Home buyers and investors must go beyond traditional listings and explore alternative avenues when finding hidden real estate gems.

These hidden gems are properties with tremendous potential, often overlooked by others. To help you uncover these hidden treasures, we have compiled a list of 10 valuable tips.

By following these strategies, you’ll increase your chances of finding unique opportunities that can lead to a successful real estate venture and save you money to put towards other home expenses.

1. Leverage the Expertise of a Knowledgeable Agent

One of the most effective ways to find hidden real estate gems is by partnering with a skilled real estate agent who knows the local market inside out. Agents can access a vast network of resources and guide you toward properties that may not be widely advertised.

Find an agent who specializes in your desired location and has a reputation for uncovering off-market deals. Their expertise will prove invaluable in your search for hidden gems.

2. Explore Rent-to-Own Opportunities

Rent-to-own arrangements can be a great way to discover hidden gems in the real estate market. In these situations, you can rent a property with the option to buy it later. Rent-to-own properties are often not listed on mainstream platforms, making them ideal for finding hidden gems. Look for rent-to-own opportunities in your desired area and work with a seller open to this type of arrangement. It can provide a unique path to homeownership while uncovering properties that may not be readily available through traditional channels.

However, make sure you understand rent-to-own first. There are intricacies to these types of real estate contracts.

3. Utilize For Sale by Owner Websites

For sale by owner (FSBO) websites are another excellent resource for uncovering hidden real estate gems. These websites connect buyers directly with sellers, bypassing the need for a real estate agent. By browsing through FSBO listings, you may stumble upon properties that are not widely advertised or heavily marketed. Use relevant keywords and filters on these platforms to narrow your search and find those hidden gems that could be your next real estate investment.

4. Tap into Personal Contacts and Networking

Personal contacts and networking are crucial in discovering hidden real estate gems. Let your friends, family, colleagues, and acquaintances know about your real estate goals. They might have insider information about properties not yet on the market or be aware of distressed homeowners looking to sell quickly.

You may find that someone you know is looking to sell their home soon and be able to buy directly from a friend. Networking with other real estate professionals, attending local industry events, and joining online communities can also expand your circle of connections, increasing your chances of finding hidden gems.

5. Explore Vacant Properties

Vacant properties often hold untapped potential. Keep an eye out for houses or buildings that appear abandoned or neglected.

These properties may not be actively listed for sale, but they could be hidden gems waiting to be discovered. Take note of their locations and research the owners or reach out to the local authorities to gather more information. By exploring vacant properties, you might find opportunities to negotiate favorable deals or uncover potential investment prospects.

6. Consider Distressed Properties

Distressed properties, such as foreclosures or properties needing significant repairs, can often be hidden gems for investors. These properties may be available at below-market prices, allowing you to capitalize on their potential value appreciation.

Work with a real estate agent specializing in distressed properties or search online platforms focusing on foreclosure listings. However, conducting thorough due diligence and inspections before purchasing distressed properties is crucial to ensure the investment aligns with your goals.

7. Stay Informed About Local Development and Zoning Changes

Keeping abreast of local development and zoning changes can provide valuable insights into hidden real estate gems. Areas undergoing revitalization or rezoning can present excellent opportunities for finding hidden gems.

Stay informed about upcoming infrastructure projects, new developments, and changes in zoning regulations.

These factors can impact property values and open up possibilities for investment in areas on the brink of transformation. Local government websites, community meetings, and news outlets are great sources of information to stay updated on potential real estate hotspots.

8. Explore Off-Market Deals

Off-market deals are properties not publicly listed for sale but available for purchase. These hidden gems can be discovered through various channels, such as networking, word-of-mouth, or direct marketing.

Look for opportunities like pocket listings, where agents share exclusive listings with a select group of buyers. Additionally, consider contacting property owners directly to express your interest in purchasing their property. Off-market deals often offer less competition and the potential for better negotiation terms.

9. Investigate Auctions and Sheriff Sales

Auctions and sheriff sales can be treasure troves for finding hidden real estate gems. These events provide opportunities to purchase properties at competitive prices, especially if they are distressed or foreclosure properties.

Research local auction listings and attend these events to discover potential hidden gems. However, be prepared and conduct thorough due diligence before participating in auctions, as risks can be involved. Understand the auction process, set a budget, and determine your maximum bid to ensure a successful and profitable purchase.

