Local information, tips and news on Real Estate across Southwestern Ontario

Important Factors to Consider Before Buying a Home

Posted on March 28, 2014

Factors to Consider Before Buying The Owen Sound real estate market is presently flourishing and as a result, the number of people interested in buying homes is constantly increasing. Since the decision to buy a home is a very important one and probably the largest financial investment you might ever make, there are some factors the potential home buyer should consider in their bid to find that perfect home. Here are a few of them:

The Location of the Home

The location of the home is probably one of the most important factors that should be considered before buying a home, and should be a major determinant as to whether you would make an offer. You should do a thorough research on issues like safety of the neigbhourhoods, local school reports and location of nearby amenities like shopping malls and freeways. Therefore, it is advisable to start your search for your potential home by narrowing down a specific location where you wish to reside. That way, your options are simplified as it regards the homes available for sale in Owen Sound.

The Price of the Home

For individuals who have a set amount they have budgeted for the purchase of a home, it is helpful to be aware of exactly what price range their potential real estate purchase will fall into. When you have an idea of how much it would cost, it is easy to just go for the home that your budget permits. You would have to be sure that you can pay the morgage once the home has been bought. Some potential real estate buyers often consider getting a pre-approved mortagage so that they can have an idea of their budget and the price of homes they can afford to pay for.

The Size of the Home

Having a specific size in mind when shopping for a home is helpful, as you're able to narrow down your choices when it comes to purchasing a home. For instance, if a potential home buyer is looking to buy a house with 3 bedrooms and 2 baths, there is no point wasting precious time looking for a 2 bedroom and 1.5 bath condominium.

How Long the Home has Been on the Market

If a house were in very great condition, chances are it wouldn't be on the real estate market for long. It is therefore a very good indicator to look for when you are viewing homes in Owen Sound with a desire to purchase them. The duration of time the property has been on the real estate market can tell the potential buyer important things about the condition of the house like: how safe the neigbhourhood is, the price of the home, and how flexible the present owners are with regards to the sale.

Purchasing a new home is indeed a fantastic and exhillarating experience to embark on. It is so easy to get overwhelmed by all the details involved in this really difficult but important task. But by keeping the factors mentioned above in mind, you would be very prepared for the adventure that lies ahead in the world of real estate purchase.

Tips on Buying Foreclosed Homes

Posted on March 23, 2014

Foreclosure Buying TipsIf you're in the market for a home, buying foreclosed real estate in Thornbury is a good way to save on your investment. In addition, buying foreclosed properties and flipping them is a good way to earn extra income. Flipping is the term used for the practice of buying foreclosed homes, fixing them up, then selling it for a nice profit.

Four years ago, I decided to get involved in the foreclosure market and began buying up properties in Thornbury with the intent of making some quick cash. I say quickly but the term is relative since the real estate market can crawl along at a snail's pace at times. However, there are some things you can do to speed up the process, while maximizing profits. I've taken the liberty of listing a few of them below.

Know what you're getting into: Bear in mind that the property that you are purchasing does not come with a warranty. Therefore, take a careful inventory of the property so that'll you'll have a pretty good idea of how much repairs are going to cost, especially if you're planning on hiring a professional contractor. This should give you some idea of how much profit you can expect to make off of it or whether it is worth the investment.

Familiarize yourself with the real estate market in that area: Determining the general market value of homes in that area will go a long way in helping you decide how much money to borrow would be prudent. If the price of the property and the amount you expect to spend on repairs exceeds the amount you figure you can make off your investment, then buying the property might not be such a good idea.

What's the turnaround time for homes in that area: You'll want to know this since you'll be borrowing money to purchase a foreclosed property. Depending upon the rate of the lone, it could very well exceed any profit you expected to make should it take too long to sell.

Use a real estate agent to help you find the best deals: Oftentimes, your bank will have a list of reputable agents that they work with, so the bank you plan on borrowing from might be able to hook you up with an agent that will guide you through the foreclosed home buying process. And since real estate is their business, they'll be glad to help you find the best deals possible.

Get the mortgage approved first: Homes in Thornbury are going quickly, so it is a good idea to take care of all the preliminary paperwork ahead of time. Talk to a Thornbury real estate agent as they will help make sure you don't get tangled up in all the red tape.

