Buying or renting real estate in Utah can be a happy occasion. Making a transition in one’s life to live in a different location can breathe fresh air into any old stale situation. However, when getting involved in real estate, you need to know a few fundamental things to look out for and how to do it. From checking Utah real estate licensing laws and regulations to finding the right mortgage provider, you need to have all your bases covered before getting the ball rolling. This way, you can avoid any possible problems that might arise. Here’s a short break down of the key need-to-know information.
Licensing – When buying or renting a property though a real estate agent, you need to be sure that the agent you’re using is licensed under Utah state law. Utah real estate licensing dictates that all agents must have undergone pre-licensed real estate education, meaning they are aware of the rules and regulations in place to create a fair market for both sellers and buyers. Utah real estate licensing also outlines that all practicing realtors must work in a truthful, honest and open manner. If not, they open themselves up to penalties, fines and even law suits. Check online for a full database of all licensed real estate agencies in Utah.
Finances – Being realistic about your finances when getting involved in real estate is key to avoiding any future problems. When applying for a mortgage or agreeing to rent a property on a monthly basis, be realistic in what you can afford. A good mortgage lender will suggest an affordable realistic loan keeping interest in mind. However, there have been cases where people have taken out mortgages they couldn’t dream of ever paying back. Check with the “National Mortgage Licensing System” to find a reputable mortgage provider in your area.
Market Trends – Like most things in this world, getting into real estate is greatly influenced by timing, waiting for the right opportunity in the market to open, or simply waiting until you found the perfect house. You need to keep in mind what house prices are doing, too. Do your own research into your desired area, compare and contrast house prices from the past year to the prices 3 years ago and pay attention to any correlation. By doing this on multiple properties and locations you can gather a clearer image of how the market is moving. Only then should you make an assumption on whether it’s a good time to buy or not.
