How do I find a new build community that suits my needs?
Answer:
Finding a new build community that suits your needs involves several key steps. First, clearly define your priorities and must-haves, such as proximity to work, schools, amenities, and desired home features. Next, research potential communities by checking real estate websites, social media groups, and local forums to gather information and reviews. Visiting the communities in person is crucial; attend open houses and talk to residents to get a sense of the neighborhood's vibe and community feel. Consider the long-term growth and development plans for the area, as they can impact property values and lifestyle. Finally, consult with a local real estate agent who has expertise in new builds to guide you through the process and help match your preferences with the right community.
What are the different ways to invest in real estate?
Answer:
Many different ways to invest in real estate - A lot depends on fits your situation - family dynamic, finances, future goals, risk scenarios and etc!
- SFH (Single Family Homes), condos, or even apartments and rent them out or even flip them.
- Commercial properties - buildings, warehouses, recently storage units have been a hit!
- Development of real estate - investing in new construction & developing properties.
Longer term investment that can fit certain people’s goals:
- Wholesaling & House Flipping are two savvy ways to invest in real estate as well.
- House-hacking is one the most common ways to invest in real estate as well - and is the route that I have chosen! House hacking is described as generating passive income from renting out a piece of your property while living there yourself. I purchased a duplex in June - living in one unit and renting out the other!
What can I expect from a good realtor?
Answer:
From a good realtor you can expect knowledge of the local market and a good repore within the real estate community. Telling clients the truth as you know it through the experience you’ve gained is the most important part of the process. Telling people what they want to hear doesn’t help anyone and can really set the client up for more heartache than necessary. Being able to communicate the process and what realistic expectations are in an EMPATHETIC manner can set the tone for the smoothest transaction possible.
Deep Local Market Knowledge
A strong realtor possesses an in-depth understanding of the local market. This includes:
- Neighborhood expertise: Knowing the nuances of different areas, from schools and amenities to crime rates and property values.
- Market trends: Staying up-to-date on price fluctuations, inventory levels, and buyer/seller demand.
- Competitive analysis: Understanding the local competition and how to position your property effectively.
By leveraging this knowledge, your realtor can provide invaluable insights to help you make informed decisions.
Honesty and Transparency
In the world of real estate, honesty is paramount. A good realtor will:
- Communicate openly: Sharing both positive and negative aspects of a property or market conditions.
- Provide accurate information: Sharing truthful data about property values, comparable sales, and market trends.
- Avoid misleading statements: Protecting your best interests by providing honest and unbiased advice.
By fostering trust through transparency, your realtor creates a solid foundation for a successful transaction.
Empathy and Understanding
Real estate transactions can be emotionally charged, and a realtor who understands your needs and feelings can make all the difference. Look for a realtor who:
- Listens attentively: Understanding your goals, priorities, and concerns.
- Offers support: Providing guidance and reassurance throughout the process.
- Manages expectations: Setting realistic expectations to prevent disappointment.
An empathetic realtor will create a positive and stress-free experience.
What are the pros and cons of buying in a mobile home park?
Answer:
PROS:
- Affordable: Quality, cost-effective alternative to a stick-built home. Mobile homes can make ownership easier to achieve.
- Quick construction and assembly: They are generally built within 60 days. A stick-built home could take many months.
- Mobility and flexibility: You can place a manufactured home in a mobile home community and move it to land at a later date.
- High-quality construction: Built in a controlled environment, meaning they can be consistently built to a high standard. Because they are built in a controlled environment, construction delays are less likely due to weather or scheduling subcontractors.
- Low maintenance: Lower cost for routine maintenance due to the smaller size. Plumbing, electrical wiring, and lighting are much less complicated.
- No or low property taxes: No property taxes if placed in a mobile home park. Lower taxes if placed on land you already own.
- Build equity and credit: If a mobile home is placed in a nicer community, a buyer can plan to gain 1%-3% equity annually. So be selective on the community chosen. Financing a mobile home instead of paying the same price or more to rent can also assist in building a credit score for first-time home buyers.
CONS:
- Depreciation: Like a new car, once the mobile home leaves the factory, it quickly drops in value. Whereas a stick-built home almost always appreciates in value.
- Personal Property: Mobile homes are considered personal property. Real property is defined as land and anything attached to it. Anything that can be removed from the land without injury to the land is not real property. However, if a mobile home is converted to real property by taking affirmative steps, it can be considered real property.
- Difficult to Finance: Because mobile homes are personal property, personal loans, sometimes called "chattel loans," usually come with a shorter mortgage and a higher interest rate. Fewer lenders offer finance options on mobile homes.
- Park Policies: If a mobile home is located in a mobile home park, despite owning the home, you still have a landlord to whom you must pay a lot rent to. You must also conform to any community living guidelines. If evicted, you will need to sell your home or move it out of the community.
- Hard to Resell: Mobile homes are not easy to resell, especially in a mobile home park because they are relatively immobile after being set up. Although mobile, mobile homes are expensive to move. Also, any buyer must obtain pre-approval to live in the community.
- Negative Stigma: During a natural disaster, like an earthquake or a severe storm, mobile homes can be more prone to damage. Having said that, research shows mobile homes have been shown time and time again to be more resistant to natural disasters. Anchoring requirements for mobile homes greatly improve the stability of the home. Strongly consider hurricane tie-downs.
