I Will Definitely Buy Real Estate Within A Year

Investing in real estate has become a trend in India. Not only the residents, NRIs are also showing a great interest in Indian properties. Owning a house is a symbol of prosperity but owed more reflects affluence. Despite the fact that investing in Gold and Mutual Funds is more convenient and beneficial, real estate tops…

Investing in real estate has become a trend in India. Not only the residents, NRIs are also showing a great interest in Indian properties. Owning a house is a symbol of prosperity but owed more reflects affluence. Despite the fact that investing in Gold and Mutual Funds is more convenient and beneficial, real estate tops the list. 2007 was considered as the golden era of real estate in India and the boom subdued subregually but looks like 'Achhe Din' are back. The number of home buyers is rising. There would always be a need for homes to live in, so this makes sense to buy a property. Let us see some facts that one need to know before buying a property this year.

1. For living purposes, one needs four walls and a roof, so that's a necessity. But the return on investment is ascertained. Within a small duration like a year or so, the appreciation is going to be fairly flat. The magic can happen only when the Govt. plans something for the better infrastructure of the location. When the growth is only 4 to 5%, it is not wise to pay 9.5% on the loan drawn for the purchase of the property. This was about when one wanted to liquid the assets for a shorter duration of time. If one plans to hold the property for more than 5 years, real estate turnout can actually be good.

2. The ready-to-move properties are preferred over the under-construction ones because the return is instant in case one gives the house on rent and there is no possession delay. With the rise in inflation and decrease in the need for comfort and convenience, affordable housing units are selling fast and for the young people or newlyweds, rent is a more probable option. One should keep renting a house if the monthly EMIs are more than the monthly rent.

3. It is wise to pre-approve the loan so that the property buying is not delayed due to paperwork but there is a catch. One need to finalise the deal within 8 months at stretch, otherwise, the loan processing fees need to be paid all over again. Keep the finances in mind. The larger the down payment, the more loan one can draw from the bank and lesser would be the EMI. Less EMI means less pressure on the monthly budget. So, before buying a house, try to manage the down payment as much as possible.

4. Location, location, location! One should never forget the oldest rule of buying a property. The houses at the outskirts can be bought at more flexible prices as compared to the city ones. They are just at the peripheral so away from the city hustle but closer to the city life. The prime locations are not in the budget for everyone but these extended locations are connected to all the prime locations and can be a good bargain if one is planning to buy a property this time.

5. Invest in the builder with a good track record and deliverables. If someone is planning to buy a property in the state he is not familiar with, going with the reputed builders is advisable. Instead of going blind, one can hire a professional agent with considerable experience.

The property price in India is leveled. There is no scope for the correction. The builders already have the huge inventory that they need to sell. The price is already the best they can offer, so, buy a property now before there comes a twist in the Indian real estate market.

Before Investing in the Secondary Real Estate Market of India

The secondary real estate market in India is attractive. It is advantageous. Many homebuyers are turning to the secondary market instead of purchasing directly from the builder. One can avail a great discount on such properties and get a house more than the budget. The primary reason for the growth of the secondary real estate…

The secondary real estate market in India is attractive. It is advantageous. Many homebuyers are turning to the secondary market instead of purchasing directly from the builder. One can avail a great discount on such properties and get a house more than the budget. The primary reason for the growth of the secondary real estate market in India is the growing unsold inventories with the owners and the black money with the buyers which they want to get dispose of.

The recent scrapping of INR 500 and INR 1000 notes by the Govt. of India would be taking care of the black money with people and the slow phase of the real estate is supposed to pick up a pace in due time. The primary market is prominent but now, the resale market is where many home seekers are turning to. But it is not without the challenges. Let us see what are the benefits and drawbacks of investing in secondary real estate market of India.

Why buy a resale Property?
Many things lose the significance when they exchange hands but not the property. With the time, property prices rise because as they say real estate is the best investment. But that ‘second hand’ tag in India is unfortunate. As such, buying a resale property can be financially beneficial. Let us know in detail the benefits.

