In the year 2020, about 6.5 million homes were getting sold to the American Population.
The research further indicates that the number will rise by at least 15% annually. Conclusively, people are buying new homes every day.
The Real estate market in the entire US is estimated to be about $16 Trillion.
Will there be a market crash in the Real Estate industry? Well, the country still has a large chunk of free space that can accommodate more than 300 Million Individuals- meaning it will never run out, unlike other commodities.
The industry proves to be an excellent investment. About 90% of millionaires became one via owning a piece of land. You can also see this website for more insights.
How Do I Buy One?
Firstly, you will need to identify the type of Real estate you want to have. Analyze the reason that makes you want to acquire this asset. Do you intend to hold for a time then sell it to get profits? Do you want to build a home for your family that will be your retirement home? These are some of the questions that will be essential to find out your why.
There are different types of real estate. They include:
- Vacant Land
All these different types serve a specific purpose. For instance, residential land will favor an individual who wants to retire. The commercial one will highly suit an investor who is looking to make some profits. You may purchase the land at once or in deposits. The average price for owning a Home in the US is $300,000. The price may vary in different states of the country.
You may also pay it in installments after you give a deposit. Most realtors will demand 20% of the total house cost as a deposit. (For instance, if your house costs $300,000, you will have to pay $60,000 upfront, then head to the installments)
You can also seek a home loan to acquire it. For this, you should have good credit and prove that you can pay your loan as timely as possible. The home loan will favor individuals who have a Debt-to-Income (DTI) of 43%.
Benefits of Having a Land Sales Agent
For Ethical Purpose
To such an industry with great potential, it falls trap to include a lot of scammers. Often, a clueless individual may purchase land, only to discover it was fake. Because homes are very costly, one ought to take perfect measures. This way, you will save your hard-earned cash and get your prize (Home).
For this, the National Association of Realtors (NAR) exists. It deals with ensuring that all the transactions revolving around the industry are honest. They maintain their Genuineness to the local customers.
It is why, as an individual, you should buy land with your land sales agent. Most of them are part of the NAR. Hence, you can be sure that the deal will not be a scam.
They Know The Best Price
You should thoroughly investigate the land before any transactions. This information will turn out to be very vital in your purchasing process. You will know where to find the cheapest land rates and where to get the most expensive ones. Most of us do not know how much land costs in our area. A Land sales agent is an expert in that field. They will even guide you, where you may get your piece of land with the amount of money you have.
Some of them will even expound on the different pricing structures you ought to take. You will also get to know the value of the home soon.
To know how many repairs, you need.
Often, the most valuable homes may appear very faulty. The land may be very worthy, yet the house is in bad shape.
As a new homeowner, you may find it confusing when repairing it. Should you change its color? What about the interior of the house? Will its value decrease if I rebuild it?
These are the type of questions that a Land Sales agent will answer. The expert will also direct you on what you need to do to maintain it.
They will direct you to the best.
There are a lot of qualities to look for in a valuable home. Some of them include:
- Home size
- Condition and Time-frame of its existence
- Neighborhood and surrounding environment
- The Interest rates
You will need to answer the above questions if you want to acquire one. The time phrase will take much longer, especially if you are doing this all by yourself. A land sales agent will aid in the process. In most cases, the pro will hear what qualities you want in a home, then take you to one which matches your descriptions. It is time-efficient and will bring in productive results in your search.
They will aid in the transactions.
Purchasing a new home will have you get a lot of paperwork. For instance, a home loan will demand that you showcase your financial statements to prove that you are eligible.
It means that you have to carry a lot of paper in a bid to acquire your home. There are title deeds that need to be signed, legal agreements and a whole list of documents.
It may become messy for a first-time owner. It is why you should dedicate your transactions to a Land sales agent.
They have good resources.
A deal closed a decade ago may come back to haunt you if it was shady. How will you prove that you completed the house loan? Did you keep a track record for all the payments?
Well, handling your land to an agent will solve the problem. They will hold their clients and provide the needed records to justify any case.