I’m a first time home buyer and looking for a multi-family home b/c of a necessary circumstance. I’ve seen some homes I liked, but they either needed a lot of work (most of the issues seem to be cosmetic, but who knows what other violations they have), or they were very clean, but they just did not wow me (or they had someone who had a lease living in them, but b/c we’ll need both residences that’s going to be a problem). I’ve been to a few home buying classes, but I found my still learning on the go and increasingly frustrated b/c my wife and I want to move yesterday (but that’s just my impatience). When searching for homes, are there any keywords or things I should be looking for visually that will help me find a home easier?
O, we have a great realtor guy and he’s been pointing things out, but are there some things I need to know or be able to ask about to help me find search for my new home?
Don’t be impatient, as this purchase may be your biggest expense ever.
Check the heating, air conditioning, sewers, water pressure, ground around the house, any signs of infestation, lighting.
Don’t be afraid to flush toilets, and peer in back, check outlets, check dryer vents, window frames, basement for moisture.
Ask about neighborhood schools, hospitals, shopping.
Go back to home you like, in the day, night, and when it rains.
Just keep doing a lot of homework on it.
References :
Don’t buy in an area that is overvalued or you’ll lose money from the start of the whole process. Here is a good place to start: http://money.cnn.com/2006/03/13/real_estate/overvalued_housing_markets/index.htm
References :
Don’t be impatient, as this purchase may be your biggest expense ever.
Check the heating, air conditioning, sewers, water pressure, ground around the house, any signs of infestation, lighting.
Don’t be afraid to flush toilets, and peer in back, check outlets, check dryer vents, window frames, basement for moisture.
Ask about neighborhood schools, hospitals, shopping.
Go back to home you like, in the day, night, and when it rains.
References :
You should rely on your Realtor to be pointing things out to you and your wife. If the Realtor is doing a satisfactory job, then you should by all means stick with him, but make him handle your search the way you want it done. In a market where buyers are very rare (like we have now), it’s up to the professionals to go above and beyond to provide services to their clients. After all, when you finally buy something, the Realtor is the one who gets the commission.
Obviously, you should also do as much as you can to educate yourself on the process. Don’t be afraid to ask your Realtor ANY QUESTIONS that you have … and expect him to give you good answers!
References :
Dear King.
Just a few thoughts:
1. http://www.realtor.com has a great area of information under their "Buyer" pages. Click on "Buyer" and follow through the list for lots of good ideas.
2. Multifamily home are usually rented out, and, as rentals, don’t have many upgrades and perhaps have seen a great deal of wear and tear. Try to get past the "visual" cosmetic stuff. A serious cleaning, fresh paint and carpet, and perhaps a few upgrades that are important to you, can really turn these units into stars.
There is no place in most MLS checklists for "TENANTS INCLUDED" or "CURRENTLY RENTED." So, you need to look for that in the description of the property.
And, as you have already learned, the new owner will have to honor the current leases.
So, when you are shopping online, look for clues that they are occupied (are the pictures showing vacant rooms? does the description say something about a renter or "investors wanted?").
3. With the purchase of any property, ALWAYS get a professional inspection so you know what you are buying – if there are any problems or repairs required.
4. Also, ALWAYS get sellers disclosures, in writing, for known issues and recent repairs.
Your Realtor will know this stuff, too, but it’s good for you to ask and be informed.
Good luck and best wishes.
References :
Realtor
http://www.searchforvenice.com
From a friend of my who lives a low key but debt free lifestyle and has successfully been involved in the real estate market since high school (not by one of those nonesense no money down TV spots), I share this wisdom with you: "make your money at the purchase, not when you are ready to sell". While this may seem strange, but, give it a bit of thought and I believe you and your wife, too, will arrive at your unique conclusions.
The best example I could share with you regarding this wisdom is to suggest you look for your multi-unit home in the best neighborhoods around you. Even if you could only purchase the smallest multi-family unit right now, you will find, in time, that this will be one of the one of smartest purchasing/investiment decisions you and your wife will ever make. Think about what other benefits you’ll get as the result of having a home, one that is easy for you to afford, in the best neighborhood? Think about what these benefits mean when you are ready to trade up. Yes, pay attention to the taxes and all the other conditions of the purchase. But, I highly suggest you to think about the value of your purchase over the price and other factors. You will be much happier later if you based your purchasing decision on value over price. Finally, this is especially a great time to buy your first home because foreclosures are at an all time high and the prime interest rate is still at a favorable level. So, the potential for you to grab a really nice multi-family home at the best neighborhood could be more surprising than you think. You are not in the best neighborhood to show off. You are there because you and your wife made a tremendously wise decision for the family and, thus, are rewarded with the benefits of living in a very nice neighborhood. Forget the classes, they’ve made you more confused then ever. You and your wife already know what you guys want. Get the basics and run with them! You will find the right home for you and yours.
References :