A Lot Of Research Is Required For Reselling A Real- Estate Property In Future

Category: Finance, Real Estate.

If one is thinking of investing in real- estate/ land there are several things to be kept in mind before one begins investing in real estate.

The first thing one should do is decide one s budget. A single wrong step may be enough to make one s investment a failure. Investing in real estate is an expensive affair and so the affordability factor should be considered. Real estate investment is a big commitment one makes and so it is necessary to know whether one will be able to pay back in time. The likelihood of taking a loan for investing in real estate is high and so it is necessary to consider whether one will be able to pay back the loan. In case one is not able to pay back the whole amount in time the chances of having a bad credit rating is high and ones this happens the chances of a loan approval is low. There is a need to decide the reason for investing in real- estate- whether it is for commercial purpose or for the purpose of the family.

Even if one is approved for a loan at a later date the rate of interest will be higher. If the real- estate is for commercial purpose an appropriate location should be chosen. In these locations different kinds of commercial real estate can be established like hotels, restaurants etc. The location should be such that there is a lot of traffic like near the railway station or bus station. If one wants to invest in the real- estate for the purpose of the family then one should check several formalities that comes with investing with real- estate. The road connectivity and water supply should also be considered.

It should be kept in mind that real- estate property for the purpose of homes should be located near schools, malls and shops. The interior and outdoor walls should be observed so as to be sure of any faults that may be there or any repairs that may be required. So if one is thinking of investing in real- estate or land that is to be sold in future then the trend in appreciation rates should be considered. A lot of research is required for reselling a real- estate property in future. Every year the rates of the real estate property increases and so the average rate of increase should be calculated. The best way to get an appropriate rate is to consult a financial planner of real- estate.

After calculating this rate the projected rate of growth should be calculated to get the approximate rate of a real estate property in future. An agent will also be able to give an approximate rate of increase in future. A good and reliable agent should be chosen so as to succeed in investing in real estate/ land. A real estate or land that is not in demand should not be bought as the rate of return is uncertain. A good agent not only gives the best rates of the property but also helps in finding the approximate rate of property later on.

Read more...

The Exterior Style Of Your Home Is The Fun Part - Finance and Real Estate Articles:

The exterior style of your home is the fun part.

Faster Sale Of Your Home

Category: Finance, Real Estate.

Understanding the reality that the real estate market in the 21st century is complicated, if you have made the decision to sell your home, you must understand the benefits that you can realize through engaging the services of one or another of the Tampa Realtors that are in business today. A Comprehensive Approach to Marketing.

Indeed, there are a number of significant benefits that can be realized through engaging a Realtor in the sale of your home. The first benefit that you can realize through the use of Tampa Realtors is the fact that these professionals can bring to you a comprehensive approach to the marketing of your home. Faster Sale of Your Home. They will have available a wide range of tools and techniques that can work to ensure the most effective marketing of your home in the competitive Tampa real estate market of the 21st century. Industry analysts universally agree that a person who elects to sell his or her home on his or her own faces a serious problem. By hiring a Tampa Realtor, you have a far better chance that your home will sell in a timely manner.

Time after time after time, a home being sold by its owner ends up languishing on the market. In nearly instance, a similarly situated piece of real estate will sell far faster when a real estate agent is involved in the process as opposed to the home being sold by the owner alone. Along these same lines, one of the effects of selling a home by owner rests in the fact that the owner normally needs to significantly reduce the sales price in order to sell in the home in the end. Getting the Sales Price You Want. This is not normally the case when a professional Realtor is involved in the process. Obviously, it is vitally, in the end important for you to get the very best price on the sale of your home. Statistically, Realtors are able to obtain for a seller the best possible sales price on a home.

Even with the costs associated with an agent s fee, in the end by engaging the services of an experienced Realtor, a person selling a home ends up making more money than he or she would make selling that same property on his or her own. Finally, by engaging a professional Tampa Realtor, you can also rest easier in knowing that all of the legal and technical aspects of the home sale completely are covered. Covering All of the Bases. In other words, a Realtor will work closely with you to make sure all of the legal requirements and aspects of the sale are completed. Far, far fewer mistakes are made with a professional Realtor sitting at your side during a home sale. In addition, they will assist you with inspections, appraisals and all of the other technical aspects associated with marketing and selling a home.

Cities Like Richmond, Colonial Heights And Hopewell Are Becoming Popular Cities To Relocate To

Category: Finance, Real Estate.

