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Understanding Commercial Mortgages

A Guide for Prospective Buyers

If you’re thinking about buying commercial real estate, you’ll likely need to locate a commercial mortgage brokerage. Unlike residential mortgages, commercial mortgages are designed to help investors purchase properties for business use, rather than personal use. These types of mortgages are typically larger, more complex, and have different requirements than traditional residential mortgages.

In this guide, we’ll cover everything you need to know about commercial mortgages before making your purchase. From understanding the types of commercial mortgages available to determining how much you can borrow, we’ll give you the insight you need to make an informed decision.

real estate with commercial mortgage

Understanding the Basics of Commercial Mortgages

Before we dive into the different types of commercial mortgages available, let’s start with the basics. A commercial mortgage is a loan that is used to finance commercial real estate. Unlike residential mortgages, which are used to purchase homes, commercial mortgages are designed to help investors buy properties that will generate income.

Commercial real estate can include a wide range of properties, such as office buildings, retail spaces, apartment complexes, and warehouses. When you secure a commercial mortgage, the lender will use the property as collateral. This means that if you default on your loan, the lender has the right to seize the property to recover their losses.

What Types of Commercial Mortgages Are Available?

There are several types of commercial mortgages available, each with its own unique features and requirements. Here are the most common types of commercial mortgages you might encounter:

Permanent Mortgages

A permanent mortgage is a long-term mortgage that is used to finance the acquisition of a commercial property. These mortgages typically have longer repayment terms and lower interest rates than other types of commercial mortgages. Permanent mortgages are ideal for investors who plan to hold onto their properties for an extended period of time.

Bridge Loans

A bridge loan is a short-term loan that is used to bridge the gap between the purchase of a commercial property and the sale of a different asset. For example, if you’re waiting for the sale of another property to close, a bridge loan can help you secure the commercial property you want before you have the funds from the sale.

Construction Loans

A construction loan is used to finance the construction of a new commercial property. These loans are typically shorter in duration but higher in interest rates than other types of commercial mortgages. Construction loans can be a good option for investors who want to build a commercial property from the ground up.

SBA Loans

An SBA loan is a loan guaranteed by the Small Business Administration (SBA). These loans are designed to help small businesses access capital for various purposes, including the purchase of commercial real estate. SBA loans are typically easier to qualify for than traditional commercial mortgages and have lower down payment requirements.

How Can You Qualify for a Commercial Mortgage?

Qualifying for a commercial mortgage can be a bit more complicated than qualifying for a residential mortgage. Lenders will consider several factors when evaluating your application, including:

  • Credit score
  • Income
  • Debt-to-income ratio
  • Collateral
  • Property type
  • Business plan

To qualify for a commercial mortgage, you’ll typically need a credit score of 700 or higher. Lenders will also want to see that you have a consistent source of income, a healthy debt-to-income ratio, and sufficient collateral to secure the loan.

When it comes to the property type, lenders will consider the income potential of the property and its condition. If you’re buying a property that requires significant repairs or renovation, you may have a harder time securing a loan.

Having a well-thought-out business plan can help you secure a commercial mortgage. Your business plan should outline your goals for the property and how you plan to generate income from it. Lenders want to see that you have a solid plan in place to ensure you can repay the loan.

How Much Can You Borrow with a Commercial Mortgage?

The amount you can borrow with a commercial mortgage depends on several factors, including:

  • The value of the property
  • Your creditworthiness
  • The type of mortgage you’re applying for
  • The lender’s requirements

Most lenders will loan you up to 75% of the total value of the property. So, if you’re buying a $1 million property, you can expect to borrow up to $750,000. Keep in mind that you’ll typically need to provide a down payment of 25% or more.

Your creditworthiness will also play a role in determining how much you can borrow. If you have a high credit score and a strong financial history, you may be able to borrow more than someone with a lower credit score.

In Closing

If you’re thinking about buying commercial real estate, securing a commercial mortgage is likely a crucial part of the process. With so many types of commercial mortgages available, it’s important to understand the pros and cons of each before making your decision.

If you’re not sure where to start, consider working with a commercial mortgage broker or lender who can guide you through the process. By taking the time to understand your options and working with a trusted professional, you can confidently move forward with your commercial real estate purchase.