1. Negotiable prices: Secondary market means the owner is trying to get rid of the property and get his investment back. As such, he is ready to cut some slack to the buyers too. It is estimated that the properties are available at around 10-20% lower that the actual price. The huge difference between the two properties divides the property seekers.

2. Profit in short duration of investment: Buying at the lower prices means gaining a fair return on investment in the short term. One need not wait for longer to liquidate his assets. It is said that 3 years is the minimum time in Indian real estate to get a significant ROI but resale properties mature faster.

3. Less possession delays: Possession delay is the major problem that the homebuyers suffer from. They are seldom delivered the project on time. The reputed builders keep the promises but it is quite common for the newbie builders to deliver the keys after a delay of a year or so. The resale property has less risk of such happening. Since the owner has already purchased it from the developer, the chances are till he sells the property to have the investment back, the project would get completed. One can also explore the options in the resale market and choose a property that is possession-ready.

Why not buy a resale property?
While many arguments are in the favour of resale properties, there are complications related to it. The secondary market in India is highly unregulated. The recent Real Estate Act and the demonetization will show positive results but that is to be seen. Let us see why a resale property can be a bad idea.

1. No flexible payment options: Buying directly from the developers gives many payment options. Only those people can invest in secondary market who have the money in hand and are not dependent on the home loan. Generally, the owner of the property asks a huge lump sum amount as the first instalment and that instalment may be equal to what he has paid to the developer already. One can easily expect that to be the 70-80% of the property price. That’s a huge commitment and not all the homebuyers can afford that.

2. Dealings in cash: This is a very disappointing condition of the market that the majority of the dealings occur in cash. The cash payment saves some taxes for the owner and the stamp duty for the buyer. Thus, in spite of being illegal, this is how the resale market runs. One cannot avail a loan on the cash payment and thus, this is not for the middle-class people who cannot afford to pay without a loan.

3. The paper trail: There is a lot of paperwork involved in the transfer of ownership. Since the developer is the first owner of the property, in addition to NOC from the current owner, the buyer need to get one from the builder too. Also, now loan needs to be shifted from the owner to the buyer i.e. new owner. The whole process takes time and a lot of patience.

If low price is on someone’s mind, the secondary real estate market of India is for him. If he wants a smooth transaction and ready to wait till the property is possession ready, one should go for the primary real estate market. At the end, it is all about preferences.

Real Estate – A Great Career Option for Women

Real Estate was believed to be a tough, demanding job that can be handled by males which require hunting down homes for sale, connecting with clients and customers, etc. but in last few years, the statistics have proven that women have grown tougher and dominating this field. You would be surprised to see a young,…

Real Estate was believed to be a tough, demanding job that can be handled by males which require hunting down homes for sale, connecting with clients and customers, etc. but in last few years, the statistics have proven that women have grown tougher and dominating this field.

You would be surprised to see a young, high school female graduate working as a real estate agent because of its extensive career opportunities which make it a great option for women as they can work independently and earn cash without many hassles.

But one needs to understand that every job has it's demands and requirements that's need to be filled or else there will be an imminent failure.

Unlike, the office job where you are hired and trained for a position as you have to attend your boss and his demands.

Real estate has it's risks too as this is one career which is to be served independently with no initial training, so one needs to be ready for what is to come and how to deal with it, yet it makes you your boss with no one to answer to.

So what makes Real Estate, a great career option for women? Here are few points that will get you reconsider if this is the option you were looking for:

• Freedom and flexibility: –

Women are believed to perform outstandingly when they are granted liberty and this career grants you that opportunity. Being women you have to balance family and career all along and if any job provides you with flexibility and freedom along with real cash, what else do you want as it's a granted wish for every woman.

• Being independent: –

It's such a big relief when you do not have to rush in every morning and present an excuse for your blunders as you are your boss and independent working and earning according to your efforts and investments.

• Technology: –

Nowadays we are living in a tech-savvy world where you can post your ads asking your customers to get in touch if they are looking for some real real estate is the easiest way to reach them. Good response and connecting socially will also succeed you making it one of the best carers for women.

• Good service to clients and customers: –

Leaving an impression on client and customers will be a huge benefit to your career which comes naturally to most women as this will encourage them to deal with you again and even refer you to someone else.

