Everyone has ups and downs throughout their lives. If you find yourself really sinking into one of those low points, one way to break out is by moving to a new city for a fresh start and a new outlook on life. We explain that it may feel overwhelming, but it also may be the best decision you ever make.

Where To Go

Cross Country Movers Group notes that, for most people, choosing a new city to live in is more complex than just grabbing a map and pointing to a random spot. Consider some things you want out of your ideal life, and make sure they’re present in your prospective town. 

• Do you want to rent or own? Are there places available in the city in your price range? 
• Job opportunities. Are there jobs available in your field? Can you work from home? If you own your own business, don’t forget you may need to set up a new LLC or secure other business permits. What are the regulations in this new area? An online business formation service helps you find out everything you need to know and complete the necessary paperwork, saving you money on legal fees.
• If you have kids or plan to have them soon, consider the schools in different neighborhoods as well as their ratings. This has a huge impact on your children’s future. If you need a change, you could also consider returning to school yourself! A degree in human resource management, for instance, could really open doors – and if you choose online learning, you can proceed at your own pace.
• Entertainment and recreation. Whether you love hiking or prefer dance clubs, make sure the activities you enjoy are easily available in your prospective location.
• Culture. What type of person are you, and what type of people do you want to surround yourself with? Check things such as a city’s public transit availability or walkability scores, vegan and vegetarian support, political leanings, and crime rates. These all have an impact on how the town feels to those who live there.

Finding a New Home

Once you’ve decided on a new hometown, you need to find a place to live. Spend some time researching average rent and home prices in your favorite neighborhoods to check affordability. When you’re getting ready to buy, Bankrate points out that getting pre-approved by a lender helps you know exactly how much you can afford. Working with a real estate agent is beneficial. They offer advice on what different neighborhoods are really like. Agents take an overwhelming list of thousands of homes for sale and hone in on your exact needs and wants to make the process so much easier.

Settling In

After you’ve found your new home, it’s time to settle into your new community. New coworkers can quickly turn into new friends. Try joining a gym or visiting a church to find people with similar interests to connect with. Consider volunteering for causes important to you or joining community groups to get involved and become familiar with your new area.

Moving Out of Your Slump

Before you know it, you’ll be settling into your new life and moving on to bigger and better things. Take the opportunity to reinvent yourself and become the best version of yourself.

If you’re currently searching for a new home, are ready to sell your home, or if you have any questions regarding North Carolina and Sunset Beach Real Estate, please feel free to contact our office at any time. 

 

Schedule a Consultation

Additional Tips for Buyers

• Why Your Offer May Not Be Accepted
• Why is Multigenerational Living Becoming so Common?
• House Broke: The Common First Time Buyer Mistake
• Why Was my Offer Rejected?
• Buying a Vacation Home

 

 

The number of homes available for sale in a seller’s market is usually very low, as is the absorption rate—the number of months it would take to sell every home on the market based on the present rate of sales.

More than one buyer might submit an offer for the same property under these circumstances, resulting in multiple offers on the most desirable homes. Sellers enjoy the luxury of choosing the highest and best when they receive numerous offers.

The downside for buyers is that not everyone can buy the same house. Only one will be the lucky bidder, and the others will suffer from offer rejection. Some might be tempted to submit offers on more than one property to increase their chances of success with at least one of them.

Contract Law

A contract law includes a “good faith and fair dealing” covenant in some states. It’s possible for buyers to break the good faith covenant when they can afford to buy only one home, yet they make purchase offers on many properties. This can have legal ramifications.

Multiple Acceptances

Multiple purchase offers might result in more than one acceptance. A buyer could end up under contract on more than one offer if they don’t contain contract contingencies that would allow the buyer to cancel the transaction without consequences. Build contingencies into your offers if you’re determined to make more than one. You can even hinge on one of your contingencies on the acceptance by another seller of another offer. Your other offers will automatically become null and void after the first is accepted, or if other of your contingencies aren’t met.

Bank Owned

The answer for some buyers is to write a multiple purchase offer and submit it to several bank-owned homes at the same time. This can avoid liability for bad faith if they’re each written as conditional offers. The offer would contain language that makes it subject to the buyer’s acceptance after the REO bank accepts the offer. It lets the REO bank know right up front that the buyer has submitted numerous purchase offers.

Disclosing Information

Put yourself in the sellers’ shoes. Ask yourself how would you want the situation handled if you were the one selling your property and a potential buyer was wallpapering the town with offers to other sellers.

Be honest from the start and disclose that you’re making multiple offers. Immediately take the steps and the time necessary to revoke all your other offers if one is accepted. It’s the right thing to do, and it will hopefully prevent you from being contractually and legally committed to buying two or more homes.

If you’re currently searching for a new home, are ready to sell your home, or if you have any questions regarding North Carolina and Sunset Beach Real Estate, please feel free to contact our office at any time. 

 

Schedule a Consultation

Additional Tips for Buyers

• Why Your Offer May Not Be Accepted
• Why is Multigenerational Living Becoming so Common?
• House Broke: The Common First Time Buyer Mistake
• Why Was my Offer Rejected?
• 10 Tips for Moving Across the Country
• Buying a Vacation Home

Buying a rental property is a great way to secure your financial future while learning the ropes of real estate investment. Many people purchase rental properties without researching the nuances of buying and managing real estate, which can result in significant financial losses. Luckily, you can learn from the mistakes of others and avoid common pitfalls by researching the fundamentals.

