2021 was packed with activity on the real estate front. With a sense of normalcy being experienced since the pandemic started and market stabilization towards the end, every season brought with it a renewed sense of hope. It was a good year for sellers, investors, and homebuyers alike. With the beginning of a new year, everyone hopes for better things. It is a time to set new goals and resolutions and put the best foot forward to bring them into realization. Here are some of the best articles of the last leg of the year as we usher in 2022 and new beginnings. Happy New Year! Enjoy!
December’s Best Real Estate Articles: Selling a vacant lot
The average American mostly purchases a pre-built home as opposed to a vacant lot. Thus, anyone selling a vacant piece of land needs to be patient in finding a buyer given the low demand. Nonetheless, this doesn’t mean there isn’t a market for vacant lots. You just have to know your target audience and how to negotiate for a good deal. For the Best Real Estate Articles this month, Danny Margagliano says a competitive price and knowing your selling points go a long way in finding a buyer quickly. Also, proper knowledge of the property’s history enables you to come up with helpful suggestions on how the investors can utilize the land to get a high ROI. Investors treasure this kind of information and it can be all it takes to convince them to close the deal.
Best Real Estate Articles: Real estate valuation
Before investing in any property, proper knowledge of its current value and future benefits is essential. Also, this provides a clear perspective on the returns you are likely to get to avoid overambitious expectations. However, the importance of real estate valuation doesn’t end there. It is also necessary during the transfer or sale of property and when buying insurance among others.
In terms of execution, the location of the property and the methodology the property valuers choose to employ play a role. Understanding the basic principles of international real estate valuation, especially when purchasing property abroad is essential as Bill Gasset writes. It gives insight into worthy investment as well as helps you pick out inconsistencies in the valuation reports since international property laws differ.
Best Real Estate Articles: Downpayment assistance
Many mortgage lenders ask for at least a 20% downpayment. Considering how expensive buying a home is, this is usually a hefty amount for most people to raise at once. In some cases, you can get away with paying less than that, but it means buying expensive private mortgage insurance not to mention how high the interest rates will be. But are these the only options? The short answer is “No”. There are various down payment assistance programs anyone can take advantage of. Kevin Vitali explains what these programs entail, how to find them a well as the eligibility criteria. This is a game-changer for any aspiring homeowner!
Best Real Estate Articles: Updating your garage? Read this!
The garage is one of the most versatile spaces in any home. Sadly, many people overlook it. If there is plenty of space remaining after parking your vehicle it’s time to brainstorm other ways to utilize your garage. If it’s just an empty space it won’t make much of a difference. That’s why updating your garage is highly recommended. Paul Sian highlights various ways to accomplish this ranging from upgrading the lighting and insulation to installing garage-specific cabinetry. An aesthetically pleasing garage door also adds to the curb appeal. Changing the garage flooring is a good move too. Most of these updates are budget-friendly but they can significantly increase your property value.
Best Real Estate Articles: Tale-tell signs of an overpriced property
Would you bother checking out a property you already knew was overpriced? Probably not! Home prices in the same area should have consistent prices. It doesn’t make sense for a home to be priced $200,000- 300,000 higher than similar properties in the area. But how can you identify an overpriced property? Luke Skar explains the telltale signs of an overpriced property that even first-time homebuyers can pick out easily. Market trends determine how low or high home price adjustments can go at any given time. Even if the seller has his or her reasons for setting a higher price, this isn’t your burden to bear. Thus, pick a reasonably priced property.
Best Real Estate Articles: Home Equity Loans vs. HELOC
Besides the freedom of decorating your property as you see fit, homeownership has many perks. The more you pay the mortgage the higher your equity in the property increases. In case of an emergency, you can apply for a home equity loan to raise enough funds to sort out the issue. You may also opt for a home equity line of credit(HELOC). But should you choose a HELOC or home equity loan? Sharon Paxson explains the differences as well as the pros and cons of each option. No matter what you settle for, ensure you have invested the capital back into the property to continue building your equity.
Contrary to popular belief, you can’t put up structures on your property whenever you feel like it. There is a department in charge of issuing building permits and regulating construction projects as well as renovations in every municipality. You need permission before you tear down, build or add any structure to your property. But why are building permits necessary? Vicki Moore expounds on the importance of building permits, when they are essential, and projects you may complete without necessarily applying for permits.