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Fees, Taxes, and Unexpected Costs

by Karen Picarello

One of the most frustrating things a homebuyer or seller might experience when attempting to make a real estate transaction are all of the small costs which you will incur during the duration of the process.  Unexpected or larger than expected financial burdens can end up making the entire process much more expensive than you had originally planned for. Thankfully, there are a few things you can do to make sure that you don’t end up going far over budget.

The first thing you will need to do is consult the experts. Experienced realtors, legal professionals, and financiers will all have gone through this process many times before, and can be a great source of knowledge about what to expect. Working closely with your realtor can help you to get a list of potential expenses which you can budget for. Additionally, making sure all paperwork and payments are done promptly and correctly can help you to avoid unexpected fees. Employing experts who have experience and will get things right the first time will not only save you time, but area also likely to save you money in the long run. Penalties, taxes, and fees can be levied if certain items are not handled correctly and professionally. You could even end up losing a buyer if you fail to fulfill your parts of the transaction expeditiously.

While gathering this type of general information can be very useful, you will also need to make sure that you gather the information relevant to your specific situation. For example, if you are selling a home, make sure that you conduct a reasonably thorough home inspection fairly early on. Knowing the condition and marketability of things like the roof, the electrical system, and the plumbing can help you estimate how much money you will need to spend in order to make the property marketable.

Buying or selling a house can be a stressful time, and you will certainly want to make sure that it is done correctly the first time. When it comes to budgeting expensive properly and avoiding unnecessary delays or payments, your number one priority should be consulting experienced professionals who will be capable and motivated to move things through as quickly and prudently as possible. Second, you should be making sure that once you have a good idea of what expenses there will be, that you are prepared for them and have money put aside.

Buying Property Abroad

by Karen Picarello


For those who have the money, real estate abroad can be an attractive purchase. There are a number of reasons why such a purchase might be appealing. First, there is the obvious use as a vacation home. For this reason, many wealthy people own or rent properties which are located near prominent vacation and tourist destinations. Alternatively, foreign real estate can be an investment, and a way to diversify your assets.

However, if you are looking to make a real estate purchase, it will be important to do it correctly. First, you will need experts to ensure that your assets are managed well. If you know someone who has property in the area, talking to them about their experience will be very helpful. You might want to talk to your realtor as well and find out what their advice is. If they do not have expertise, they might be able to recommend someone who does.

Before going forward with a purchase, you should do your research on the area and the property. Visit the property, and conduct your own inspection. Don’t just inspect the property, look through the surrounding areas. How are the roads? Crime? What is the access to things like groceries or hospitals? How reliable are the electrical and plumbing systems?

Once you are satisfied with the property, go ahead and start preparing for the purchase. You will need legal and real estate experts who are familiar with the local laws governing the ownership of property. This can be complicated, so don’t use someone inexperienced. For example, Foreigners are famously not allowed to purchase property in certain restricted ones in Mexico. Usually, this means that they are prohibited from buying beachfront property. However, this can be worked around. A trust can be set up, with you as the owner, and ownership of the property can be given to the trust. Easy if you know what you are doing, but failing to research this could leave you in a horrible position.

Finally, you will need to consult your real estate and financial experts at home. There can be tax and legal changes depending on where and how expensive your property is. Knowing how this purchase will affect things like your taxes in the next year will help you better plan your finances. As long as you make sure to consult experts in both your country of residence, and the country in which you are purchasing, you should have a good experience.

Home Staging before a Sale

by Karen Picarello

If you are looking to sell your house quickly and for a good price, you will absolutely want to make sure visitors have a good impression. One of the things which is frequently talked about is curb appeal: making sure you have good landscaping, a fresh paint job, and no detritus lying about. However, another important thing to do when looking to sell is to stage the house in a way that will be appealing to the potential buyer.

If you are moving out well before you hope to sell, this can be easy. Many companies offer furniture rentals for staging purposes, and most realtors will have a good idea of where to look to get a good deal here. However, it is important not to skimp on this. The reality is, the more a buyer loves the house, the more they will be willing to shell out to ensure that they get the property. Just as you might shower, put on makeup, or dress up well before going on a date or to an important meeting, your house should similarly be looking its best. Humans are irrational creatures, and if you can make them fall in love, they will overlook all kinds of problems.

However, if you will not be moved out while the house is showing, you will need to be very thoughtful in how you go about showing the house. It may still be worth your time to rent at least some furniture and décor, just to spruce up areas which may be optimized for living in rather than presenting. Just as food advertisers use all sorts of tricks to make a burger look delicious in a photo, a skilled home seller can make your home look appealing to a buyer. And, just as those advertisers do things to the burger which might make it less edible, such as applying makeup, you may need to make some adjustments to how your furniture is arranged, even if this is less pleasant for you. The end goal is to get you out of the house as quickly as possible, for the best price that people will offer. A month of two of mild discomfort is easily worth a quick sale for a good price. Soon you will be living in your new home, and maybe you can use some of that cash to improve your comfort there.

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Contact Information

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TeamPicarello
RE/MAX Fine Properties North Scottsdale
21000 N. Pima Road, Suite 100
Scottsdale AZ 85255
Office: (480)860-8733
888-548-8713
Fax: (480)860-8755