How to Buy New Real Estate
Making the decision to purchase new real estate depends on a range of considerations, including location, budget and timeline. When searching for existing or new construction homes, preapproval from your lender should be your first step – this will enable you to narrow your search further while organizing house tours from both categories so you can make an informed decision. Research the local market. Assess median home prices, average rents and vacancy rates of the neighborhoods or cities you are considering so as to identify areas which meet the 2% or 1% rule more easily and allow for properties with strong cash flow that generate strong profits and cash flow. Contract Terms. Typically, buyers give an “escrow account” check equaling […]
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