Compass Massachusetts, LLC
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Posted by Highland Group on 7/6/2020

Photo by Moose Photos from Pexels

Rental properties are becoming extremely common in the world we live in today. Many people are realizing the huge profits they can make from rental properties, and the need for these rentals isn’t going away any time soon. If you’ve ever wanted to be a landlord and rake in some cash on the side, you’re not alone. However, buying rental property isn’t always easy and there are some things you should understand before getting the keys to your new home.

Make Sure You’re Ready

The fact of the matter is, owning rental property is harder than it looks. From insurance and laws to home repairs and dealing with tenants, it can all be a very time-consuming and stressful job owning a rental property. And if owning property isn’t your full-time gig, the process can be even more difficult. Make sure that you do your homework and that you’re prepared for anything that can happen regarding your new property. Research everything that needs to be done for a rental owner, then also look up how to manage tenants properly. Also, managing a property takes a lot of time and energy, especially if it’s your first time. It's also important to have the right schedule while managing a property. While you can still have a full-time job, you should have the flexibility to meet with the tenants and take care of repairs or issues when needed.

Keep a Proper Budget

When owning rental property, you’re owning a home that can see damage, which can be very costly. And if you don’t have the money to handle repairs and disasters when they strike, then you could have a home just sitting there with no tenants interested. This is why you should always budget for the unexpected. Some examples of what can go wrong include:

  • Broken dishwasher
  • Damaged pipes
  • Irrigation issues
  • Carpet damage
  • Damage to walls
  • Window damage
  • Be Cautious of a Fixer-Upper

    While you’ve always had a dream about buying a fixer-upper and creating something incredible, this dream doesn’t pan out for many. That’s because many of these people bite off a little more than they can chew, and they don’t have the time, energy or resources to really build something profitable. Therefore, you should be very cautious before trying this method for yourself. It is possible to make money from a fixer-upper, but it takes tons of work and can be very difficult, especially if you’re buying your very first rental property. Dealing with one of these properties might require spending thousands on materials, hiring professionals, dealing with plumbing issues and possibly dealing with structural damage.  While you may be very tempted, try looking for a property that needs a few simple renovations and one that is priced below market value.

    Preparation is Key

    Before you jump into buying a rental property, consider the three tips outlined above to have confidence throughout the process. This will ensure that you're well-prepared for what's to come. Fixing a home, dealing with tenants and paying for insurance can all be stressful, so it's best to understand these responsibilities before purchasing a rental property.




    Categories: Uncategorized  


    Posted by Highland Group on 4/13/2020

    When it comes time to attend a home showing, it helps to be prepared. That way, you can check out a house from top to bottom and confirm that this house fits your needs.

    Ultimately, there are several important steps that a homebuyer should take before attending a home showing, and these are:

    1. Review the Home Listing

    Reading a home listing often serves as a first opportunity to evaluate a house and determine whether it could be your dream residence. As such, you'll want to review the listing closely to verify your interest in a house.

    Oftentimes, reading a home listing a few times is a good idea. This will enable you to analyze all aspects of the listing and ensure it is worth your time to visit a house in-person.

    2. Create a Home Showing Checklist

    Although a home listing likely provides lots of information about a house, there may be plenty of unanswered questions that you have about a residence. Fortunately, a home showing gives you the opportunity to ask questions and receive insights into a house that you won't be able to receive elsewhere. And if you craft a home showing checklist in advance, you'll be ready to get the information that you need to fully assess a residence.

    Remember, there is no such thing as a "bad" question, particularly when it comes to evaluating a house. If you make a list of questions before a home showing, you'll be able to receive responses that can help you make an informed decision about whether to submit an offer on a house.

    Don't forget to include different areas of a home in your home showing checklist, either. In most cases, you'll want to evaluate a house's roof, attic and other areas to determine whether costly, time-intensive repairs may be needed in the near future.

