Health & Fitness
The Real Estate Deal
Some people think that the only thing that defines a "good deal" is price. But there are many other factors just as important.
Everyone loves a deal, right? Sure we do, especially in real estate. A deal may look different for different kinds of buyers. I would encourage real estate buyers to keep their eyes on the goal when evaluating a deal.
Investors generally know what they want. It is usually cash flow and/or equity increases. Investors look at returns after operating expenses and debt service. One more tricky aspect may be trying to guess which property has the most potential for increasing in value.
The folks I am thinking about today are really the buyers that are looking for a personal residence. I have never worked with a client that didn’t want a good deal. It is the American way. The good deal is especially important in times when the buyers think the property values may still be declining (I am not saying that is the case now.) I have seen buyers spend hundreds of hours surfing the web, running spread sheets and putting their lives on hold for months and months looking for the proverbial deal. It is fun, for a while.
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A deal will be a good price for sure, but is that the end of it? No, it isn’t. If you are planning to live in the property you buy then it needs to meet your needs. Assuming a seven-to-ten-year time horizon, minor price mistakes will take care of themselves. A year after you move into your new property you probably won’t remember what interest rate you got. Are you buying the home that fits your lifestyle now and will it fit your projected lifestyle in five years? Is it a safe location for the kids? How about driving distance to work? Are you overlooking an inferior location because of the interior appointments? Is there room in the back yard for the kids to play, or maybe a great neighborhood center? What is the general age of the population in the neighborhood and is it a match for your family?
Some of the things I love about Laguna Niguel, besides the views, are the awesome neighborhoods, HOA amenities, community parks and many cul-de-sacs. Why cul-de-sacs? Because my wife and I had four kids who always played in the street, even when we owned a quarter-acre lot big enough for a soccer game. Many neighborhoods in Laguna Niguel are within walking distance of nice parks or hiking trails. Please keep all these things in mind when you are looking for that illusive deal and you will really get the deal you want.
