Selling or Renting House – Which Is Best?

December 30, 2013  //  Posted by: cooldude  //  Category: Homes & Properties

Selling or Renting HouseObviously any person who is clever enough in the head will always go for the former option that is renting your primary house to another person or people. Instead of selling the property rent it out, refinance it and see that this turns out to be a better option as you go to buy a new home. Refinancing is the best way of investing in real estate such that you are sure that there will be only profits in the future and nothing else.

Economic advantages: this is one big advantage as to why you should rent your house and not sell it. if you are not going through a financial crisis whatsoever and there is no big loan which you have to pay back then renting your property is the best deal. Renting your home also gives you the option down the line to take out a home equity loan if you need to secure even larger sources of debt financing. It ensures a continuous flow of income even without doing any work. This income may prove to be very helpful in difficult times and is a great form of backup in case your business crashes

The main thing about renting a property is of course as a landlord you will have to make sure that the house being rented is in a fit enough position to be living in. For this you will need to make changes here and there and for this funds will go. You will need to spend some money in order to make someone buy your home but this will prove to be a profitable venture in the future when there will money only coming in.

However if you sell the house you need to decide whether selling it is that important and will it prove to be as good as renting it. The profit you get now after selling it or the regular income you get after renting it- which is going to be more fruitful.

Furnished apartments – benefits and disadvantages

December 23, 2013  //  Posted by: cooldude  //  Category: Homes & Properties

Furnished apartmentsBe it relocating, in town for a few days or weeks on business, or simply a vacation, furnished apartments have captured the interests of many. Before trying one out yourself, here are some pros and cons you should be made aware of. Let’s start with the pros.

Affordable: Spending tons on hotels can take a toll on your pocket real quick, especially if you are looking for a luxurious hotel room with a lot of facilities. On the other hand furnished apartments are economical since they have monthly or even weekly rates created to suit your budget.

Feels like home: A major reason of checking out furnished apartments is that it gives a ‘just like home’ feeling. A whole range of amenities that can be used by you whenever you wish to. A fully functioning kitchen complete with oven, stove, dishes, pans, pots, will enable you to make your favourite meals there itself and will save you the cost of restaurants.

These were advantages if you needed a furnished apartment for a temporary trip, lets now talk about relocations.

Main advantage of renting or buying a furnished flat is it takes away the pressure of providing furniture. This is most appropriate for young adults or college pass outs who are maybe moving into their first apartment. Renting furnished apartment is also beneficial for those having very little furniture of their own.
To talk about the cons now, if you already have furniture of your own or plan to buy new, then furnished houses are not the best option for you to purchase or rent. Or if you are going through a tight financial condition, a furnished apartment might not be advisable since its cost would automatically be more than an unfurnished one.

Coming to temporary trips, if you are someone who is accustomed to hotels, or if the trip is extremely short and professional, a furnished place would be a complete unnecessary expense.
Well then, you should gauge your requirements, and make your decision, furnished or unfurnished.

Selling off your property fast

December 09, 2013  //  Posted by: cooldude  //  Category: Homes & Properties

sale propertySelling of a land is a task of immense challenge for the seller and that too in case of economic down turns. Here are some easy tips that you can follow while selling off your land.

a) Clean the property: You must make sure that your property is completely cleaned, repaired and organized before you put it up for sale. It is very essential that the house must look perfect and attractive to the prospective buyers. The major task is to keep the main area clean and neat and free of all the debris and junk. You should also remember to remove all the wild trees and the hideous things that might make the buyers to think once again.
b) Mark the property lines: You should make the use of spray paints to mark the area of the property so that the buyers get a clear idea of the area of land that they are going to purchase. It will help the buyers to focus on the main area and avoid the surroundings that might not be in a good condition. This is done already will help to reduce the time in locating the actual margins of the lane.
c) Talk to the real estate developers: Real estate developers are very much interested in buying plots of land for commercial purposes. So you can go around and look for the developers who are in search of lands. You must call these companies and place forward your offers with the best value of your property.
d) Post an advertisement on the internet: Internet is a very wide place for the land buyers. There are various websites that advertise for the sale of properties. By getting your land enlisted you can get numerous prospective buyers.
e) Offer financial options: You can provide the facility of payment in installments.

Corporate Housing – a brief overview

November 30, 2013  //  Posted by: cooldude  //  Category: Homes & Properties

Corporate HousingWhat is corporate housing? Well, the very term is in perspective to travel industry and refers to a well furnished apartment which is usually put on rent on temporary basis – as a good alternative to conventional hotels. These are mostly like the smart vacation homes, all plush with gym and pool. Corporate housing is a favorite among the spirited business travelers who love to savor pleasure entwined with the business deals. In case you are looking out for a potential investment opportunity in the property scene, corporate housing is a great idea.

