HELPING FAMILIES WITH CHILDREN UNDER 18 MOVE

 Moving families with children under the age of 18 brings its own set of specific needs and considerations that requires a thoughtful approach on the part of the real estate agent.  Listening plays an vital role in establishing trust and defining you as the knowledgeable agent.

Let us examine three things which families with children under 18 are looking for when purchasing a new home.

1. The "I needs" - Most often people begin with "I need, or I am looking for a..." and they go on to describe the type of home they want to purchase.  On average the "I need" of a family with children is a single-family home with 4 bedrooms and 2 full baths.  They are looking for a home that is about 2,100 square feet. 

2. The Neighborhood - Recent surveys show that 53% of buyers consider a neighborhood based on the quality of the school district.  Also, 50% consider the convenience to schools as well.

3. Day Care - Families with children under school age consider the proximity of Day Care facilities to work and home.  Similar surveys show that 26% of buyers delayed home buying due to childcare expenses. 

Today's housing market makes it critical for real estate agents to become thoroughly familiar with the community they serve.  Easing the concerns of buyers with children under 18 will go a long way to reduce stress and anxiety for these families.

 

IN CASE OF A NATURAL DISASTER ...

 For those of us who live in Florida or along the eastern seaboard of the United States, it is hurricane season.  Nature unleashes it full fury with a combination of wind and rain, inflicting severe hardship and damage in its path.  In other areas of the United States, heavy rains create flooding, mudslides and infrastructure damage.

As a homeowner it is essential to have a long term plan for your home for such emergencies.  "In 2020 alone, 980 events caused losses and established economic loss from natural disaster was $268 billion worldwide," according to Brad Cummins, Principal Agent at Insurance Geek, LLC.

Here are some steps you can take recommended by Cummins.

 1. Check your homeowner's owners insurance coverage to determine how much insurance coverage you need.

2. Prepare your home's exterior by securing any loose items that may become projectiles in heavy winds.  

3. Create an emergency kit to include a portable radio, extra batteries, fresh drinking water and medical supplies.

4. Have a communication tree to let family and loved know of your well-being or where you are relocating to during the disaster.

5. Prepare your finances by creating an emergency fund to cover unforeseen costs should you need to evacuate your home. 

"In doing these few simple steps you can minimize the damage an emergency may cause and ensure that you and your family are safe", notes Cummins 

   

TERMINATING A REALESTATE CONTRACT

Should the need arise, is it possible to terminate a real estate contract?  

When it comes to cancelling a real estate contract there are two terms you need to become familiar with: release and terminate.

Release - A release is an action the seller and the buyer must take together. Should the buyer not have cause to terminate the contract, the seller can agree to release them in exchange for forfeiting say the earnest deposit. 

Terminating -This something one party does when they have a legal right to do so when a contingency is not fulfilled.

Most states afford the buyer many opportunities to legally back out of a purchase agreement.  A typical real estate contract provides several contingencies which affords the buyer a legal way to terminate the contract and receive a refund for the earnest money.

It is important to carefully review the purchase agreement and take note of all the deadlines established.  Missing deadlines could cause the buyer to forfeit their right to terminate the contract.

Bottom Line: Be sure to include your real estate agent and your attorney in any discussions before terminating a real estate contract to protect your legal interests.  

 

REAL ESTATE INVESTMENT FOR BEGINNERS

 Looking to move into the world of real estate investment, but are not certain where to begin?  Let me offer a few hints that may be just what you need to move you off the mark and get you to purchase your first real estate investment.

1. Have a plan - It is not enough to want to purchase investments, but you need to know the "why" you are doing it and "what" is your short term and long-term goal.  This will help guide your decisions as to which properties to purchase, hold, or flip.  Also, it is important to determine what type of properties you want - residential, commercial, or vacant land - in your portfolio.

2. Funding source - Will the source of your funding be private or institutional?  Will you collaborate with private backers or create a family fund source?  How much will you be investing in the properties.  

3. The Four "Rights"- Consider these four "Rights" when you activate your investment strategy.  

   A. Right property - Does the property fit your profile of ideal properties for investment.

  B. Right location - Is the property near needed conveniences to make the property attractive to renters and investors. 

 C. Right time - Real estate ebbs and flows and as an investor you need to be fully aware of where you are in the cycle.

 D. Right Price - What will be your ROI (Return on Investment) on the property when you rent it or sell it?  Will you and your financial backers realize a healthy return from the investment property.

4. Work with a Realtor(s) - Team up with a real estate agent in the area where you want to invest and let him or her know from the start your investment plan.  They can help identify properties in their area which meet your criteria and give you multiple investment opportunities over the course of your relationship.

There are numerous books, and You Tube videos on real estate investing currently available.  The key thought in all these sources is you need to make your first investment.  Real estate investing is a learning process, and you will find the more times you make an investment; the more you will learn about real estate investing.