DC Fawcett’s protocol on apartment hunting
Searching for the right apartment that suits all your needs is both interesting and tiring. Whenever you visit a house, so many questions run on your mind but you will not be satisfied unless you find a “home” for yourself.
So here are the few criteria’s that the investors must keep in mind when you hunt for your apartment as told by DC Fawcett Reviews
Neighborhood and location
Neighborhood plays a major role, as one would like to have all the basic facilities like school, supermarket nearby your home. Keep in mind that commutation should be easier as travelling far everyday without any transport facility to your work place is not a good idea. Choose a location that is safe and pleasant, talk with the people who have already moved in to get to know more about the location, landlord and the neighborhood.
Home inspection is an important aspect to be practiced by the buyer before moving into an apartment to look for the flooring, ceiling, closet and cupboard are in perfect condition as well as ensure that the apartment has all the safety concerns. Enquire about having a pet is allowed or not before moving in.
After the inspection, if you feel it is the right apartment, then it is the right time to think about the budget. It is good when it fits into budget if all utilities are provided with the rental payment. Spending for utilities separately other than your rent which will exceed your budget is not a good option and you need to think twice before investing on it.
If you find any clause in the agreement misleading or ambiguous, make sure you clear with the seller before you sign the agreement.
Allocate some amount exclusively for moving cost and unexpected expenses that may arise while shifting to a new apartment.
It is better to reject few apartments online itself that is not suiting your needs, so that you can save time as it is time consuming to visit every apartment you come across in the site.
In case you have visited many apartments, you may feel confused about the details, terms etc, it is good if you maintain all information in a notebook or spreadsheet.
Real estate agent
In case you hire a reliable real estate agent, he would have access to all the rental apartments and can take you for home inspection as most of the landlords are busy. If you are on your own, you need to contact the seller every time to fix up appointment every time.
During apartment hunting, there are many scams that you may encounter,
Rental scam: This is a common scam that you may face during an apartment hunting, the scammer pretend to be a landlord and collect all the rent, fees ,security deposit from you and disappear. Do not send any cash without meeting the landlord.
DC Fawcett virtual real estate investing club has blogs about the apartment hunting which would help the investors to know more about the scams.
DC Fawcett’s tips on apartment deals
Searching for an apartment is not an easy task; it can be exciting as well as exhausting. Lowest vacancy rate is again a depressing situation, where buyers had to search for apartments more vigorously through various mediums property portals.
DC Fawcett reviews on how to find an apartment
New constructions offer a price that you cannot expect for age old properties. The negotiation can be as high as possible with the owners and property managers.
For every area, there would be an apartment locator to guide you with the price, you can approach them every day or weekly to know about the price.
If you are a bachelor/bachelorette then you can even share your apartment so that you can pay less, your share will be minimum when compared to renting an entire apartment for yourself.
When you find a home in a fantastic location but price is exorbitantly high which is unaffordable for you, then find out the surrounding area. There can be properties with an affordable price with your preferences.
When you opt for a lease for 6 months, there are chances of getting discount on the price from your landlord, so instead of taking 12months lease; try this way.
When you refer a friend and he/she buys the apartment, then you can get some commission out of it.
Each apartment provides with different amenities, like some may provide Wi-Fi etc, others may not. So opt for the one where amenities are given free or of less cost when compared with other apartment.
You can put a word to your colleague or friend that you are seeking an apartment, so if they come to know about any apartment, they can let you know. Sometimes even if your friend’s apartment has any vacant apartment you can try out
Single family properties
These are generally low priced than multifamily homes.
What are the documents needed when you purchase an apartment?
- Rental application form
- Credit report
- Reference letter from your landlord
- Lease agreement
- Employment verification
Advantages of renting
- Ability to use leverages i.e. you can pay a portion of the total value from the borrowed funds.
- Tax –free
Disadvantages of renting option
You cannot use the rental apartment with absolute freedom. Maintenance is the key factor which will become stress at one point of time.
- Unexpected expenses
You are bound to unexpected expenses when you rent an apartment. Sometimes the landlord expects you to bear the expenses.
To overcome these drawbacks, expect a reasonable price for your property so you may get tenants as soon as someone vacates.
Rental scam: This is prevalent in real estate where buyers would be shown with an apartment by a real estate agent who is actually a scammer. The buyer unaware of the scam gives out all their personal information as well as deposits some amount which would be used by the scammer.
To prevent from scam and to know more about apartment deals, visit DC Fawcett virtual real estate investing club where blogs are written for investors.
Dc Fawcett’s benefits of home inspection
It is important to inspect the entire house before you move in. It is called home inspection which is done at both occasions –selling and renting a property. When a seller or landlord skips and marks for home inspection contingency, then it is better to avoid the deal and back out. It is visual diagnosis of the property and determines the condition of the home. The inspection should be carried out with your listing or buyer agent for 2-3 hours minimum. (Time depends on age, condition, square foot of the house it differs). There are qualified home inspectors to do this task, make sure you go with them.
Dc Fawcett reviews points out the benefits of home inspection
Areas to be checked while inspection
Checking whether all safety measures are ensured, it is must when you move in along with your children.
Basement should be checked for any water leakage if any and construction of the basement.
Inspecting the structural integrity and strength, condition of the home appliances, furniture, electrical, plumbing, driveway, walls, grading, Flooring, ceiling, gutters, and downspouts. Check if all are working or not.
- Kitchen appliances, chimney and other fixtures
- Bathroom fixtures
- Check how to evacuate when fire or any natural calamity occurs.
- Ventilation and insulation issues
- Interiors and exteriors have to be checked thoroughly.