10. Embrace Creativity in Your Property Search

To find hidden real estate gems, thinking outside the box and embracing creativity in your property search is essential.

Consider alternative property types such as converted spaces, unconventional structures, or historic properties with hidden potential. Look for properties with unique features or in up-and-coming neighborhoods that might offer growth opportunities. Be open to unconventional ideas and be willing to see beyond the surface to uncover hidden gems that others may overlook.

Bottom Line:

Finding hidden real estate gems requires a proactive approach, leveraging the expertise of a knowledgeable agent, exploring alternative avenues, and staying informed about market trends.

Following these tips increases your chances of discovering unique and valuable properties that can become excellent investments or your dream home. Persistence, creativity, and an open mind are key when uncovering hidden real estate gems. Happy hunting!

Retirement is a time when many people start to think about downsizing their living space. Condos are an attractive option for retirees because they offer a low-maintenance lifestyle, a sense of community and often come with amenities like pools, fitness centers, and security. However, there are also downsides to condo living that retirees should consider before moving. This article will explore the pros and cons of condo living for retirees.

Pros of Condo Living for Retirees:

Low-Maintenance Lifestyle

One of the biggest advantages of condo living is the low-maintenance lifestyle it offers. As a retiree, you may not want to spend your time mowing the lawn or shoveling snow. When you live in a condo, the condo association typically takes care of exterior maintenance. This means you can spend more time doing the things you love.

Sense of Community

Condo living offers a sense of community that you may not get when you rent an apartment or live in a single-family home. Condos often have common areas like pool decks, lounges, and fitness centers, where residents can socialize and get to know each other. This is especially beneficial for retirees who may be looking for ways to stay connected and active in their community.

Amenities

Condos often come with amenities you may not get in a single-family home. These can include pools, fitness centers, security, and parking. When you live in a condo, you can enjoy these amenities without maintaining them yourself.

Investment Opportunities

Condos can be a good investment property for retirees who want to generate income. You can rent out your condo and use the rental income to supplement your retirement savings. This can be especially beneficial if you’re moving across the country or to warmer weather and don’t want to sell your condo.

Rent-to-Own Options

Some condos offer rent-to-own options, which can be a good option for retirees not ready to buy a property outright. Rent-to-own allows you to rent a condo for a certain period of time and then have the option to buy it at the end of the lease term.

Cons of Condo Living for Retirees:

Association Fees

Condos often come with association fees that can add up quickly. These fees cover the cost of maintenance, amenities, and insurance. While these fees can be convenient because they cover the cost of maintenance, they can also be a significant expense, especially for retirees living on a fixed income.

Lack of Privacy

Condos often have shared walls, so you may not have as much privacy as you would in a single-family home. You may be able to hear your neighbors through the walls, and they may be able to hear you. This can be especially problematic if you have noisy neighbors and can be a difficult transition if you are used to having much more privacy. 

Limited Control

When you live in a condo, you’re subject to the rules and regulations of the condo association. This means you may not have as much control over your living space as you would in a single-family home. For example, you may not be able to make changes to the exterior of your unit or have as much say in how the common areas are used. Some condos also may have restrictions on things such as pets, so it’s important to research and ensure that any regulations won’t be a problem.

Resale Value and Limited Pool of Buyers

Condos may not appreciate in value as quickly as single-family homes. If you decide to sell your condo in the future, you may not get as much money for it as you would for a single-family home.

The value of your condo will also likely be largely based on the quality of the building as a whole, as well as how much other units in your building are selling for.

If you want to move, you will have to put your condo on the market and find a buyer, which can sometimes be more difficult than selling a single-family home since there is typically a limited number of buyers looking for a condo and it can be difficult to make yours stand out.

Special Assessments

Condo associations may levy special assessments to cover unexpected expenses like major repairs or upgrades. These assessments can be a significant expense and may not be covered by your association fees. This means you could be hit with a large bill unexpectedly, which can be especially problematic for retirees on a fixed income.

Considering condo living as a retiree, it’s important to weigh the pros and cons carefully. For retirees looking for ultimate flexibility, renting may also be a viable option to consider. Consider your lifestyle, budget, and long-term goals before making a decision. It’s also a good idea to talk to other retirees who have lived in condos to get a better sense of what to expect. With careful planning and research, condo living can be a great option for retirees looking to downsize and enjoy a low-maintenance lifestyle.