• Growth: –

You may start as a real estate agent, but soon you will realize that you may need more staff or an assistant. Real estate is a field where income depends on a number of efforts invested and if you need an extra effort then do not think about growing your real estate agency and adding people as this will lead you to more income.

Lastly, you should know that every business or agency needs time and dedication as it may take a while before they start alerting agreements. Certain drawbacks need to be kept in mind as real estate is a demanding job with high returns.

Acoustical Soundproofing Products For Auditorium Soundproofing

Auditorium Sound proofingThe Sound proofing ChallengeThe goal of auditorium design is to deliver fine clarity to actual sound for all members of the audience irrespective of their seating position. Public speakers, performers, musicians, and singers all need quality soundproofing in the auditorium, so that every word is intelligible and the music is rendered with great…

Auditorium Sound proofing

The Sound proofing Challenge

The goal of auditorium design is to deliver fine clarity to actual sound for all members of the audience irrespective of their seating position. Public speakers, performers, musicians, and singers all need quality soundproofing in the auditorium, so that every word is intelligible and the music is rendered with great harmony. The audience wants to experience superior acoustics having least “live” or “dead” spots in the auditorium.

The acoustical materials selected for soundproofing an auditorium have to be durable, class A fire rated, decorative, and able to absorb sound reflections to regulate background noise, and also to scatter the sound waves to generate more exposure and balance to the sounds originating from the stage.

Soundproofing Treatment

By installing fire rated, decorative, ceiling or wall sound panels in an auditorium, the sound reflections as well as their reverberations inside the room can be controlled better to deliver higher quality sound. Reverberating sound waves within the auditorium will be received by specially designed Architectural Sound Panels for transforming sound to kinetic energy. Diffusion Panels will help to scatter the reflected sound waves to provide balance to the live and dead spots in the auditorium. You must also install sound panels as a background in the stage or behind the musicians for controlling reverse echo. The ideal auditorium is usually fan shaped with a sloping or curved ceiling and inclining floor sloping down towards the stage area. This shape is meant to break standing sound waves.

Acoustic Results

The acoustical panels installed for soundproofing an auditorium will receive and transform the undesired background noise, reducing the reverberation time to within 2.0 seconds. This will result in better clarity of speech for the audience, and even out the tones rendered by the musicians. The diffusion panels scatter the noise for better balance spread all over the room irrespective of seat location. This will provide a more enjoyable experience and ensure that the audience will come back again.

Additional Soundproofing Tips for Your Auditorium

Well-designed auditoriums are designed with non-parallel surfaces that help to break up standing sound waves. Preventing “dead” spots and scattering the acoustics in the room are two other functions achieved. If your room is shaped more like a gymnasium, there will be repeated reflections of sound waves. This will increase the possibility of “live” and “dead” spots, and hence you need more diffusion panels. Keep in mind that absorptive panels minimize background noise, and diffusion panels scatter sound reflections in various directions for better acoustic balance in the space. For auditoriums shaped like a fan having sloping floors, a ratio of 10-1 between the number of diffusion panels and sound absorption panels is recommended. The aim is to absorb sufficient background noise in the auditorium to create excellent speech clarity, but leave adequate reverb in the space to mix the musical tones together.

Property Management Provides Peace of Mind

While real estate can be a lucrative investment, managing tenants, repairs, and related issues can be challenging. This is especially true for owners who live in another location or have full-time jobs beyond their real estate investments. For these individuals, hiring the right property management company can provide much-needed peace of mind. Here are questions…

While real estate can be a lucrative investment, managing tenants, repairs, and related issues can be challenging. This is especially true for owners who live in another location or have full-time jobs beyond their real estate investments. For these individuals, hiring the right property management company can provide much-needed peace of mind. Here are questions to ask when interviewing a potential property manager.

1. How long have you been in business?

Not only is a lengthy record in the industry often indicative of a trustworthy business, but it also means a manager has reasonably deal with most problems that tend to crop up with rentals. Experience with a range of issues, including legal, accounting, emergency response, and maintenance expertise, is essential.