Virginia lies on the southern coast of the US and is one of the most historic US states. The state of Virginia is further divided into independent cities( which are clubbed together to form counties for convenience only as the concept of counties was dissolved by a constitutional change in 1871) .

Know for its rich cultural heritage and fantastic climate, Virginia has fast become an attractive place to live in. According to a Survey conducted by the US government in 2004, Virginia had a PCI( per capita income) of$ 35, 47Forbes magazine recently voted Virginia as having the" best climate for business" and in 2007 CNBC ranked Virginia as the best state to conduct business. Virginia boasts of offering employment and business opportunities in various fields and there is something for everyone when it comes to business and employment. Virginia has one of the highest standards of living in the US and is fast becoming a realtor s dream. With 7 fortune 500 companies located in Richmond, Richmond is one of the most prosperous cities in the US. Also known as Richmond- Petersburg, Richmond has a fantastic selection of homes, apartments and luxury suites on offer. Richmond has become a popular real estate hot spot and people from all over the US are relocating to Richmond.

The city of Richmond is famous for its fantastic housing options and there are numerous apartments, suites and condos to choose from. Since, Richmond s economy is based on banking and government sectors, there is a high demand for rentals and a major portion of Richmond s real estate involves renting and letting of apartments. Located on the James River, Richmond city is well known for apartments that are located close to the James River fall line. Richmond has an architecturally diverse and economically sound background, which has steadily attracted people from all over the US. Colonial Heights is another city that offers a fantastic blend of historical architecture and modern day design. In fact, Virginia has one of the lowest crime rates in the US and is considered one of the safest states in the US.

Apart from Richmond and Colonial Heights, there are other cities like Hopewell that have also become popular with buyers. Newer condos in Hopewell are a combination of brick and wood and are designed to conform to age old architectural styles. Hopewell is a city well known for its colonial architecture. Places like Anchor Point offer fantastic condominiums that are modelled on colonial style architecture. Sites like Anchor Point are fast becoming exclusive housing zones, similar exclusive and state of the art condos are coming up all over Virginia. These condominiums have state of the art security systems, underground parking and on- site concierge. Cities like Richmond, Colonial Heights and Hopewell are becoming popular cities to relocate to.

Most cities are a rich blend of more than one architectural style. Like most cities and counties in Virginia, these cities offer a well developed education system, appreciation in property values and a modern healthcare and transportation system. Alexandria is another Virginia City that is popular with realtors and home owners. Alexandria has housing for people from all walks of life, and the number of people that are relocating to Alexandria is on the rise. Alexandria has a well developed real estate system, and the city council holds numerous workshops and programmes to enable people with low and moderate income to become home owners in Alexandria. Alexandria is also one of the few cities in the US that actually helps physically challenged home owners make improvements to their homes.

No wonder Alexandria is fast becoming a realtor s dream come true. In essence, Alexandria is facilitating and encouraging people to relocate to Alexandria, more importantly Alexandria is catering to a wide range of income groups. For more information on Virginia real estate visit www. drodio. com

Read more...

So, The Place Stays On The Market For A While - Finance and Real Estate:

A common question that Buyers ask is how long a house is on the market.

If You Are In The Market, You Actually Can Take Advantage Of The Foreclosure Situation That Exists - Finance and Real Estate Articles:

A great deal has been written about the Florida real estate market and the Tampa real estate market over the course of the past year.

One Of The More Popular Investments Is The Spanish Property Market - Finance and Real Estate Blog:

The property market in the UK seems a rather ominous prospect for first time buyers.

The Water Park In These Communities Are The Largest In The South

Category: Finance, Real Estate.

Water parks have always been an enjoyable place to spend the summer, where families can relax play, and have fun. While there are plenty of incredible water parks attached to theme parks around the world, there are few that are major focal points of the communities they are built in.

With slides, and great sunbathing, pools, water parks are known to be a staple for enjoyment whenever the weather is nice. Houston water park communities are few and far between, but some communities pride itself on having its own water adventure park. There are large super- communities in Houston that has a number of beautiful neighborhoods with plenty of properties for sale. They happen to be a growing, popular destination for new homeowners and investors, as it has grown to be a well known and beautiful planned community in Southwest Houston. Residents of the community enjoy the experience of living in a wealthy, well- planned residential area full of amenities that are perfect for everyone, even children. They will also enjoy some excellent community schools that take pride in offering creative and effective curriculums year round.

