There are times when it becomes difficult to take any decision especially when it comes to real estate affairs. Deciding whether to buy a remodeled homes, or a new one is definitely a time-consuming and challenging task for a first-time buyer as both have their pros and cons. Since buying a real estate property is a long-term commitment; you shouldn’t take it lightly and gain apt information regarding the laws, finance, and practical aspects before proceeding.
While we comprehend the appeal of investing in a new property, buying a renovated house might just be the wise decision you’ll make. To make your real estate journey a hassle-free experience, here’s an important question you need to ask yourself.
Does Remodeled House in NY Make Sense for Your Needs?
If we keep aside the real estate technicalities, one major issue that might arise during the decision-making process is budget: Is it convenient to buy a remodeled house as a first-time buyer? The answer to this question will depend on your financial planning and your family’s needs. First, you need to contact an experienced real estate agent and discuss all your concerns in detail. The real estate agent will show you the renovated house for sale according to your needs and if you feel satisfied with the features of the remodeled home; you can go one step ahead and do an analysis of the remodeled house price with respect to its current condition and location.
To find out remodeling house estimated costs, consider visiting the neighbors. You can inquire regarding the newly remodeled houses for rent as well as sale in the locality. It will give you a rough idea in reference to the house prices in that area. In addition to that, just speak to your real estate expert about the additional hidden costs and precise tax rate which you will need to pay for buying a remodeled home. This step-by-step procedure will definitely help you overcome the decision-making dilemma.
Advantages of Having Remodeled House
It’s always good to take calculated risks while investing in real estate. We are sharing the top benefits of investing in a move-in-ready property to help you take a crystal clear decision.
1. Significant Money-Saving
The prices of real estate properties in NY are at an unswerving high. However, remodeled houses are considerably cheaper than newly built ones. According to our recent survey, the investment in new real-estate property could cost you 20% to 30% more in comparison with a remodeled home in NY. So, as a first-time buyer buying a remodeled home can be a smart financial move.
2. Better Neighborhood
Existing homes are generally near downtown areas, more often in a centralized location, unlike new homes which are mostly built in exurbia. So, you won’t have to face any problems with commuting and have easy access to local markets, hospitals, banks, educational institutions, and your workplace.
Another advantage that you get with a remodeled home is an established neighborhood. Having a decent neighborhood is imperative as moving to a house is a long-term commitment. Apart from that, it is necessary from the point of view of safety and security too. So, that’s a huge advantage that shouldn’t be overlooked.
3. Upgrade to a Larger Space
Remodeled homes are much more spacious than the houses that we see in metropolitan cities today. In addition to that, you can also add a second story to increase the house per square footage. However, the rationale for a remodeled property in NY may vary from locality to locality. Be sure to research regarding the codes and laws in the locality where you intend to buy a remodeled house.
Choosing an experienced real estate salesperson could play a vital role in such cases. They can help you with the most authentic information about your neighborhood. Once you are aware of the local zoning laws, it becomes easier for you to take a decision.
4. Less Paperwork and Legalities
Legal paperwork and documentation are crucial parts of selling and buying a real estate property. In the case of a remodeled house, you won’t have to redo the entire documentation work. You’ll just need to change the personal details on the original documents and pay the required transfer and re-registration fees. Furthermore, mortgage frauds are much more evident in New York City nowadays.
Many unscrupulous house owners who’ve purchased a new property but failed to pay the mortgage loan may sell you their foreclosed or distressed property. However, when you buy a remodeled house, such risk won’t be there. But as a first-time buyer, you should scrutinize the documents properly to avoid such scams.
5. Retain Repairing Costs
Renovated homes can easily stand the litmus test of time aesthetically as well as structurally for a long period. Even if something needs to be fixed, you don’t have to worry about the repair credit. It would entirely fall into the realm of responsibility of the seller for a substantial amount of time. It could be between 10 to 20 years. Just make sure to discuss the ‘home warranty’ clause with the seller prior to signing the home agreement.
However, the renovation process consumes a noticeable amount of time, and the probability of getting a remodeled house in NYC at your convenience isn’t always facile. There might be several elements that you would like to implement in the remodeled home before stepping in. For example, the old stone foundations, sinks, or chimneys might require tuckpointing, and for that, you will have to keep patience until the home which you aim to buy gets completely ready. On average, the renovation process might take several weeks or even months. You can hire ‘we buy houses for cash company in NY to avoid such complications and have a hassle-free transition. In addition to that, they can also help if you have an unused property that you want to renovate and sell fast.
Property Listing
As per our current data & statistics, nearly 60% to 70% of remodeled homes in NY are yet to be sold. To reap a rewarding experience, you can take guidance from a reputed ‘we buy houses for cash company in NY. You can visit their website and check the property listing of available remodeled homes along with a detailed description and images. Once you like a property, you can contact the company’s representative for a detailed quotation. Don’t hesitate to negotiate the price and choose the best one which meets your need.
Final Word
All the above-mentioned advantages give a leading edge to the renovated house/remodeled homes in the new-versus-renovated home battle. We suggest you settle upon a trust-worthy real estate company and do a realistic assessment of the renovated home for sale if the scenario is that the remodeled house is available in a much lesser price range, you can buy remodeled home in NY straight away.
The aggrandizement of services that aid homebuyers and sellers in completing their own real estate needs is relatively recent, and it may have left you pondering whether procuring a real estate agent is becoming a relic of a bygone era. Hiring real estate agent is a daunting task. Going solo when it comes down to real estate might save you a handful sum of money. And you can cut down the significant commissions you need to pay the agents.
