Real Estate Investment 101: Getting Started

Prepare To Sell Your Older Home And Purchase Land And A Log Cabin

If you are currently residing in an older home that is located in an overpopulated neighborhood and feel as if your dream of owning a log cabin is slipping by the wayside, don't settle for less than you desire. Prepare to sell your home and explore the option of buying a parcel of land and having a log cabin built on it or purchasing a home/land package.

Have Your Home Appraised

Unless you have a nest egg set aside for the purchase of a cabin and land, you will need to determine how you are going to come up with the down payment for your new property. You probably will want to part with your older home, especially if you don't have a sentimental attachment to it and could use the proceeds that the dwelling brings you.

Have your home appraised to give you an idea of how much you may be able to rake in once you sell the residence. Before the appraisal, tidy up and have basic renovations made. A home that is modern and damage-free will be of more value than one that is in bad shape, and the upgrades will also make your residence more appealing to potential home buyers.

Monitor And Tend To Your Financial Status

Your credit report and current financial status are both determining factors when it comes to taking out a loan. Delve into your credit standing by making sure there are no discrepancies on your credit report. If you do find blemishes that you have a valid reason for or are certain that should not be on your report, counteract by disputing the charges in question.

Get into the habit of paying off your debts on time and avoid charging additional items for the time being. Owning a new home means that you need to tighten your financial reins so that you can focus on maintaining your mortgage payments once you receive approval for a home loan. 

Explore Land And Cabin Styles

If you are dead set on selling your current home before purchasing land and a log cabin, explore land prices and cabin styles and prices so that you are aware of what you will be able to afford.

If you choose to purchase a plot of land soon after you sell your home, then you can use the land as collateral when applying for a home loan. Otherwise, choose a land and home package. A realtor will be your biggest asset when it comes to locating properties that are located in a private area. For more information on other homes for sale in your area, contact your local realtor.