Essential Real Estate Buying Tips

Nov 25, 2024

Real Estate Tips by Wayne Turner

Wayne Turner, a seasoned real estate expert with nearly 30 years of experience in buying, flipping, and building real estate, shares essential tips for property buyers. These tips aim to save money and prevent stress when dealing with real estate.

Overview

  • Channel: The Real Wayne Turner
  • Content: Covers land and house buying, flipping, etc.

10 Essential Tips for Buying Property

1. Walk the Land

  • Walk the property: Do this in varied weather conditions, especially before or after rain.
  • Understand boundaries: Check road frontage and ensure everything on the property is owned by the seller.

2. Ensure Fair Pricing

  • Comparable Sales: Get sales data of similar properties.
    • Use a real estate agent to pull comparable sales.
    • Pay for a property appraisal (cost: $300-$400).
  • Loan Requirements: Banks require an appraisal for loans.

3. Get a Survey

  • Survey necessity: Never buy without it; check if previous surveys are available.
  • Cost: $600 and upwards, depending on land size.

4. Check for Wetlands

  • Avoid wetlands: Research to ensure the property is not in a wetlands area.
  • Resources: Use FEMA's website for information.

5. Determine Flood Zone Status

  • Flood Elevation Certificate: Checks flood zone, categorized from A (worst) to X (best).
  • Decision factor: Assess if purchasing is valuable if in a flood zone.

6. Understand Restrictions

  • Deed Restrictions: Check for restrictions on building types, land use, etc.
  • Access: Obtain from the Register of Deeds.

7. Check Percolation

  • Sewer needs: Determine if city sewer is available or if a septic system is needed.
  • Percolation tests: Essential to know if a septic system can be installed.

8. Water Access

  • City Water or Well: Determine water access; well costs vary based on location and geology.

9. Talk to Neighbors

  • Insights: Neighbors can provide valuable information about the property and area.

10. Obtain a Title Policy

  • Protection: Ensure the property is clear of taxes, liens, and encumbrances.
  • One-Time Fee: Covers the owner for the duration of ownership.

Conclusion

  • Goal: Provide information to help make informed real estate decisions.
  • Call to Action: Subscribe to the channel for more insights.