Buyers

Deciding To Purchase

Purchasing a property is most likely the biggest financial decision you will ever make. Whether this is your first purchase or you are an experienced buyer, this decision must be made carefully.

Are you tired of paying short term vacation rentals? Have you outgrown your current lake home? Are you looking for an investment portfolio? Are you looking for an income rental property? Would you rather own in a different lake area? Having a clear sense of your reasons for buying will help you choose the right property.

Property ownership is an excellent investment; whether you are looking for your dream lake home, a rental income property, or to expand your investment portfolio. Owning real estate is one of the least risky ways to build equity or to obtain a greater return on your initial investment.

Preparing To Buy

Before you start shopping for your property, it is a good idea to make some preparations.

A green file contains all your important financial documents if you will need it to secure financing for your property. The typical green file should contain:

  • Financial statements
  • Bank accounts
  • Investments
  • Credit cards
  • Auto loans
  • Recent pay stubs
  • Tax returns for two years
  • Copies of leases for investment properties
  • 401K statements, life insurance, stocks, bonds, and mutual account information.

Your credit score will have a huge impact on what type of property you can buy, and at what price. It is first recommended to check your credit rating with an experienced lending institution so that we can determine what you can afford. The lender will research your credit ratings from the three credit reporting agencies Equifax, Experian, and Trans Union. We will be happy to recommend experienced, knowledgeable lenders in the residential, construction, and commercial and investment real estate fields.

Now is not a good time to make sudden career changes or large purchases. You want to approach your property purchase from a position of financial stability. In other words, do not apply for loans and change jobs or retire. Do not make any large purchases or move monies to new or “unseasoned” (less than 2 months) accounts.

Buying a property requires making many important financial decisions, understanding complex issues, and completing a lot of paperwork. It helps to have an expert in your corner when undertaking such a large purchase. Our PKRE® Agents can guide you through this process, and also provide you with access to property listings many times before they hit the general market.

Here are some factors to consider when choosing your real estate professional:

  • Look for a full-time agent in the POSSUM KINGDOM LAKE AREA– one who has experience completing transactions similar to yours.
  • Interview a few agents: Are they familiar with the area in which you are interested?
  • Ask how much time the agent will have for you and if they are available at night and on weekends.
  • Does the agent return your calls promptly? Time is money when attempting to buy a property.
  • Ask for a list of properties they have sold or a list of references.
  • Choose an agent who listens attentively to your needs and concerns.
  • Pick an agent, with whom you feel comfortable.

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