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Unique lending options can support commercial investors

When people plan to get involved in the California real estate market, they may be planning to finance their investments in a variety of ways. Some people might be investing cash, while others may use FHA loans or home equity loans to get started buying commercial real estate. There are also special commercial real estate mortgages that are especially designed for investors. Unlike a traditional residential mortgage, these types of loans close quickly and qualifications are based on rental income and investment history. Typically, they offer shorter lending terms and some are designed specifically for short-term financing processes.

Hard money loans are one type of a commercial real estate financing vehicle. They are backed by the value of the property being purchased, and lenders will be interested in its value after repairs and potential on the market. In addition, medium-term and bridge loans are designed for periods of several months to several years and are meant to finance short investments. These loans are not issued by traditional mortgage lenders like those used to finance a home purchase. An investor's application is evaluated on the basis of the investment itself and their history in real estate more than on their credit score.

The challenges of buying a first home

Buying a home is often synonymous with realizing the "American Dream." However, a recent study shows that a home purchase often induces anxiety in first-time buyers.

There are several reasons why people might find buying a new home to be nerve-racking. One reason why people become so nervous when buying a home is that they are unfamiliar with the process and find it to be difficult and confusing. Interestingly, only about 30% of surveyed homebuyers had actually taken a homeownership class before beginning the process of buying a new home.

Tips for selling a home in less time

Selling a home can be an effective way for property owners in California or elsewhere to cash out equity that has accrued in them. Generally speaking, homeowners want to sell their homes as quickly as possible, and there are many different ways that they can accomplish that goal. The first tip is to hire a professional to take photos of the home in an effort to make a good first impression on a buyer.

These photos should then be posted online as this is where most buyers tend to start their home search. It is not uncommon for potential buyers to start looking at properties online before they have hired a real estate agent. However, photographs are likely not going to be enough to attract eyes to a listing. In addition, sellers will need to create descriptions using appropriate keywords that describe the home's best features in a concise manner.

How to make a home more appealing to buyers

Ideally, homes in California will be sold the same week that they are listed. If this doesn't happen, homeowners may need to work with their real estate agents to come up with a new strategy. It's important to listen to what the agent has to say as he or she will have extensive knowledge of the neighborhood and market conditions in general. Therefore, this person will likely know how to price or market the home to move it as quickly as possible.

It's often wise to complete cosmetic upgrades to make the home more attractive to buyers. For instance, a seller could decide to put in new carpet, paint the walls brighter colors or make subtle changes to the bathroom and kitchen. The goal is to make sure that the home looks clean and properly maintained.

Keeping your outside walkways safe for those with disabilities

When you purchased the building for your business, you probably took care to ensure that your bathrooms, doorways and other parts of the building were compliant with the guidelines in the Americans with Disabilities Act. These rules provide accessibility to those who have disabilities that may otherwise make it difficult or impossible for them to do business with you.

However, it is important not to overlook one of the most common places where those with disabilities may encounter challenges: the walkways leading to your entryway from both parking area and also from city sidewalks. A walkway that is not ADA compliant can hinder someone who is disabled, and it also may place that person at risk of injury. Within a building, clear pathways also need to be available.

Getting started in the real estate market

Home buyers in California have many things to consider when preparing to purchase their first home and enter the housing market. There are a number of major decisions as well as a huge financial commitment involved in a purchase of this type. Home shopping can be exciting but also stressful, and many people are concerned about potentially making the wrong decisions. There are some steps that people can take to help make their home-buying process better and more productive for everyone involved.

It can be important to meet with a mortgage lender before getting started visiting homes, making offers or choosing a budget. The bank will provide a preapproval for a mortgage. This can give people a ceiling to their real estate budget. In addition, people can be prepared to make a firm offer with a mortgage preapproval in hand, particularly important in hot housing markets. Showing up with a preapproval helps to make clear that a buyer is serious about committing to a home. At the same time, potential buyers may want to consult with multiple mortgage lenders. By comparing offers for fees, interest rates and terms, people can find the best mortgage before committing to the loan.

Why now can be a good time to buy a home

There are many benefits to owning a home in California or anywhere else in the United States. For instance, it is possible for a person to build equity in an asset while also potentially reducing his or her income tax bill. Despite these benefits, many Americans choose to rent a property instead of purchasing one. In some cases, their reasons may not hold up to scrutiny.

For instance, prospective home buyers may believe that they don't have enough money to put down to purchase a home. However, the only way to determine if this is true is to speak with a lender prior to visiting with a real estate agent. It is possible that a person will not even need to make a down payment to qualify for a home loan.

More young adults buying homes

A growing number of young people in California are deciding to buy a home. For the past five years, millennials have represented the largest percentage of people opting to purchase homes. In 2018, 36% of real estate purchases were made by millennials. Various studies have noted that young adults are entering the property market later than their parents with many choosing to rent or live with their parents. Housing affordability and economic concerns have been a major factor for many young people, especially those living in or near major cities. Many have noted that purchasing real estate may be less of a priority than it was for earlier generations.

However, the enthusiasm that millennials have expressed for entering the real estate market may indicate that the issue is far more simply one of basic affordability. Student loans and credit card debt are difficult for many people to surmount. Even people without much debt may have difficulty saving up for a large down payment. Home prices have continued to rise, especially in popular markets, while wages are generally stagnant. As millennials become more established in their careers and begin to command higher incomes, they are more likely to begin to purchase real estate.

Rental property and complying with ADA rules

If you own a multifamily rental property, you know how difficult it can be to make sure you are doing everything you have to do to maintain the buildings and protect the rights of your tenants. This can be an overwhelming endeavor, and it can be expensive as well. One of the things you may want to consider is adhering to regulations that protect the rights of disabled individuals.

The Americans with Disabilities Act is in place to ensure that people who have limitations still have access to certain things. This includes fair housing opportunities. If you are a landlord in California, you would be wise to take a look at the ADA to see how it may impact your operations. This can help you protect your interests and ensure you do not run into complications down the road.

Profiting in the home real estate market is all about timing

Home ownership is a foundational pillar of the ideal of living the American dream. As a practical matter, the introduction of the 30-year mortgage during the Depression Era made the dream a more realistic possibility for the average California resident, and home ownership boomed after World War II and continues expanding through this day. It was once more common for homeowners to stay in one home for longer periods, but society is now more mobile, and many people trade-up homes to cash in on increasing prices. However, there are some considerations about the timing of when and under what circumstances residential real estate should be sold to maximize profitability.

Personal finance experts often cite what is called the five-year rule for selling one's primary residence: Do not consider buying a house unless it is planned to be kept for at least five years. The primary reason for this is factoring in the transaction costs associated with the sale of a home on both ends. Typically, five years is the minimum time it will take for the value for the property to sufficiently rise to build equity so as to recoup costs and realize a profit from the sale.

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L. Scott Karlin

L. Scott Karlin

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David E. Karlin

David E. Karlin

David E. Karlin is a California attorney with a primary focus on business and real estate, including law and legal issues...

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Michael J. Karlin

Michael J. Karlin

Michael J. Karlin is a Southern California based attorney whose practice primarily focuses on Entertainment Law. Michael began...

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