Rate of Return on Investment
What is your return on your real property investment? You need to evaluate in more than plain dollars and cents. It is not only what you scoop in terms of profit in a real estate transaction in relation to your initial investment. Rather your calculation should encompass all relevant components of the deal.
Perhaps you spend time and effort to find and secure the right agent to list your home. The amount of time you allocated to negotiating your sale price and the agents’ commission is an investment of your time and energy, which you may not be able to reclaim in terms of actual money. Also, you may have needed to hire trades people to renovate and improve your property to bring it up to a saleable state. These monies also count as part of your financial commitment to your estate.
What about time and expertise you may have devoted to consultations with the person responsible for staging your home? Surely any fixtures you needed to buy to set the right stage for your home, as well as any decor upgrades have a quantifiable value that you should strive to recoup. Not to mention the time and effort you allocated to finding the right real property Lawyer, or for securing of the right title insurance.
There are many Lawyers who work in real property transactions, but not all of them are specialists who carry specialized title insurance. Some title insurance companies such as Title Plus may offer protection for unpaid utility bills, owing maintenance fees and debts related to partially purchased appliances. Some policies with some title insurance companies could offer insurance for a set time after move into a Resale Condo for originally purchased appliances. Other policies may offer coverage for repairs that need to continued or completed to due to irregularities in building permits.
Could you imagine buying a property that is on a road that to which you, as the new owner, do not have legitimate access. Or your may have bought a property that has a right of way that permits a neighboring property owner to drive across / through your driveway to access their home. Having a qualified Lawyer who specializes not only in real property deals, but also who is an expert in irregular land deals is a plus, when buying a home. Moreover, a unique or all encompassing title insurance policy is worth much more than what you may pay for coverage.