If you have decided to take the plunge and become a first time home buyer, it is likely that you are feeling a certain level of stress over the prospect, as well as the process itself. There are a lot of things to know, and it is wise to be prepared ahead of time. Real estate agents can answer many questions for you along the way, but you need to know what questions to even ask. Read on here to find out some basic information about what you will encounter as you launch your search for that first dream home.
One of the most important steps to take from the very beginning is to find out what kind of mortgages are available to you, and how much you will actually qualify to borrow. There is nothing more disheartening than to find the perfect house, only to discover that you do not qualify for the purchase price. You can save yourself this heartache by visiting a mortgage broker or lender ahead of time, to get pre-qualified for a loan. This will allow you to set the search parameters to reveal only properties that you can afford. In addition, being pre-qualified will show home sellers and agents that you are serious about purchasing property, and will put you in a better bargaining position. Home sellers will often negotiate prices if they can be guaranteed a quick sale and closing process.
Know the functions of a real estate agent before contracting with one to help you find your new home. Research the credentials and licensing of each agent, and ask about their experience in not only the overall real estate field, but also in your city and preferred neighborhoods. You want to hire someone who knows the area and its nuances, and who has contacts that could be valuable to you. Make sure they can tell you about schools, crime rates, and impending legislation that could affect things such as traffic, development, roads and businesses.
Know what a “dual agent” is and decide whether or not this is an asset to you. A dual agent is when your real estate agent happens to represent both you and the seller. This can create a conflict of interest, and is often frowned upon. In the very least, you will want to be informed of this and scrutinize offers to see who is actually benefiting the most from the deal. In addition, a dual agent is receiving commissions on both ends, typically 3 percent for selling and an additional 3 percent for representing the buyer. To avoid potential conflicts, consider finding a separate real estate agent to represent your interests in the transaction.
If you plan to have a growing family living in the home in the near future, plan ahead to accommodate young children or aging parents. Make sure bathrooms have tubs, rather than just showers, and look out for tricky staircases or steep drops in the landscaping outdoors. Settling for small spaces now can be a big mistake if your family grows and you are stuck with thousands of dollars in remodeling costs.
With the proliferation of foreclosures and short sales in the United States, there are some bargains out there for the right buyer. Be very careful, however, to know exactly what you are getting involved in. These types of homes often do not have clear title, and can present complications in the future months, or even years. Ask to see titles and release forms from previous owners who have surrendered the property. Always make sure that property taxes and any HOA dues have been brought current prior to the closing date. Regardless of spoken assurances that you will not be held responsible for these things, get it in writing, with a guarantee that the seller will pay them.
Doing a little bit of homework ahead of time, and knowing what pitfalls to avoid, can make the purchase of your new home an enjoyable and fulfilling experience. Apply the knowledge from this article to move forward with confidence and serenity.
Every investor knows well the importance and value of owning a commercial real estate space. It could provide them a solid income specially when the commercial space is located in a very strategic location such as Sacramento region.
To provide you a better understanding, commercial investment is such a very lucrative business venture particularly when investors start leasing out properties to would be tenants that would like to rent commercial spaces for a long period of time.
Investing in commercial properties has the most imperative advantages and these are the reasons why most investors have shifted their way to buying commercial spaces. Investors can lease out commercial properties for approximately 10 to 15 years and during that span of time, they could receive a monthly profit from the space rentals.
But what are the crucial things to keep in mind when purchasing for commercial spaces in the region? To give you an idea about this, you may read some important commercial buying tips I have written below;
Don’t forget to ask for the Deed of Absolute Sale (Contract of sale) – When you buy any property, it is always good to ask for the contract of sale from the property seller. In layman’s term, the deed of absolute sale is simply an agreement between the property buyer and the property seller. Basically, the function of this particular deed is to summarize the important details of the commercial real estate transaction.
Witten in the contract of sale is the location of the property that is being sold, the name of the property buyer, the name of the seller, total value of the property being sold, the size of the property, other terms and conditions that both parties had agreed on and lastly, the date where the property title will be given to the property buyer. This Deed of Absolute sale is a solid contract that could prove the legality of the property being purchased.