Well, the question is:
Would you rather try flying solo or reach out for a helping hand?
Hiring Real Estate Agent may save you a lot of money as well as time.
Buying or selling a property even in a buyer’s market is challenging and time-consuming. A significant proportion of people don’t trust or rely on real estate agents to meet their needs. However, these guys will be forever missing the luxuries of what a real estate agent can bring to their plates. Buying and selling properties indeed take time, and with the help of the right expert, one can surely save a lot of time and make things hassle-free for themself.
Here’s how hiring a real estate agent can assure you of achieving the ‘all-time American Dream’ of owning a property in your name…
1. Hiring an Expert
Rather than being entitled as an agent, they prefer being called experts. Real estate agents are the best when it comes to their line of business. You’ll experience the pinnacle of professional real estate services by hiring a property expert. Right from negotiations to the final settlement of the price, they’ll act as a loyal mediator between you and the seller omitting you from all the hectic formalities and paperwork.
Negotiation is a tricky business, and there’s an excellent chance that the other party can easily bamboozle one without an adequate record of experience in this line of business. A real estate expert has enough experience when it comes down to revealing all the ambushes and deceptions and taking countermeasures. So, whether you are selling a property or buying one, hiring a real estate expert will always give you the upper hand.
2. Are The Encyclopedias of Property Listings
Finding a house with your specific interests can be challenging. If you are a working person who rarely gets time to spare, this becomes even more challenging. Moreover, what if the house with your interests is on the other side of the state? This is where a real estate agent comes in handy! They have an enormous database of property listings that can match your interests. Tell them what kind of house, neighborhood, or even locality you need. They can present you with the shortlisted properties which resemble your attention. All you need to do is pick one.
Most real estate agents have a secure and robust network when it comes to property listings. They make use of these networks to keep in touch with all the property owners and sellers all over the state. A real estate agent can not only experience hassle-free services but also be given access to the network mentioned above of extensive property listings.
3. Saves Time and Money
Roaming around your locality or neighboring state in search of available properties can drastically eat your time and money. Well, we would say there’s no point in drifting along with the current without a destination or goal. With the aid of a property dealer, the path toward your target will be apparent, and you can set the course at full speed. Property dealings always include a lot of paperwork and legal procedures and don’t forget the expenses too. A real estate agent can volunteer for you to take all the trouble of hefty paperwork and costs providing you with the ownership of the property or house.
For example, selling a property that is listed under foreclosure or short sale is pretty challenging and hectic. Most of you might feel like you are going through the most terrible phase of your life. With the property listed under foreclosure or short sales even, interested buyers might back off thinking of all the legal troubles they might need to go through. By hiring an experienced real estate agent, selling your foreclosed or distressed properties will be quicker and more straightforward.
Still not convinced about hiring a real estate agent?
Let us brief you on a few more scenarios in the real estate business. When stepping into the real estate business, most of you might have come across the terms like foreclosure, short sales, distressed properties, estate sales, probate sales, and much more. Hiring a real estate agent will make it easy to acquire properties that are under these complex scenarios.
a. Real Estate Agent For Foreclosure
Foreclosure of property occurs when the borrower fails in paying the mortgage he/she is obliged to pay the property owner. Even though the number of foreclosed properties is gradually decreasing in number these days, they still do exist. As for a buyer looking for potential property, there’s a fair chance that a foreclosed property might exactly be the house in his/her dreams. However, the reality is pretty much harsh. Instead of a smiling face handing over the key to the property, you’ll be welcomed with a ton of paperwork and legal procedures which can even last up to a minimum of seven months. The same happens when you are trying to sell one too.
With a real estate expert who knows his way around the market and its characteristics, selling or buying a property in foreclosure doesn’t plot an issue. Since they are experts in their line of business, finding a buyer for your foreclosed home will be more comfortable. Their motto is to help you by leaving you out of all the troubles by providing a hassle-free business deal. You need to select the shortlisted buyers provided by the agent who is willing to give you a fair deal for the property.
b. Real Estate Agent For Short Sales
A short sale specialist or a lawyer? This might be the first question that comes to your head when planning to list your property for short sales. Opting for a short sale specialist rather than sticking to a lawyer can help you in many ways. Since lawyers only know about legal procedures that need to be presented in the court regarding the property they won’t do much help in advising what to do and what not to do when going for a short sale.
A short sale specialist has completed thousands of these cases. He is much more experienced when it comes to such scenarios. They can even find you a proper buyer for your property who can provide you with a fair and desired price. Don’t forget that the legal procedures will be taken over by the agent itself. It’ll indirectly imply they’ll be providing everything a lawyer can provide.
c. Real Estate Agent For Distressed Properties
Distressed properties have always been a headache for property dealers. These are the properties that are rarely maintained or nearly distressed but still pack a punch. Finding potential buyers for your distressed property can be challenging and daunting without a property expert. They are professionals in negotiating and convincing buyers to buy the property. The same goes when you are planning to buy a distressed property to save your wallet. Since every distressed property isn’t approachable even though they look promising from the outside. An expert beside you who knows what to look for in distressed property and understands its market value can land you a great deal without hurting your pocket.
The Bottom line
Investing in hiring a real estate agent will always be a boon when planning to buy or sell a property. They can lead and guide you in the right way to meet all your real estate needs.