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Ray Peckham Real EstateLearn About Buying Surfside HomesSurfside FAIR MARKET VALUESetting the right price is an important first step in getting a home sold. Sellers often wonder if they should spend $200 to $400 for a professional appraisal of their Surfside real estate before placing it on the market. WAYS TO DETERMINE VALUE IN SurfsideA professional appraiser's opinion of a property's market value is based on the recent sales of similar Surfside real estate. Different appraisers could come up with different numbers. Even if all of them agreed on a value, there is no guarantee that you would receive that amount for your property. An alternative to a professional appraisal is to ask a professional Realtor for a written market analysis of your property. This analysis will include information about recent home sales in your neighborhood, as well as how those homes compare to yours. Surfside Disclosure RuleIf you are contemplating the purchase of an existing home or any Surfside, I strongly recommend that you utilize the services of a trusted home inspector. The final purchase of any home should be based on obtaining a favorable home inspection. Surfside is no exception to this rule. What if the home inspector discovers a problem? That happens and as long as it happens before the sale is final the seller can fix the problem or the buyer who agrees to take the property as is can negotiate the price. Any questions regarding Surfside, just give me a call. Buying a Surfside Fixer-UpperThis, of course, depends on the condition of the Surfside home and the estimated cost of the repairs you must make. Surfside real estate in a good neighborhood that is priced about 25% lower than others that are in good shape may be a good deal if it simply needs cosmetic or minor structural repairs. If the house is a gut job, that is the entire inside will be torn out and rebuilt the 25% rule may work and may not so estimate your costs as closely as possible. Shopping by neighborhood makes good sense when considering the purchase of a fixer upper. As a buyer, the more you know about the Surfside homes in a particular area the better able you are when it comes time to judge whether or not a home your are considering meets the financial parameters you are looking for. Buying a Surfside Fixer-UpperFinding the right Surfside fixer upper often involves finding a seller who is in financial difficulty and wants to sell in order to protect their credit or to avoid foreclosure. Various government agencies such as VA, HUD, IRS and others offer homes in foreclosure for sale and these homes can make excellent fixer-uppers. Bank owned properties known as REOs, real estate owned, offer good opportunities since financial institutions want to eliminate their real estate holdings by selling foreclosures quickly. Join my network of Surfside buyers looking for specific types of properties. Call or Email me today. Buying Surfside Real Estate...Will it Pay?With a typical 30-year loan, most of your monthly payment goes toward interest payments with only small amounts going to the principle in the early years. Only half the principle is repaid in the first 23 years of the loan. You can build equity in your Surfside faster by choosing a 15-year loan instead of a 30-year loan. As a Surfside real estate owner you have the right to pay more towards the principle loan amount each month. Let’s say your monthly payment is $700.00 a month and $100.00 a month is being applied to the principle. If you choose to pay $900.00 instead of $700.00, the $200.00 overage will be applied entirely to the principle. Thus, instead of gaining $1,200.00 a year in home equity, you gain $3,600.00. Investing in Surfside can be a very good idea. Surfside INVESTMENTInvesting in Surfside as a second home or as a rental has many advantages. But before you invest, it is a good idea to acquaint yourself with the actual sales price of similar properties and to get a picture of the Surfside market in general. Please contact this office for detailed information on Surfside market |