Children in particular will enjoy the fact that certain communities claim to be the best Houston water park community. Homes are also fully wired for the internet and takes into account the latest technology so that its inhabitants can make good use of their homes for business and educational purposes. This area is home to the adventure water park that makes this area one of the best and most notable Houston water park communities. These communities also offer enough entertainment to keep anyone busy. The water park is so important to this area, that residents from all the neighborhoods use it as a general meeting place and a great place to take the kids. It boasts over one acre of slides, and fun, pools.

The water park in these communities are the largest in the South. One of the most popular attractions available at the water park is a large, eight- lane competition pool. The swim teams at the local school practice in the water park, and general races are also held for the residents to enjoy. This is used to hold races and other water sports that the community teams practice and take part in. A number of recreational classes are also taught in the water park. It has been known as an exceptionally useful exercise for pregnant women.

Such classes include water aerobics, a great way to keep in shape through movement within the water. There are many other features that make this area the best of the Houston water park communities. Each diving board is placed at various heights and can be used by anyone at anytime. There are multiple diving areas for everyone to enjoy. Water slides are also abundant here, as they should be at any good water park. Each slide offers various twists and turns that make them unique and fun for everyone. A water tower is the central point for over 200 feet of water slides.

A zero- entry pool is available for those who want to relax in the water, without having to deal with the water slides and diving board. For kids in particular, the adventure water park includes a 1400- square foot waterworks playground with an impressive" spill" bucket that dumps water continuously over the playground.

Read more...

The Lender S Decision Will Be Strictly Financially Motivated From This Point Forward - Latoya Banerjee's Finance and Real Estate blog:

Recently lenders have been taking deeds in lieu of foreclosure from homeowners to resolve foreclosures.

If These Magical Animal Experiences Aren T Reason Enough To Purchase A Holiday Home In Orlando Then Nothing Is - Finance and Real Estate Blog:

If you are thinking of investing in a holiday home but are wondering where the best place to do this is, Orlando is an excellent option.

So Will Another Interest Rate Cut Be Enough To Bring Back The Mortally Wounded Housing Market Back From The Brink Of Death - Finance and Real Estate Articles:

As the sub prime mortgage debacle continues to play out across the United States, the Federal Reserve has opted to cut interest rates by half a percentage point, from 2This cut makes all loans relatively cheaper, thereby encouraging a pantheon of economic activity to increase, hopefully in the troubled housing market. This collapse triggered a recession, which took three years to completely stabilize.

Pacific Concord Properties Inc With It S Flagship Lancaster Condotel Developments Fit S The Bill

Category: Finance, Real Estate.

PLC International Marketing Networks has revealed that some institutional investors are trying to diversify their property portfolios through areas like Southeast Asia, China and beyond- with the Philippines heading the list, Japan, then Thailand, China, and Singapore property investments featuring in some portfolios. There has been a distinct market shift from US based clients over the past few months and we see that trend continuing over the winter months of 2006 and on into 2007 has Sterling continues its increase in value over the US Dollar. "A lot of this interest is being driven by the relatively cheap market prices in the Philippines compared to Europe, specially UK Housing prices, and the easy payment options available for our Condotel Developments, but there are other factors, too.

In the UK, "Investors are moving to new areas to find value" said Beth Collingz, Global Marketing Director of PLC International Marketing Networks based in Metro Manila and Cebu in the Philippines. "More and more of clients for Condotel Investments are coming from the UK. Offshore Property Investors, Foreign baby boomers as well as overseas Filipinos, are looking for ways to maximize their return on investments as they approach retirement, and so are purchasing second homes, particularly Condotel Investments where they can use the Condo for vacations and rent it out through our In- House Condotel Management when they are not using the unit thereby gaining rental incomes that on today s purchase prices, give a projected ROI on their investments of some 12- 16% depending upon the mode of payment for the unit" Metro Manila remains a popular choice with international buyers and institutional investors. Lancaster- The Atrium Condotel developments by Pacific Concord Properties located in Shaw Boulevard, Metro Manila- fits the bill with all it offers to International buyers. Collingz says clients tell her that it makes more sense to buy in a year- round vacation destinations and business centers. Accessibility is also a factor. "Flights from London to Manila, average just 16, for example hours, add to that the many airline specials and it s easy to see why this area is becoming an international community. " Unlike other offshore rental properties, where the rental market is largely seasonal, in the Philippines there is a strong market for rental properties year round. The strong rental/ second home market also has resulted in a proliferation of professional property managers and rental agents, making property ownership and rental easy. This gives buyers greater flexibility in choosing when to use and when to rent their property.

