Whether you are purchasing your first home or buying property to help build your portfolio, real estate is an investment with the potential to provide a secure retirement through passive income. First, however, you must educate yourself, follow a successful system and take a long-term approach to your investment.
Read on to learn about the essential information you need to know about buying real estate in Omaha and Council Bluffs.
The first step you need to know when you’re buying real estate in Omaha and Council Bluffs should be to evaluate the health of your credit and do any work necessary to get your financial ducks in a row. Lenders will be looking for your housing and debt-to-income ratios to determine your eligibility for a loan. Housing ratios are determined by multiplying your annual salary by .28 and then dividing by 12, with .28 representing the highest affordable percentage of your pre-tax monthly wage devoted to 12 months of payments, including taxes and insurance. Your goal for total monthly expenses, including housing, should be no more than 36 percent of your monthly income and is calculated by multiplying your annual salary by .36 and then dividing by 12. Start by speaking with an experienced real estate professional like a direct cash home buyer in Omaha and Council Bluffs at Harter Investments who can help guide you with information and get you started on the road to credit repair and special programs that may assist homebuyers in Omaha and Council Bluffs with less than perfect credit.
Living within your budget leads to a less stressful life. However, living paycheck to paycheck can quickly become unbearable for you and any family members in the home. For a more enjoyable experience buying real estate in Omaha and Council Bluffs, once you’re credit-worthy, the next step in purchasing property is to find out just how much house you can afford. While it is always nice to dream, if you’re looking at properties before you’ve gone through the process of being prequalified for a mortgage loan, you may be setting yourself up for a letdown. Conversely, you could be looking at homes in a lower price range than need be. Real estate professionals like direct cash home buyers in Council Bluffs and Omaha at Harter Investments can help guide you with information on lenders and government loan programs that are best suited to your specific circumstances and qualifications. Also, depending on the loan you’re applying for, the housing and debt-to-income ratios level you must reach may vary.
When you begin looking for property, you need to know about the location before buying real estate in Omaha and Council Bluffs. An important factor in real estate values is the ability of the area to hold value over the long term. Therefore, it’s better to buy the lowest-priced property, even if it requires a bit of work, in the best possible neighborhood. Naturally, water views increase value, as do lower crime rates and nearby conveniences, such as shops and schools, as does having public transportation nearby. Upcoming projects in Omaha and Council Bluffs planning can also add value, so keeping a close eye on local changes and trends along with national real estate trends is essential. Experts like the professional home buyer in Council Bluffs and Omaha at Harter Investments dedicate themselves to staying on top of every factor that can affect the Omaha and Council Bluffs real estate market so they can help guide you to the best property available within your budget.
Comparable sales or comps are necessary for a clear understanding of the value of the home you’re interested in and can help you zero in on the right amount to offer. However, it would be a mistake to base your offer on this factor alone. The current Omaha and Council Bluffs real estate market conditions strongly influence the final sales price of listings. Therefore, you need to know the present status of all of the components of current market value before buying real estate in Omaha and Council Bluffs. For example, is it a seller’s market? To hit the target with a winning offer takes skill at interpreting the data along with an instinct for high-pressure negotiations. As an experienced professional at Harter Investments, we buy houses in Omaha and Council Bluffs and we may suggest you offer above asking price, especially you’re aware the sellers have undervalued their listing according to the comps, or you have fallen in love with the property and must have it. Other reasons to offer over the listing price would be if you were aware of a cash offer on the table or a bidding war.
Ready to get started? If you have questions about buying real estate, you can count on the pros at Harter Investments for everything you need to know about buying real estate in Omaha and Council Bluffs. At Harter Investments, our goal is to help you understand every step of the process so you can make an educated decision about one of the most significant investments of your lifetime. Then, if you’re ready to buy, Harter Investments always has a steady inventory of fantastic investment opportunities available. Call Harter Investments at 402-939-6556 or send us a message today or visit us at www.harterinvestments.com!