A Guide to Investing in Real Estate in North Dakota

North Dakota’s real estate industry is flourishing thanks largely to the exponential growth the oil sector in the state has brought. This expansive state is receiving significantly high numbers of new residents from all over the United States. Most of these new residents are trying to take advantage of the opportunities that the oil boom is presenting. This development has resulted in an upsurge of demand for housing in this 3rd least populous state in the U.S. There are several areas that you should look at when choosing to invest in real estate anywhere in North Dakota:

Take Advantage of The Disparity Between Demand and Supply

Unlike most other states in the country, North Dakota has gracefully weathered the great recession. This has been attributed to the region’s natural resources especially the oil extraction business. North Dakota residents have, therefore, for the most part retained their ability to buy homes. As more and more people have flocked into the state, the demand for housing has gone up, driving the cost for housing through the roof.

Provide First-Time Home Buyers With Housing

Today, there is every indication that an investment in housing for first-time buyers will bring good returns. Unemployment is now at an all time low as new jobs emerge with the growth in most sectors of North Dakota’s economy. These new jobs have resulted in first-time purchases of homes by people who could have previously not afforded to do so.

Invest in Commercial Buildings

North Dakota is open for business. As people come from other states seeking job and business opportunities, the need for social amenities is growing. Restaurants and hotels are being opened. Restaurants are now also selling their food and drinks at higher prices. No one is complaining because they can afford it. This means you too will get paid.

Invest in Residential Houses For Rental

Houses for rental are a lucrative business in North Dakota today, especially in the region of Bismarck… Rentals in the state can cost you up to $2000 a month, similar prices to those you would pay in New York.

The oil boom is expected to keep increasing the demand for housing for the next couple of years. With a clear plan, your real estate investment in North Dakota can make you good profits.

VIN Checking AutoCheck vs. Carfax

A VIN number check is a fundamental way to guarantee that any automobile features a clear backdrop. Many car buyers basically fall for the mere utterance of the marketer; however, for a smart and savvy buyer vivid proof on the condition of the vehicle is a must. The best way to get the entire information about a vehicle is through the use of VIN check.

VIN: What is it?

VIN stands for vehicle identification number. It is basically a serial code that is forwarded to provide distinction between vehicles even if they possess the same characteristics like brand, model or year of manufacturing.

The VIN is made of letters and numbers – mostly 17 characters – which may be displayed in every plate or somewhere in the car before they are released to the market. Vehicle identification number serves many purposes. It can be used to record information about the vehicle. For instance, insurance companies use the VIN to find out whether a car is legible for sale or not. The VIN is basically used by legitimate authorities to track any problems related to the vehicle including ownership, theft, accident, maintenance, adjustments etc.

AutoCheck vs. Carfax

When it comes to checking a vehicles VIN history, there are two techniques which can be employed; Carfax and AutoCheck. AutoCheck provides information about a vehicles history. It basically avails a report to potential buyers which indicates information regarding accidents, mileage, prior ownership as well as any other relevant information a buyer may want to know. By getting the report, a buyer will easily avoid purchasing a vehicle that is stolen or succumbed to previous damages.

The reports provide information about titling and registration as well as any other previous damages through fire, floods, collisions and whether it has been salvaged. The mileage is also included in the report hence the buyer will be informed of any odometer rollbacks.

All AutoCheck information is obtained from various sources like the Departments of Motor Vehicles, Auto auctions and dealers. All this information is obtained following the federal Drivers Privacy and Protection Act.

Carfax is another way of gathering information about a vehicle that has been in use since 1981. It provides relevant information which is gathered from rental agencies, police departments, collision repairs and auto auctions. Carfax reports takes into account many variables including, ownership, inspection history, accident reports, odometer readings among many more.

The best and most recommended technique of obtaining a vehicles history is through an AutoCheck. This is because Carfax is not designed to capture as much information as AutoCheck for buyers who want to have all the facts about your car.

5 Tips for First-Time Home Buyers

Buying your first home is an exciting time, but it can also be overwhelming if you are not equipped with the knowledge needed to make an educated purchase. Here are 5 easy tips to help you through the purchasing process as a first-time home buyer.

- Know Comparable Costs in Your Area – Do some research to find out the average home costs where you want to purchase your property. As you start looking at places, this will give you an idea which properties are values and which properties you can negotiate on the list price.

- Research Loan Options – First-time home buyers are often eligible for a lot of special financing options. Research what is available based on your income and your geographic region. Some programs are administered through the federal government while others are available through private lenders.

- Get Pre-Approval – Before you start seriously looking at properties it is important to have pre-approval from a lender. This will help expedite the process if you want to make an offer on a property. If you do not have this approval you could potentially miss out on the property of your dreams. Some foreclosures will go up for auction with a limited window for offers to be made on the property. In addition, if another buyer has put in an offer for a home you can always make a counter-offer trying to secure the property for yourself.

- Find a Realtor You Trust – Meet with realtors in your area to help you find a person that is the best fit for you. Talking to friends and family members who have recently gone through the process of buying or selling a home is often a great place to start. You can also get listings from your local realtor’s association along with doing searches online to find a realtor.

- Know All the Costs for a Property – When you find a property you are interested in purchasing, find out any additional costs above the mortgage payments. Some loan options will require you to have Private Mortgage Insurance (PMI) until a certain portion of the loan is paid down. In addition, some homes are located in developments with association fees that help with the maintenance of the common public areas of a subdivision. Condos will also have association fees to cover costs for the property.

These are just a few tips to help you as a first-time home buyer making the leap into home ownership. The important thing is to be educated on the process and to take time to find the home of your dreams.