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Don’t Procrastinate On Buying A Home

By Sarah P. Shimanski

If you’re considering purchasing a home, you may have encountered several real estate experts advising against the purchase of a property unless you plan to stay put for a minimum time period of 4 to 5 years. This advice may seem reasonable given the odds you could lose money if your home doesn’t appreciate enough to cover your loan costs, closing fees, and Realtor commissions.

However, let’s consider the consequences of postponing the purchase of a home. By waiting, you’re missing out on valuable money saving tax deductions each year. The real estate market can also take off driving home prices and loan rates beyond your reach. Over time, you could lose out on thousands of dollars in lost equity. While there are financial risks to buying a home short term, the potential loss of thousands in equity far outweigh the risks.

If your future life goals include relocating within four years, try working on a short term ownership plan. Some savvy homebuyers can flip through several properties within a short time and earn substantial profits along the way. It’s important to understand you can’t go wrong purchasing a house-assuming you approach the process intelligently. Although the real estate market and loan interest rates oscillate up and down, you’ll always find smart investors earning considerable equity through short term ownership.

Despite the fact local real estate conditions and interest rates constantly fluctuate; sharp homebuyers continue to reap profits by flipping the right properties. If you have the talent for redecorating and repairing a home, you can significantly raise the resale value of a home. If remodeling work isn’t your cup of tea, you can also locate a handy person to do it for low cost.

Investing in fixer uppers aren’t the only way to profit from the real estate market. Many homebuyers have utilized other creative means to build their profits. Some examples of profitable short term ownership strategies include locating sellers desperate to sell, probate sales, foreclosure sales, and REOs (real estate owned) when the mortgage bank takes back property after the home owner fails to make their agreed upon payments.

Another effective technique to help you profit from short term ownership is utilizing lease options. By zeroing in on real estate and properties for rent with options to buy, you get the benefit of building positive credit, accruing a reserve of cash via rent credits to put towards a down payment, and the ability to get a seller to commit to a future predetermined sales price.

One important feature of lease options overlooked by many homebuyers is the ability to not exercise their purchase option should the real estate market spiral upward-but find another interested homebuyer to pay them for the option. The new buyer would reap the benefits of any accrued rent credits and have the chance to buy a home below existing market price.

Looking to find the best deal on a starter home? Then check out these Yorba Linda homes for sale and use a local Yorba Linda Realtors to help you find one.

Article kindly provided by UberArticles.com

Topics: Real Estate FSBO | Comments Off

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Article Citation
MLA Style Citation:
Shimanski, Sarah P. "Don’t Procrastinate On Buying A Home." Don’t Procrastinate On Buying A Home. 3 Jul. 2010. uberarticles.com. 3 Apr 2015 <http://uberarticles.com/real-estate/real-estate-fsbo/dont-procrastinate-on-buying-a-home/>.

APA Style Citation:
Shimanski, S (2010, July 3). Don’t Procrastinate On Buying A Home. Retrieved April 3, 2015, from http://uberarticles.com/real-estate/real-estate-fsbo/dont-procrastinate-on-buying-a-home/

Chicago Style Citation:
Shimanski, Sarah P. "Don’t Procrastinate On Buying A Home" uberarticles.com. http://uberarticles.com/real-estate/real-estate-fsbo/dont-procrastinate-on-buying-a-home/


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