Real estate is believed to be among one of the top 3 long term investments in the United States, coming only second place to stocks and ranking better than gold. In some economies particularly those in Europe, real estate is ranked highest in stable returns for any investment.
But where does the value of real estate come from? Do you just buy a house haphazardly or are there strategies? When you think of real estate investing, most people make it sound easy. House flipping shows have glamorized real estate, portraying many falsehoods and leaving out pitfalls. In terms of primary residences, many people believe any house they buy will go up in value no matter what. Buying houses should be taken as seriously as all other forms of investing.
Here are some tips for buying a house in Maryland or Washington DC that will appreciate in value:
1. Check your location
Let’s say you see a nice property that is really affordable and is selling at a lower price than the usual market price, it wouldn’t be a wise decision to just go straight ahead and buy the property before doing your research. Go to the local board and look for the plan of the neighborhood. If there is going to be an industrial area or even a land dump close by, the value of that particular property will drastically decrease.
2. Unusually High Houses for Sale
Unless a neighborhood is in its initial development stages, you should be wary of acquiring a property if more than five other houses in the area are for sale. People might be running away from that neighborhood for some a reason. Zillow is a great resource for this.
What facilities are in the area where you want to purchase property? The three facilities which are a must and will have a positive impact on the overall value of your house are schools, medical centers and shopping malls. If an area does not have these three or any plans indicating that these will be there soon, then it’s not a wise idea for you to get a property in such an area.
4. Fixer uppers are the best
Houses that will require work are usually the best investment. You can buy a house and get a 203K loan for renovations. This will usually lead to $30,000+ in instant equity.
Zillow’s website is often the first place to be visited by people who want to sell their house fast for cash in Maryland. However, majority of these persons often feel disappointed with the results they get at the end of their search. Although the Zillow online marketplace is highly revered in the American real estate industry for its practical resources, it may not be the best place for you to sell if you’re planning to sell my house fast in Maryland and hassle-free. The majority of the information on the platform is not sufficient for you to make informed decisions.
If you’re planning to sell my house fast in Maryland in exchange for cash, here is a few reasons why you should not list your home on the Zillow website:
Incorrect Home Estimates: In case you don’t know yet, most of the home values you get from Zestimates are not accurate. This is so because a computer cannot actually determine the true value of a home since there are so many factors involved in determining it’s worth. Zillow doesn’t do field inspection to check out the details of each property. The computer algorithm only generates home values based on what has sold in the area, the square footage, and the number of bedrooms. The truth is that no two houses are the same. People often make changes to their homes which Zillow obviously won’t be aware of. These changes affect home values.
Unsolicited Communication: Once you enter your information into the Zillow database, expect your phone to start ringing with unwanted calls. Since your information will be shared with hundreds of agents, you’re going to spend hours attending to lots of annoying calls, texts, and emails from different peoples. In fact, these unwanted calls could last for months.
Inaccurate information: Many homes listed on Zillow may not be available for sale. This inaccurate information often pushes away potential buyers who have experienced false leads in the past.
Most people only visit Zillow to get rough estimates of the values of properties in a particular neighborhood. They do not intend to buy through the platform. If you’re looking to sell my home fast in Maryland, Zillow is not the right platform for you.
If you need instant cash for your home, you can always contact 8 Day Home Sale. We buy houses in Maryland for cash.
As a house seller, there isn’t a bigger relief than to finally close on selling your house. You managed to find the right buyer and got the deal you wanted, so there are just a few steps to go through and you will be ready to move on. After all you’ve been through to sell this house, you probably see the closing as the easiest part. Well, it can be, if everything runs smoothly, but it’s usually easier said than done. It’s best to prepare for worst case scenarios or at least know what things could go wrong so you can be prepared to handle them. Don’t know what to watch out for when you are closing on your house sale in Maryland? Then the following details may prove to be more than useful:
Take care of all the repairs you have to do
If the buyer agreement states that you are going to take care of making the repairs necessary to pass on the house in good condition, then you should do them now. It is true that no one feels motivated to work on a house that is almost sold, but leaving the repairs to the last minute is not a good option at all. Make sure you allow sufficient time to make all the needed repairs or there may be problems during the buyer’s final walkthrough. Save all the invoices released by the contractors you hired and receipts for the items you purchased so you will have proof of everything you did in case the buyer contests the repairs before you actually close the deal.
Get ready for the final walkthrough
Just before the closing, in most cases 24 hours prior to the closing, the buyer accompanied by his agent will walk through each room of the house. You should not be present at the final walkthrough, which doesn’t last for more than half an hour in most cases. Make sure that everything is in order. They will look to see whether you repaired what you promised to repair and if the house has any major issues that they don’t know about. If they find something wrong, you will be notified right away, getting the chance to repair the problem or settle for a trade.