Buying a home with someone else, whether it’s a spouse, partner, or friend, can be a great way to split the costs of homeownership and share in the joys of decorating and living in a new space.

However, it can also lead to disagreements and challenges when trying to agree on everything from the location to the price to the style of the home.

Buying a house before marriage is the perfect example of two people who can end up disagreeing on simple things when tastes clash.

Here are 10 tips for compromising when buying a home with someone else:

1. Set a budget and stick to it

One of the biggest sources of disagreements when buying a home is money. It’s important to set a budget together and agree on a price range you’re both comfortable with. This will help you avoid overspending or being tempted by homes outside your price range.

2. Consider the location carefully

If you’re buying in an expensive area, you may need to compromise on the size or style of the home to stay within your budget. Discuss your priorities and decide what’s most important to both of you regarding location, such as proximity to work, hospitals, and shopping. If you’re moving with kids, you’ll also want to consider the school district. 

3. Communicate openly and honestly

It’s important to have open and honest communication with your partner. Be clear about your needs and wants, and be willing to listen to the other person’s perspective. This will help you avoid misunderstandings and make compromises that work for both of you.

4. Be willing to compromise on style

If you have different decorating styles, it may be challenging to agree on the look and feel of the home. Try to find common ground and be open to incorporating elements of both styles. You may also want to consider hiring a decorator to help you find a style that works for both of you.

5. Hire a real estate agent

A good real estate agent can help you navigate the buying process and provide valuable insights and advice.

They can also help mediate disagreements and negotiate with the seller on your behalf. Just be sure to choose an experienced, trustworthy agent who doesn’t charge an excessive commission.

6. Be flexible on the timeline

If one person needs to move long-distance, for example, adjusting the timeline for buying a home may be necessary. Be willing to be flexible and make adjustments as needed to accommodate both of your schedules and needs.

7. Make a list of must-haves and nice-to-haves

Prioritize your needs and wants and make a list of non-negotiables versus things that would be nice to have but aren’t essential. For example, if you have pets or kids, having sidewalks may be essential. On the other hand, if you don’t tend to spend a lot of time outside, not having sidewalks may not be a dealbreaker. This will help you focus on what’s most important and avoid getting sidetracked by minor disagreements. 

8. Take turns compromising

When you hit a roadblock or disagreement, try taking turns compromising. For example, if one person is set on having a large backyard, but the other person is more focused on having a large kitchen, you could take turns compromising on those features.

This could involve the first person giving up their insistence on a large backyard in order to compromise on a larger kitchen, and then the second person later compromising on something else that the first person is more concerned about. This approach helps to ensure that both parties feel heard and that you can both get some of what you want, while also avoiding a situation where one person always has to compromise more than the other.

9. Get pre-approved for a mortgage 

Getting pre-approved for a mortgage can help you avoid surprises and give you a better idea of what you can afford. This can also help avoid disagreements over finances later in the home-buying process.

10. Keep an open mind 

Finally, it’s important to keep an open mind throughout the entire process – from house hunting to closing day. Be willing to consider different options and be open to compromise. Remember, you’re buying a home together, so making decisions that work for both of you is important.

Buying a home with someone else can be a great way to achieve homeownership and share in the joys of creating a home. However, it’s important to be aware of the potential challenges and disagreements that can arise.

By setting a budget, communicating openly, and being willing to compromise, you can navigate the homebuying process and find a home that works for both of you.

Remember, buying a home together is a partnership, and it’s important to work together and make decisions that benefit both parties. With these tips, you can turn your dream of homeownership into a reality and enjoy the benefits of sharing a home with someone you care about.

Costs Not to Forget When Buying a House

The residential real estate market is booming. Although real estate is a traditionally attractive investment because of the potential for high returns, and owning property is considered a fundamental part of living the “American Dream,” historically low-interest rates and a wave of first-time millennial homebuyers have led to fierce competition.

Bidding wars on houses are happening all over the country right now and have been for a while.

However, you shouldn’t buy a house just because everyone else is doing so. After understanding the true costs involved, you may not want to become a homeowner. 

