10 Things You Should Know About Real Estate
There are tips and secrets to real estate and buying property just as there are tips and steps you should take when buying a new car. Namely, everyone can lower their price. Whether you are buying a new home or selling a new home, understanding the main rules of real estate can help you make better, more informed decisions about your future and your financing. Without further ado, here are the top ten things you should know about real estate before you make your next move on the property ladder.
1. Your Home’s Value is Only What a Buyer is Willing to Pay
It doesn’t matter what you think your home is worth. It doesn’t even matter what your real estate agent things your home is worth. The only number that applies is how much a buyer thinks your home is worth. If no one buys your home, you will have to lower the price. Similarly, if you drive up enough hype, you can easily encourage buyers to go above the asking price.
2. Upgrades Do Not Always Mean Increased Value
As buyers pay what they are willing to pay, not every upgrade will get you your money back. Some might even decrease the value if the buyer feels they will have to strip your design choice and redo it.
3. Some Upgrades Are More Worthwhile than Others
Upgrades that add another bedroom or bathroom are always the best options because it means you can push your home into a different market. The more rooms, the bigger the family, the more your home will be worth to the buyer.
4. A Clean Home is a Sold Home
If your home is not clean, it will not likely sell. If it does sell, you can bet that the buyer will walk away with your property for under market value. Hire a professional cleaner before every open house, and keep it clean throughout the selling period.
5. Curb Appeal Should Never Be Underestimated
If you can wow potential buyers before they even step out of their cars, you will have sold them. That is why curb appeal is so powerful and so important. Let buyers fall in love with your property from the moment they step onto your lawn, and you will have a sale.
6. Disorder Won’t Help Your Case
Just as your home should be spotless, so too should it be clutter-free. Use the time before you sell your house to go through and de-clutter everything from your life, and pack away personal items to be placed in storage. This will help your home sell faster and make it easier to pack later on.
7. Neutrals are Timeless
If you want a home to sell, it needs to be timeless. That’s why you should consider painting over your daughter’s room if it’s pink, or you should put your neon colored couch away in storage before you start viewings. Neutrals allow the buyer to see the house, not your furnishings.
8. Everything is Up for Negotiation
When it comes to your property, everything is up for negotiation. A buyer might only put in an offer if you include your couch or a certain painting, for example. They might want you to replace the fridge or redo the driveway as part of the deal. Just remember that the same will apply for when you are house hunting.
9. The Best Investment Won’t Always Be the Best House
The last thing to remember is that the best investment is not always the best house. The best investment is the property that has the potential to increase the most in terms of value. So, when you are looking for homes for sale in La Jolla, for example, try to pick the property that could use a little TLC. You will be able to negotiate down the price, fix it up easily, and automatically have made great returns on your investment. Just remember to have a professional inspect the property beforehand as structural issues are very costly to fix and should be avoided unless you can get the property for a steal.
10. When You Sell Is Important
If you can, always try to sell when it is a seller’s market. At the right time, a property can be sold for up to three times what it is worth before the market cools or even drops. Of course, if you sell during a buyer’s market that is fine as well, as this means that though you won’t sell for as much.
The more you know about real estate, the better you can manage both the selling and buying aspects of any house transfer. That way you can sell your home for the greatest value and buy your new home at the best price.