What You Need to Know about Buying Real Estate

According to the Real Estate Roundtable (non-profit public policy entity based in Washington D.C. that works on public policy issues concerning the real estate industry), realestate plays an important role in the economy of the United States as a whole. It generates 1/3 or an equivalent of $2.

9 trillion worth of GDP (gross domestic product) that results in the creation of 9 million jobs. In addition, real estate is the major source for about 70 percent of local tax revenues that are used to pay for public schools, health services, roads, peace and order, and other essential services. That is why many individuals are attracted to buying and selling real estate properties for a profit. Real estate market is one of the active markets in the U.

S. economy, with real estate brokers and developers bidding on different properties available for sale and searching for hot properties from MLS (Multiple Listing Services). They will try to make more money out of these properties and attempt to sell these properties for about 30 to 40 percent of its original purchase price. With the continuous competition rising among different real estate players, there are things that you need to know about buying realestate properties.

Of course, you do not want to spend much of your money acquiring a realestate property that is not properly maintained. In the same manner, you would not want to purchase real estates that are overpriced by more than 50 percent, excluding applicable taxes and fees. Here are some of the things that you should consider when buying real estate properties (especially those who are first-time buyers): 1) Value Does the property have a good value? It is a common procedure that banks will conduct an appraisal to protect their interest on the property. In case that the value of the property is lower than the contract price, you must renegotiate the contract price and prove to the seller that it is not worth of what they are asking.

However, in case that the value of the property exceeds the contract price, then most likely you got a good buy based on the value. 2) Condition as previously mentioned, you must not spend your money on realestate properties that are not properly maintained. You should always conduct a property inspection to make sure that it bears no deficiencies. 3) Parking make sure that there are parking spaces allotted (especially if the property is for commercial purposes). You would not want your visitors to park their vehicles several meters away from the property.

4) Safety- many real estate buyers are focusing on the value and condition of the property that they often forget to inquire about the neighborhood where the property is located. If you are familiar with the area, then it is not a problem (whether you will stay in that property for good or you will lease it to other individuals). However, you might as well check the premises for any obscure atmosphere (high crime incidence, for instance) so that you will be able to establish the safety around the neighborhood to yourself or to other interested buyers. Make sure that you consider the aforementioned essential aspects when buying real estate properties. Keep in mind that the success of your real estate purchases lies beneath on your purchasing strategy and not just on what the seller tells you.

Michael Contaro web site is http://RealEstateResourceHQ.com . Click on Buying Real Estate to read more.

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