Category: Buying a House in Denver

5 Tips for Buying an Investment Property

 

Buying an investment property is a bit different to buying a home. Since you won’t actually be living in the property, at least not in the long-term, there are a number of different things to consider. If this is your first investment property, read on for some useful tips to steer you in the right direction.

What Type of Tenant Are You Hoping to Attract?

Most investors buy property with a view to installing a tenant, either in the long-term, or for short-term holiday lets. Think carefully about what type of tenant you are hoping to attract, as this will influence what type of property you buy. For example, holiday lets work best when they are in a tourist town or on the beach, whereas young professionals will probably be interested in apartment living in the city. Once you have decided who your ideal tenant is, you can start looking for a property to suit.

The Right Location

Location is important. Rental income is a factor, so it makes sense to buy a property in an area that fits your target tenant, e.g. if you are hoping to attract a family, look for a family home within easy reach of local amenities and good schools. However, the other main consideration is capital gain.

Some properties appreciate more than others do. The hard part is figuring out where the best area to invest happens to be. This is where an experienced realtor comes in, as they know the local property market inside out and should be able to advise you on which areas are on the up – and which areas are sliding downhill at a rate of knots.

Find an Experienced Realtor

An experienced realtor such as Roost Real Estate will come in pretty handy if you are buying your first investment property. Realtors know the local area and can offer you advice on the local property market. Pick their brains on rental returns and what type of property is in demand. With their advice, you could end up buying the perfect investment property, but if you go in with your eyes wide shut, it could be an expensive mistake.

Secure Funding

There is little point in looking for an investment property without funding in place. If you are a cash buyer, great, but most property investors use equity or a mortgage to fund their first purchase. Look at your option and speak to a few lenders to see whether you for their lending criteria. If you plan to let the property out to tenants, you will need a specialist mortgage, as well as a deposit.

Look for Property Bargains

There are always bargains to be had in the property market – and unlike a homeowner stuck in a chain, you can afford to be patient. Bide your time and look out for foreclosures and property auctions. This type of property is usually sold at below market value, so it represents excellent value for money. However, you will need to move quickly and have your finance in place.

Property is almost always a good investment, but look at your options and take professional advice before you buy.

What You Need to Know Before Buying a Condo Unit

What to Know Before Buying a Condo
What to Know Before Buying a Condo

Buying a condominium seems to be a good idea these days. City Condos are great as second homes and also qualify highly as a potential source for long or short-term rentals. However, like any other piece of property, people should seriously take into account some important factors which affect the “livability”, equity and resale value, and maintenance of your property. Continue reading “What You Need to Know Before Buying a Condo Unit”

SHOULD I HIRE A LITTLETON COLORADO BUYER’S AGENT?

 

SHOULD I HIRE A LITTLETON COLORADO BUYER’S AGENT?

The purchase of a home is one of the most complex, high-risk, and expensive transactions most people will ever go through, yet approximately half of Denver County home buyers go to the closing table without an advocate by their side working with them. This startling research performed in separate studies by the National Association of REALTORS® and the National Association of Exclusive Buyer’s Agents, shows that many buyers do not understand the importance of having an advocate. Without someone representing their interests, how will these buyers ever know if they found the right home at the right price? The Denver housing market is huge and so is the price spectrum. Mention this article and Nicholas Bowman will provide a rebate to you upon closing should you become our client! Amount of rebate is dependent upon purchase price.

If you are an unrepresented buyer in Littleton Colorado, here are five reasons why you should hire a Littleton Buyer’s Agent:

1. BUYER’S AGENTS lower your risk. When you have a Littleton Buyer’s Agent as an advocate, you share some of the risk of home buying with your agent. Otherwise, its buyer beware. Incredibly, many areas including Denver and Littleton do not have laws or regulatory bodies in place that protect homebuyers in many situations. If you have a BUYER’S AGENT as your advocate, we will make recommendations that will assure that you are buying a home that is safe, environmentally sound and priced fairly according to the current Denver housing marketplace.

2. BUYER’S AGENTS have information you don’t have. Denver Multiple Listing Service data entry can take from one to 10 days, depending on the listing agent, his or her broker, and the rules and technology of the Metrolist. By the time the home is posted on the Internet, it could already be sold, so when you shop for homes on the Internet, you may not be seeing the most current Denver housing inventory. That’s why House Calls Realty networks with the local neighbors and brokers. We will tell other agents about you and your wish list in exchange for information about upcoming homes for sale which are not yet in the MLS or the Internet. Many Denver area homes are bought and sold this way without a sign ever going into the yard. If you want to be the buyer positioned to make first and best offers on these desirable homes, hire House Calls Realty.

3. BUYER’S AGENTS understand the current Littleton and Denver real estate market. We have invaluable house-by-house, street-by-street, and market-by-market experience which CANNOT be learned overnight. BUYER’S AGENTS who have weathered the pendulum swing between buyers’ and sellers’ markets know that the real estate market can turn abruptly. Rising and falling interest rates affect the number of available homes for sale and their prices within weeks or days. All it takes is the entrance or exit of a major employer (Federal Express, Intel, Lockheed Martin etc.) and hundreds of homes in a neighborhood can be affected. Or perhaps you are military and just got transferred away from, or to, the Buckley area. We can help you with home buying strategies and proposals that will get the right house at the best price and terms for the Denver or Aurora area.

4. BUYER’S AGENTS understand the ins and outs of the home buying process.
Less than 15 years ago, a home could be bought with a two-page contract. Now consumer-mandated seller’s disclosures, environmental and structural reports, and other legal documents have turned the home transfer into a potential minefield. As BUYER’S AGENTs, we work with up to date Colorado contracts daily, and can fully understand which points are harmful and/or beneficial to you. We a required to take annual contract update classes to understand the terms and conditions that effect the out come of the agreements. From helping you make a reasonable offer in one of the several Denver area neighborhoods, to providing for the discovery and disclosure of material facts, we can also correctly interpret information for you.

5. BUYER’S AGENTS don’t cost anything! Many potential homebuyers in Denver are unaware that the seller pays the fees for a buyer’s agent. Some people will argue that if you enter a contract without a buyer’s agent then you can get the seller (or builder) to lower his price by a commensurate amount. The problem is the homebuyer has no idea if that is a good deal or not. What good is saving a 3% commission for the seller if you made an offer 10% over current Denver market price? Whose word are you going to take, the seller, the seller’s agent or an agent that is on YOUR team?

Contact House Calls Realty today to work for you as your Littleton buyer’s agent or inquire about Buyer Agency.

Small Business Commercial Real Estate Tips And Ideas

To be a success in commercial real estate you need to be able to spot great deals when you see them and keep in mind that the best deal you can spot is one that you can freely walk away from. It helps to be able to recognize quickly how much repairs a place needs and to know how to quickly assess a place to distinguish that it meets your financial goals. Continue reading “Small Business Commercial Real Estate Tips And Ideas”