2. Are you licensed by the appropriate state and industry authorities?

In most states, licensed managers must take an approved property management course and passed a state licensing exam. A licensed property manager in charge, or PMIC, is allowed to manage other managers and run his or her own business. He or she is knowledgeable about state regulations for handling rental income, security deposits, and other financial matters.

In addition to license, certification can indicate more extensive industry knowledge. These credentials are granted by trade organizations, including the Institute of Real Estate Management, National Apartment Association, National Association of Residential Property Managers, and the Community Associations Institute.

3. Can you provide referrals from past clients?

A property manager should be able to provide contact information for current or past clients that have agreed to speak on his or her behalf. Potential clients should check out the addresses of which the business is in control to ensure that they are being run properly. By the same token, relying on referrals from trusted contacts is a good way to vet a short list of potential companies.

4. What fees do you charge?

While there can be a wide range of industry fees, the standard costs include a management fee ranging from 4 to 12 percent of the monthly rent, depending on the location and condition of the real estate, whether there is more than one holding, how many units in each, and what types of services are required. Some companies charge a monthly vacancy fee when the home is uninhabited, while others require the full fee regardless of whether there's a current tenant. A set-up fee for a new client can be up to $ 300. Also, those relying on a management company to find tenants can expect to pay 25% to 100% of the first month's rent (usually around 50 percent).

5. How often do they inspect?

The answer to this question is a key to ensuring that a real estate investment is protected. While a property management firm should inspect anytime there is a permanent turnover, regular inspections should still be done when there's a long-term tenant. Intervals can vary, but units or homes should be inspected at least once a year, as well as an external inspection every quarter to notice any potential developing issues.

Grieving Real Estate Taxes: 3 Options

Different municipalities, in various parts of the country, use a number of different methods, of determining real estate taxes, some of these have very simple systems, and even those usually have a number of flaws. Others, like in New York City, there is less burdens on real estate taxes, because most of the fees and…

Different municipalities, in various parts of the country, use a number of different methods, of determining real estate taxes, some of these have very simple systems, and even those usually have a number of flaws. Others, like in New York City, there is less burdens on real estate taxes, because most of the fees and taxes, are derived from income, etc. Here, in Nassau County, just east of New York City, there is a somewhat complicated system in place, where those who do not try to grieve their assessed values ​​(and then their tax), are often punished by that very system. This article will discuss locales, where homeowners have the ability, to grieve these rates, etc. Basically, there are only 3 options available: 1) Do nothing; 2) Do it yourself; and, 3) Hire a qualified company to represent you.

1. Do nothing: When you receive your annual assessed value, which has been determined by assessors, hired by the municipality, you decide to do nothing. While one might do this because of either laziness, ignorance, a misled – belief in the system / fairness, etc, the result is often getting punished, because many others will dispute their assessment, and often receive some sort of reduction. Remember, grieving these, has no substantive penalty, if denied!

2. Do it yourself: The procedure is not a complicated one, and it is certainly possible to do this oneself. However, that may also be said for preparing one's income tax, etc, and most people benefit from using the services of professionals, who specialize in this procedure. The advantage of doing it yourself is, if you win, you will receive the entire savings, while if you hire someone, you'll pay a fee. The disadvantages of going the solo route include: unfamiliarity with the nuances of the form; ability to use the most relevant Comparables , and / or appearing by oneself, if it ends up going to a hearing.

3. Hire a qualified company: This is the route I have taken every year. Could I have done this myself, and saved paying them, if they win the reduction for me? Probably, but also understand, this company receives nothing unless they get me a savings, and then they receive a percentage of what they've saved. I look at this as found money , and I have to do nothing other than hire them, risk – free. I favor this route because it has been a successful course of action, for me!

Regardless of which way makes you feel comfortable, I urge you to seriously consider either proceed using the second or third route, and do not leave your money on the table , by failing to grieve, while many others do. When you go to sell your home, taking no action, may hurt you, because your house will probably show significantly higher real estate taxes, than your neighbors.