Don’t forget to ask for the transfer of property title to your name – When you have paid at least 80 percent of the total value of the property, you can already request the property seller to prepare the transfer of the title under your name. But make sure to present the Deed of Absolute Sale and the payment receipts to have a smooth sailing transfer of title.
Living in a small house can be difficult, especially if you have a large family. It becomes increasingly difficult if you are living in a rental apartment. Also, with the kind of lifestyle we have today, “space” is a crucial thing. Adjusting furniture and accessories without making the house look cluttered can become a challenge. However, this need not be the case. Done the right way, a small space can be made to look large! Smart organization of furniture and things used to decorate the apartment can make it look considerably spacious. Some tips you can use to make your rental apartment look big are:
Having furniture that can be moved around the house can help you create space in the house. This kind of movable furniture is handy especially when you move into an unfurnished rental apartment. You can arrange the furniture as you like. It also looks different and stylish each time you change the placement of the furniture. You can have furniture that can serve multiple purposes. For instance, a sofa set can be pulled out to make a bed or a trendy side table that can also be used as a coffee table. This way you will use lesser furniture in the house making it look more spacious. Also, low seating furniture can create a feeling of more space.
Always use bright and light colors in your house. They create an illusion of open and airy spaces. Dark and deep colors can make the house look small and glum since they absorb light. If ceiling has moldings or decorative borders, paint them white or any other natural tone. This way the ceiling can look much higher. Another trick is to use stripes! To make your room longer or larger just paint your room in vertical or horizontal stripes. Use of pastel shades can also brighten it up. While painting your house, don’t forget your floor. The colour of the floor can also enhance the sense of space. Try and have a single color on the floor in the entire house. Paint the floor border that meets the walls with the same shade.
The lighting that is used in the apartment can make a house look big or small. Usually, in a rented apartment, light fixtures are already present. However, if your landlord permits you, you can change these fixtures to other bright lights that can help you make the house look spacious. Where and how these lights are placed in the apartment also makes a difference. Lights that are hung and mounted on the walls will help to make the house bigger than table lights or lights kept on the floor as they take up more space. Use techniques like backlights and sliding panels to borrow light from one end of the brightly lit room to the darker side of another room. Use light reflecting wallpapers. Optimize natural light by keeping the windows unblocked.
The color and material of the upholstery used in the house also makes a lot of difference to how big or small a house can look. Like the color of the walls, the upholstery like curtains, cushion covers, bedspreads, etc., should also be bright. Go for lighter and thinner material as it will allow light to pass through the room. Use sheer curtains instead of deep and dark colored curtains. Select airy and light fabrics and bed spreads of neutral shades.
When you are looking for apartments on rent, you generally do not think of storage space. Most rented apartments do not have sufficient storage facilities. This can cause too much clutter later making your apartment look messy and small. How you store things in your house can make a lot of difference in space. Hence try to have closed storage spaces wherever possible in the apartment. This will reduce the clutter and make it look spacious. Also try and use smart furniture that can also be used for storing. For example, a bed with drawers can be used to store things; a cupboard can be built into the wall, a TV table with cabinets can also be used to stack things up. This will save the extra space that would have otherwise been taken by a stand-alone cupboard and make the room look spacious.
Mirrors can give the feeling of a big room. Big and tall mirrors give a room-enlarging effect. Place these mirrors cleverly. You can have lovely custom cut mirrors, beautiful carved mirrors as per your choice. When the space and light is reflected in these mirrors you get a feeling of depth. These mirrors can be placed on side tables, cabinets or in the hallway. You can have glass top center tables and window panels as well.
Everyone likes to live in spacious houses and apartments. If for any reason, you do not live in a big enough space, then you can always work towards making it spacious. Following these tips can help you make your rental apartment look big and spacious.