The cost of homeownership has skyrocketed because of high demand, limited inventory, inflation, and supply chain issues. Market forecasts predict that the housing market will continue to grow in 2022, albeit at a slower pace. 

A home costs more than $15,000 a year in non-mortgage expenses on average, and a majority (52%) of homeowners say annual expenses took them by surprise, according to Clever Real Estate’s True Cost of Homeownership survey. Additionally, 3 in 5 say they’ve experienced buyer’s remorse.

From maintenance and emergency repairs to property taxes, there are several hidden and surprise costs that prospective buyers should consider before closing.

Maintenance and Upkeep

One of the benefits of renting is that your landlord typically takes care of the property’s maintenance and upkeep.

However, as a homeowner, recurring expenses such as landscaping, gutter cleaning, pest control, and pool care all fall on you – and it can get pricey.

One-third of homeowners in the True Cost of Homeownership survey say they spent $5,000 on maintenance in 2021, not including emergency repairs.

These responsibilities are also time-consuming, with homeowners indicating that they spent nearly 20 hours a month on painting and fixing plumbing, electrical, and roofing problems, as well as appliances.

Repairs and Renovations

In a competitive housing market, a growing number of first-time buyers would purchase a fixer-upper to get a better deal. More than 4 out of 5 millennials say they’d buy a house in need of major repairs, but 1 in 4 who do so regret it, according to Real Estate Witch’s 2022 Millennial Home Buyer Report. 

Structural problems, a leaky roof, termites, and mold are just a few hidden flaws that buyers may not notice during a walk-through. That’s why a home inspection is important to include in your purchase agreement, but many buyers are foregoing that contingency to make their offer more attractive. 

However, more than 40% of homeowners say they would have negotiated a better price or more contingencies if they had realized the actual cost of homeownership, according to the True Cost of Homeownership survey. 

If you’re buying a fixer-upper, having a good real estate agent is imperative. A Realtor’s responsibilities are many, and negotiating on your behalf is a big part of the job. If a home inspection reveals damage you’re not aware of, an agent can ask the seller to pay for repairs before closing or offer you money so you can fix it yourself.

If a house will take thousands of dollars to repair, it may be wise to keep looking or build a home from scratch. There are ways to build a house cheaply, and with all new systems and appliances, you shouldn’t need to make major repairs for quite some time, potentially saving you money in the long run.

Utilities, Insurance, and Taxes

Utilities, homeowners insurance, and property taxes aren’t necessarily surprising expenses, but the actual cost can be shocking. Homeowners’ insurance costs an average of $1,680 each year. Moreover, homeowners spend about $2,000 more on utilities each year than renters because larger living spaces require more energy to heat and cool.

Property taxes vary by state and are heavily influenced by a home’s value. The most expensive property taxes are in New Jersey, where they cost approximately $8,400 annually. Alabama, on the other hand, has the lowest property taxes at around $600 per year.

Mortgage Costs

Most homeowners have a mortgage, but the monthly amount can take some by surprise. About 1 in 4 millennial homeowners say they regret that their mortgage is too expensive, according to the Millennial Home Buyer Report. 

Buyers are typically advised to make a 20% down payment, but with rising home prices, that’s become more difficult. It isn’t mandatory to put down 20%, but if you put down less, you’ll also need to pay private mortgage insurance (PMI), which is meant to protect the lender and alleviate some of the risk if you stop making payments on your loan. 

Pro tip: Getting a side hustle can help you earn extra money to put toward a down payment if you want to avoid PMI.

It’s normal for first-time home buyers to ask questions before submitting an offer or signing a loan. Choose a Realtor and a lender who can explain all of the potential expenses in your monthly mortgage payment.

Buying property is a great investment, but sometimes owning a house — especially the wrong house — is more trouble than it’s worth.

Homeownership is a big financial decision, and it requires proper planning and budgeting. To make a purchase you won’t regret, make sure you have enough money set aside for regular expenses, as well as unexpected costs. 

Most first-time home buyers are a bit overwhelmed with the amount of stuff that is needed for their new house.

While it may seem absurd, since they have been living for a while and have accumulated a lot of stuff, there are still quite a few items that new homeowners overlook.

The following collection points out the necessities that will be needed for a home to be functional and make the owner feel prepared for the majority of situations that arise.

