Since spring is such a good time to sell Real Estate, buying it is also a great idea! Here are some tips to help you out while you are in the lookout for a new property wheather is to live in it, to fix & flip or to hold & rent!
– Time frame:
First things first, choose the right time to start looking, considering around 40 percent of home sales happen from April to July, so there are a few things to consider here:
- If you have kids, make sure the time you choose to start looking is previous to the begining of the school year, so they have time to settle and adapt to their new surroundings.
- This time frame will also help you out take the time during the good wheather to fix the property, it can be super helpful if there’s no cold or storms as it tends to happen around fall and winter!
- It’s a super competitive time! There are plenty investors taking advantage of the season and the amount of places for sale, meaning there are going to be tons of new rental properties, so be careful and manage your time frame properly while also doing the research of the area!
While there’s a ton of competition, you will have many places to choose from, and a big variety of prices, so set your price range for something you can actually afford! There are many things to consider, like:
- If you’re getting a Mortgage, how much will it be, how many payments do you think you’ll have to do? We recomment talking to an expert about your Mortgage choices and narrowing it down to a price range you can cover in the long run!
- If you’re flipping properties, inspect them to the fullest to see the exact repairs it needs and compare that price to the After Repair Value (ARV), to see how much you’re actually profiting from said properties, if those numbers make sense to you, then choose a price range, always considering how much you’re willing to spend in it! It’s probably the most important thing to consider!
- If you’re thinking about purchasing a property to Hold & Rent, think about the zone, and how much actual income you’re getting, so settle down a price, thinking about in how much time is it going to get paid back to you!
Some places might be attractive from the price range they offer, but you MUST do extensive research before putting your money on the line! So depending on what you want from this investment, think about this:
- Look up the schools, see how well they perform! Check up the crime rate, sex offenders list, job rates, everything and anything that could affect you and your family as well as lower the price of your investment! Those things can affect and influence the way you see a neighborhood, and obviously can make a deal or break it!
Although all of this tips are super helpful, you must hire a Real Estate Agent to help you out through this process, their knowledge is based in experience, so they must likely know how to get you the perfect fit for all of your Real Estate needs!
You can also follow us throughout social media as IRGCorporation for more tips and helpful notes to follow in all of your Real Estate adventures!