Hello there and thank you for reading this article. In it, I will be speaking about the benefits of property self-management. When it comes to having a rental property of your own, there are two things you can do: you can try and manage it by yourself, or you can go and hire a professional property manager.
But let’s take a few steps back and think of what it takes to successfully run (manage) any rental property. A property is a financial success (and most property owners want their property to be financially successful) when all of its rental units are occupied by tenants who:
• Take care of your property as if it was their own
• Make regular and timely rent payments
So what should a property owner (or a property manager) do to have all those goodies? The answer is: “He should be able to distinguish a good tenant from a bad one.” So, if you think that is something you can do on your own, then you should definitely consider self-managing your own property. Are there any benefits? There definitely are and I list them below:
• You don’t need to pay the property management bill every month. This is a big one especially if you only have just a few rental units and your rental property is still owned by the bank.
• You get to deal with maintenance contractors by yourself. What happens is that most property management companies employ their own in-house maintenance team and they obviously charge more for their work. In other words you get to save on your property’s maintenance.
• Many times a professional property manager will not care as much about your property as you would. They are simply paid to do their job. But when it comes to you, you may have spent all of your savings and borrowed from your bank, so it is important that your rental property is treated with care and full dedication. So, by self-managing your property, you have all that in direct control.
• Most property management firms charge you for every filled vacancy. If you run it by yourself, you get to deal with every prospect tenant in person, so there is no need to pay anyone to fill a vacancy.
• If your property management company is located a bit away from the actual property and they require tenants to show up at their office to pay the rent,, this creates an extra inconvenience and if there are other rental properties in the same area you risk to have your tenants leaving you.
• Since you spend lots of time self-running your property, you know first-hand of the maintenance work that needs to be done. This way you don’t run the risk of having inexpensive issues turning into costly-problems.
As you can see, there are quite a few pros of running your own rental property by yourself. But before you get your hands dirty, make sure you assess your own personality first. To be a landlord involves lots of people work and if working with people is not your thing, then you might consider outsourcing this role to someone else!
Once you have decided to buy your first home, you have to prepare yourself as well as your budget. You would need the time and money to purse your dream of being a homeowner. You would also have to contend with the grueling and sometimes frustrating process of home buying. You would therefore need to have someone to help you through it and that means having a real estate agent you can trust and work well with.
With that said, it is important to take note of that the first step you should take is to look for that agent. If you are at a loss where to look for agents, then this article is for you. Below are some tips you can use in your search for that ideal agent.
One of the best ways to find an agent is if someone you know and trust can refer someone to you. This makes a lot of sense especially if your friend or relative recently bought a house with the help of an agent. If they had a good experience with their agent, then you could be sure that you will be working with an ideal agent.
If you are out of luck with referrals, you can use the internet to search for real estate agents. There are plenty of websites that can help you make the right decision. There are sites which lists down the agents affiliated with this or that group operating in a particular area where you are looking to make your purchase. There are also websites operated and maintained by agents. By looking at their sites, you would have a better feel as to their knowledge about the real estate market and how helpful they are to their clients.
Attending open houses is also a good way to spot a good agent. By seeing them work, you would glean some information of how they operate. If they are very helpful to everyone, you could take that as a sign that that particular agent is dedicated to helping match people with the ideal property for them. If they seem to be pushy, then that could be a red flag as they could push you too to buy this or that property just to get the commission from closing a deal.
If you know an agent but cannot work with him or her because you are looking for a property halfway across the country, they might be able to help you get in touch with someone they know and can trust. Having a good real estate agent working with you to find your dream home is very important so you should be careful in picking whose services to secure.
How would you like an additional income on your Property?
Have you ever thought about leasing a billboard space on your property? It’s a great way to generate additional cash income.
I am Thomas Gunter a 46 year veteran of the outdoor adverting and today owner a billboard development company named Billboard Brokers of America, LLC. Leasing your property to a billboard company is a great way to increase your properties revenue stream. You may want to consider leasing a billboard location to a billboard company for the placement of a highway billboard. Here are a few tips you need know to help you get started.
