DIY or Hire it Done, Renovating Real Estate Investment Poperties

Sometimes, when buying or even thinking about buying real estate for investment purposes, youre faced with the need to fix up the property. The question then arises: Should I fix it up myself or hire it done? Unfortunately, no one can give you the right answer. However, there are a few questions that you can ask yourself to help decide the issue:

1. Do I Have The Time? Time is an issue that many people forget about, but it should be one of the deciding factors. Some renovations, such as handles, hinges or kitchen hardware can take very little time to do. Others, like retiling a bathroom, can take hours, or even days to accomplish. If you dont have the time to do these things personally, youve already answered the question.

2. Do I Have The Money? Obviously, money is as important a factor as time. Often, if you dont have the time, you do have the money to hire someone. However, if you have neither the money nor the time, you may need to reassess whether you can really afford the real estate youre thinking of buying. You may want to continue looking to find something that needs fewer repairs or that you can get at a lower price.

3. Do I Have The Know-How? Granted, there is a lot of do-it-yourself information out on the Internet. However, if you dont have the necessary knowledge to understand what theyre saying, youll either have to research more, or hire someone. Being knowledgeable on what youre doing may not be so important when, say, youre painting the living room, but its incredibly important if you need to rewire a room or want to knock down a wall. The main key when deciding on what property to buy, what renovations need to be made and whether to do it yourself is simple: Be realistic. Be honest with yourself. Can you really do this? Can you really afford it? Remember, if the answer is no, it could just mean not right now. Dont be afraid to wait until you have everything in place before picking your investment properties. If youre careful with your time and money management, you may find yourself able to buy that dream real estate investment property. Via: The Market Street Settlement Group


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        BUSTED: 4 Myths About Buying Your Home That Just Aren't True

        The Market Street Settlement Group Blog BUSTED: 4 Myths About Buying Your Home That Just Arent True Posted: 26 Mar 2014 05:45 AM PDT BUSTED 4 Myths About Buying Your Home That Just Aren't TrueIt can be pretty intimidating to dip your toes into the realm of home ownership, especially if youre a first-time homebuyer. To make things worse, there are a number of myths floating around out there surrounding the home buying process. Such misconceptions have many kept many would-be homeowners from realizing the personal and financial rewards of owning a property. To clear things up, here are 4 myths about buying your first home that simply arent true. Myth #1 - Its Cheaper To Rent Instead Of Own If you buy a property that is within your budget and your mortgage terms allow you to make comfortable monthly payments, the cost of rent can often be higher than mortgage payments. Sure, there are other expenses associated with owning a property that you wouldnt be responsible for if you were renting, but one thing that many people forget is the fact that renting does not allow you to build equity. The ability to build equity into a property that you own is like paying into a savings account if you buy a home for $200,000, and pay down your mortgage to $175,000 in 5 years, youll have $25,000 in home equity that can be tapped into later if you need a lump sum of cash to pay for other large expenses. If you sell your property down the line, any equity that the property has accumulated will provide you with more profit from the sale of the home. Myth #2 - Whatever Shows Up On The Inspection Report Is The Sellers Responsibility Most offers on a home usually come with a home inspection condition that makes the offer contingent on the acceptance of a home inspection report by the buyer. Many buyers, however, are under the impression that sellers are responsible for any issues that show up on the inspection report. Although the seller is required to make certain major repairs as stipulated by the lender, everything is still negotiable. A buyer may ask the seller to fix a minor crack in the basement wall or repair any scuff marks on the hardwood flooring, but the seller can essentially refuse, leaving the buyer with the decision of whether or not to continue with the offer anyway. Myth #3 - The Perfect Home Is Out There I Just Have To Wait For It Buyers have a tendency to focus too much on all the little things that may be wrong about a house rather than on the majority of the things that are right. Homes are much like people they arent perfect. Even brand new homes might have a few minor flaws. The goal of a house hunt is to find the perfectly acceptable home one that may have a couple of quirks that you can either live with or fix, but is otherwise ideal. An experienced buyers agent can help you identify issues that are deal-breakers, and help keep some perspective by separating irritating details from the big picture. Myth #4 - I Dont Need A Real Estate Agent To Buy A House Without the proper team behind you especially if youre a first-time homebuyer you could potentially find yourself in a compromised position. Many buyers dont take the time necessary to shop for an agent who can best represent them in their purchase. Think about it this way would you perform surgery on yourself? Do you feel comfortable filing your own income taxes, or do you opt to use the services of an accountant? Being represented by a licensed real estate agent will give you the benefit of professional skills and knowledge, including the ability to find financing and close the deal with your best interests put first. Its always in your best interests to have an experienced, knowledgeable agent representing you in a home purchase. With such a major investment on the line, you want to have someone who can help you complete a purchase leaving no stone unturned, and ultimately saving you money and a lot of headaches. A professional real estate agent will be able to sort the myths from the reality and make your first home-buying experience a positive one.

        Rising Mortgage Rates May Spark Buying Frenzy | Realtor Magazine

        Rising Mortgage Rates May Spark Buying Frenzy Daily Real Estate News | Thursday, May 30, 2013 Rising mortgage rates are prompting some renters to jump off the fence and consider buying a home, so they dont miss out. Mortgage rates have seen a sharp rise in recent weeks. Mortgage applications for home purchases have risen 3 percent and are up 14 percent over year-ago levels, according to the Mortgage Bankers Association. Fed Chairman Ben Bernanke recently suggested that the Feds efforts to keep mortgage rates at record lows may be nearing an end soon. "It's amazing to see the frenzied pick-up in home buying, as renters get nervous that both home prices and rates will rise quickly," Craig Strent, CEO of Maryland-based Apex Home Loans, told CNBC. "They are trying to catch the beginning of the curve here." The 30-year fixed-rate mortgage -- the most popular among home buyers -- recently ticked up to 3.90 percent, the highest level in a year. Coupled with rising mortgage rates, home prices have been on the rise too. Every 1 percentage point that mortgage rates rise reduces the average home shoppers maximum purchase price by 11 percent, according to Dan Green, a loan officer with Waterstone Mortgage in Cincinnati. Still, mortgage rates are low by historical standards, and remain below the 4 percent historical low threshold. The 30-year fixed-rate mortgage reached a record low in December last year -- averaging 3.47 percent. via Rising Mortgage Rates May Spark Buying Frenzy | Realtor Magazine.


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