The Offer You Should Have Refused: Tips On Avoiding Home Buyer’s Remorse

Standing in your new property, you quickly realize that you took up an offer you should have refused.

The seller didn’t tell you about those hidden maintenance problems that are now causing you both a literal and a financial headache. They didn’t tell you about the neighbors next door who are clearly fond of the party lifestyle. And you didn’t ask the right questions to your realtor, meaning that you are only now facing the consequences of your impulse decision to buy.

In short, you are now feeling that all-too-common sense of home buyer’s remorse! Well, that could be the case for you. But let’s rewind to the moment before you take up the offer that the seller makes to you. Let’s rewind to that moment when you still have the opportunity to look elsewhere on your property search. Let’s consider the things you need to do to avoid making a mistake with your purchase.

#1: Walk around the location

The right home is clearly important, but never underestimate the location you move into. If it has none of the amenities that are useful to you, and if you can’t commute to and from work easily, then you might want to reconsider a move into the area. You might also want to reconsider if the area is akin to a crime-zone, if there are no opportunities to take part in potentially life-changing hobbies, and if the neighbors are loud, noisy, and clearly unwilling to look after their properties. So, walk around the location to get a good impression of the neighborhood, and then run in the opposite direction if it doesn’t take your fancy!

#2: Bring in a home inspector

Home sellers are very good at disguising problems in their properties. When you attend the viewing, they might distract you away from certain rooms in the house. They could fill the property with sweet aromas to stifle any unwelcome smells of damp. And they could hide any problem sounds with music and chatter. You then leave with a positive impression and only later discover you have moved into a money pit after receiving the keys to move in. So, when you have found a house you are interested in, bring along a home inspector. He or she will assess the property for any maintenance problems and will guide you as to the viability of the purchase.

#3: Create a list of questions

To ensure you don’t forget to ask anything vital to either the seller or the realtor, create a list of questions to ask in advance. So, you might want to review your wants and needs and include them in your questions. You might want to ask about the financial aspect of the property, including information about utility and property tax prices. And you might want to ask the seller why they are selling, as if you can pick up any unhappiness in their reasons for wanting to move, you might want to think twice before buying. Here are just some of the investigative questions you might want to add to your list, but be sure to take the time to add your own.

So, don’t run the risk of home buyer’s remorse. Don’t make a decision that you will later regret. Follow our suggestions, and commit to as much research as you can before taking up an offer that you should have refused.

Seven Top Tips For Buying Property Abroad

Buying a property can be a bit of a minefield even when you’re buying in your local area, so buying abroad is even more of a challenge. Buying property when you’re not in the same country can be hard, but it’s not impossible. You need to do your research first and make sure you know what you’re doing.

  1. Ask questions about where the property you’re considering has been built. For example, you should know if the property has been built on an area that should have been set aside for land agriculture or a green belt.
  2. Take advice from an independent lawyer, who speaks both English and the local language of where you’re buying. If you’re looking into something like Dominican Republic real estate, then you’ll need someone locally who can help make sense of local laws and make sure you’re getting a fair deal. They can also protect you from potential permit issues.
  3. Research the background of the location you’re buying in to avoid any nasty surprises. You need to know if you’re looking at property in an area with earthquakes or volcanic activity. You should also do some research into the neighbourhood you’re looking at it, so you know whether noise or traffic will be a problem.
  4. Check the planning permission you might need to make any changes to your new property and make sure you’ve looked into what licenses your property should have. Without the correct licenses you may not be able to live there legally or get the proper utilities set up.
  5. In some countries, poor construction can be a problem. To avoid being burned by shoddy construction, make sure you always get an independent valuation from a professional surveyor who is an expert in the country you’re buying in. Even a new build should be checked over to make sure there aren’t any problems. You should check for properties built on poor soil, insufficient foundations, substandard building materials or built on dubious locations like flood areas.
  6. When you’re purchasing abroad, you need to know what you’re doing when it comes to contracts. It’s common to only get one contract in the local language, so you make sure to get a professional translation done. If you get a copy in the local language and one in English, get the translation checked so you know for sure what you’re signing.
  7. If you’re buying a property to rent out, make sure you consider the cost of maintaining the property as well as the cost of purchasing it. You should decide if it would be better to manage the property yourself or employ a managing agent to look after it for. Make sure you can earn enough profit on renting the property to cover the costs of this. You also need to factor in the cost of wear and tear from long-term lets.