Pacific Concord Properties Inc with it s flagship Lancaster Condotel Developments fit s the bill. To be completed and ready for turnover from December 2010, the Lancaster Suites Manila Atrium Tower II will provide unit owners with premier residential condo units with the option of enrolling their units in the Lancaster Condotel Rental Pool and earn Rental Incomes as Owner Non- Residents when not using their units through Condotel Management and reciprocal arrangement with Lancaster Cebu Resort Residences. Lancaster Manila Atrium Tower A, Metro Manila, Shaw Boulevard, Philippines is a" Full Service" Condominium Hotel[ "Condotel" ] offering Studio, Two and Three, One Bedroom Suites for sale. This makes Lancaster Suites Manila, one of the Hottest Investment Opportunities in the Philippines said Collingz.

Read more...

They Can Purchase Foreclosed Homes Under Market Value Directly From Lenders - Finance and Real Estate Articles:

When an investor is prepared and flexible to invest in real estate it would be wise to look at investing the Las Vegas foreclosure market. The foreclosure listings will help you out for the suitable home you are looking for.

The Moment You Decide To Look For Bars For Sale In Spain Is The Moment Trouble Starts - Finance and Real Estate Articles:

As people are beginning to look for jobs that really make them happy rather then just make money, there is an increase in the number of people considering buying Spanish bars.

For Example, There Are Tampa Real Estate Agents That Specialize In The Luxury Home Market - Finance and Real Estate Articles:

Over the course of the past fifteen years, the New Tampa real estate market has been constantly expanding.

Or, Maybe A Barbecue Pit Is Built In At Some Texas Homes For Sale

Category: Finance, Real Estate.

The backyard may not be your first concern when you look for a Texas home for sale. But the backyards are something you should consider looking at when considering a Texas home for sale.

The kitchen, living areas are, bedrooms probably what you are busy looking for at first. Consider the view if you have a zero lot line home. You will be looking at it every day. Your backyard provides the entrance. You will not be able to turn your back and ignore it. Because Texas stays warm most of the year, many of you will want to spend your evening s outdoors. So if you look at Texas homes for sale like this, be sure you can live with the view.

That is why many Texas homes for sale feature patios whether they have zero lot lines or not. Patio size is important. There are many aspects of a patio that you will want to note. Determine how much room you will have to have to move around. For example, if you like to do outdoor grilling, will there be enough space for the barbecue grill of your dreams? Consider how much patio furniture you will have and try and do a rough estimate of where you will place the furniture. Or, maybe a barbecue pit is built in at some Texas homes for sale.

If it is concrete, make sure it isn t cracked. Then, be sure you like the material the patio is made of. If it is brick or stone, try to see if the material will be easily matched if a piece needs to be replaced. If there are mature shade trees, you are in luck. Another thing that will impress you about the backyards of many Texas homes for sale is the trees. You can spend afternoons in your backyard out of the sweltering heat.

Many people are happy to find swimming pools in the backyards of Texas homes for sale. As long as the trees are not past their prime, they will adorn your home for as long as you own it. There are different styles and sizes of pools at different Texas homes. If you find one that is well- maintained, it will make your decision to buy that much easier. The main thing you have to remember when examining the pool is that not all pools are in good repair. Spending time in the privacy of your own backyard will relax you and help you get ready for another day s work.

This is important to consider when you look at a Texas home for sale. So, a backyard is actually an important part of the home buying decision. To see beautiful backyards and a beautiful traditional neighborhood concept designed by the award winning Southern Land Company, you must visit Tucker Hill, Texas, McKinney newest community. Designed with lush green open spaces and featuring mature trees, beautiful landscaping for both the home and the property, Tucker Hill is a must see development for anyone looking to buy a Texas home for sale.

Read more...

The Owner Should Not Forget About The Write- Up - Finance and Real Estate Blog:

There are many new owners who wonder about the financial opportunities that are usually related to a new investment. People who are looking for pollensa, alcudia holidays are used to renting different locations.

A Mortgage Loan Uses Property As Security For A Loan On The Property - Finance and Real Estate Articles:

The first step to building wealth through real estate investing is to buy your own home. This way you not only are not only investing your payments in a property, you are able to take advantage of capital gains.

