We recently came across some helpful tips from real estate expert, Eric Tyson. He was once a financial advisor for a Fortune 500 company, and had a personal writing career take off in the 21st century. The interview was featured on the “Eye on Real Estate with Dottie Herman,” CEO of Elliman, on the morning of June 2nd. You can read Ms. Herman’s biography by clicking here.
Tyson assisted in writing the book “Home Buying for Dummies & Real Estate Investing for Dummies” and the reasoning behind writing this book was because he felt that “a lot of the information that was out there frequently was written by well intentioned journalists, but journalists who didn’t really have that in-the-trenches perspective.”
Here is a list of Tyson’s Ten Tips:
1) Be wary of solicitors. Banks and insurance companies often try to sell unnecessary products and services. People should carefully review and actual financial benefits before making any purchases.
2) Hire an effective financial planner. Financial planners can help you plot a course for the most effective use of your money.
3) Investigate and hire an effective team of real estate professionals. You should always research and investigate before hiring a real estate agent, mortgage person, and insurance company. “Learn enough so that you can evaluate these people and make a good hiring decision,” says Tyson.
4) Consider refinancing. With mortgage rates so low, it can be a great time to refinance your mortgage. When considering an offer, analyze how long it would take you to make up an fees to determine the effectiveness.
5) Set up automatic payments. It is extremely helpful to insure again late or missed payments, which can be detrimental.
6) Set cash aside. Many find it helpful to have enough for three months of living expenses.
7) Buy a classic life insurance. These policies often work better than mortgage insurance based on the income you would receive.
8) Do not be afraid to protest tax assessments. “Sometimes local towns and municipalities get it wrong,” says Tyson.
9) Hold on to home receipts. They will be very helpful when it comes time to sell. Selling at a profit will help minimize the capital gains tax.
10) Enjoy being a homeowner. When you ensure you buy a home within your comfort level, you can enjoy the process more and be comfortable in your status as homeowner.
All great tips, and as a reminder, don’t forget to interview at least one experienced local real estate broker when buying, renting or selling your home.
Editor’s Note: The idea behind this post originated with Elliman. They also provided us with some of the content.