Life is a bit easier when you have a guide to walk you through certain processes. Take for example investing in real estate. Wouldn't a 90-day guide be helpful? Sure it would, and so would real estate consulting. In fact, let's take a quick look at a helpful guide you can use to make your real estate investment endeavors both more enjoyable and more successful.
Day 1 through Day 30
Always begin your real estate investment experiences with market research by studying the current value of comparable homes that have sold within the past three to six months. Comparable means that these homes are in the same area you're wanting to purchase property, and that they're close to the same size. By analyzing these values, you can determine the fair asking price for an investment property in the same area.
If you're looking to invest in commercial property, you'll want to conduct the same type of research. Always keep in mind amenities on both residential and commercial properties can boost their value significantly, so make sure you're comparing properties that are very similar to the type of property you want to buy.
It's also during Day 1 through Day 30 that you'll want to analyze your finances and secure a pre-approved mortgage loan. In doing this, you can determine how much money a lending institution is willing to let you borrow, which will greatly influence the properties you'll be able to invest in. Being pre-approved for a mortgage loan also gives you the confidence to make an offer on a property once you find one you want to buy.
Once you complete research and get pre-approved for a loan, it's time to start looking at properties. You'll find properties via online listings, through local real estate agencies, newspapers and many other places. Just remember to keep your eyes and ears open, because real estate investment opportunities are all around.
Day 31 through Day 60
Once you've found properties you're interested in, you'll want to get each one inspected. Inspections can usually be carried out in a day's time, and the results will influence whether or not the property is worth buying. If the inspection is carried out in less than an hour, it probably means the inspector wasn't thorough. Because of this, always acquire your inspections through an inspector who is highly-qualified and reputable.
To determine the actual history of a residential or commercial property, you should conduct title checks. The title check process involves gathering documents related to the history of the properties and reviewing them to determine what types of incidences have occurred on them. Title checks also verify the fact that a seller has the right to sell a piece of property.
Once inspections and title checks have been carried out, you'll need to obtain appraisals. Just the same as the person carrying out inspections, the appraiser needs to be trustworthy and reputable. After all, it's the appraisal of a property that determines its true value.
Day 61 through Day 90
Once you have made it through research, finding properties, getting pre-approved, inspections, title checks and appraisals, it's time to decide on the piece of property, or properties, that you want to make an offer on. The offer that you make may or may not be accepted. If it's not, you'll have to negotiate with the seller until a price can be agreed upon.
Finally, once a selling/buying price is accepted by all parties involved, you'll then go through the closing process. Once the deal is closed, you can call yourself the proud owner of a new home or business property.
All in all, you can see that the processes involved in buying real estate are very complex. In almost all circumstances, it will be best to have a real estate consultant walk you through each step.
With a deep passion for writing, Whitney has met the needs of more than 12,000 clients.