Posts Tagged ‘property’

WHAT AFFECTS MY HOME VALUE IN MISSION VIEJO

June 14, 2017

WHAT AFFECTS MY HOME VALUE

There are various factors that can affect the value of your property. From your children’s toys scattered all over the floor to the quality of a drinking hole near your house, such petty issues can have a surprising impact on the price of your property. If you are looking to move out to someplace else or willing to sell your existing property, it is important to know and be aware of the facts that can have an effect on the valuation of your property. Let’s find out the factors that devalue your home and how you can avoid it.

1.   Location

Having train stations, public transportation, schools, shopping facilities etc. in your vicinity plays an important factor in finding out the market value of your property. Generally, people look at the community to determine the worth of the property. There are either low-end or high-end areas in a community. If you purchase a house in a high-end area you’ll have to pay more and vice versa for the low end.

2.   Condition

After considering the location of the property, the next thing that buyers ponder over is the condition of your home. Buyers who have some property buying experience, they go for checking the floor coverings, paint, walls, doors, windows, floors, and ceilings. They also pay close attention to the additional work they will have to get done such as bathrooms, kitchen, repairs, plumbing and electricity work.

3.   Features

The age and the size of your property as compared to other properties plays an important role in determining your home value. As old as the home gets, the lesser the value of the property is and as big as the size is, the greater the value is.

4.   Negative Events

If your property has faced issues like catching a fire, mold or was ever a site of a violent crime, there are greater chances that you will face difficulty in selling your property or if you get lucky to find a buyer, you’ll have to sell it at a lesser value.

5.   Outside of your Property

Many people maintain the inside of their properties but neglect the outside of their property. They fail to keep up with the general required maintenance on the outside such as fresh paintwork, neat front garden, clean windows, clean area, effective guttering etc. if you fail to keep up with such maintenance, get ready to wipe up 5% – 10% of your property’s value.

6.   Scary History

Those properties where terrible things have happened are difficult to sell. Terrible events like murder or suicide in your property make it almost impossible to resell the property and even if it does, you’ll have to sell it at a very cheap price. Most people simply cannot even stand the idea of living permanently in the same apartments or buildings where such events took place, let alone the property. Some people are even put off if they get to know that someone has died because of a natural cause, particularly if it’s an unnatural age.

 

7.   Illegal Home Improvements

One must make sure before going for a home modification that whether such home improvements are legal or not. Whatever improvements you are planning on getting done on your property, you need to make sure that they are according to the building regulations and seek planning permission. If your property has illegal home improvements to it, the new buyers will have to factor in the cost of fixing the problem.

8.   Renovations that Suit your Taste only

The problem arises when you put up thousands in making your dream home and you risk finding that other people don’t share your kind of taste. Most buyers avoid paying extra for the renovation you have done and want to put their own stamp on their new home. If buyers like your sense of style then you are good to go, if not, your house can sit on the market for months or maybe years in the worst case scenario.

9.   No Wow Factor

Some houses have in it the intangible factor that automatically attracts the buyer to say “this is the one”. But if there’s nothing that really distinguishes your house and makes it stand out from others then it gets difficult for the buyer to get its attention.

10.                Outdated Renovations

Does your house contain wall to wall carpet? Or does it have the early 90’s and 2000’s trends? Well if that is the case, you are in deep trouble. Renovations that were in trend when you bought your home might cause the buyer to turn up their nose now. In such cases, it is recommended to improve your property rather than giving it a full major makeover and then price accordingly.

 

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5 Things You Should Know Before You Flip A Property

May 24, 2017

1. Money is made at the buy , not the sell of your flip. When flipping a home your fund is made at the buy not at the sell of the house. So, many times people buy a home with the intentions of making a huge earning merely to find out that they could not make any fund after all the renovations because the purchased price of the house was to high. When you purchase your property you need to be sure that you buy the house with enough fund to construct renovations, have carrying expense, and add about 5 $6,000. Now, expense is at $147,000, and that is if everything goes as planned. Profit is under 10,000 dollars. The mistake was made at the buy at the home , not the sell .

 
 
2. Get an inspection on the home- Get a complete inspection done on your property. By, spending a few hundred dollars on this expense you can save thousands in problems that you cannot find. Foundation, Pest, Wood Rot, Etc … By, getting a full inspection you can rest assured that you know every thing that is wrong with the property before its to late. In the contact for the house you need to make sure that you have 7 days to have a inspection preformed, and if the inspection sees problems that are going to cost more fund that you are willing to spend you can get out of the contract with no penalties .

 
3. Don’t do the work yourself:- Get a contractor or several sub-contractors and have the work done rapidly. You need to have you home flipped ASAP, so that you can get it on the market and get it sold. When I started flipping my brother and me did a house together, and we did all the construction. I had a construction background and figured it would save thousands, but it took us over 4 months to get the work done that a contractor could have had the work done in a month. But, we trying to save money on our flip did all the work on our time off and after work, and it just took to long. On our 2′ nd flip we utilized contractors for almost everything and had the house wholly flipped with a new roof, new air conditioner, new hardwood, and much more in only 3 weeks. We did not have to spend all our time working on the property and were able to spend that time looking for the next deal. This is how you get rich in real estate .

 
4. Place the property 1 to 2 percent below market value: If you are wanting to flip real estate and make money the object is to buy and sell the property as quickly as possible, so that you can move on to the next home. If you purchase a house and try to sell it at top dollar to make and extra couple of thousand dollars on your flip, and end up holding it for 6 months you are loosing fund. Get the house on the market at a price that is going to blow the competition away, and you will sell it no matter what the market conditions. On our second house the market for selling home went down do to the housing market as a whole, and the tightening of the loans across America. We were told that you could not sell a property in this market, but we went ahead anyway and flipped our home. After 3 weeks on the market we had 3 people wanting to buy the house. Why, because we offered it at such a great deal that people wanted to jump on it. That is what you have to do especially if the market is slow .
                                                                                                                              
 
5. Use a real estate agent- Do not try to sell you home on your own. Harness the power of a real estate agent and the power of the MLS system. When you do a FSBO you are depending on people driving by your house and seeing you sign, with a real estate agent you have some one actively marketing you house to get it sold. Once again this will free up more time for you to look for more great deals. If you want to help the process I have found that craigslist and listing you house in google adwords help to, but I use these tools with the help of a agent to make sure I have all my bases covered.
 
I hope this article has been helpful with the basics needs of flipping a home. If you will study and learn you will make money. But, do your homework before you purchase a home, and make sure that you can pulling a profit on your deal. Then, make it happen !
Hadi Bahadori / Realty One Group
(949)6105720
23811 Aliso Greek Rd Suite 181
Laguna Niguel CA 92677