Making smart decisions when buying real estate, or for any large purchase for that matter, requires educating oneself on the process and risks and then taking the time to evaluate, analyze and mitigate those risks. The final analysis should then be used to make the best decision possible.
When buying real estate, far too many Americans fail to take even the most basic levels of precaution by doing the proper due diligence.
This is troubling because real estate is typically the largest and riskiest asset someone will ever buy. We’ve all learned this many times over in the last few years via the housing crisis, and it will continue happening until people better educate themselves on the real estate process and mitigate their risks.
So what issues should a buyer should consider? Most of the items are not complicated, however running through the important tasks when you are actually buying property is time consuming and tedious. Realize if you fail to do the hard work involved to protect yourself, and something goes wrong, you only have yourself to blame. Doing the proper due diligence to lower your risk is the responsibility of you — the homeowner making the mortgage payment.
Note: There is no risk-free real estate. Even the most diligent of buyers who do all the proper due diligence they know can lose money on some deals due to a variety of unknown, unanticipated, underestimated reasons; or simply bad luck.
The main tasks to do when purchasing a property: (there may be more depending on your situation.)
* Purchasing process – Understanding the overall purchasing process
* Cash flows and returns – Penciling out an investment property cash flows and how much you will earn on your money
* Rent vs. own – Doing a financial analysis to see if purchasing makes sense for you
* Tax benefits picture – Understanding the tax benefits of owning real estate
* Mortgage financing – Properly evaluating mortgage financing options and offers
* Homeowners associations – Reviewing the homeowners association finances, operations and any litigation situation
* Home inspection – Using the home inspection information to make better decisions
* Dwelling and liability insurance – Do you have the proper type and amount of insurance in place
* Title insurance and escrow – Did you read through your title insurance policy and all the sales and escrow documents and ask questions if you did not understand
* Non-standard investments – understanding and possibly avoiding non-standard investments like land, second homes, vacation rentals, flipping property, etc.
To help you better understand the process, join us for a free webinar on this topic at ZillowAcademy.com Monday, November 28 at 10 a.m. It will be 100 percent useful for buyers and sales professionals alike.
This post originally appeared in Zillow.
If you're flying Spirit Airlines any time soon, you might want to BYOS: Bring your own snack.
The much-maligned discount carrier TANKED in a recent survey of food offerings on ten major airlines conducted by Charles Stuart Platkin, an assistant professor at the CUNY School of Public Health in New York.
Every year, Stuart asks airlines for a roundup of the nutritional value of all their in-flight food options and rates them on a 5 to 0 star scale for his site DietDetective.
Spirit was less than responsive to the survey this year, blowing off Stuart's request for information by saying they didn't have time to read the backs of food packages write down the numbers.
"I guess Spirit figures if they price their seats low enough they will get passengers," Stuart says. Whatever the case, their ambivalence earned them a single star rating.
Airline giant Delta didn't fare much better in the survey, scoring a paltry 2.25 stars for lackluster individual snack options.
Your best bet is to fuel up on their Flights Delights snack box, which can be shared and includes nutrient-rich foods that'll keep you full longer, Stuart says.
Call Virgin America the comeback kid this year. The airline was neck and neck with Air Canada for the top spot and both carriers scored a near-perfect 4-star rating from Stuart.
Air Canada's so-called NutriCuisine offers up a health-conscious menu of choices like heart-healthy oatmeal and low-calorie wraps. Virgin offers low-cal options like PopChips and snack boxes packed with hummus, nuts and tuna.
Here's how the rest of the airlines weighed in:
United Airlines (*** 1/4)
US Airways (** 3/4)
JetBlue Airways (**3/4)
JetBlue Airways (**3/4)
American Airlines (**1/2)
Southwest Airlines (*3/4)
Overall, packing your own snacks for longer flights is a great idea. You can control exactly what you're putting in your mouth and you'll save cash as well. Some airlines charge as much as $5 for celery sticks, according to Stuart.
He recommends packing a scoop of whole grain cereal, fruit (think sturdy options like apples and oranges) and sandwiches on hearty bread for your flight.
Now see 7 rules for saving money on holiday travel >
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