Top 6 Tips for First Time Home Buying

Most people look forward to home buying, and you can be sure that buying your first home will be your most exciting purchase. Owning a place to live may be something you’ve been longing for since your teenage years, or maybe after renting for quite a long time, you’ve finally acquired the financial means to purchase a piece of Prescott real estate. It’s true that buying your first home is super exciting. However, it’s a substantial investment. And if you’re a first-time home buyer and want to make a good investment, you need some expert tips.

In this piece, we explore five essential tips for every first-time home buyer:

First Time home buying/building

1.Confirm Your Credit

You get a lower interest rate on your mortgage when you have an excellent credit score. You should check your credit ahead of your home search endeavor to have ample time to correct errors and boost your score.

There are a few methods you can apply to improve your score.

Pay down credit card debt:

Your credit score will rise when you lower your rate of credit utilization.

Increase credit card limit:

If it’s something you have in mind, reach out to your credit card company, and they’ll help you increase your credit limit. With a higher credit limit, you’ll reduce your credit utilization rate. But note that before requesting a credit increase, you should ask the company if they’ll initiate a hard inquiry. A hard inquiry would lower your score, and that’s the last thing you want when trying to boost your credit score.

Dispute errors:

If you identify any mistakes on your credit report, move with pace to resolve them through a relevant credit bureau dispute process – it can be done in less than 30 days.

2. Your Home Buying Location Matters

Location is a ubiquitous phrase in the real estate space, and everyone always has it in mind while exploring real estate as an investment. You may be aware of the luxurious Prescott neighborhoods, but there’s a lot more you need to consider. Think about the most suitable location for you. What does that mean? You should examine your budget to determine the kind of property you can afford, consider the distance to and from your workplace, and check if there are schools and day-cares around if you plan on having a family. It’s also advisable to seek help, so discuss the location factor with your realtor, as they may have information about factors that may influence the future value of real estate in your desired area.

3.Own Your Home Buying Search

While seeking help along the journey is fine, no one knows your needs more than you do, so you must be fully involved in the process. Go through online listings to check some of the styles you fancy. Inform your realtor if you have some non-negotiable, like a home office space or a vegetable garden within the compound. It helps you save time you’d have spent viewing homes that don’t suit your purpose.

4.Perform Thorough Research

Purchasing your first home is much more than just picking a place with an attractive design or a good kitchen. You must understand your current financial situation, property taxes, mortgage structure, costs of hiring a lawyer, and more. The good thing is that you can find information about these subjects online by visiting the Canada Mortgage and Housing Corporation (CMHC) and the Canadian Real Estate Association (CREA). Ensure your research is centered on local markets, as trends may differ depending on the location.

5.Don’t Let Emotion Interfere With Your Search

Chances are you’ll feel emotions while purchasing a home for your first time, and that’s okay. But, be aware not to let your emotions lead you to make the wrong decisions. Avoid so much attachment to a house that you would pay any amount for the property. The real estate market in Prescott is active, and you’ll always find a better listing.

6.Consult a Home Buying Professional

As much as you’re well-read and have all the information you need, you have more to gain by working with a professional. At Buyerside Realty, we have helped many first-time home buyers make their initial purchase – an important one in their life. We’ll also help you make that critical decision, so contact us today.

Looking to sell your property? Read 12 Great Home Selling Tips You Should Know

12 Great Home Selling Tips You Should Know

Moving from home buying to home selling follows a relatively predictable path. When you initially got into the real estate market as a first-time home buyer, chances are you had a goal to find the best home for your needs at a reasonable price. However, now that you are at the point of selling your property, it is important to adopt a more practical approach and take all the necessary steps to attract potential buyers.

Understanding the local market and getting the highest exposure to real estate are vital elements to a successful home sale, but they are not the only factors. In addition to hiring a seasoned real estate agent, there are steps you should take in order to attract prospective buyers and get several offers.

In this read, we are going to take a comprehensive dive into the world of property selling by providing 12 tips that you can implement to help you sell not just in a reasonable time frame but at an ideal price.

Home selling

Expert Real Estate Tips for Home Selling

Before we dive into the gist of things, it is crucial to bear in mind that real estate agents operate at their best when treated as partners. As a seller, you’ll likely have various goals that you wish to achieve throughout the process. By treating your agent as a valuable resource, you’ll be able to leverage their expertise to make informed decisions regarding your home or any offers you may receive.

That said, you will want to seek the best person for the job, so do not skimp on the hiring process. Do your research and narrow down to a reputable party who can seek the best price for your property. With that in mind, here are expert real estate tips for a successful home sale.