Consider all your options before purchasing your next house

Posted on March 16, 2014

The purchase of a house is typically the biggest expense of your life. This means you need to select the right house the first time. Follow a set of tips that will ensure you will not regret the expense of buying a new home.

Buying a New HouseMake sure to research the variety of houses for sale in Orangeville. You may just love the very first house that you find, but make sure to tour other houses around the area. The house that is chosen should meet all your needs and preferences.

The fall is a good time of year to tour a home as it will allow you to see how the property is cared for if it seems like a good choice. You will need to look at the condition of the gutters to see if they are clean and free of leaves. If gutters have not been cleaned, then there may be other aspects of the home which may have deferred maintenance.

A potential buyer should take a tour of the house and around Orangeville neighbourhoods as there might be issues that are not being seen. Looking at a home can be stressful and exciting which will mean that people can get carried away. This is the reason many people miss things. A trusted set of eyes may help to avoid problems that can occur years after the house has been purchased.

The location of a home is one of the main aspects of the selection process for houses up for sale. Make sure to examine the surrounding areas to the extent you examine the aspects of the home you are considering purchasing. The goal is to find out details which include the distance you will need to travel to work, shopping centers in the area, supermarkets, schools, and emergency services.

A few open houses should be scheduled when you are looking to purchase a new home. These can give you an opportunity to discover other options that are available in the neighbourhood you are looking to move to. If you are able to see several houses for sale over the weekend you should contact local REALTORS® like HomeOwnershipGuides.com.

You should sit down with a real estate agent when you are looking to buy a home. This will offer you a prime opportunity to discuss the options you are looking for in a home. If they do not know the options you prefer, then they will have a hard time finding the right home.

The purchase of property is an important decision that requires careful thought and working with a real estate agent. You will need to get referrals from friends of family members while doing research to find a REALTOR® who is trustworthy and honest.

Take advantage of the great prices in the local Real Estate Market

Posted on March 12, 2014

Real Estate Investors Investors looking to buy Real estate in Collingwood have taking advantage of the great prices in this local market for many years now. After the last recession, many homes went up for sale, and there have been many amazing deals at rock bottom prices! Although lately, prices have been rising, there are still inexpensive properties on the market. Many investors have taken advantage of the situation, purchased homes, fixed them up, and then rented them out to skiers, thereby becoming landlords. This can indeed be a great way to accumulate wealth!

Purchasing Fixer-Uppers
If you have an interest in buying fixer-uppers, it would be absolutely necessary to do some research before making a purchase. You would need to know how much homes are being sold for in the areas you want to purchase from. If you carried out some market research, you would be able to ascertain how much existing homes, which are in great shape are sold for and make a comparison with homes that are in poor shape within the same area. This would be necessary, so that you can make calculations and know if you would turn a profit after remodeling. It would help if you looked at different homes and compared values and prices before you finally decide on what home to buy.

Your REALTOR®
It is highly advisable to work with local Collingwood real estate agents if you plan on searching for real estate. Your agent would have access to the MLS (Multiple Listing Service), which makes the search a whole lot easier. Although several websites list Collingwood real estate for sale, the information is usually outdated. When houses are up for sale, professional real estate agents are the first ones to know about them. If you wait for these properties to be listed on public sites on the internet, you would most likely lose your opportunity to snag them before another investor gets to them.

What to Look for In Real Estate Properties
In the world of real estate, always remember that the number one rule is: Location, Location, Location! You may be able to change the way a house looks and its functions, but you can't change where it is built. Therefore, do your research about rents in the different neighborhoods, as well as important information like crime rates, socioeconomic brackets for the residents and vacancy rates. Certainly, you would want a safe place, with few vacancies, so that it wouldn't be difficult to find tenants. You also need to employ the services of a contractor and have them give you an estimate of how much it would cost to carry out the needed repairs. Factoring the makeover costs into the bottom line of the property would give you a better idea on whether the investment is a good one or not.

So, if you're interested in investing in homes and becoming a landlord, it would be necessary to do your research first. Compare values in the different neighborhoods you are considering. Check out information like crime rates, vacancy rates, and the current rental rates so that you can know how much to charge. Also, having a professional Collingwood real estate agent helping you, is a plausible idea.