Buying a home for cash may seem to be a daunting prospect when you first explore the world of property investing. Houses are not exactly cheap compared to just about anything else you might buy in your life. With a set goal in mind and some financial discipline, however, it should be possible for you to build up a home buying nest egg over time to put toward what should be an excellent investment if you heed the following steps.
Offer to Pay Less Than the Asking Price
When you are offering to pay cash for a home, you are in the driver’s seat compared to another potential buyer for a property who needs to line up financing. A seller knows that this other buyer might not get the mortgage that they apply for. The old saying that “a bird in the hand beats two in the bush” begins to apply at this point. You can try offering lower than the seller’s asking price, and they may go for it since the money is more of a sure thing.
Have the House Inspected
When considering any investment, you need to protect yourself from the potential for financial loss. When it comes to property investing, this means having the house you’re thinking of buying inspected to ensure there’s nothing major wrong with it. If there are minor problems, you can renegotiate with the seller and either insist the issues are fixed before you take possession of the home or knock a little off the price to compensate.
Get The House Appraised
Appraisals are another important part of protecting yourself when buying a house. If you were getting a mortgage, the lender would insist you get an appraisal to ensure the home is worth as much or more than what you would be paying. They do this because it’s extremely good business practice, and you should do this yourself even when you are paying cash for the home.
Simplify Your House Search
Sometimes, it can seem hard to know where to start when looking for houses that would make a good investment. Your time is valuable and real estate investing may just be a sideline from your normal job, so you can’t spend weeks doing nothing but searching individual listings and contacting and negotiating with multiple individual sellers before you finally find the right deal. This is why you may want to consider a company that specializes in selling investment properties.
Walnut Hill Properties is located in Huntington Valley, Pennsylvania, which is in the Philadelphia area. If you are looking at investing in real estate, Philadelphia offers lots of opportunities. Contact us to see what properties we have available. At Walnut Hill, we have already done a lot of the leg work in acquiring ideal investment properties, which will save you time in getting started on the path to financial freedom through Philadelphia real estate investment. We also buy houses for cash in the Philadelphia area, so if you find yourself on the other side of the buying and selling process and need to sell your house for cash, we may be able to get you cash for your home more quickly and easily than trying to sell it yourself.