Get an Accurate Appraisal for Home Selling

As a first-time home seller, obtaining a precise appraisal for your home should be a top priority. To ascertain an accurate valuation, it is imperative to hire a trustworthy appraiser. If you hired a reputable and seasoned real estate agent, they can be a valuable resource in this regard as they will most likely have connections with local appraisers.

Also, it’s paramount to know how to use the information you garner. You may think that setting a high listing price and reducing it later is a good idea, but this will only make the potential buyers suspicious. Leverage the knowledge and expertise of a real estate agent to come up with a strategy that will lure serious buyers and help acquire the most amount of money.

Use the Power of Home Staging

The real estate market is almost always competitive and in order to stand out, you should not overlook staging. Home staging services are an excellent resource for taking listing photographs, arranging open houses, and showcasing the property to prospective buyers. By creating an inviting setting, home staging allows people to appreciate all the unique features of the house.

Showcasing an empty home makes it hard for potential buyers to envision themselves living there. The same applies when taking professional pictures or hosting open houses. Luckily, home staging services are readily available as a practical solution to ensure your property looks at its best without the need for your own furniture.

Similar to appraisal services, your real estate agent may come in handy when looking for a professional and affordable home staging company.

Learn About the Commissions

Bear in mind that you will need to pay the standard real estate commission in your region. As such, knowing the average commission rate beforehand and the advantages that each agent offers is imperative in making an informed decision.

Start by looking at the track record of every agent you’re considering doing business with. Then compare their commission rates and advantages in order to pick the one that matches your needs.

During your hunt, chances are you will come across 1% of agents who provide minimal services. However, working with a full-service agent is typically smarter from a value standpoint. Do not hesitate to reach out to growing agents like us who offer comprehensive services and expertise in navigating the housing market.

Organize House Showings that Add Value

Showings are a vital aspect of the home selling process as they provide prospective buyers the chance to explore the property and check that it is move-in ready. Interested buyers may want a few viewings, which provide the chance to showcase your property and add value.

It can be tempting to highlight the most valuable sections of your home, but this approach may end up overwhelming the interested parties. Adding value while making prospects comfortable calls for a delicate balance, which is why you should leave the showings process to the real estate agent. By entrusting them to showcase the best features of your property, you can maximize the chances of a successful sale.

Host Open Home Selling Events

If your property type allows for open houses, this can be a great way to attract potential buyers while still making minor repairs behind the scenes. Hosting an open house also presents an excellent chance to boost your property’s curb appeal and make a lasting impression on buyers.

Before you host one, however, ensure you organize and declutter any personal items in the house. Schedule the event during optimal lighting conditions and consider adding fresh flowers in the living spaces for an extra touch of elegance. Deep cleaning your house is also vital in leaving a good impression on potential buyers.

Hire a Professional Photographer

Professional photos will help highlight the best features of your house, such as how spacious it is or the amount of natural light it gets. Amateur photos, however, even when captured with the latest iPhone will leave a lot to be desired and even undermine the most appealing features.

Hiring a professional real estate photographer for your listing photos can be a world of difference. In addition to using top-of-the-line equipment, these professionals also know the various elements that most buyers will be looking at.

A seasoned real estate photographer can help boost the initial perception people have of your property, which can certainly streamline the selling process.

Research the Market and List it at the Right Time

As with most industries, the housing market also fluctuates. Factors like economic conditions, political situations, local traditions, and weather patterns affect the frequency at which people buy new homes. As a result, the real estate market experiences both high and low seasons.

If you are looking to sell your house, it is important to understand the local market and the best time to list the property. Analyzing local trends and seeking guidance from a real estate agent will help identify when your property has the best chance of selling.

Clean the Visible and Storage Areas

Prospective buyers will certainly judge the cleanliness and check the storage spaces. This may seem tedious, but taking the time to clean and de-clutter can make a substantial impact on the impression your house makes and get the interest of serious buyers.

You do not have to spend hours on a deep clean, but it’s imperative to make sure that your house is tidy and presentable. Get rid of any unnecessary items or clutter, and organize storage areas to showcase their size and potential. Doing this will help create a welcoming atmosphere that helps people envision themselves living there.

Make Sure There are No Pets During Showings

Most people love pets, but they are more likely to be a hindrance during the showings. As such, consider locking them in a different room or have the neighbor look after them.