When renting a billboard space on your property to a billboard company, you have several different options ranging from lump sum cash payments, to monthly payments, or combinations of both. The billboard sign’s footprint requires an approximate 5’ x 5’ space for a standard mono-pole billboard structure, so the impact to your property is very minimal and the return could be great.
The property owner normally has the option to restrict advertising displays from adult entertainment ads, alcohol or tobacco ads, or any ads that would compete with a business at the billboard site’s location.
In addition, the billboard company normally pays all Tangible Property taxes and permits associated with the sign structure.
5 things you should know about your property before you call the billboard company.
1) Visibility. Do you have a possible billboard location on your property? First you need good visibility from the highway or street where the advertising will be visible from. A normal highway billboard location has a 4 to 5 second read from the highway for viewers. 3 to 4 second billboard reads can be used but 5 are better. City billboard locations are more complex. In the city you may have street viewers and slower traffic to be taken into consideration. Times Square is a great example there you 1,000,000 plus viewers a day and most are pedestrians.
2) Traffic Count. Does your billboard property have a good traffic count? That is going to be very important in evaluating what your future billboard location’s value is o the billboard company and the advertisers they will be selling the ads to. This is a very important part of the billboard evaluation equation.
3) Property Zoning. Know what your possible billboard location’s property is zoned before you get started. You are going to need this before you consult the billboard company along with its physical address and legal description.
4) Billboard Government Regulations. Save time know what your local and state laws are governing billboards for your property’s location before you call the billboard company. Call the local building and planning office, they can be of great help. Ask for the person in charge of the outdoor advertising planning about the rules governing off site billboard advertising. If the highway you are planning on leasing your property on for a billboard is State or Federally funded Highway such as an Interstate or US highway also check with your state’s Department of Transportation’s, ask for the outdoor advertising division.
5) Billboard Separation. Each city, county and state has their own set of laws governing the distance between each off-site billboard location. Off-site billboards are billboards that advertise business in a location other than the location where the property where the proposed billboard is to be located.
Property buying process is quite complex subject that requires a depth knowledge and deep understanding of various properties, real estate laws and documentations. There are so many things that must not be overlooked before finalizing property investment and in those necessary things, Real estate property valuation is one and an undeniable factor for sure.
It is mandatory for every buyer to know the value of a property on which they suppose to buy. After knowing the exact value of a real estate property, a person can make his or her best purchase. Especially, when it comes to property loan matters; real estate property valuation becomes a crucial factor by which lending institutions or other banks pass the requested loan amount.
In this way, there is a great importance of real estate property valuation in property buying process and knowing the exact ways of valuation of a property is a common concern of many investors of this time. Basically, this process is conducted by a particular valuation firm. While valuation process, it includes the overall condition of a property and recent sale of same types of properties in similar area.
A property valuation can affect property investment in a great extent as it helps determining if a property is qualified for a particular home loan amount. Therefore it plays a great role in sanctioning a home loan by banks or loan institutions. Apart from being a necessary part for sanctioning loan amount, real estate property valuation has a great significance in various processes that are as below:
* Mortgage Insurance of Lenders
* Grant for First Home Owners
* Concessions for government sponsored institutions
The Mortgages insurance of lenders protects lenders from financial crisis when they end up their mortgage loan for defaulting. In this insurance, a lender should cover insurance after borrowing up to 80 percent at least of your property and to calculate the total premium, an LMI calculator is generally used.
Grant for first home owners is a national level scheme which is managed and funded by territories and states. The amount is varied as per particular state and to know the exact amount, consulting a broker of mortgage is the best option. To get qualified for this grant, you must have a sale contract or pre-approval. To apply for this grant of first home owners or any other government sponsored grants, taking help of a broker would benefit you and make it quite easier. A broker would guide you entire process of applying and processing your application for such concessions. This is quite time saving and effective way of property investment for sure.
Therefore, all these are cases in which property valuation is necessary for getting advantages of it and thus, you can certainly make astonishing property investment for sure.