There are so many things to consider in buying a home, even if you’re using a reliable MLS Long Island service. So, what should you do to prepare yourself for this serious endeavour? You’ll have to broaden your knowledge, of course. Fortunately for you, here’s a list of must-know facts and fascinating information regarding the world of real estate. What are you waiting for? Read on!
1) There’s nothing wrong with purchasing a property right next to busy place.
Why’s that? Well, locations that attract people tend to increase their value at a much faster rate, compared to those situated in rather “stable” spots. One good example of this is a property that eventually had a Starbucks built beside it. Even if there’s another property that’s a bit far away and is priced much higher initially, rest assured that the one with the Coffee place beside it would eventually rise in value. Of course, this is only valid if you’re thinking of getting a property that could be rented out or have a business run in it. For those planning to become homeowners, the noise that could come from such establishments could become off-putting in the long run.
2) Don’t be tricked by the words used to describe a property.
Terms such as luxurious and captivating could actually increase the perceived value and overall interest in a property, but for smart buyers, these mean nothing. A piece of real estate will only be luxurious or captivating if the potential buyer says so, meaning he visited the property and was indeed impressed with it. Simply put, if you’re on the market for a new home, don’t even pay attention to these marketing keywords. Check out the photos of the property, read the details (focus on the technical aspects), and lastly, set a date for a visit.
3) Consider the possibility of spending on renovations.
Surely, if you’re on the market for a furnished home and you’re a bit tight on the budget, you’re aiming for a home that’s good enough but not entirely perfect. You’re thinking that whatever needs to be fixed can be handled in the future. Truth be told, not all needs for renovation are alike, and that’s why you need to spend a bit of cash to hire an inspector. He’ll tell you what needs fixing and how much you’d most likely spend on those repairs. If you end up realizing that the costs make one property comparable in price to another that doesn’t need repairs (but is priced higher), you’ll know immediately know the right choice.
4) Aside from searching through an MLS Long Islandservice.
You’ll have to work with a real estate agent to seal the deal. Obviously though, not all agents are the same. Some are there to trick the uninformed, they’re the ones who prey upon the unwary. If you’re a first-timer in this property-buying pursuit, it should be among your best interests to check the following:
- Attention to detail,
- Clarity in communication,
- And Most importantly of all, experience
5) Consider the laws in the place you’re planning to settle in (or set up a business in).
For example, in Long Island, different places have their own unique rules. In Nassau, you’ll get in trouble if you sell broad-tipped markers to those below 18. Why exactly? It seems people there are quite worried about vandalism (well, they do have to protect all sorts of historical sites, so it’s a bit understandable). In Suffolk, on the other hand, you’ll probably end up fined or even jailed if you make the mistake of releasing at least 25 helium-filled balloons into the air within a day. Now that’s a weird policy. You’re also prohibited to sell liquor to drunkards in Suffolk, but that’s definitely logical. The problem though, is defining what counts as a drunkard and identifying one before it’s too late. If you’re fine with the weird laws and regulations of a place, then you should probably continue your search for a property there.
6) Don’t fall for pricing tricks.
If you’re not aware of how psychological pricing works, it’s like this – one property is listed as 500,000 dollars, while another is set at 499,000 dollars. Now, there’s definitely a difference between those two, but it’s not big enough to say that the second one is cheaper. Unfortunately, if you’re merely browsing listings and you aren’t aware of this psychological trick, your brain might hastily assume that the second property is cheaper and it’ll be stuck in your memory. You might even unknowingly label it as a good deal.
In your search for a property through an MLS Long Island service, you need to be as thorough as possible. Always remember that no matter how advanced MLS Long Island services have become, it is ultimately you and your decisions that determine whether you’d get an excellent property.