Do you want to invest in real estate property? Should you hire a professional agent or try to get your hands dirty? Learn some valuable lessons from our experts below. Housing prices continue to rise, especially for houses in major US cities. In fact, home values increased 3.2% year-over-year in February 2019 alone. While owning a house in America is generally considered a part of the Dream, there are certain pitfalls along the way. If you’re planning on buying a house soon, then read this article carefully to learn everything you need to know about getting into the housing market.
Real Estate in the US
It takes years before people can afford a mortgage payment to get a house in America. This means that they would have to save up their money for several years before actually putting it down as an investment. On top of saving up, they also must meet strict requirements with regard to credit history and income levels. Some may see themselves wanting to purchase instantly, the likes of those who participate in online casino gambling, forex trading and so forth.
Work with a Certified International Property Specialist
One thing to note about buying a home is that it requires patience. It usually takes months or even a couple of years before buyers finally find a suitable property. That being said, if you’re looking for a house in America right now, then a good option would be to work with a certified international property specialist.
Don’t Be Shocked By a Slacked Market
It may come as a surprise to you that many homes in some neighborhoods aren’t selling. This might be due to a number of factors including location, price, condition, and so on. There are times when homes remain unsold for at least six months. You should expect a lengthy process before finding what you like.
Be Patient During Your Search
While working with a certified international property agent will ensure that you stay patient throughout the entire search, there is no harm in seeking help from other sources such as realtors. Most realtors charge between $1,000 and $3,000 per month to help you sell your property, which includes helping with advertising and making sure that potential buyers are aware of its existence.
Consider Buying in the Right Neighborhood
One factor to consider during home searches is where you intend to buy. Do you prefer buying in urban areas such as San Francisco, New York City, Los Angeles, Chicago and Washington DC, or do you envision yourself living somewhere else? Of course, the latter would require more time and effort.
Create a Financial Plan for Your Home Purchase
Before buying a new home, it’s important to set aside a budget. You don’t necessarily have to stick to a fixed amount, but you must always keep in mind how much cash you have available. A prudent approach would be to set aside 10 percent of your salary, if not 20 percent. After all, it’s better to start off small than spend too much money later on.
The above mentioned tips could prove useful if you want to get started right away. We hope they can guide you in the right direction. If you need further assistance, please feel free to contact us anytime. Good luck!
What should I do first?
Once you decide that you want to live in a different place, it makes sense to begin searching for properties in the area you wish to move to. You can make use of services offered by websites such as Zillow.com and Trulia.com to narrow down your search criteria.
Is Real Estate expensive?
If you happen to be interested in buying a home, it doesn’t mean that you would have to pay over-the-top prices. According to recent market trends, the average cost of purchasing a house in an urban center in America could range anywhere from $240,000 to $300,000.
How long does it take to sell my house?
If you’d like to know how long it takes to sell a property, you need to understand the nature of the market in which you plan to invest.