- Doors and windows safety has to be checked, also the condition
- Attics and garage , check if your vehicles can be parked without any problem
- Ask the seller/ landlord to negotiate the price
- Resolve the issues prior in case of any violation of the law
- You can spend that cost on repair work if you find any during the inspection
- Estimate the future repairs to be done and make approximate calculation
- Enquire about home insurance and certifications.
A report is generated after entire inspection of the property for the buyer which gives an idea about potential expenses in future, condition of the property. Agent and buyers have a copy; the same report can be used by the sellers for any number of buyers.
- Pre –purchase inspection will list out all the defects and positive features of the property in the report.
- Pre- listing inspection is between an agent and seller
- Provides confidence and peace of mind to the buyers
- Improves image and professionalism, increases credibility
- Closing cost time is saved
- After sale –repairs and renovations work needed or not is discussed and corresponding issues are sorted out earlier
- Referrals are identified from the fellow clients
- Increases the chance of selling your home quick
The home inspection is carried out by buyers, so he has to pay the expert team. It instills confidence and removes conflicts. To know more about home inspection and its benefits, visit DC Fawcett virtual real estate investing club. Investors can make use of this blog to prevent from scam.
DC Fawcett’s tips on buying a vacation home
Real estate offers the investors to own a vacation home in 2 ways which can be either fractional ownership or timeshare depending on the distribution of actual equity. In fractional ownership, there are multiple buyers for the same property where the deed is split equally among each owner and equal access is given to all the purchasers. The rise and fall in the property value affects all the buyers who own a share.
Timeshare is usually preferred by the investors for vacation purpose which lasts only for stipulated period of time (for one or two weeks) where the title ownership remains with the owner and there is no need to pay mortgage for rest of the months. Moreover, there is not much rise or fall in the property value during the short span of time.
DC Fawcett reviews the benefits of having a fractional ownership and timeshare
- The purchaser holds a portion of asset where no cash is indulged
The entire property can be sold out when property value declines with no loss as well as sell a portion of the property when there is a hike.
- Helps during cost assistance as it can be sold as timeshare.
- From 4 to 13 weeks, buyers can have an ownership
- 3 to 5 bedroom units
Free from the responsibility of maintaining the property. The temporary buyer is not liable if any damage occurs during his stay.
- One or 2 bedroom unit
How to buy or sell the property?
There are several property management companies who assist the investors in buying the land and schedule the time accordingly for living as per the number of buyers in the property.
If you are a fractional owner, then the share can be either sold as fractional ownership, or as timeshare.
The mentor, DC Fawcett states the complaints of timeshare ownership experienced by the investors
- Various costs are involved like maintenance, tax. Lifetime contracts where mortgage payments are added and there are limitations in booking.
- If taxes and fees aren’t paid it may result in foreclosure.
- Cannot deduct loss on tax returns
- Scheduling the period of stay is not easier as there would be several other buyers who would be in need of the resort at same time.
- Depreciation is faster and resale is not easier
- Same location to spend the vacation every year
DC Fawcett educates the investors to read the laws that have been enacted to protect the buyers from multiple timeshare scams which usually happen via timeshare resale brokers. He advises the investors to check the resort club and management company before booking.
The frequently occurring scams are
*Cold call scam: calls from resort club to pay for imaginary exit schemes
*Extortion timeshare scam: calls from unknown company and saying you are in debt.
*Rescue scam: Promising the consumers to get back all the money that he/she has been cheated so far.
To prevent from the kind of scams, the investors can join the DC Fawcett virtual real estate investing club to know more about vacation home.
DC Fawcett opinions on open house in real estate
Conducting open house is advisable or not is discussed almost by all the landlords and real estate agents. So what DC Fawcett says, let’s see through his reviews.
Open house concept prevails largely among sellers in order to invite more number of buyers to have a look at their property; this will increase the chance of selling the property. The time interval also varies from realtor to another realtor. Like some may conduct very often and some might do it as a rare phenomenon.
As a seller, he should be aware of both the positive and negative influences of conducting an open house.
First time home buyers will not have any idea on home-buying process. They require guidance throughout the process. So open house will be a warm welcome to all first time home-buyers. This would also help them to get an idea on buying.
Open house is conducted with no pressure and rules. This allows the buyers to have a relaxed feel throughout the event in looking the property.
Open house is like home inspection for few buyers, they look into each detail when they start liking the apartment and plan to buy that property.
Why many don’t prefer open house?
- The chances of properties getting sold is very meager
Unapproved buyers visit the property which is waste of time, pre-approval is required from lender which doesn’t happen with buyers coming for open house.
Inviting problems like neighbors visiting this open house just to see how well the house is maintained, many visit the house with no intention of buying.
Security of the house is lost; vandalism and burglary are quite common in open house. Your advertisement may bring criminals to your home.
- Valuables may be stolen when thieves enter your home, so don’t keep your jewels and other costly items
- Many find this concept is old –fashion and opt for virtual tours
Unless there is no advertising in social media platforms where most of the people notice your ads, this method is not going to help in bringing buyers to your home.
DC Fawcett complaints that many would choose a realtor just because he conducts open house often. Open house is just a form of marketing and new buyers can learn from it. There should be a rapport between the realtor and the buyers who have come to visit the property. But sadly that doesn’t happen in most of the cases. The realtor should try to impress one of the buyers like making him purchase the property and consider others as prospective buyers. Fawcett feels this concept is just for real estate agents to prospect for business.
How to prevent from Scam?
- Get the help of reliable realtor and his team of experts to assist you throughout the open house
- Install CCTV to keep track of the visitors.
In case you are going to conduct an open house, read more about it in DC Fawcett virtual real investing club.