Tips to Help you Get Top Dollar When You Sell

Many people buy their first home thinking that they will live there forever, but now the time has come to sell and move on to something better.  You love your house, you poured your heart and soul into making your home the perfect space for you.  When it comes to selling you have to put all of that emotion aside and get objective about your home.  Here are some tips to help you get top dollar when you sell.

Find a Great Real Estate Agent

A realtor can make all the difference in the world when it comes to getting the best price.  At the same time be cautious and interview more than one realtor.  Be wary of over the top promises and lots industry jargon.  Always be comfortable with the person you are going to work with, they need to have a good marketing plan in place for selling your home.

Get an Unbiased Opinion

As a homeowner it is really hard to be objective about your own home and you’re going to need an unbiased opinion on what it will take to sell your house quickly.  Listen to the advice of your realtor, they do this for a living.  The milestones that you have celebrated in your home are important to you but maybe not so much to a potential buyer.  Your realtor can help direct you on what it will take to make your home appeal to the broadest spectrum of buyers.

Finish any Unfinished Projects

Do you have any half painted rooms or shelves that need repainting?  It is time to finally take care of that list of repairs that you’d get to “one of these days”.  Whether it is a leaky faucet in the upstairs bathroom or a broken tile in the kitchen it all needs to be fixed.  You need to go through your home room by room and make a list of the repairs and get them done.  Bring in a handyman if you need to but don’t give a potential buyer a reason to pass.  Here are repairs you need to make before you sell.

Set Your Price

The price you get will depend on a variety of market conditions, but one of the best ways to price your home is to look at what similar homes in your neighborhood are selling for.  Now you need to objectively compare your home to the competition.  This is once again where you put yourself in the shoes of a potential buyer and ask what you would be willing to pay for your home.

Some Things You Need to Know About Buying Multifamily Property

Real estate can be a great investment tool, either as your primary residence, an investment property or a combination of the two.  But you never go into a real estate transaction blind or without being prepared there is far too much money on the line.  For the sake of example, you want your property to be both your home and an income property, buying a multifamily home will suit your needs.  Before you call a real estate agent here are some things you need to know about buying a multifamily property.

The Price

Before you start looking at properties you need to understand the finances and if you are buying for investment purposes only financing can be difficult and expensive to secure.  When it comes to multifamily your lender will want to see what the rental income is going to be so don’t take on more than you can afford.

The Taxes

When you are figuring out things like expenses and cash flow then don’t forget to factor in the taxes, bear in mind as well that taxes go up every year and never down.

The Carrying Costs

Factor in everything relating to the monthly costs and not just the mortgage payment.  You will also have to pay things like insurance, interest, utilities, taxes and you will want to set aside some money every month for repairs that will eventually come up.

The Maintenance

Always get an inspection done before you buy.  You need to know what needs to be fixed right now along with repairs you can expect to make in the next few years.  You want to know things like how old the electrical, the plumbing, water heaters and furnaces.  All of those things need to be kept in good running order and up to modern building codes.   Make a list of necessary repairs and things that will need to be fixed soon.  You want to create a realistic schedule of getting all of the necessary work done.

The Income

When you buy rental property it is with the intention of making a return on your investment, so making good decisions is critical.  The most common mistake new investors make is to overestimate the amount of money they’re going to make.  You want to create positive cash flow, where more money comes in than goes out.  Bear in mind that tenants move in and out all the time so only calculate 10 months’ worth of rent when figuring out the annual income.