    3. Consult with a Real Estate Agent

    Preparing for a home showing may prove to be difficult, particularly for a buyer who is attending a showing for the first time. If you consult with a real estate agent, however, you can get the help that you need to prepare for any home showing, at any time.

    A real estate agent is a homebuying professional who understands the ins and outs of evaluating a residence. He or she can provide expert home showing preparation recommendations and serve as a guide throughout the showing itself.

    Perhaps best of all, a real estate agent is happy to help you at each stage of the homebuying journey. If you have questions before or after a home showing, a real estate agent is ready to answer them. And if you want to submit an offer following a showing, this housing market professional can help you submit a competitive proposal at your convenience.

    Don't wait to kick off your search for the perfect home. Instead, follow the aforementioned steps, and you can prepare for a home showing and move closer to acquiring your ideal residence.




    Categories: Uncategorized  


    Posted by Highland Group on 3/23/2020

    As a homebuyer, entering the real estate market with insights into what it takes to find the perfect house is essential.

    Becoming an expert homebuyer, however, may seem impossible at times. Lucky for you, we're here to help you gain the knowledge and skills you need to make your homeownership dreams come true.

    What does it take to become an expert homebuyer? Here are three tips to help you do just that.

    1. Look at Real Estate Market Trends

    The housing market ebbs and flows. Therefore, a seller's market today may transform into a buyer's market tomorrow.

    Ultimately, the real estate market fluctuates constantly, and you'll want to learn as much as possible about the housing sector to ensure you can map out your homebuying journey accordingly.

    In a buyer's market, there are usually more home sellers than buyers. This means homebuyers may be better equipped than ever before to secure a top-notch house at a budget-friendly price.

    On the other hand, a seller's market features an abundance of homebuyers and a shortage of sellers. For homebuyers who operate in a seller's market, they may be forced to submit competitive offers on homes quickly, or risk missing out on a dream residence to a rival.

    When you study the housing market, don't forget to check out the prices of residences that recently sold. By doing so, you can gain a better understanding of how much you'll likely need to pay to acquire a first-rate house based on the current state of the housing market.

    2. Learn How a Mortgage Works

    What differentiates a fixed-rate mortgage from an adjustable-rate option? An expert homebuyer will know the ins and outs of assorted mortgage options and select one that corresponds to his or her finances.

    To learn about mortgages and how they work, you'll want to meet with credit unions and banks. These lenders can describe the different types of mortgages and the pros and cons associated with them.

    Also, an expert homebuyer will get pre-approved for a mortgage. With a mortgage in hand, this homebuyer will be able to stick to a price range as he or she searches for the ideal home.

    3. Collaborate with a Real Estate Agent

    Let's face it no homebuyer can afford to make mistakes. Fortunately, you can work with a real estate agent to receive expert guidance as you navigate the homebuying journey.

    A real estate agent boasts the skills and know-how needed to streamline the homebuying process. He or she may have many years of housing market experience and is happy to teach you about the opportunities and challenges associated with buying a house.

    Furthermore, a real estate agent will help you accelerate the homebuying cycle. He or she can set up home showings, negotiate with home sellers on your behalf and much more. That way, you can focus on what's important finding a terrific house at an affordable price.

    Take advantage of the aforementioned tips, and you can become an expert homebuyer.




    Categories: Uncategorized  


    Posted by Highland Group on 12/23/2019

    Purchasing a home in a buyer's market may seem like a fast, simple process. However, it is important to realize that homebuyers constantly compete for the best residences in cities and towns nationwide. And if you're not careful, you risk missing out on an opportunity to acquire your dream house.

    What does it take to secure a home in a buyer's market? Here are three tips to ensure that you can do just that.

    1. Study the Housing Market Closely

    A buyer's market features a large assortment of top-notch residences and a shortage of property buyers. As such, this market heavily favors homebuyers, and property buyers who examine the real estate market closely may be able to boost their chances of purchasing a terrific house at a budget-friendly price.

    For homebuyers, it is essential to establish criteria for your dream residence. With homebuying criteria at your disposal, you can narrow your search for the ideal residence and accelerate the homebuying process.