Check out the closing documents
If everything goes according to plan, all you’re left to do is to read and sign papers to close your house sale in Maryland. Although it may not be that exciting to read all the papers, do know that some are more important than others. For instance, you need to read the settlement statement, because it contains the amount of money you agreed upon with the buyer and the tax implications of earning such a sum through selling your house. You’ll have to check the numbers to see whether they correspond with your verbal agreement, so you can point out any issues to your attorney or real estate agent in a timely manner.
There are cases in which the buyer would like to renegotiate right before closing. No one wishes to get to this point, but you might just listen to what the buyer has to say since you gotten this far. Maybe you can settle if you agree to offer the dishwasher and dryer. If the buyer wishes to get a smaller price, then maybe there’s no other option but to delay the closing until you manage to reach another settlement or find a solution to the problem. It’s easier to negotiate than file an expensive, time consuming lawsuit.
If you are looking to save money on estate agent fees and want to avoid the time consuming paper work and back and forth that comes with it, then you might wish to consider a quick home buying company to sell your house fast for cash. However, with the rise in demand for real estate investors that buy in cash the industry has become a little crowded with some less than desirable companies. It is getting harder to find the best, most trustworthy companies. Here are some of the things you should ask before committing to a company.
Is the Company Based in Your Area?
There is a massive network of “we buy houses” companies that attempt to sell your house fast for cash from across the country. These companies are less likely to provide a good customer experience as they will attempt to do business via the phone. Also, companies that buy houses for cash in your area are much more likely to know your neighborhood and thus give you a fair price. Make sure to determine if the company you are considering is based in your area.
How Long Has the Company Been in Business?
Companies that have been in business for 3+ years are much more likely to give you a fair price on your house and a good customer experience. Be wary of “we buy houses” companies that are brand new.
Is the Company Actually a Company?
Many people claim they are a “we buy houses” company to try to sell your house fast for cash. In reality, they are just a single person and not reputable. Make sure the company you choose is a reputable business and not just a single individual.
Will the Company Commit to a Time Frame?
Reputable “we buy houses” companies will commit to a timeframe in which they can sell your house. Before signing any contract to sell your house fast for cash, check to make sure there is a guaranteed “close by” date.
At 8 Day Home Sale, we buy houses for cash in 8 days or less. We’ve been in business for years and are rooted in the DMV area. Head over to the contact page if you’d like a no obligation quote on your house.
You might be thinking I want to “sell my house fast” and buy a new one. If this is true, knowledge of any easements on the property is critical. An easement is a sharing of land. It gives the right to a particular person or group to utilize the land. When trying to sell your house fast, an easement can be problematic as it may affect resale value.
An easement dictates legal usage of the property by an outsider. That person or group cannot be stopped from using the space in specific legally designated ways. Easements occur in the following forms:
The Right of Passage – This easement entitles a person to cross through a property that is not owned by them. For example, if a person owns a house near the beach and the only possible way to the beach is on the property, the owner has to allow the people to access the beach via its property. The second example can be a neighbor that may not have access to any other road, which leads to the main road rather than the property of the owner.
The Right to Utility Maintenance– This easement entitles utility organizations to use property for laying power cables and/or reaching out to neighboring places for maintenance work.
The Right to Historic Lands – This easement involves individuals whose property is located in the same district as a historic property. The owner needs to abide by the rules of the historic property. The rules can be related to the coloring of the property or can also be related to structural changes that cannot be made to the property. Read about historical easements in Maryland.
Recreational Easement – The easement pertains to the usage of land which has not been developed. The government can allow public use of such land for recreational activities such as fishing, hiking, biking, etc.
Easements are listed on the property deed. For property you own, you should check the deed for easements before listing the property before you “sell my house fast”. When buying a house, always ask your realtor about easements. At 8 Day Home Sale, we buy houses for cash and have been doing so for years. As such, we always work with home owners to find and understand existing easements on their property.
If you are looking to sell your house fast for cash in Maryland and move, you will need to decide whether you want to buy a new house build or a previously occupied house. Here are some pros and cons:
Arguably the best part of buying a new home is the fact you are starting with a clean slate. No one has put their personal stamp on the home, and it really is a blank canvas for you to paint and enjoy. The home will reflect your personality and taste in no time. If you are buying before it is finished, you also have the opportunity to customize everything.
With a new build there is no waiting around for anyone else to finish dealings (e.g. title and loan issues) with their property so proceedings can move a lot faster. This can be countered however by any building works that take longer than expected.
A con with new builds is resale value. Often times comps haven’t been established so resale value is somewhat unknown.
Most new build are now fitted with new products and finishings. New products especially appliances are safer, last longer, and are more energy efficient.
Most new build properties come with warranties for around 10 years. This is something unique to new builds and really does remove the potential headache that comes with the uncertainty of buying an older property.
The neighborhood is also something you can get more knowledge of in an older property. There is more information available about the standard of the surrounding area. Sometimes with new builds you are not sure on the reputation of the area for years. Schools in the area are often new so it can take time to find out how well they perform also.
