Do I Need Insurance? Insurance, regardless of the type, isn't really appreciated until it's needed. Insurance protects properties against natural disasters and other eventualities. Unfortunately, insurance, regardless of the type, isn't really appreciated until it's needed. The decision to have property insurance, health insurance, car insurance, maternity insurance, etc. depends on each person's risk...
1. Set the Correct Rental Price Your main income for rental properties is the rent you collect. Therefore, make sure you estimate and establish a fair and attractive price so that you can rent the property right away. Take into consideration the comparable estimates that will give you the real rental value of your property. When comparing estimates, pay attention to the properties that have rented...
Fixing up a property is often a challenge that wears on your bank account. Whether you are trying to bring a few updates to your home to make it more enjoyable for your family or if you are trying to fix up and modernize for a sale, there is sure to be a lot of hard work and cash involved. Selling your home in today’s market can be a challenge. When your house needs a little elbow grease, it can be...
Who Pays the Commission? Usually two agents are involved in a real estate transaction. The agent representing the seller and the agent representing the buyer. In almost every single case, the seller is responsible for paying the commission for both agents. How much is the Commission? The commission is generally six percent (6%) of the home's sales price and is frequently divided equally between the...
The difference between a property being “on sale” and “sold” lies mainly in the sales price. Therefore, it's important to determine the appropriate sales price before placing the property on the market. Constantly analyzing the competition and adjusting the price, when necessary, is also important. Errors in Determining the Sales Price Basing the sales price on the price of neighboring...
Selling your home is probably one of the most important investments you'll ever make. This is why it's essential to go through a detailed interview process before hiring an agent. This professional will be responsible for establishing the sale price, executing the marketing plan, holding open houses, interviewing potential buyers, and cooperating with the negotiation of different offers. They will be...
What is FIRPTA? It's the Foreign Investment in Real Property Tax Act of 1980. It is a tax law that applies to foreign persons who are disposing of U.S. property. Who does FIRPTA affect? FIRPTA affects all non-resident aliens and foreign companies not considered to be American corporations. From a taxation (tax return) standpoint, when a person who doesn't live in the United States or when a...
1. Find the answers to the following questions: The three main reasons you are moving. Realistically, the price you expect to set for the sale of the property. How much money you expect to receive from the sale of your home after all cost are deducted from the sale (e.g., commissions, closing costs, etc.). How much money you need to pay off the mortgage in full. Your exact budget for purchasing...
Buyers and sellers have to pay closing costs associated with the transaction. It's important to estimate the costs that each person must pay before placing the property on the market. This also allows the seller to determine what the net income for the sale of the property should be. The most common closing costs for the seller are: 1. Remaining mortgage balance(s) The...
Ready to Sell? Preparing your home before coordinating visits from potential buyers can really maximize and speed up the process of selling your home. A few tweaks can make a big difference in making a good impression on potential buyers. First, go through every room in your home as a buyer would and consider what you could repair, clean, replace, or get rid of. You should focus...
