Come See Your Next Property...It's On Tour!!

Continuing my series on the steps to buying a home or investment property with Step 4: Touring the Property. So you found a Realtor you would like to work with in finding your next home or investment property. Great. Now it's time to tour! By now you have carefully compared a list of homes or properties you have found via your Realtor, by searching websites on your own, or while traveling around, and have narrowed them down to a focused few to check out.

So where to begin? Get organized! Work your list into areas to save travel time. Use youe Realtor to find out what the showing arrangements are. You can't just drive up to a property, knock on the door and ask to see the home. Everyone has lives and need advance notice. (A Seller's listing agent should have primed them to never allow anyone inside without notice.) Your Realtor will set this up for you. A listed property may have anywhere from a 24 hour notice to slightly longer, especially if it's a multi-unit as owner and tenants need notice that you will be coming.

In looking at these properties, it's important to scrutinize and make notes to yourself. These will become valuable later when comparing, plus you may have additional questions that cannot be answered in that first visit. And don't be afraid to ask to go back. Ask questions such as: Does it have enough storage space for you? Will it cost a fortune to heat? Why do the sellers want to move? When was it built? How new is the roof and heating/ventilation system? A good Realtor will be able to point out questionable issues that may need further review by you or another professional. For Investors, A good Realtor will have information about investment calculations as well. Assuming you have had an in-depth conversation with your Realtor as to your needs and desires, he/she will be able to offer insight into how this property may or may not work for you. Your agent will notice things you may not have noticed, and they should be more objective, so use him/her as your sounding board! In homes, it's important to overlook such things as how the furniture is arranged currently or the color of the walls. All of those things can be changed. In investment properties, overlooking how tidy a tenant keeps their apartment if they are paying their rent in full and on time is important. Yes, we would all love a "move in ready" home, but our tastes are different so what the current owner has done with their decor may not be enticing to you but again, it can always be changed. You should be on the look out for structural issues, water damage or what's lurking behind the facade. Keep your list of the "Pros & Cons" handy to compare to your "Wants & Needs" list for your family or your business.

Some additional questions to ask should include finding out how long the home has been on the market as this can become a valuable negotiating factor. Is it priced right? Your Realtor will help you with this by pulling comparables for you. Review what repairs will need to be made vs those you may want. While some issues may not come up until a formal inspection is done (that process typically happens after an offer is accepted), your eye can be a good initial judge of any issues.

It's very easy to fall in love with a home as you tour it, but a Realtor is your valuable source for objectivity. While they will point out the positives they will also point out the potential negatives and tell you when you should just walk away from something. If you're looking at an investment, objectivity prevails...and the calculated return will help you decide.

So...you found it! What next? Make them an offer they can't refuse!! Stay tuned for that next step that will help you to make a strong offer. Thanks for reading and sharing....Gary