Give Yourself Some Time
That brief scenario was a fast-forward version of just a few of the steps you'll take when you search for your first property. You may be looking for something entirely different, something that fits in with the needs of the buyers and renters in
Don't be in too much of a hurry to buy. Sure, it's exciting and you want to find that first property
There are many things you can do to make absolutely sure you are ready to buy your first property:
Devote time each week to research. That includes browsing properties on the Internet, talking to local real-estate professionals, making trips to your county courthouse to check the prices of recently sold properties, and then driving by those properties to help you judge the going rates in specific neighborhoods.
Do some more reading. This book will get you started, but you might consider getting more information about specific areas of the real-estate market. There are many publications and Web sites devoted to particular aspects of the business. Getting your hands on this information could mean the difference between failure and success.
Consider taking a real-estate agent licensing course. You'll get a quick introduction to the laws and customs that affect your state and local community. Taking the course doesn't mean you should become an agent. In fact, that can work against you. Agents must disclose their status to all potential sellers, and some property owners you approach will flatly refuse to deal with a real-estate agent.
Become involved in your community. Join clubs and associations. Start developing a network of people who know you are interested in buying real estate. Make sure your family and friends know to contact you first when they hear about a property that sounds like a good buy.
Learn about home repair and construction. Take a course at a local community college or attend weekend classes at home improvement centers. You'll be surprised how quickly you can learn to handle minor repairs and redecorating tasks. You may never learn to build a house, but you will learn more about building components — enough to help you estimate repairs and recognize a problem when you see it.
Learn landscaping basics. Curb appeal is a top priority when it's time to sell or rent, and you can save a great deal of money by handling landscaping chores yourself. A nicely landscaped lot can sell a house, but it's an element that many sellers don't even consider enhancing.
Spend time driving around the area, getting to know the neighborhoods as intimately as possible. If you see a house with a “For Sale” sign, call to get the details about it, including the price. Printed materials are a good resource, but they rarely tell you where a property is located, and when you're not familiar with an area, you can't relate location to price anyway. Spending some time in neighborhoods will help you get a better feel for the differences in prices based on location, and you might just find a spot that you're certain would be the perfect choice if the right home comes on the market.
Always be on the lookout for investment opportunities. Last year you might not have paid too much attention when your friend told you about a family that needed to sell their house quickly in order to move on to a better job. This year, you'll jump on that statement and gather enough information to check out the property.
Real estate doesn't have to rule your life, but new investors usually agree that it does dominate it for a while. Once you're past the basics, you'll find yourself relaxing a little more. The details will come more naturally, and you won't stress over every decision you make. Take it slow, keep your emotions in check, and you'll find success in the real-estate market.