Cleaning Supply

Some of these will be items that you may have on hand if you have been living on your own for a while.

But if you are moving to your first-ever spot away from home, you will need to have several things available for day-to-day cleanliness. You should have separate moving boxes for these items.

• Broom and dustpan
• Mop
• Mop bucket
• General floor cleaner
• Paper towels
• Sponges or scrubbing pads
• Rubber gloves if you have sensitive skin
• All-purpose cleaner for hard surfaces (sinks, toilets, countertops, etc.)
• Window cleaner for windows, mirrors, and light fixtures
• Scrubbing brush for toilets
• Duster with a long handle to reach higher corners and ceiling fans
• Vacuum (if the new home has carpet)
• Carpet odorizes (again if the home has carpet)
• Garbage bags
• Dishwashing liquid

This should be enough to keep the house clean and ready for your first group of visitors. If you like to have a nice aroma in the home, you should also consider scented candles or odor eliminators that plug in the wall.

Flashlight

Owning a home means you might have to crawl under the home or climb up in the attic, or both, to check on some kind of issue or investigate a weird noise. And there is always the chance that a power outage will leave you in the dark.

Most local stores will have inexpensive flashlights. Pro tip: get some small, circular stickers and place them on the bottom of the flashlight with the date that you bought the batteries. Make a note, on your calendar, to check the batteries every 6 months.

Smoke Detector

Along with keeping a home clean, you also want to protect yourself and your loved ones in the event of a fire or carbon monoxide leak.

Make sure to have a smoke detector in the kitchen as well as in each bedroom.

It is wise to spend the money on devices that can alert you to both smoke and carbon monoxide, to save space and money on batteries.

Along with the note on your calendar for the flashlights, also check the batteries in the smoke detector at the same time.

Lightbulbs

One thing that most people underestimate with a new home is the sheer number of light bulbs that will be needed.

Consider for a moment that the kitchen will likely have multiple lights, and each bathroom will likely have at least one fixture with multiple bulbs. Add to that the number of bedrooms, the living room, the dining room, and don’t forget the garage and rear deck.

In just a few rooms, you may need a total of 12 or more light bulbs. And they may not be the same size or wattage, so you need to check the current bulbs to get the right design and the correct wattage.

Curtains and Window Coverings

Most people like to have a bit of privacy in their home, regardless of what they are doing.

For this reason, it is a good idea to have some type of curtains and possibly some blinds or shades.

These items will depend on the overall color scheme of your furniture and decorations as well as your personal preference.

Small Kitchen Items

There are a few items that will be necessary for the kitchen to keep things safe, tidy, and functional

First, get a reliable can opener. Whether you choose the old-fashioned manual kind or an electric version, being without a can opener when you need one can be extremely frustrating.

If you have the extra money, consider buying one of the under-cabinet varieties. This puts the appliance in one spot and you always have access to it, plus it clears up countertop space.

The next item that a kitchen will need is some type of garbage can along with the liners. Between cooking and eating, the kitchen is the main room in a home that has the biggest need for a garbage can. Choose one that complements the appliances and still maximizes space at the same time.

Finally, you really should consider a small fire extinguisher to keep in the kitchen. Even if you don’t have a gas stove, there are lots of ways that a fire can start in a home. Grease fires are quite common, especially for people that are new to homeownership. These fires can spread quickly and do a lot of damage in a short amount of time.

Door Locks

You just bought your first home and the real estate agent hands you the key! What an exciting moment in your life! However, throw away the key and replace the locks on all the exterior doors.

There is no way to know how many people had a key to your existing home. From previous owners to relatives to ex-girlfriends and ex-boyfriends, there could be a lot of keys floating out there.

It is best to start on a new page with fresh locks and new keys. This puts you in control of who can enter your home and who is locked out. And it will provide a small piece of security knowing that you have your home under lock and key.

Securing the Home

Along with the new locks mentioned above, it is a smart idea to install some sort of security system to scare off intruders.

It can be as inexpensive and simple as alarms on the windows along with one of the modern smart doorbells or it can be as lavish and expensive as one of the wireless monitoring systems with multiple videos and a monthly service that alerts the authorities.

Whichever route you go, pay special attention to the windows that face the road along with all the exterior doors. These represent the most vulnerable and often targeted spots on homes.