Enter the real estate market with confidence once you learn about the types of properties recommended for beginners, assess the risks associated with buying a rental property, and prepare strategies for getting the greatest return on your investment. Following a guide to investing in rental properties can help you get a strong start in real estate without having to learn through trial and error.

Finances

Understanding your own financial resources is the first step to making a smart real estate investment. Well-established investors with access to large amounts of capital often buy rental properties through all-cash offers in order to avoid mortgage interest and increase cash flow right away. If you’re just starting out, you probably don’t have the same financial resources, meaning you will need to take out a mortgage.

Taking out a home loan is a big responsibility, but by using rental income to cover mortgage payments and maintenance, you can start earning passive income while building equity. If you’re interested in buying your first rental, shop around at different banks to learn more about the full financial commitment. Consider reaching out to a financial advisor to help you set and achieve short- and long-term goals for your rentals.

Real Estate Market

Look at the short-term and long-term market trends in different areas to get an idea about when and where to invest. You’ll have to know more than just the average rent price in your area in order to choose a great location and timeline for your first investment. Performing a market analysis using different statistics can help you choose rental properties that are likely to earn you money. You should research a few key factors when scouting an area for their first rental property.

Rate of Appreciation

Real estate has intrinsic value, making it a commodity that is generally worth more as time goes on. Beginning investors should look for areas where the rate of appreciation is higher than the current national average, which fluctuates.

Choose an Investment Strategy

Once you understand the local market, identify your main goals for owning a rental property. Consider your financial goals in addition to other factors like your day-to-day involvement in property management and the type of property you want to own. Many first-time investors opt for traditional rentals, where they lease homes, condos, or apartment buildings for a year or more.

Research Legal Responsibilities

Whether you decide to manage the property yourself or hire someone else to handle the day-to-day needs of your renters, you ultimately have a legal responsibility for your rental property. You need to stay informed about building codes, understand your obligations as a landlord, and pay attention to the renter’s rights in your area to protect yourself and your investment. Seeking advice from seasoned investors, lawyers, financial advisers, and other experts along the way can help you skip the growing pains of buying your first rental property. By preparing for the risks associated with owning a rental property, you can help maximize your profits and get the best possible return on your investment.

For more information on purchasing rental properties or real estate in Sunset Beach area, contact our office.

 

Are you really ready to buy a home? Too often this question is asked by young homeowner hopefuls and in many cases, friends or family members, or the individuals own insecurities keep them from purchasing a home in their 20’s. As the next generation starts to reach adulthood, many people may be left wondering if they’re simply too young to purchase a home. Younger generations started preferring rentals over homeownership over the past 10 years, which created the notion that you may be too young to buy a home.

What Made Rentals Popular?

There are a few reasons that rentals started to become the more go-to option for younger individuals, 3 of the most popular reasons being:

• Rentals don’t require a down payment
• Rentals don’t require a long commitment
• Rentals handle home maintenance and repair for you

Related: Understanding Down Payment Gifts and Where they Come From

What’s the Flip Side?

These three reasons to rent vs. buy have created a false pretense that you may be too young to purchase a home however, this couldn’t be further from the truth. Many people have started to debunk these common misconceptions which is opening the eyes to many younger buyers, and in-turn, many younger buyers are becoming homeowners. Let’s debunk these common misconceptions:

While many real estate professionals feel that having at least a 20% down payment to purchase a home is the “best” option, it is important to know that it isn’t the only option. Many loans will only require a 3% down payment, and in some instances, you may even qualify for a special first-time home buyers’ loan where you’ll have to put 0% down, this opens a door for homeowners of all ages, regardless of how much you have in your savings account.

Related: Before House Hunting: A First-Time Buyer’s Checklist

For some, the thought of purchasing a house means that you plan to be there for the long haul, a minimum of 30 years, however, this is also a myth. Purchasing a home, even if you only plan to be there temporarily can be a great asset. You can either keep the home and use it as a rental property, generating income, or you can sell the home and use the proceeds on your next endeavor.

For many, especially those that have become accustomed to rentals, the idea of having to conduct your own home maintenance may be daunting. While you are indeed responsible for maintenance and repairs when owning your own home, with home warranties, a lot of the more difficult repairs may be covered.  Additionally, while you would have to pay for the service out of pocket, by setting a monthly home maintenance budget in case of maintenance or repair, you can hire professionals to conduct the needed work.

Ultimately, buying a home isn’t limited to anyone of a certain age, and now more than ever, the real estate market is starting to see a rise in millennial buyers and even generation Z buyers have entered the real estate pool.

If you’re currently searching for a new home, are ready to sell your home and need a qualified seller’s agent to assist you, or if you have any further questions regarding Carolina Real Estate, please feel free to contact our office at any time.

Schedule a Consultation

Additional Tips for Buyers

• Why Your Offer May Not Be Accepted
• Why is Multigenerational Living Becoming so Common?
• House Broke: The Common First Time Buyer Mistake
• Why Was my Offer Rejected?
• 10 Tips for Moving Across the Country
• Buying a Vacation Home