Informative Tips for First Time Boat Buyers

Boats saleThe excitement of owning your first boat will quickly subside if you are not informed about this very important long-term buying decision. Many first time boat buyers can not wait to cruise the high seas in their new boat, to find out that they are sinking more money into this craft than they ever imagined. Not only that, the time commitment can often turn excitement to frustration in short order.

If you have a new boat on your bucket list and before you head out to that boats sale, then consider these informative tips for first time boat buyers before you take action.

Consider Asking Price vs. Selling Price
Just like buying a car or shopping at a garage sale, the asking price on the boat does not necessarily mean it is the selling price. If you assume you are getting a deal and just pay up the money, you could be throwing away hundreds if not thousands of dollars. Do your homework and compare prices to similar boats that have sold in your area, then just come out and ask the seller if they would take less.

Test Drive Your New Boat
While it might be impossible to test drive the actual boat you want, it doesn’t mean you can not set aside some time to go boating and get the feel for being behind the wheel. Many local marinas have boat rentals available, so choose one close to the size you are shopping for and get out on the water and see how it feels. If after a few trips you still have to get your own boat, at least you know that this is not just a passing phase.

Consider All the Costs of Owning a Boat
The cost of a boat is more than just the selling price. Once you take ownership, you have to fork out money for permits, licenses, and insurance. To maintain the boat you have to pay a mechanic to keep it water ready, you have to pay for storage at the marina or buy a trailer to haul it home after each trip. Then you have the cost of fishing gear, safety equipment, fuel, repairs, and anything else to support the activities you plan to engage in.

Take a Boating Safety Class
Many communities offer classes on boating safety, it would be in your best interest to sign-up and get informed before you take anyone out on the water. Even the most experienced boaters have come in contact with a rogue wave or fast approaching storm that caused problems for them on the water. If you are not prepared, things can get bad in the blink of an eye on the open seas.

Consider a Smaller Boat
Many people who had to buy that first boat can not wait to sell that boat and get out of the deal after they lose their affection for boating. Rather than sink all your money into boating, go for a smaller boat as your first one so in case you do change your mind you can get out of it easier. If you love boating, then you can easily upgrade to a bigger boat anytime.

6 Tips for the Real Estate Investor

Charleston SC homes for saleProperty investing is significantly different from investing in shares, bonds and stocks and it can be overwhelming to new investors. If you are one among those, knowing the below six key elements can be vital to deciding your success in real estate market and how well you achieve your desired goals. So, check out this info from our friends at Charleston SC homes for sale – Premier One – Real Estate for Everyone:

  1. Choose the right property

Investing in real estate is generally all about capital growth, thus picking a property that’s more likely to boost in value is an essential decision you’ll make. If the property is near to a CBD, public transport, universities or schools, it is very likely to grow by a lot more than the average in a steady market and is likely to retain it’s value in a down market. As a new investor, a condo that’s near a university or public transit is a good move.

  1. Evaluate the tax situation

Taxation is an integral element of effective and successful real estate investment, and it often makes the difference between a positive and a negative cash flow. Completely assess the current tax situation, and find out how it could be manipulated to your benefit.

  1. Realize the exact costs going in

Be aware of financial statements back to front. What exactly are operating expenses? What are vacancy costs? Loan payments? Taxes? These are a few key issues that must be sorted out before investing in real estate.

  1. Don’t get over-extended

People usually run into trouble when they commit too much initially, believing they could recoup quickly. So, start small and do not invest funds that eat out of your current savings. Investing in real estate in the beginning must be a supplement to your current plans and definitely not a replacement. Eventually, if you see amazing results, you can always re-evaluate.

  1. Inspect
    Ensure that you always perform a detailed inspection of the property or home before purchasing it. In most cases, hiring qualified inspectors to look at the structural / architectural mechanical system could be a sound decision.
  2. Consult with the Experts

If you are a new investor, don’t do it yourself. There are many real estate experts available who could help you make a beneficial and good choice. You may want to consult a real estate agent, mortgage broker, financial planner, tax expert, lawyer and other people who’ve already invested in real-estate.

Hopefully the tips above can get you started in the right direction towards a positive cash flow.  Read more on investment in real estate:

Why Real Estate Rebates are Good for Consumers

real estate rebatesReal estate rebates are monetary rewards given by the real estate agent to the homeowner at the close of their property. These rebates are used as an incentive to work with particular real estate agents, and they offer numerous benefits to the homeowner. Not only can the size of the rebate be negotiated, it comes in many forms other than simply cash at closing.

Here are some of the reasons real estate rebates are good for consumers and why you must inquire about them before you sign a real estate contract with an agent.

1. Cash at Closing – Whether you sell your home for a profit or not, a home selling for $300,000 could put $3,000 in your hands at closing. This money can go a long way, especially if the closing funds are tied up by the lawyers for days or weeks after the close of the house.

2. Free Services During Sale – Homeowners have plenty of added expenses that start mounting as the closing approaches. Money for moving expenses, inspections, and repairs, can drain a bank account quickly. Many real estate agents will offer to pay for these services out of their commission as a form of real estate rebate, freeing up your obligations and money to use elsewhere.

3. Ability to Negotiate – Choosing a real estate agent to sell a home can be challenging if you have nothing to compare one agent to the next. The real estate rebate can make that choice easier, choosing an agent who is going to pay you $3,000 to sell your home versus one that does not offer any incentives.

4. Competing in a Tough Market – When there are several houses for sale in your area at the same price and you can not afford to drop any lower, the real estate rebate can be leveraged to help you compete and gain more attention from potential buyers. If you know at closing you are getting $3,000 in a real estate rebate, you can drop the price of the house $3,000 under fair market value and get the lion-share of traffic in your home.

5. Closing the Deal Faster – If an agent is offering you a real estate rebate, they are obviously making less money. This is a huge incentive for them to close a deal faster, which means you get out of the house and on to the next phase of your life quicker.

The benefits of the real estate rebate for the homeowner are numerous, be sure to inquire with any potential real estate agent before you sign the contract to see how much of a rebate they offer.