Tips for Buying and Selling Real Estate

Tips for Buying and Selling Real Estate

With the horrible market for real estate now becoming a dim memory for many, perhaps it is time to think about selling or buying some property. While it is true that there are still a few low bounces left in the marketplace, that should not stop you from considering selling a house and maybe even seeing if you can get some cash for houses you can sell. But regardless of whether you want to sell the home you are in or buy a new one, there are a few basics every homeowner should know when it comes to real estate.

It is All About Location

While it may sound like an old record telling the tale endlessly, it is still true that location is the biggest factor when it comes to real estate. This is true whether you are trying to sell or looking to buy. Is that bargain Chicago mansion on a street about to be torn up for renovations? Is that pricey little cottage in a neighborhood about to go up in value? Get educated on the ins and outs of the area where you want to buy or sell, and truly know what history or plans the city has that may be affecting the end price.

House versus Condo

While many will look at a condo as a bad investment when compared to a stand-alone house, that isn’t always the truth. Check with a local realtor and find out the state of the market when it comes to condos in the area where you want to buy. Many towns and cities are seeing a glut of condos these days as builders get back into the business again. This could work in your favor if you want to buy, as condos in a glut will sell cheap and are certain to turn a decent profit in a few years. In the meantime, you can always rent them out.

For many boomers looking to downsize, moving from a stand-alone home to a condo can be a smart investment. Less upkeep and the ability to walk away from it for months at a time as you retire and travel more can make a condo a good choice for many boomers looking at spending their golden years in an urban lifestyle.

Stay within Your Price Range

This is good advice for anyone, but particularly in the real estate game. It is easy to get seduced by the overpriced cottage in a neighborhood you admire. By the same token, taking on a fixer-upper that is such a great price you can’t ignore it might lead to headaches and regret at a later date. Keep that price and what you expect to get for it in mind as you cruise the real estate websites and go out on your weekly open house dates. Sticking to your guns now will pay off in the long run.

Explore Beyond the City

While this is advice primarily for buyers, it never hurts to consider this aspect of your sell when you want to sell a home as well. For young families looking for more home for their money, heading out of the big towns and suburbs and into small town America might be the best bargain. Especially in todays work environment where many workers flex their time or work from home completely. If you can swing working from home, then you just may find a bargain in that small town and better schooling for the kids as well.

Categories: Real Estate

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