12 August 2010

how-to buy or sell a home

by susan of  persimmonandpink.com

I'm only a second time home buyer and at the moment quite content with our current property. However, I have a love of following the housing market as well as watching shows regarding selling and buying homes. Nerd that I am, I find the thrill of the sell and the hunt exciting! (Tell me I'm not alone?)

Here are a few tips I've taken while watching many episodes of house hunting and selling shows. They've helped change my perspective on updates and remodels we do on our own home, as well as looking at potential homes from a different perspective. Here they are:

Buy the worst house on the best street to stretch your dollar and get into an area you desire.
• Make sure your renovations are new and fresh before putting your home on the market.
• Treat each house as an investment property and you as the tenant to look after it.
• Your investment property might not always be in the place you want to live forever.
Buy close to a city center or close to where people work—there will always be a demand for housing.
• You must invest in renovations.
Buy near an area you desire. Demand for that area will drive up prices in outlying neighborhoods.
• When selling your home know your competition. Follow the market in your area and know what similar houses are selling for. Be realistic when setting the price of your home. Better to attract many buyers with a competitive price and sell quickly than lose potential buyers and later have to lower the listing price anyway.
• Think 3-5 years ahead. Thats how long it takes for suburbs and trends to change.
• Shop in areas with potential, even if they are not already established.
• When buying a home, be prepared with a list of what you will and will not compromise on. Sometimes location will have to give, other times its house size/quality. Its almost impossible to get perfect location and the perfect house for your budget so know which one you are willing to compromise on.
• Take emotion out of it.

Aren't you fired up to sell and/or buy a house now?! Do you have any good tips to add?

the how-to series was created to encourage confidence in the creativity and skills we each have to offer. i am excited to showcase your talents and unique ideas. if you have a specialty (and i know you do), please submit your how-to guest post by emailing me marta{at}martawrites{dot}com. i will be delighted to feature your how-to in the future.

"Do not let what you cannot do interfere with what you can do." - John Wooden


Season said...

Yes, my tip is don't buy a short sale home unless you are willing to wait for a LONG time. We've been waiting for 5 months now! But hopefully the wait will make it that much more worth it. :)

Betty Bake said...

good list
thanks :)
good to go over again :)


jen byard said...

Thanks for the advice. It's such a challenging time to buy and sell and I appreciate your tips and experience.

MarjnHomer said...

i wish i seen this a year ago when i was trying to sell my house..

amy said...

Great advice! We just sold our house and bought the worst house on block. Can't wait for the house projects! And no, you're not alone – I found the selling and house hunting super exciting.

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