Buying abroad should be considered carefully before you do it, as there are plenty of potential pitfalls for buyers who don’t do their homework first.

21st-Century Problems You Must Consider Before Investing In Real Estate

Investing in real estate has been around since the dawn of time, so it’s an opportunity you should always consider. Of course, it isn’t a sure thing that is guaranteed to boost your return on investment. If anything, the recent problems since the Housing Crash have made it harder to turn a profit. It’s not impossible, but you do need to take specific factors into account that you didn’t before. So, to help, there is a list of the most vital ones you shouldn’t overlook below.

In real estate, there are never any guarantees, but negating the following should make your goals easier to hit.

Fluctuating Interest Rates

Before 2008, interest rates were pretty steady. Now, they go up and down like a yo-yo, and it’s potentially harmful to your property investment. The reason is simple: each fluctuation impacts demand. Should it go up, the cost of a mortgage will rise too, but the competition in the market will fall. On the flip side, low demand means competition will increase as mortgages become cheaper. Therefore, understanding whether you’ll A) get the mortgage you want, and B) land your dream property depends on interest rates somewhat. A mortgage broker can clear things up if you’re unsure.

Renters Vs Buyers

Finding tenants could be a significant part of your plan to pay off a second mortgage and sell the property later down the line for a considerable profit. In that case, you should perform a credit check and top-up your insurance policy. Easy Property has advice if you want more inspiration. Selling is different because millennials don’t have the resources to buy outright, and baby boomers are already on the property ladder. As a result, your ability to flip a house for a quick profit might be compromised if you don’t reevaluate your investment plan.

Environmental Issues

Global warming is here, and it’s not going away any time soon. Whatever you think about the new phenomenon, there’s no doubt that the change in climate affects homes around the world. To buy a beachfront property is a mistake as the tide will wash it away in years. Of course, houses out of the blast zone aren’t always available, which is why you must consider extra protection. Gulf Coast Modular Homes builds their custom designs to withstand hurricane winds of 180 MPH. This is an excellent example of an out-of-the-box feature you have to factor into your decision in 2020 as global warming worsens.

New Governments

Gone are the days when presidents served two terms and handed over to their replacements. Now, it seems as if some of them are lucky to get through one unscathed. As a result, you shouldn’t rely on bursaries and subsidies that exist now. Yes, Trump has been good to investors and will continue to do so if he stays in power, yet it’s impossible to tell. With his approval ratings and the mid-term results, the Republicans could be replaced come 2021.

Do you think about abstract features before investing? You should as they could be the difference between success and failure.

A Short Guide To Buying Abroad

The choice to buy a new property is always a big one, but when it comes to buying a property abroad, you’ve got some decisions to make! You may not have any idea where to begin, except that you know you want to buy a dream holiday home. It’s a significant decision to go overseas, especially if you aren’t aware of the rules of buying a property in a new place. The greatest importance is doing as much research as possible and getting the right advice. You want this to be a successful purchase, and you can make this happen with the correct people by your side.

There are a lot of questions surrounding what to do when it comes to buying abroad. So, let’s take a look at some of the tips that you need as a potential buyer who is going for a property abroad.

Step 1: Know It’s Use

Do you know what you want this property for? Most people buy abroad as a holiday home option, but then there are others who are buying abroad for the investment opportunities. Checking out properties at Rumah is going to help you to make a decision about what you want to use the property for. You want to make sure that there are amenities close by regardless, and you need to know how you intend to spend your time socially, too. You may choose to use the house too, which is another consideration if you are planning to rent it out.

Step 2: Pick A Location

It’s important to know the location of the property that you want to buy. You can choose this based on experience, or you can choose it based on knowing where you will get the most hits for your property. If you know you’re going to get more interest in Bali than Jakarta, for example, then you’re bound to buy a property along the Bali beaches, right? You want to make sure that you also choose somewhere that you like, and not just somewhere that you know you’ll get bookings for. After all, it’s your property and you would want to use it at some point!

Step 3: Can You Afford It?

There are some complicated steps to buying abroad. There are costs that are involved that won’t be involved if you were to buy where you are right now. You need to consider the price of the property, sure, but the other costs involved are:

There are more than enough costs to be getting on with, and that is before you even break the barrier of insurance! Getting to know your costs before you even get started is going to help you to realize your dream of owning property abroad.