    Don't forget to check out homes in-person, either. If you set up a home showing or attend an open house, you'll be able to envision what it's like to own a home and determine whether a residence is right for you.

    2. Get Pre-Approved for a Mortgage

    What good is shopping for a house if you cannot afford to pay for it? Fortunately, you can get pre-approved for a mortgage to understand exactly how much you can spend on a new house.

    To get pre-approved for a mortgage, you'll want to meet with several banks and credit unions. These lenders will be able to offer insights into a variety of mortgage options, respond to your mortgage concerns and questions and help you select a mortgage that suits you perfectly.

    Pre-approval for a mortgage is vital for homebuyers, particularly in a buyer's market. If you have a mortgage in hand when you explore available homes, you may even be able to avoid the temptation to overspend on a residence.

    3. Collaborate with a Real Estate Agent

    When it comes to navigating a buyer's market, a real estate agent can deliver outstanding support.

    A real estate agent can teach you about the intricacies of buying a home and help you streamline the homebuying process. He or she also will be available to respond to your homebuying questions, ensuring you can make informed decisions as the homebuying journey moves forward.

    Perhaps best of all, a real estate agent can help you alleviate stress as you search for your dream home. This housing market professional will keep you up to date about new properties as they become available, set up home showings and negotiate with home sellers on your behalf. By doing so, a real estate agent enables you to focus on what's important purchasing a first-rate house at a price that matches your budget.

    Buying a home can be challenging, even in a buyer's market. But with the aforementioned tips, you can simplify the homebuying process and move closer to securing a house that meets or exceeds your expectations.




    Categories: Uncategorized  


    Posted by Highland Group on 12/16/2019

    There is no one-size-fits-all plan to find and purchase a home. In some instances, a buyer instantly discovers a great residence at a budget-friendly price. Or, in other cases, it may take a buyer many weeks or months to find the perfect house.

    Although the homebuying journey varies from person to person, there are several things that a buyer can do to simplify the property buying cycle. Now, let's take a look at three tips to help you quickly and effortlessly find your ideal residence.

    1. Establish Homebuying Expectations

    As a homebuyer, it is important not to get too high or too low during the property buying journey. If you establish realistic homebuying expectations, you should have a good idea about what to anticipate as you search for your dream house.

    Oftentimes, it helps to put together homebuying criteria. Think about where you want to find your dream house, as well as the home features you want. With this information at your disposal, you can narrow your home search and accelerate the property buying journey.

    2. Create a Homebuying Budget

    Like most homebuyers, you probably have only a finite amount of money to spend on a new house. Fortunately, if you get pre-approved for a mortgage, you can enter the housing market with a budget in hand.

    Banks and credit unions are happy to teach you about different types of mortgages. These financial institutions can provide insights into adjustable- and fixed-rate mortgage options and offer details about mortgage terms. Then, once you review all of your mortgage options, you can select a mortgage that complements your financial situation.

    3. Hire a Real Estate Agent

    You may want to pursue a house on your own, but this approach may prove to be problematic. A homebuyer who conducts a home search without expert assistance may miss out on the opportunity to find and buy a terrific house at an affordable price. Perhaps even worse, without housing market guidance, a buyer may wind up overpaying for a residence that fails to match his or her expectations.

    If you want to achieve the optimal results during your quest for your ideal residence, you should hire a real estate agent. This housing market professional is ready to guide you along the homebuying journey and help you make informed property buying decisions.

    A real estate agent will go the extra mile to make the homebuying cycle as simple as possible. He or she will teach you about the real estate market, learn about your homebuying goals and help you hone your house search. Plus, a real estate agent will keep you up to date about residences that fall within your price range and are located in your preferred cities and towns. And if you find a house that you want to buy, a real estate agent will help you craft a competitive offer to purchase this home.

    Simplify the homebuying journey use the aforementioned tips, and you'll be better equipped than ever before to enjoy a quick, stress-free property buying experience.




    Categories: Uncategorized