Clean Your Filters – It’s Easy

More often than not as the summer months set in, we get constant phone calls from tenants saying the “A / c is leaking”, and during the winter months, “the ducted heating is not blowing hard enough”. Not only that, we get the old grizzle about the dishwasher not draining or that it needs a…

More often than not as the summer months set in, we get constant phone calls from tenants saying the “A / c is leaking”, and during the winter months, “the ducted heating is not blowing hard enough”. Not only that, we get the old grizzle about the dishwasher not draining or that it needs a service. Well, the solution is often very simple and should be part of all tenants' cleaning regimes. This helps ensure that the appliances work properly, but also ensures that they are maintained to an acceptable standard, meaning that the appliances get a longer and more efficient life.

Air conditioners need their filters cleaned regularly. I make the effort to clean mine at least every 3 months .. It's a very simple process; all you need to do is open the front flap (of the split system type, see photo below) and pull out the filters. Then, grab the vacuum and just give them a quick vacuum over. You can also take the filters to the outside hose and give them a good squirt. But, be sure to wait until they are well and truly dry before putting back into place.

For ducted heating, you would have surprised how quickly the filter will get clogged up and reduce performance of the heater. The main reason that they tend to get clogged up more than air conditioners is because the intake is usually at ground level and is therefore exposed to more dust, hair and other gunk that will get get trapped by the filter.Cleaning filters will not only make the air conditioner much more effective and cost less to operate, it will also reduce any lint that may getting into the drain system that will block and start leaking (causing damage to property). For the older style “in the wall” air conditioners, the process is just as simple, open the front flap (it should be very obvious where this is), pull out the filter and follow the same process to clean the filters. If these devices are used for heating as well as cooling you will need to keep the filters clean all year round, not just while cooling during summer.

Another appliance that is often, if not always, over looked is the dishwasher. Yes, there is a filter in a dishwasher – sometimes even two. These must be cleaned regularly, every 3 months Locate the filter in the dishwasher and monitor it every wash, make sure no gunk has built up to reduce the ability of the machine to not only clean efficiently but clear away the dirty dish water. These filters will very easily slip out, usually with a gentle twist, and only require a rinse under the tap. Another good idea is to regularly use a specific cleaning product that you can buy from the supermarket. It will give the interior of the dishwasher a good hard clean, takes no effort at all, and make sure your machine works to its best capacity and causes as few problems for you as possible.To clean ducted heating filters simply find the air intake, it will be a large panel most likely on the side of a wall, it may be in a cupboard, or sometimes even on the roof (so you may need to have a hunt around). The panel will pull open and you will be able to slide the filter out. These filters will usually have a different structure to the air conditioner filters and will be best cleaned by using the vacuum cleaner only. To have your ducted heater working most efficiently and productively, it is a good idea to vacuum these filters every month at a minimum, and if you have pets, even more regularly – pet hair is a shocker for heating filters.

YouTube.com is a great way to find out how to do any maintenance / cleaning work on these appliances is to simply search “how to clean a filter on Rinnai gas heater” (as an example). You will always find something simple to guide you through, even if you can not find the exact model or perfect match to your query.

By keeping your heaters, air conditioners and dishwashers clean and well maintained, you will be able to keep your electricity and or gas costs down. At the same time, you are ensuring that you are actually looking after your landlord's equipment.

Your Home Maintenance Schedule: 6 Items To Pay Particular Attention To

Property management is almost always considered, in consider detail, regarding commercial properties. However, each homeowner needs to pay particular attention, to maintaining, enhancing, and focusing, on a plan, to manage his personal property. Most home buyers consider their monthly carrying charges, and think about their mortgage interest and principal, escrow items (such as insurance, real…

Property management is almost always considered, in consider detail, regarding commercial properties. However, each homeowner needs to pay particular attention, to maintaining, enhancing, and focusing, on a plan, to manage his personal property. Most home buyers consider their monthly carrying charges, and think about their mortgage interest and principal, escrow items (such as insurance, real estate taxes, etc), and utilities. However, far too often, there is no planning for the other necessities and obligations of home ownership, and because of this, many are unprepared for major repairs, or even minor ones. For that reason, I have created these 6 items every homeowner needs to plan for, prepare for, and pay attention to.