Step 4: Are You Hoping To Let It Out?

It’s a big question for every homeowner who owns a property across the world. Renting your property can be a big deal; especially as you are miles away! You need to work out whether you’re going to benefit from renting it out. Most people do benefit from it, given that renting a home is a fantastic way to offset those yearly costs and make a little cash along the way. It’ll be here that you decide whether a property manager is a good idea, or whether you want to go it alone and manage the process yourself.

Step 5: Consider Accessibility

This is quite an important step. If you love the house you found in the mountains it’s good news – until you realize that no one can get up there to stay! And what about you? If you buy a house in Australia and you live in England, how many times a year do you plan to make that 24 hour trek? You want to be able to afford to visit your own house when you need to, and you want to make sure that other people can, too!

Step 6: Know The Legalities

Every single country has their own laws regarding property purchases. You need to know what the legalities are of the country of your choice. It’s important to work closely with a lawyer who can advise you properly about buying a home abroad. They will be able to give you sound advice, but a word of caution: always work with a lawyer from your home country who knows the system. This way, someone is on your side and registered in your own country, too.

Step 7: Learn The Language Basics

If you are planning to buy a home in Bali, you should also plan to get to know a little of the spoken language in the area. Not only will this be a good experience for you, it’ll be easier for you to enjoy any interactions with locals when you stay in your property. Always have a translator with you when it comes to firming up the meetings that you are going to have with local lawyers, too. You want to make sure that you’re getting the right deal and you understand 100% what you’re getting yourself into.

Step 8: Are There Tax Implications?

Living abroad, or buying a property that you plan to let out, is a huge deal. So, know the tax implications of such a huge decision. You want to make sure that you are going to pay any taxes for which you may be liable. It’s far more preferable to educate yourself than get lumbered with a hefty tax bill. Seek independent tax and legal advice here, because if you skip this step it could shoot you in the foot later on!

Buying a property abroad requires thorough research and time spent talking to the right people. You are investing in yourself and your future when you buy abroad, even if you don’t plan to use your property right away. Good luck on your new purchase – make it work!

Things You’ll Wish You’d Known Before Buying Your First Home

Buying your first home is an extremely exciting time. It’s usually a turning point in the life of those who do it. It can mean you’re growing up and ready to settle down – sometimes even ready to start a family. Below are a few things you’ll wish you’d known before buying your first home. Take a look:

1. Your Finances Inside Out

The first thing you’re going to want to know is your finances, inside and out. You need a good handle on your finances if you’re going to handle being a homeowner. Being a homeowner can be expensive, what with the mortgage repayments, repairs and maintenance, and anything else you need to pay for. For this reason, knowing your finances and what you can handle is imperative to enjoying life in your new home. If you don’t have a good handle on your finances, you may end up purchasing a home that isn’t right for you and resenting it later on down the line.

2. The Local Market

You should have a good idea of the local market you want to buy in, and this will help you to understand houses like the one you’re thinking of buying better. How long do they stay on the market? What is the average asking price? You can also find an agent who understands the local market to help you, but they must have your best interests at heart.

3. Your Priorities

What are your priorities when it comes to buying your new home? This should be something you think about carefully. You might want to speak to somebody like Dan Bowersock, expert seashore realtor if you’ve always wanted a home on the seashore, for instance. However, you should know what else you want. How many bedrooms? Kitchens? Bathrooms? What style? Have a good idea of what your deal breakers are too. If you don’t outline exactly what you want beforehand, it’s too easy to become dazzled by all of the different houses that you see.

4. You May Not Live In This Home Forever

You spend a lot of time and money getting into your first home, so the last thing you want to think about doing is moving out. However, you may not live in this home forever. You might be tempted to purchase a house with 4 bedrooms, but unless you know they’ll be filled in the next few years, you’ll probably waste a lot of money. Be open to the idea that you may move in the future. Buying a house that is right for you for the foreseeable is important, but you need to be able to afford it and live in it comfortably.

Buying your first home is not something you should rush or take lightly. It’s something you need to carefully consider for some time before going ahead. Are you planning on buying your first home, or have you bought one? Is there anything you wish you had known? Leave a comment!