It’s to stress here, that according CHPA (Corporate Housing Providers Association) data, the revenue garnered by corporate housing market has witnessed a stellar growth since the last 3-4 years. Now, why is corporate housing such a lucrative trend? Well, this type of smart vacation homes offer bigger square footage & the most amazing part is that it costs lesser to hotels. The customers are pampered with full client service amidst a very stylish setting.
The corporate housing facilities are favored for extended stays like mostly one month or more- which otherwise might be very expensive had it been a hotel. It offers a temporary stable accommodation within a convenient setting. Unlike hotels, in a corporate housing, your clients will feel safer as here they aren’t surrounded by the transient guests.

If you are planning to invest in a corporate housing you have to sign up with a good realtor to ensure a proper marketing of your apartment. The huge popularity of vacation homes has really elevated the competition and hence you need an expert realtor here who is well versed in the effective marketing techniques. It should be noted here that corporate housing facilities are renowned for all furnished and refined look- when you are planning for the same make sure to retain that kind of suave ambience.

Common Mistakes that you do while Investing in a Property

November 22, 2013  //  Posted by: cooldude  //  Category: Property Investments

Investing in a PropertyThere are various risks involved in investing in a property. There are a lot of fake sellers who try to get the maximum out of the deal for which they even lie or hide certain facts when they find that you are really interested in buying the property. Such facts are very important for you to know. Such complicated tasks can be performed better by experts or the real estate agents. Such agents are very experienced as they have worked in the extreme economic changes. You should avoid certain mistakes that you often tend to make if you are a first time investor or a beginner in this field.

a) The very first mistake that you commit is in the selection of the agent. Real estate trading is a very open business where inexperienced agents are available very easily. Choosing such an agent can make you commit serious mistakes while investing and can cost you a lot of money.
b) You often end up paying huge amount of real estate commission if you do not talk to the seller directly and rely on the agents.
c) You must also check the real estate in which you are dealing in. The condition of the walls. The paintings, doors and even the basement must be checked for flood damage.
d) You must also have a complete list of the requirements that you want in your property. Such lists must be given to the dealers so that they can help you strike a deal accordingly.
e) You must also go through the websites of the various dealers and do your bits of homework before you actually start dealing with one. You should compare among the various dealers as well,
f) You must also look into the neighborhood schools and the community of that particular locality. Such inspection makes it comfortable for you to live in that environment.

Thus you be careful of the above common mistakes.

An Understanding on Property Flipping

November 12, 2013  //  Posted by: cooldude  //  Category: Property Flipping

Property FlippingIn the simplest term, the property flipping means the resale of the purchased property at high rates. Investors get good profits by flipping the property. It is a fast money earning transaction.

Certain Tips about Property Flipping

Remember that property flipping is very profitable business. However, you must be clever to proceed steadily. If it is a real estate property, you should follow some basic rules to do property flipping. Basically, there are many debtors whose houses are foreclosed. They have borrowed loans from banks. These debtors declared themselves bankrupts. Their properties were auctioned after foreclosure. So you can go to local banks. Over there, please talk to bank mangers regarding home foreclosures. You can buy this foreclosed property at low rates. Later, resell it at very competitive prices. However, you need to draw a plan beforehand. The prior marketing survey works as an antibiotic to get ideas about the present trend in property flipping market. Wait for favorable time for transactions. However, meanwhile calculate at home about the expenses. You need money for buying the foreclosed property. If you have limited financial resources, apply for loans. Banks open doors to invite people. On good terms, take loans for purchasing property which is foreclosed. You are obliged to make repayment. However the advantage to take loans from banks is easy installment scheme. You can clear dues through several installments. If you pay back on time, banks will sanction more loans. However, the quality of the foreclosed house must be good. If the house requires repairing, you must do. Then increase the value of the property. Customers will purchase your houses.

At first, kindly don’t be ambitious. You must not invest huge amount for purchasing property for flipping. Online brokers help customers by providing information. You can call them to make discussion about the property transaction. In this connection, check online flipping market to have new facts. Property flipping business is expanding in Europe. So, go ahead to test your luck in the housing market.

Housing Bubble Burst discourages to invest

November 05, 2013  //  Posted by: cooldude  //  Category: Property Investments

real estate investmentInvesting is real estate is a much safer option than any other investment plans. It has a good rate of return and can be liquidated within a shorter span of time than in government or private bonds or stocks. With early withdrawal of money, the penalties imposed on real estate investment are not very high or stiff. It does not involve the loss of a large sum of money. Under normal circumstances a real estate appreciates by 4% per annum which means that within a span of 5 years the value of your real estate investment can go up by 20%. By remodeling your house slightly you can see that the value or returns from it will be higher.

With a wide variety of investment, real estate investment pays off well. Due to the limited supply of houses in the short span of time, as houses cannot be built overnight, and sufficiently large demand from the people housing can be quite valuable. People are still looking for safe places to live in at an affordable range, which further pushes up the price of housing.

