Buying

The King Team helps make the Buying experience enjoyable.  You are the boss, we are here to provide a complete education on the area, the market, buying strategies, and perhaps most importantly we are here to protect our interests! We look forward to the challenge of finding the ideal property for you.

Homeownership is the largest source of wealth among families, with the median value of a primary residence worth about ten times the median value of financial assets held by families. Housing wealth (home equity or net worth) gains are built up through price appreciation and by paying off the mortgage. At the national level, a homeowner who purchased a single-family existing home 10 years ago would have gained $225,000 in home equity if the home were sold at the median sales price of $363,100 in 2021 Q3. * (National Association of REALTORS)

Renters miss out on equity, mortgage interest deductions and the long-term economic advantages that come through wealth-building. A home is a significant purchase and can be expensive initially, but when contemplating the fees and benefits you miss out on with renting, buying a home is almost always a better investment in the long run.

Another key factor to consider is household wealth among homeowners is a whopping 1,469% higher on average compared to renters, excluding home equity, making the allure of homeownership even more enticing. *(Forbes Magazine)

1. Ask your REALTOR how long they have been in the business. 5 years+ is the right answer!
2. Ask your REALTOR if they work full-time and what their hours are. Many REALTORS work part-time and don’t work nights or on the weekends, which can be VERY problematic. You need a full-time professional!!!
3. Ask your REALTOR how many homes they have CLOSED in the last 12 months. The answer should be over 20 if they you want them to be on-top of market conditions. 85% of homes are sold by 15% of the REALTORs in the market. Many REALTORS sell less than 1 home a year!!!
4. Ask your REALTOR for a Buyer’s Consultation to discuss your needs, market conditions and buying strategies. 
5. When you are considering a home purchase ask the age of the roof, the furnace, the hot water tank and the septic system (if the home is running on septic).
6. Ask how long the home has been on the market. A home that has been languishing on the market – often has a Seller that is more apt to negotiate the price and the terms of the sale. 
7. Ask your REALTOR if there are any known home defects. Also ask if the Seller has provided a Home Disclosure or Home Information document. 
8. BEFORE YOU SUBMIT AN OFFER…ensure that the home is priced right! Ask your REALTOR to provide you with a reverse CMA (comparative market analysis) of sold homes in the area. What people have paid for similar homes in the last 6 months will guide you in making a starting offer and stop you from over-paying for a home. 

There are only so many lake homes available, and this level of scarcity combined with high demand can make lake property or lakefront real estate a wise investment.

What Are the Top Questions I Should be Asking When Considering a Lake Home Purchase…

1. What is the water quality of the Lake?
2. Does the lake level fluctuate, by how much & who controls this?
3. Who owns the lake, who owns the dam? 
4. Will the property I am interested in have year-round water?
5. Is there a Lake Association and if so what are the dues and the bi-laws?
6. Will the lake home require flood insurance? If so obtain an insurance quote.
7. What is the shoreline like in the summer months? Depth, weeds, water traffic etc.
8. What types of water vessels are allowed on the lake? 
9.  Find out if the property you are considering has deed restrictions – as for a copy of the deed and read it! Look for restrictions on use, property easements, rights-of-way, shared property, water rights.
10. Is the property that I am looking at part of a Condo or Home Owner’s Association? If so ask to look at the Covenants, Bylaws, Rules & Regs. 

• If you’re looking to break into real estate investing, you are in good company….the growth potential for the vacation rental industry is immense and industry forecasts are encouraging. The global vacation rental market was estimated at $87.09 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 3.4% to reach $113.9 billion by 2027. In global comparison, most revenue will be generated in the United States (US$19,390.00m in 2023). *Statistica
• When considering a vacation rental acquisition, work with a REALTOR that has both owned and self-managed vacation rentals!!! Ask them how many. An experienced vacation rental owner has owned 5 such properties, consistently, over the last 10 years. The King Team has been investing in vacation rentals for over a decade and have been highly successful. Ask them for a vacation rental consultation.