Small Toolbox with Tools

When you move into a home, you find yourself doing a lot of manual labor tasks. Hanging pictures or mirrors, repairing a damaged light fixture, attempting to stop a leak in a bathroom and a lot of other items require some basic tools.

Now is a time to invest in a toolbox. Get a simple, sturdy box and add the following items

• Hammer
• Pliers
• Adjustable wrench
• Various sizes of screws and nails
• Tape measure
• Small carpenter’s level
• Flathead screwdriver
• Phillips head screwdriver
• Nut driver with adjustable head
• Utility knife

This basic kit should be enough to handle most of the simple household chores and home maintenance you will encounter when you move to a new place.

Locking Storage Box

While some families might need a large safe to store family jewels and other important items, most people can simply get a locking storage box.

After buying a home, you will have a deed, some mortgage papers, and home insurance documents that need to be kept in a safe space. You will likely also want to draw up a will in case something happens to you or your significant other.

A locking storage box is a perfect place to store these documents.

These boxes are much cheaper than a safe and easier to transport, and much easier to store in a closet or under a bed.

The box should be fireproof and give you enough room to store the above items comfortably.

Shower Curtains

A shower curtain does a couple of things to help you out.

First, it gives you some privacy while you are getting cleaned up.

Secondly, it keeps the water in the tub and protects the bathroom floor from a flood.

Plan to get a crisp, new curtain for each bathroom. Since you have no idea how long the old one has been in the home, it is a good idea to throw out all the old ones along with their germs.

If you have a decorative streak in you, you may choose to hang double shower curtains. One curtain is designed to keep out the water and hangs on the inside of the tub. The other curtain, which faces out into the bathroom, can be a solid color, a pattern, or just about anything you can dream of to match the bathroom décor.

Supply of Batteries

It seems that a home is always in need of at least one or two batteries. The smoke detectors and carbon monoxide detectors that were mentioned earlier will run on batteries. So will the flashlights that we discussed previously.

If you have a TV, there will likely be a remote that needs a battery or two.

Some thermostats run on batteries, instead of electrical power from the home.

Needless to say, you will need a few backup batteries in various sizes after you move into your new home.

Clothes Hanger

You most likely have lots of clothes on hangers now. But you will be surprised how often you find yourself looking for a hanger.

Super cheap plastic ones can be purchased in bulk at several stores and online.

If you have a nice suit or evening gown, you may want to get at least one wooden hanger. Wooden hangers help clothes keep their original shape, and they last much longer than the cheap hangers.

Plunger

This tool is only used in case of a very nasty bathroom situation, but it is very handy and extremely useful.

Most hardware stores and general department stores will have these in the bathroom section, typically for a low price.

There is a difference between a plunger intended for the bathroom toiled compared to a plunger intended for a kitchen sink. Compare the two and make sure to get the right one. You don’t want to mix them up if you have two in your home.

Laundry Items

You want to make sure you have a place for dirty clothes before they head to the wash. And you may want to have a separate item to move the clothes.

Most people like to have at least one large basket or container that is used for dirty clothes. Some people also like to have a basket for moving clean items from the dryer to their destination for folding.

If you have several people living in your home, you may want to have multiple dirty laundry containers, and designate them for outer clothes, undergarments, towels, and bed linen. This makes separation a breeze and easier to process multiple loads of laundry.

You will also need some laundry detergent and stain remover for those unexpected accidents. If you like some clean fragrance to your clothes, you may also like to get some add-in items to combine with the detergent to help with the aroma of the clothes.

Finally, you want to have some static guard sheets for the dryer. This prevents the build-up of static electricity on the clothes.

Front Door

Some people like to have a simple mat at the front door that reads Welcome. Others like to have something that speaks to their hobbies or interests, such as their pets, their enthusiasm for race cars, or their love of planting.

Some people like to have an entire theme at the front door. A small chair, with a few plants, and a sign above the chair with a whimsical expression are pretty common fare.

Whatever you choose, keep in mind that it will be seen by anyone that comes to your doorstep. This includes your old college buddies, your siblings, your parents, and your neighbors.

Final Thoughts On Things To Buy For Your New House

This list should get your home stocked with necessary items that you will use for as long as you own a house. Having these things on hand will help you take care of most tasks and make the whole process of homeownership much easier.

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