Last five years has witnessed a huge jump in the real estate market which caused more and more people to invest in it. But it is no longer safe to invest in the real estate market any longer. Due to the housing bubble burst in US during 2007-10, the demand for housing is going on falling as people are now afraid to invest in it. Higher interest rates and higher prices make owning of a house even more expensive for new homebuyers. Due to excessive demand the inventories that were built during the time when the real estate bubble was built i.e. the boom time, are now left idle which causes the prices to rise further. Therefore even though the supply is more or less stable now, there is very low demand.

Signs of a Good Property Manager

November 02, 2013  //  Posted by: cooldude  //  Category: Homes & Properties

Property ManagerProperty Management is a good career option. A property manager works both for the owner of a real estate directly and also with property management companies. He assumes a relationship of trust and confidence between the company and the property owner.

An ideal property manager should be well informed about all the laws and regulations of property dealing that is prevalent in the land. He requires a legal license as the manager and must know all the legal formalities that have to be completed. Mistakes can lead to the cancellation of license, loss of account and reputation. He must be highly honest with his work. He collects rents, security deposits and is entrusted with large sums of money. He must be a good advisor and must have the sense of the right and the wrong. He must be organized with his daily works of rent collecting, maintenance of accounts. He should multi-task.

He must have good communication skills. He has to deal with different kinds of people of various personalities. He should always stay calm and should deal with the lawyers and judges in a professional manner. It would be great if he could speak in other languages. He must be well-versed with computers like the use of e-mails, faxing, and mail merging as well as Microsoft word, Spreadsheet, and Excel. The manager should deal with the different problems easily and patiently. He must enjoy his work. He should address the tenants with dignity and respect.

He should have a good sense of humor while working with different people. He must conduct his bit of research. Documents must be read and checked carefully before they are submitted. A perfect manager should not be fickle minded and should have a sense of commitment and duty.

Difference between a Real Estate Agent and a Real Estate Broker

October 26, 2013  //  Posted by: cooldude  //  Category: Real Estate Rumblings

Real Estate AgentExploring the complex world of real estate is an overwhelming task. It requires knowledge and experience. There are many steps involved in the process of buying and selling a house which can be quite complicated for a novice. This process not only involves huge investment of time and money but also emotional investment. Luckily there are professionals who can carry out this laborious task and take the burden off your shoulders. When choosing a real estate professional, it is very important to understand the difference between a Real Estate Agent and a Real Estate Broker.

A real estate broker acts as a connection between sellers and buyers of real estate. Brokers stick to higher standards and must take more rigorous training and education. In many states, it is mandatory to have a license in order to be a real estate broker. In few states, attorneys are permitted to carry out real property sales for compensation in the absence of a license as a broker. He takes up all legal responsibility for real estate transactions done by him or any agent who works under him. Brokers can open up a brokerage under the law and employ other real estate agents. Brokers are more powerful to resolve any conflicts.

In simple words a real estate agent works directly for brokers or practically under his supervision. Many states refer to agents as salespersons. Agents perform duties such as taking the buyers to show saleable homes, offer advice, locate the right type of home for the buyer, filling out forms that show that the house has been purchased legally. Agents cannot work independently or open a real estate brokerage. They only have small legal responsibilities. The agents are paid a fee to work under a broker. Agents also give a portion of each sales commission to that brokerage.

Understanding their role is very important that will help ensure that the process is much easier and smooth.

Property management rules to follow

October 18, 2013  //  Posted by: cooldude  //  Category: Property Investments

Property managementThere are certain rules that you should follow if you are planning to keep tenants and enjoy a profitable land lording experience—

The first rule that you should follow is to choose the correct tenant. It is not an easy job always as because the right tenant will be the one who will love your property. Now the question arises that how would you understand whether the person liked your property or not. The answer should be ‘your sixth sense’. If the person after inspecting your house asks you what is the total procedure to stay in this house, then you should be able to understand that the person loved your house. On the other hand if the same person after looking through all the rooms of your property says that he can only decide after looking at 2 other places, then it will be clear to you that he is not quite interested. Thus in this way you should take enough time and choose the correct tenant for you.

After the tenant is chosen, the next rule should be obtaining the correct amount of deposit that you require. This deposit amount should be paid in cash or money order or cashier cheque if the movement is a fast one. Cheque payments should be re-checked and preferably should not be allowed because it can be returned even after 10days as a bad cheque issue or due to stop payment.

Making an agreement between the land lord and the tenant is the third rule that is a must before allowing the tenants to stay in your property. Legal papers can never be made by you; an attorney is required to do so. You should visit the court to make the agreement where rental duration, rent payments, what can happen if the tenant doesn’t comply, the penalties that will be charged if payments are made late etc should be mentioned. If these basic tips are followed, you can make your land lording more enjoyable as well as profitable.