Real Estate Agents Usually Respond Within About A Week - Finance and Real Estate Articles:

I am fairly lucky investor to have a very good seasoned broker who does spend time with me. Every time I drive by a house there is a for sale sign with a real estate agents information on front.

The Exterior Style Of Your Home Is The Fun Part

Category: Finance, Real Estate.

The exterior style of your home is the fun part.

Most people prefer their home to be in harmony with the surrounding community and choose exterior styles that are appropriate to their region. It doesn t require any further calculations, just simply what appeals to you. To be safe, resale value should play an important part in the choice of exterior style. Characteristics include a large, usually covered front porch or a wraparound porch, and a steeply pitched gabled roofline that runs lengthwise. The five most prevalent styles in today s market include: Country: Nationwide this is by far the most popular style. The roofline is often punctuated by dormer windows and gabled wings, informal living, creating casual.

Horizontal siding is the typical material for county and farmhouse designs, although masonry or stucco is possible. The farmhouse style home is typically a rectangular or L- shaped home, often with two- stories. Traditional: This describes a multitude of classic designs including Colonial, Federal, Georgian, Cape Cod, Saltbox and Ranch designs each distinctly regional. Victorian: This particular traditional- style home has strong historical origins with very intricate rooflines and the use of turrets, towers, dormers, bays and eyebrow windows. Simplicity is a common characteristic of all traditional designs usually with small- paned or mullioned windows that are usually spaced symmetrically. Ornate porches are a prevalent feature along with shingles or narrow- lap wood siding. Mediterranean: Some view this style as traditional, others say it is contemporary, regardless, it s popular in the Sunbelt states, the southwest and, particularly in California Florida.

This style is more appropriate for two- story homes, although one- story designs with Victorian features are available. The exterior is traditionally stucco and includes tile roofs, lower pitched roof, broad overhangs lines and open- air verandas, courtyards and covered porches or lanais. Typically contemporary homes have bold geometric shapes, large expanses of glass, and windows that are not framed by shutters or other decorative trim, and rooflines that can be anywhere from flat to low- pitched to dramatically steep. Contemporary: This broad category embodies many different styles and shapes of homes. Siding can be vertical or horizontal wood siding, stucco or masonry. Other styles: although the above are the most prevalent choices there are a multitude of other styles many homeowners opt to adopt.

There are really no rules with contemporary styles. These include Craftsman, Italianette, European, French or French Country, etc, Tudor. Also certain locations or uses can often produce a particular" style" ; narrow lots, mountain or vacation, beach houses are examples.

Read more...

Finding The Perfect Home - Finance and Real Estate Articles:

Purchasing a new Florida home can be a fun and exciting process.

Yes, A ONE- SQUARE INCH PARCEL Of New York State Or Any/ All States In The USA - Finance and Real Estate Articles:

"If you can make it there you can make it anywhere, " so the song says.

Malta S Low Taxes Are Also Inceasingly Attracting New Residents This Year - Finance and Real Estate:

Real estate investors have done well in Malta in recent years, with good annual increases in prices over the last ten years. Estate agents on the island though seem fairly confident that the rises will continue for a while yet.

If You Want To Buy A Foreclosed House, You Must First Identify One That Is Suitable To Your Budget As Well

Category: Finance, Real Estate.

Everyone wants to have a house of his own.

But, buying real estate requires a lot of money and most people do not have that kind of money. Hence, there are a number of people wanting to invest in real estate. In case of insufficient funds for the purpose, the buyer opts for a financial mortgage on the property. A foreclosure is result of an owner defaulting on the repayment and being unable to pay the loan or mortgage taken on the house. But, instead of entering into a binding contract and paying interest for the purchase of a brand new property, it would be advisable to go in for outright purchase of a property that has been foreclosed by a bank, lending company or government. This is a situation faced by many households that are unable to properly manage finances in difficult situations.

Once this is over, the lending agency or bank does not want to delay the recovery of the mortgage or loan proceeds and therefore they go in for an immediate auction to secure the amount due, as per the contract. The legal process of the foreclosure is long and complicated. If you want to buy a foreclosed house, you must first identify one that is suitable to your budget as well. The Internet is the perfect source that can provide you with the relevant information. You need to utilize all the resources that are available, to reach the ideal find. On the websites of different banks you would find listings of properties that are put up for auction on account of foreclosure.