The biggest con for new builds is price. New houses cost much more than older ones. Also, closing costs can be substantially higher.
Hopefully this information helps you make the best decision. If you need to sell your house fast for cash, let 8 Day Home Sale help.
Real estate agents get a bad rap – it is easy to see why; they are working in the world of sales. If someone is trying to persuade someone to buy or sell your house fast, it always makes you question their motives. Here are a few tips for spotting shady realtors.
A good realtor should know your area, even your street very well. Unless they are new, there are no excuses for not being an expert in your place of living if they are to represent you and the sale of your property. Protect yourself by asking questions about the area – what is the local school? How does it perform? Are there any parks nearby? What is the neighborhood like? If they stumble over the answers or are vague in their response, this could show a lack of knowledge and they are potentially making up a lot of information.
Listen out for information they should not be giving you. Bad realtors might try and persuade you that the deal is good and sell you on information such as tax breaks or even give legal advice. If you hear any of this be wary. Use a professional for tax or legal advice.
Ask for references. A good realtor should be able to provide these to you easily. Even if you need to sell your house fast, it’s worth following up with a few references.
Do a bit of research, look up the information they have told you about the property. Use tools like Zillow and tax records to ensure what they’ve told you is actually correct. For example, if they say the house was built in 1980, confirm that information.
Make sure you get a home inspection, a bad realtor might advise against this. When buying any property, the best way of protecting yourself against future headaches is by getting a thorough home inspection – it’s the only way of finding out the actual condition of the property.
If you need to sell your house fast, a traditional home sale with a realtor might not be for you. We buy houses directly for cash so you can sell your house fast. Talk to us!
The biggest investment that a person makes in their entire life is buying a house. So, it is obvious that when it is time to sell your house fast, a homeowner needs to be cautious and well aware of the market, maintenance of the house, etc. Is there a best time to sell a property? Well, yes, there is indeed. However, that doesn’t mean that properties are sold only during this time. People sell properties throughout the year but the best deals are obtained during the peak season.
As per the experts, the best time to sell your house fast and for the best price is early to mid-spring. There are many reasons for it:
- Your home looks much more beautiful in this season because of the greenery all around. The lawns and the gardens of the homes look more vibrant and lively than they do in winter season. Moreover, the weather is warmer and there is more daylight assuring more buyers than in the other seasons.
- Prices can be quoted higher because of more demand and less supply.
- You can obtain better valuation during the prime season because of the properties that are sold in the neighborhood.
- Parents decide to buy houses during this time of year since it is near the end of the school year.
At 8 Day Home Sale, we buy houses for cash year round. The season does not matter to us as we always provide fair cash house offers to homeowners. If you want to sell your house off-season, talk to us first.
Selling your house is easy since we buy houses for cash in Maryland. However, the stress of buying a home is widely considered one of the biggest stresses for anyone. Considering that for most people it is the most expensive thing they will ever buy, this is not surprising. Ensure you’re are aware of all the hidden costs involved.
The offer is accepted, in your mind you have already moved in and planned which room will be the nursery or which color you will paint the living room walls. But before you can even think about that, you will need to schedule an inspection, depending on how thorough you want to be (and since it is such a big commitment we would recommend that you get as thorough as you can). You could go for a general inspection but can also stretch to a termite inspection, which will give you a good indicator of the condition of the property. The timeline can depend on if you are selling your house fast. These can cost a few hundred dollars and of course with each added inspection, the cost will rise – it could end up helping you dodge a bullet.
Although not compulsory it is advisable to do so, you can request to see any reports that may have caused a previous buyer to pull out but this is only legally binding in some states.
Once you have had an accepted offer, whoever you arrange your mortgage through should be able to provide you with a breakdown of the costs that are coming your way. These can include lenders fees can range from admin fees to the transfer of funds. Appraisals can cost you a few hundred dollars so don’t be surprised by this. Depending on state there can be a government filing fee, notary fee and any other fees that come with transferring the deeds.
There are still costs to consider that you may not have had previously if this is your first home. Even for those exchanging on their next mortgage these costs will still have to be factored into your budget. Obviously your monthly payment is your biggest cost, but you will also need to pay taxes and insurance. Mortgage insurance is often applicable if your deposit is below 20% so check for this – it can be up to 1% of your loan. The area you live in and value of your property will determine just what you will pay for insurance.
Now that you own the property, the upkeep and maintenance is your responsibility – burst pipe, you can no longer call your landlord, boiler breaks – it hits your pocket. It is best to not enter into a mortgage that will choke you of all your funds. Keep a safety net aside and not just for aesthetic work.
So, you have been warned, the cost of buying a house was always going to be more than the price of the property – of course there is also the interest added but this should be something you are expecting. The best thing you can do to protect yourself against an unwanted surprise is ensure you have saved over what you think you need.
Remember, if you need to sell your house, we buy houses for cash in Maryland.