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WHAT NOT TO DO WHILE HOUSE SEARCHING?

What if I screwed up on the biggest dream purchase of my life? That’s exactly what happens to a bundle of people every year when they buy their dream house. All it takes is some minor house searching mistakes to make them completely regret that expensive mortgage.

Fortunately, I can avoid these house searching mistakes by doing a little homework. Keep reading to discover the top 4 mistakes to avoid when house searching!

Do Not Look Too Instantly at a Home

Whether it is visiting an open house or scheduling an appointment with a real estate agent to view a home, I should take my time.

I’ll try to walk through the home to identify the key sections. Invest some time to review the master bedroom, the washroom, and the wardrobes. These areas cause a minimal amount of stress if they are not big enough or do not have an eye-catchy design.

I’ll suggest you stand in the living room, imagine your belongings and your day-to-day activities in that space. Visit the kitchen and note the size of the kitchen as well as how things are laid out.

Step outside and take notes of the yard, both front, and back. Can I see myself gladly residing in this spot? Are there any key issues that would make me miserable if I had this view or regularly heard this nuisance?

This will be my dream home for at least a few decades. Make sure I’m glad now with the place before I ever hang the first picture.

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Don’t Get Perspectives From Bundle of People

It is always a refreshing idea to get input from people that have recently been brought home. Whether it is a colleague or relative or a friend, learning from other people’s house-buying mistakes is always a wise move.

However, no one is going to be exactly the same as me. Every person I talk to will have their likes, dislikes, and perspectives.

If I’m married with a young child, the perspectives of a permanent bachelor may not line up with my dream home goals. I can surely ask for feedback but will take the suggestion with a grain of salt as well.

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Looking to Search a Home Without a Real Estate Agent?

A real estate agent can be my most valuable asset when searching for a home.

First of all, I will review my list of needs and weed out homes that simply won’t match what I expect in my new dream home. An agent can also locate all the homes that will match my needs within a certain area not to waste time searching at homes in the wrong location.

Mort substantially, the agents are connected to new listings. When a house becomes available for sale, the agent notifies me and gives me a chance to see the home while the sellers are anxious to transfer the property.

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Did you have committed some other house searching mistakes?

Learning from these house searching mistakes, I will be in the right frame of mind. It should also enable me for the upcoming process and help me to avoid bad experiences.

Once I’ve done with my dream home purchase, I’ll focus on making some nice home improvements to bump up the value.

Hopefully, I now have a much better understanding of what not to do when house hunting.

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3 EYE-OPENING TIPS EVERY NEW HOMEOWNER SHOULD KNOW

Here are some tips to help me to ensure the rental process is as smooth and stress-free as can be for new homeowners.

1) Research BTL mortgages – and ensure I can pay

If mortgage rates are low, it provides a lucrative investment opportunity. However, I must be sure I can pay when rates increase in the future.

There are also new tax burdens to ponder on: second property owners have to pay an extra 3% stamp duty, while BTL mortgage interest relief is being slowly phased out.

BTL mortgage rates are at historic lows. However, I’ll need a 25% deposit, and my borrowing limit will depend on my rental income or personal affordability. This varies hugely depending on the borrower’s stress test, ranging from 145% at 5.5% to 125% at 2.99%.’

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2) Invest in an area with high yields

Over the past five years, rental yields in London have not kept up with property prices. However, there is substantial local variation – even from lane to lane.

To assist me to find the ideal location, we have developed a unique street-level yield map that updates with live data based on property prices from hundreds of estate agents across the capital.

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3) Join the National Landlords Association

Becoming a member of the National Landlords Association (NLA) will give me access to multiple resources that can assist in the day-to-day running of my property. These include:

• Online best practice forms, such as tenancy agreements and sample letters
• One-to-one telephone support
• Discounted rates on a range of products and services, including deposit protection, tenant referencing, property insurance and rent recovery

If you’re seeking the best real estate classes for yourself, visit Illinois Brokers Academy.

From managing my rental property business, searching and screening tenants, and collecting rent, every step along the way matters. I want you to manage a top-notch rental business without sacrificing unnecessary amounts of time, money, and stress. TransUnion SmartMove is an online tenant screening service that is designed for busy, independent homeowners. Credit, background, Income Insights, and eviction reports are delivered to your inbox in minutes, so they can fill your vacant rental property instantly. With the correct tips and homeowner tools, being a homeowner doesn’t have to be so hard.

What’s your say about it? Whether being a new homeowner is a tough job or an easy one??