Apart from these websites, there are a number of real estate agents and brokers who can be of great help in locating such properties. Announcements by the Government about public auctions are also listed. You can get detailed particulars about the foreclosed property and the date and venue of the auction from these sources. Many people prefer to look for pre- foreclosed properties that they can buy directly from the owner, without going through the process of an auction. This could lead you to your dream property. Although it may appear to be an attractive option, one must proceed with caution, since there may legal complications later on.

It is tempting and profitable to buy foreclosed properties because they can generally be acquired at very low prices. So the safe and sure method would be to opt for properties that have already been foreclosed and duly put up for auction. The reason for the low price is that lenders can rarely afford to extend the time for the recovery of the due amount and want the property to be disposed off easily, within the shortest possible time span. Lenders like banks and financial institutions are guided by prevailing norms of the financial markets, which dictate that the money should be put back into circulation without delay. On an average, foreclosed houses are sold at prices anywhere between five to fifty percent of their fair market price. You can always avail of a good deal in real estate, by purchasing bank foreclosure property. It is a promising venture that is sure to earn you handsome rewards, if you proceed cautiously.

It Is Free And Easy To Obtain A Copy Of Your Credit Report

Category: Finance, Real Estate.

You should check your own credit before searching for a home in the San Fernando Valley. A mortgage lender will run your credit in order to" qualify you" for a mortgage so it is recommended that you check your credit preliminarily to eliminate any future problems.

The reason is that you will be aware of any negative items that you may not have known about. Being eligible for the best interest rates and discounts on homeowner s insurance are benefits to those who have excellent credit. You may request a free credit report from Experian, Trans Union or Equifax once a year. It is free and easy to obtain a copy of your credit report. The three credit reporting agencies are: 1) Experian www. experian. com( 888) 397- 3742 P. Box 949, Allen TX 75013- 0949. 2) Trans Union www. transunion. com( 800) 888- 4213 P.

Box 390, PA 19064, Springfield- 0390. 3) Equifax www. equifax. com( 800) 685- 1111 P. Box 740241, GA 30374, Atlanta- 0241. The first step in beginning the home buying process is to get prequalified or preapproved. You may also call( 877) 322- 8228 or visit www. annualcreditreport. com to request a copy of your free credit report. When you submit an offer on a property with a preapproval versus a prequalification you will be a stronger candidate in the seller s eyes. A prequalification means that you have filled out an application and a mortgage lender has checked your credit.

Having a preapproval will be beneficial to you especially if there are other offers on the table from other prospective buyers. A preapproval is going a step further and providing your income documentation( bank statements, pay stubs etc, tax returns) to the lender to verify your income and assets. There are two ways a mortgage lender determines how much you can afford. A benefit to being preapproved in advance is that it enables you to close escrow sooner. First, the most amount of debt you can have cannot exceed 30% of your gross income including your mortgage. The ratios above are standard requirements for most lenders in order to get a conventional loan.

Secondly, your mortgage payment cannot exceed more 28% of your monthly gross income. However, there are other types of loans that are easier in which to qualify and may offer flexible down payment options, rates and terms. You should contact a reputable mortgage lender to discuss the different financing options available to you. Some of them include FHA or VA loans. You can ask your Buyer s Agent, family or associates, friends for whom they have had good luck with in the past. A rate lock is good for a specific amount of time and has an expiration date.

It is important to have your interest rate locked in as soon as possible after finding a home and getting preapproved. You must finalize the loan and close escrow before it expires otherwise the interest rate can go up and cost you more money each month in the end.

Firstly Get Yourself A Pre- Approved Home Loan Before Looking At Properties

Category: Finance, Real Estate.

With the booming property market in WA and the basic price of a home reaching around$ 350, 000 home buyers are finding that purchasing a home is almost out of reach for those in the low to middle income bracket and especially first home buyers.

If you are in the position of buying a house in WA then there are some important steps to follow for successful home buying. Entering into the property market has never been more important than in recent years to build equity and realize the' Aussie dream' of owning your own home. Firstly get yourself a pre- approved home loan before looking at properties. Shop around to find the best interest rates and a loan type that suits your circumstances. This will give you an advantage over other home buyers that may be interested in the same property as you plus you will have more negotiating power. Make sure that the properties you are looking at are affordable in comparison to your income, loan repayments and, monthly expenses any future increases in interest rates.

