Posts Tagged ‘real estate’


Tips for Buying a New Home: Renovations and Repairs

Friday, September 20th, 2013

Tips for Buying a New Home: Renovations and Repairs - Handyman

Possible Repairs

When encountering tips for buying a new home, it is always a surprise how little is covered about possible repairs. There should always be a clause in the contract about repair contingency. This clause states that if a repair is discovered by the buyer during inspection, then the seller is held liable for the repair. It’s very important to understand this, because once this document is signed and sealed, it’s legally binding.

Simply put, if the buyer discovers that some repairs need to be made, the seller can opt to repair them or not. If the seller repairs them, then all is clear. However, if the seller refuses to repair them, then the buyer can terminate the contract. Repairs, if not discovered early, can cost a lot. Chimney repairs, for example, may lead to some serious expenses. This is why it is important to always inspect the house you are buying thoroughly, and to always read the fine print.

Possible Renovations

A simple way to find out if the house you are buying would need possible renovations is to simply see when it was built. If it was built as far back as 20 years ago, then it may even contain asbestos, and you’ll need to have that removed as quickly as possible.

You also have to look at the building plans of the house and check the plumbing system to see if everything is in order. There may be rust that needs to be removed before it damages your property. You also need to check the walls, the roof, and the floors. Is everything sturdy? Is everything as it should be?

Do You Need Help?

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Buying A Foreclosed Home

Wednesday, May 22nd, 2013

Buying A Foreclosed Home - Real Estate

When you are looking to buy a home, you know you’re generally going to sink in a lot of money into the investment. Many people spend most of their lives paying off their home mortgage. Buying a foreclosed home is a good way to try to lessen the financial burden of purchasing a home. The pros and cons of buying a foreclosed home are about even; it’s up to you to decide if that’s the route you want to take.

Pros Of Buying A Foreclosed Home:

It’s significantly cheaper. On average, homeowners save about 15 to 20 percent when they buy a foreclosed home instead of a new home. This is because the home is owned by a lender who isn’t using the home, prompting them to lower their prices so they can sell it quickly.

– Foreclosed homes often sell through auctions, which can make the whole process a lot faster. This really helps you avoid the stressful process of slowly securing your new home.

– Buying a foreclosed home often leads to an immediate move-in. In other cases, the previous owner may need to move out of the home completely. With foreclosed homes, the previous owner is usually long gone.

Cons Of Buying A Foreclosed Home:

– Because no one has been living in the home, it has probably not been very well maintained. You need to consider this before you let your money trade hands. Make sure you know what you are getting when you buy a foreclosed home; you’ll probably have to make some repairs such as painting walls or repairing fences.

– Although it’s a huge bargain initially, saving money with a foreclosed home may affect the home value later. Your home’s value is based heavily on previous data, meaning that future buyers may estimate your home’s perceived value based on the price you paid, despite the foreclosure discount.

– Oftentimes, foreclosed homes are surrounded by other foreclosed homes, which may be a sign of a less-than-ideal neighborhood. Make sure that you’re comfortable living where the home is located.

Getting Professional Help

Depending on what’s important to you, buying a foreclosed home might just be the perfect option. If you need to speak with an expert about the process, TalkLocal can connect you with real estate professionals in your area.

House Flipping For Beginners

Saturday, April 27th, 2013

House Flipping For Beginners - Real Estate

We all love those home renovation shows, with people taking houses and turning them from boring and broken to beautiful and brilliant. If you feel confident that you could do that, and want to make a few bucks while you are at it, check out these tips on house flipping for beginners.

The Business Side Of Flipping Houses

– Do not let yourself get emotionally invested in the house you are flipping. House flipping is a risky way to make money, but it can be incredibly successful if you do it well. Having an emotional attachment to the house you are flipping gets in the way of that. You may be gun-shy about selling the home, or might ask for an unrealistic price as a result.

– Know what you want and go for it. Shopping around is good when you need a home, but not so much when you are flipping. It is a drain on your time — and time is money.


– Equity means the difference between the unpaid balance on the mortgage and the actual worth of the house.

– A word of advice on house flipping for beginners — You need to get used to doing the math. You need to be able to accurately judge how much equity there is in this project, including the work you will put into the home. No equity means no potential for a successful flip.

– Depending on the seller, you may be able to make equity easily. If the house is worth $150,000, but the seller is desperate, you may be able to buy for $130,000 and make $20,000 equity right off the bat.


– Buy low and sell high. Remember, you are trying to make money, not build your home; you do not need to settle and you definitely do not want to splurge.

– You can add some nice upgrades to the home on your own if the difference ends up in your favor. Making simple repairs and updates can add a nice sum to your resale value.

– You want to make sure you sell before the first mortgage payment is due to save even more money on this project. That usually means you have about 45 days. If this is not possible, you could still sell afterwards, but you would lose some equity.

Get A Hold Of Local Real Estate Professionals Now

If you have more questions about the process of buying or selling a house, or if you need assistance with a repair or renovation, TalkLocal can connect you with the local professionals who can help you at a budget of your choosing.