Leverage the Lighting in the Home Your Selling

Lighting is a key factor when it comes to purchasing a house. As such, you will want to leverage the natural lighting available on your property. Make sure that windows and light fixtures are not only clean but also in good condition. Dirty windows will only block natural light and make the interior appear dingy. Outdated or broken light fixtures can also be a turn-off to most buyers.

Also, consider adding extra lighting to spaces that are naturally dark like basements or rooms without windows. This will help brighten up the space to create a more inviting ambiance.

Consider Smaller Repairs Instead of Complete Remodels Before Home Selling

Chances are a whole remodel won’t do much to add value as much as you would like. As such, it is better to focus on smaller repairs such as broken tiles rusty hinges, leaks, etc. A fresh coat of paint can also go a long way in not only adding value but making the home more attractive to prospective buyers.

Create a Clean Slate

Last but not least, it is paramount to create a clean slate in order to make a good impression. While this might seem trivial, it can be hard to achieve, especially for first-time home sellers. After all, removing everything can make the house feel empty and unwelcoming. Instead, keep a few natural furniture pieces that will not overwhelm the space, but give people an idea of how they could use the space. It is all about achieving a balance between a blank canvas and a cozy, lived-in feeling.

The Takeaway

Selling property is entirely different from buying one. However, they both call for intense preparation and dedication for the process to be successful. Do not forget that it’s best to work with a seasoned real estate agent if you want a smooth and less stressful experience, take the time reach out to our team today!

Interested in investing? Read our post on Real Estate investing.

Real Estate Investing- 5 Beginner steps

There are various great investments out there, but real estate investing is highly rewarding. This kind of investing leads to personal and financial growth. If you’d like to get started in the field of real estate, these five steps will help you stay ahead of the game.

Real Estate Investing property

1.Evaluate Your Financial Situation

Assessing your financial situation is top of the list for a good reason. You need to get your finances in order before investing in real estate. It will help you get the best loans from your lender, where you’ll pay the lowest interest rates. Begin by saving up enough money for the down payment to buy your first property.

As you save money, try to pay down or consolidate your current loans. Keeping an eye on your credit score also matters. Improve it if possible. Seek help from a qualified mortgage specialist while exploring your financial situation to avoid making mistakes.

2.Determine Your Risk Tolerance

While investments can be rewarding, they also carry risks. In most cases, the amount of return from a given investment depends on the risk level of the investment. An example of this principle at work is that Guaranteed Investment Certificates (GICs) have a lower rate of return compared to a Mutual Fund. Because it carries almost no risk of financial loss, the GIC has a low return on investment.

The same principle applies to real estate investing. First-time investors are usually unaware of this fact. The worth of real estate has been appreciating in many parts of the country for several years. Investors believe that the trend is guaranteed to continue. Suppose you want to be an excellent investor. In that case, you should explore the various types of real estate investment, plus all available markets to invest in and devise a strategy suitable for your risk tolerance.

3.Create a Real Estate Investing Plan

After understanding your financial situation and tolerance for risk, the next is to write down a clear real estate investing plan. All your buying and selling decisions should be based on this plan.

Will you invest your money into multi-family investments ( like duplexes or small apartment buildings) to earn positive cash flow? On the other hand, you might want to purchase properties, renovate them, hold them for a short period, and sell them later for a quick profit. Despite the approach you’d like to take, your plan must contain details about how and when you buy and sell the houses.

4.Interact With Trusted Real Estate Investing Professionals

Getting in touch with the right people and building relationships with them is the key to succeeding in business. By the right people, we mean people you know and can trust. If you want to turn real estate investing into a successful venture, building long-term relationships with mortgage specialists, real estate agents, building contractors, and property managers is inevitable.

Spend quality time with people you trust, who understand their respective fields of specialization more than you do. You can learn more about other useful wisdom on real estate and home buying. Also,you can be sure that you’re receiving quality advice and priceless information about opportunities in the industry.

5.Start From the Ground and Keep Growing

Putting more finances than you can afford into real estate is the biggest risk. Sometimes things may fail to go as you intend, so don’t overextend yourself. Markets may change overnight, interest rates can fluctuate, and new trends could emerge. When beginning to invest in real estate, start small and develop a strong foundation as you continue to learn the intricacies of the business. If you follow your plan, you’ll grow your business with time, ensuring your investment is safe.

Do you have questions? Contact us and we will gladly answer them.