Lenders will want you to provide evidence of your income, savings and deposit history to secure a home loan. As a general guide, loan repayments should not exceed 36% of your gross monthly income. Identify the search parameters of the type of house you are looking for including the number of bedrooms, living areas, bathrooms, outdoor entertaining, size of the block, whether you need a carport or garage, a new or older style home? Do they have the local facilities that you need such as medical, shops, banking, trades and services, video stores, restaurants, post office and schools? Ask yourself what your favorite suburbs are and which locations actually fit into your buying budget. Once you have worked out the type of house you are looking for and the location, then research the papers and internet for listing prices and the prices properties in those areas have recently sold for. When you have found the ideal home for your needs then with the help of a buyer agent, or if you are dealing directly with the sellers agent you will need to decide on a starting offer.

Negotiating a Sale Price. Compare recent home sales in the same area to the sale price of this home and its specifications, a reasonable first bid offer can be 5 to 8% lower than the listed price. Once the sale price has been agreed upon by both parties then a settlement date needs to be set, usually 45 to 60 days from the contract signing date. You can negotiate the sale price with the seller from there, if any repairs need to be done to the home then factor this into the sale price. Make sure that your offer is subject to finance being successfully obtained and a house inspection report being completed prior to settlement. A deposit of 1 to 10% of the purchase price is usually required at the time of signing the contract and is paid to the agent to be held in trust until the property is settled. Thus if any significant construction or pest issues are discovered the sale can be re- negotiated and repairs made, or the offer to purchase rescinded.

Buying Tips. Check and more importantly ask if there are any illegal building additions that have been made to the property ie. completed without local council approval. Insist on a pest and building inspection being carried out prior to settlement. Also ask if the property has any restrictions or covenants. Include a settlement inspection in your purchase contract list of inclusions to be carried out 1 to 2 days prior to settlement. Identify all the costs associated with buying the home including stamp duty, legal fees, settlement agents fees, loan application fees, water rates, council rates, title transfer fees, removalist fees, building inspection costs, re- connection costs of utilities and add these costs into your budget.

This way you can ensure the property is in the same condition as when you viewed it at contract signing. Make sure that everything discussed and agreed to with the seller and their agent is put in writing, citing all purchase conditions and inclusions on the contract of sale. If any repairs need doing then confirm this in writing with the seller. Buying a home is a big investment emotionally and financially, being prepared throughout the purchasing process will help you avoid many common pitfalls that unwary buyers face. � Brendan Leahy Real Estate. www. blre. com. au

Rising House Prices And A Strong Economy Make Highly Favorable Conditions For A Buy- To- Let Real Estate Project

Category: Finance, Real Estate.

Rising house prices and a strong economy make highly favorable conditions for a buy- to- let real estate project.

However, requiring a substantial investment up- front, and an ongoing financial and time dedication, the buy- to- let is far from an easy project. A particularly effective investment, a buy- to- let leaves you with an asset which appreciates in value over the years, in addition to a sustainable rental income accounting for up to seven or eight percent of the overall value of the property year on year. To begin with, you firstly need to analyze areas with potential for high rental income, and low property prices. One of the best areas for a buy to let project is near a University or college- students will always need somewhere nearby to live, and will be willing to pay excessively for that prime spot. This means you need to look for somewhere with a high demand for rental properties, and a low demand for ownership. Another option available to you is to find an older property, or a property which requires some degree of renovation.

For most of us, this means raising finance. This will ultimately mean you' re paying less on the purchase price, which should allow you to make more on the subsequent rental income. There are a number of different approaches you can take towards this, namely setting up a limited liability company to raise funds, or by staking your own neck with the bank. You will probably also be expected to put up a substantial deposit from your own funds, so again, it's good to have some spare cash floating around. Either way, bank funding is likely to be the only real source for the amount of capital you' ll require, although you might find special deals on long- term loans for this purpose. After you' ve bought the property and begun renovation work, it's time to find some tenants. On top of that, make sure you check all references from tenants to ensure reliability in terms of rent payments.

It is crucial at this stage that you check the legal implications of taking on tenants, and understand your obligations and responsibilities as landlord. This way, you can reduce the risk of having a non- paying tenant, which could ultimately ruin your venture and destroy profitability. By working at it, and ensuring you have fully done your home work, you should eventually end up with a sustainable business which can provide you with an ongoing income and a perpetually appreciating asset. All in all, the buy- to- let project is a great way to realize an eventual sustainable income, although it is definitely no easy task.