths and weaknesses, and as a property buyer, you should dedicate time and resources to learn about all aspects of a residence. By doing so, you can determine whether a residence is right for you and submit an offer to purchase based on a house's age and condition.
Consider any home repairs that may need to be completed as well. If you understand the costs of potential home improvements, you can craft an offer to purchase that accounts for these tasks.
3. Collaborate with a Real Estate Agent
Submitting a competitive offer to purchase sometimes can be difficult for experienced and first-time homebuyers alike. Fortunately, if you work with a real estate agent, you can get the help you need to create an aggressive offer to purchase.
A real estate agent understands the ins and outs of buying a house and can offer expert insights into the property buying journey. He or she will teach you about the real estate market and respond to your homebuying concerns or questions. In addition, a real estate agent will help you find your dream home, set up house showings and keep you informed about residences that become available and fit your homebuying criteria.
Furthermore, a real estate agent can provide in-depth housing market data and insights. He or she ultimately can help you take the guesswork out of crafting a competitive homebuying proposal. And as a result, a real estate agent will do everything possible to ensure your offer to purchase matches a seller's expectations.
Ready to submit an offer to purchase your dream residence? Take advantage of the aforementioned tips, and you can bolster your chances of acquiring your ideal residence in the foreseeable future.
Build-to-rent is a major term right now for investors. The industry has seen a serious leap in interest in just the past year, making nearly everyone in the real estate space sit up and take notice. We'll look at the special nature of these properties and which attributes make a property more valuable than another.
The Hot Spots
Build-to-rent generally refers to a single-family property built to be used by renters rather than owners. It's popular because it's difficult to profit off of a new build, especially when you take into account the price of the land, materials, and permit costs. The areas that are exploding with these properties tend to be affordable cities with plenty of available infrastructure.
Atlanta, Houston, Charlotte: these hot spots are attracting young renters who may not have a sizable down payment saved for a new house, but they're still willing to pay for the right amenities. It's making it relatively easy for investors to recoup their money (and then some).
The History of Build-to-Rent
This trend got its start after the recession churned out countless foreclosures and short sales, but has since morphed into its own asset class. Once home prices started to creep back up, investors saw that there was plenty of money to be made in renting even after the economy returned. Today, the build-to-rent industry is largely driven by new homes. Developers may build several dozen homes in a single area, making it easier for property managers to respond to renter requests and perform regular maintenance.
What's Behind the Success
The most successful build-to-rent properties are those in highly popular areas that would otherwise be too expensive to the everyday renter. Less than half of all millennials have any kind of substantial savings to put toward homeownership, and even the Baby Boomers are starting to turn toward renting (whether they need to or not). In addition, home appreciation has slowed over the past few years and new tax rules don't exactly make it an open-and-shut case that owning is the best choice available.
Investors who have the opportunity to get involved in build-to-rent will likely be happy they did. The key is to look for properties that are sensible in nature. Avoid those in areas that make it difficult to build (either through expensive permits or restrictive building codes). Opt for properties in nice areas made with affordable, durable materials. This will cut back on maintenance and increase your profits in the long run.
Buying a house can be simple, particularly for those who craft a blueprint before they embark on the property buying journey. Now, let's take a look at three tips to help you craft an effective homebuying blueprint.
1. Analyze the Housing Market
The housing market varies in cities and towns across the United States. However, if you analyze the local real estate sector closely, you can map out a successful property buying journey.
Assess the prices of recently sold residences and find out how long these homes were available before they sold. That way, you can determine whether a buyer's or seller's market is in place.
Remember, the more housing market data you review, the more equipped you'll be to understand the current state of the local housing sector. And if you allocate time and resources to analyze housing market data, you can gain the insights you need to make informed decisions throughout the property buying cycle.
2. Establish Homebuying Criteria
Create a list of homebuying criteria – you'll be glad you did. Because once you know what you want to find in your dream home, you can narrow your house search.
As you put together homebuying criteria, think about where you want to reside too. This will enable you to hone your home search to preferred cities and towns.
Don't forget to consider your short- and long-term plans as you craft your homebuying criteria as well. For instance, if your goal is to work in the city, you may want to focus on houses in or near the city itself. On the other hand, if you plan to start a family soon, you may want to explore residences near the top schools in your area.
3. Collaborate with a Real Estate Agent
If you're unsure about how to craft a homebuying blueprint, there is no need to worry. Real estate agents are available nationwide, and these housing market professionals can help you put together a homebuying plan.
A real estate agent is a housing market expert who is happy to teach you everything you need to know about buying a residence. He or she also will respond to any of your homebuying concerns and questions.
In addition, a real estate agent will act as a guide along the homebuying journey. He or she first will learn about your homebuying criteria and goals and help you put together a property buying plan. Next, a real estate agent will help you search for your dream residence and set up property showings. And once you discover a house you want to buy, a real estate agent will help you submit a competitive offer to purchase this home.
For those who want to achieve the optimal results during the property buying journey, it generally is a good idea to create a homebuying blueprint. By using the aforementioned tips, you can craft a homebuying blueprint so you can achieve your desired homebuying results.
Attending open houses is common for property buyers in cities and towns nationwide. However, there is no set number of open houses that a homebuyer will need to attend to discover his or her dream residence. In some instances, a buyer may find the ideal home after attending his or her first open house. Or, a buyer may attend dozens of open houses and fail to find a residence that matches his or her expectations.
As a homebuyer, it is important to do everything possible to make the most of an open house. Lucky for you, we're here to help you get ready for an open house and ensure that you can maximize the value of this event.
Now, let's take a look at three tips to help you get ready for an open house.
1. Create a List of Home Questions
You may have learned about a home from a listing. Yet a listing only offers a limited amount of information about a residence. And if you have additional questions about a residence, an open house provides you with a great opportunity to receive responses to your queries.
Craft a list of questions before you attend an open house – you'll be glad you did. With this list in hand, you can ask questions about a home and gain the insights you need to help you decide whether a residence is right for you.
2. Perform Research
Try to collect as much information as you can about a home prior to an open house. That way, you can have a good idea about what to expect when you attend this event.
Also, you may want to put together a game plan before an open house. This plan allows you to prioritize different areas of a residence that you want to check out. Plus, it may help you conduct an in-depth review of a residence.
3. Consult with a Real Estate Agent
A real estate agent is happy to help you plan ahead for any open house. If you employ a real estate agent today, you can receive comprehensive assistance as you conduct your house search.
Typically, a real estate agent will keep you up to date about open house events in your preferred cities and towns. This housing market professional can attend an open house with you and offer immediate feedback as well. In addition, if you want to submit an offer to purchase a residence after an open house, a real estate agent can help you do just that.
Let's not forget about the expert housing market insights that a real estate agent can provide, either. A real estate agent can offer insights into housing market patterns and trends. By doing so, a real estate agent can help you narrow your home search and ensure that you can find a great house at a budget-friendly price.
Ready to attend an open house? Use the aforementioned tips, and you can attend an open house and learn about all aspects of a residence.