Buying Property to Build On

If you are looking for a piece of property to buy to build a house on, there are several factors that you should take into consideration and these are ones that people often forget, much to their disappointment later.

First you will want to know if it already has utilities linked to it. Some parcels of land may seem surprisingly cheap but that is because they as yet, do not have utilities and those utilities such as electricity and water, as well as sewage, can be very expensive, adding to the overall cost of the land.

Often, if utilities are already on the land, it is because it is part of a development program and if that is the case, you will want to know what the development will look like when it is completed as it could change the looks of your land completely, perhaps blocking any decent views you thought you may have or building what become a very busy road, next to your house.

You will also want to check to see if there are any restrictions to what you build on your land. Sometimes no building is allowed to be built within so many feet of a parcel of land’s border and if this is the case, it may affect the plans for the house you were hoping to build.

For example would you be able to build your dream kitchen in your new property? Once you know the amount of space you have available, then you would be able to contact a kitchen installation specialist near me. Once they know your dimensions they could help design a bespoke kitchen of your dreams.

It isn’t everybody though that can afford to build their own house and so the vast majority of people will either buy new houses built in a development or a pre-owned house.

You will probably know how many bedrooms you want your house to have and also know how much you can afford to spend, as well as the area you want that house to be in.

Although there are several types of house that may be available to buy in your area, some of them may not have as many bedrooms as you would like whilst others may be too expensive for your budget.

The different types of houses that could be available to buy may include detached houses that were built with a single family in mind, duplexes otherwise known as semi-detached houses, row or town houses and apartments, often referred to as flats.

Although you may have a preference among these, the number of bedrooms you want and your budget may mean that you will have to settle for one of the others or of course, wait but that wait could be quite substantial and all the time you will still be paying rent for a place that you will never own.

Sometimes, more important than the type of house you buy, is the area in which you buy it. Some areas are notorious for the number of burglaries that occur and so knowing your house is not in one of those areas, may be better than having your ideal home in one that is.

Ease of access to shops, amenities and schools may also make one type of house more attractive than you had previous thought as well.

Estate Agents and Residential Properties

Although an estate agency may look after the sale of commercial properties and can also be asked to act as property managers for property investors, the vast majority of their work involves residential properties, these are properties which are meant as either a family’s primary or secondary residence, not usually involving any business.

This though does not mean that an estate agent’s job is tedious and not diverse as there are a lot of different types of residential properties that can be dealt with.

Often a person’s thought of a residence is the single family unit, detached house but other residential properties may include town houses or duplexes, basically two houses sharing one wall, apartments also known as flats, a street of houses which are joined to each other, known as row houses and of course condominiums and co-operatives.

Each of these different types of residential properties requires different legal procedures and it is the job of the real estate agent to ensure that each and every law and by-law is adhered to, the paperwork is filled out correctly and distributed to the right places in order that any transaction be deemed legal and binding.

This all can take time to learn and usually a real estate agent’s knowledge will be received whilst on the job as there are no formal academic qualifications for a real estate agent first starting out.

Once they start the learning process though, distance learning courses are available to take to increase their knowledge, usually organized by the National Association of Estate Agents or National Federation of Property Professionals (NFoPP).

When agents are dealing with residential properties, they are usually expected to work holidays and weekends when needed as those are the times most suitable for the vast majority of potential buyers, to view different properties and submit their offers.

Sometimes agents may specialize in just one aspect of the real estate business, perhaps residential properties only or commercial properties or perhaps even just property management.

For those that specialize in commercial real estate, it is not required for them to work such unusual hours as commercial properties are usually viewed during regular working hours and those that specialize in property management may also be able to work more social hours.

Property management is an aspect of the job which many property investors ask the agents to take on. These property investors purchase properties in order to rent them out but do not want to spend the time or effort managing the properties.

Once accepted as being a property manager, the agent will usually be responsible for the collection of rents, supervise any property maintenance and generally look after the property on behalf of the owner.

The owner will of course have to pay the agent an agreed fee for their efforts and so will have to vector in that extra expense along with other factors to their determining as to whether a property is viable to buy and rent for profit.

The Keys to Success to Investing in Real Estate

To become successful in real estate, people say that location and price are the two important things that matter. Yes, these two may play a vital role when investing in real estate, but then again, it takes more than that to get off with a good start. Hence, to further increase the likelihood of success, here are some key tips for you to consider.

 

  1. Prepare a game plan.

It is best that you know what you want to accomplish from the very start. Ask yourself some questions. Who will be involved? How much time do you need? How much is your budget? What is at risk? Can you handle all these? Once you have decided on these things, then you are good to go.

 

  1. Do your homework and research.

Before you purchase a property, do a thorough research. You should compare the selling prices of similar properties and know its history. If you are planning to manage the property and make it for lease, you must be equipped with knowledge about rental rates and lease terms.

Also, you have to know the costs of owning a property, from the taxes, maintenance costs, utility costs, and mortgage market information.

Repairs are another consideration to have. Think to yourself, what would be the cost of a roof repair near me?

This can fluctuate from area to area.

 

  1. Be positive.

As a real estate investor, there will be countless ups and downs. At one point, you might feel very lucky that your properties are all locked up and ready for purchasing. And suddenly, you hit a low point. But whatever happens, do not give up.

 

  1. Take things slow.

If you look at the bigger picture, your plans, goals, and dreams can only be achieved and reached after taking several steps.

For instance, you downloaded a course online about the keys to success to investing in real estate. And then, you also purchased a book about property taxes. Obviously, these things are needed to turn your dream into a reality. Without these miniature actions, you wouldn’t be in the place you want to be.

 

  1. Walk your talk.

In the real estate business, reputation and credibility is everything. So be honest and do what you said you are going to do. If you say that you are going to buy the car of an investor, better do that, even if you have to move mountains. Otherwise, your name will be nothing but dirty, making it hard for other people to work with you.

 

  1. Arrive early.

Whatever industry you are in, showing up late is a big no-no. When you show up late for an appointment, you immediately lose credibility. Therefore, you have to be on time. If an investor sees that, you are more likely to have new allies that will guide you in your journey to success.

 

  1. Seize every opportunity.

If you see an opportunity, grab it. Don’t be afraid to close a deal. Even if you are under a contract, you can still find ways to terminate what you have agreed upon. And them, you can still retrieve your hard-earned cash. Just open yourself to possibilities. Plan for the worst and make everything work in a good deal.