1. Painting / power – washing: Depending upon where your home is, and what material is on the exterior, your schedule for these things will differ. If you are in a region where there is a lot of snow and ice, or one one which is close to the ocean, you will need to maintain it more often. If the property is in the woods, it will probably require special care. If you have a wood house (such as cedar shingles, etc), ask a local paint store, how often homes in your area need painting. If you have a vinyl, etc – sided house, you should probably power – wash it, once every year or two. Regularly scheduled preventive maintenance, will often cost far less, than waiting for the major disasters.

2. Grounds: What kind of property is your home located on? Is it level, or sloped, clear or wooded, etc? If there are lots of trees, regular leaf removal is needed. Obviously, mowing, repairing and maintaining your lawn, which includes regular watering, etc. Do you need in – ground sprinklers, and if you have these, prepare for regular maintenance, including winterizing , back – flow devices, repair, etc? How about your gardens, etc? How will you care for them?

3. Heating / air conditioning systems: Make sure you have your boiler maintained and cleaned, and that a Preventive Maintenance, is performed, prior to the winter! Change / clean your air conditioning systems, winterize (if needed), and make sure these are kept clean and well – maintained. Do not forget your air filters.

4. Windows / doors: Are you heating the inside or outside of your home? Unless your windows and doors are somewhat air-tight, you will be wasting lots of money, on your heating bills, as well as on your utility bills when you use your air conditioners! Make sure windows are caulked, when needed, and doors have sweeps, and close securely!

5. Roof: Two considerations in this area of ​​the house. A new roof will usually last 25 years or more, but that does not mean, there may not be a faulty area. Remember to clean leaves from your gutters, etc, and at the same time, take a look at your roof. Are there any areas, either in your house, or attic, which appear to indicate some dampness?

6. Interior: floors, walls, etc: Do not forget the inside of your house. Remember, you often need to paint around windows and window sills, more often than the rest of the house. Consider a rotating painting schedule, so you paint one or two rooms, every year, on an alternate schedule! Inspect your floors, and do your wood floors need care? How are your tiles holding up? Inspect your carpet.

Create a budget for maintaining your home annually, Put aside money in a separate Home Maintenance account, and only use it, for those purposes. Anything you do not use in one year, add to the next year's contribution. Do this weekly, but do it always!

8 Tips for Tenant Improvements

The best type of tenant improvements are those that not only make the place look better and the tenants happier, but those that improve your revenue so increasing your ROI. These improvements can take on many faces and investments of time, but in the long run if things are made better, then they are really…

The best type of tenant improvements are those that not only make the place look better and the tenants happier, but those that improve your revenue so increasing your ROI. These improvements can take on many faces and investments of time, but in the long run if things are made better, then they are really worth your time and money.

But, are there ways to make tenant improvements fulfill both of these needs? Absolutely! In fact, here are several tips that can make the road of property improvement easier.

1. Do your own homework. Take the time to determine what changes need to be made and what the priority is for each. Talk to those who will be affected and learn when would be the best timeline.

2. Stay involved with the planning process. Be sure you understand the blueprints and design plans so that you can fully understand what changes will be made.

3. Be sure that lease agreement ensures that all the parties involved get the best deal possible. Take time to study the lease agreement to ensure that your proposed improvements are a fair deal and that it provides the rent that works for you and the tenant allowance is realistic.

4. Walk through the space with your contractor and be sure that the scope of the work and all the details are understood prior to signing anything. Anytime changes are made after the papers are signed, it will cost you time, and quite often more money!

5. Be flexible. As you do the walkthrough, be open to ideas and alternatives in materials or use of the spaces.

6. Think about the present as well as the future in regards to your lease. If you are considering a long list of tenant improvements, it may be possible to space them out over several years, so making it possible to recoup some of your investment sooner rather than later.

7. If you are new to the tenant improvement process, be sure that you understand the zoning regulations and that the contractor you work with knows you expect them followed.

8. Be upfront about your budget. If your contractor understands that submitting on a multitude of extras is not going to happen due to budgetary restraints, they will be less likely to push you towards something that is not achievable.

Tenant improvements do not have to be the things that nightmares are made of! Due diligence and patience will go a long way towards making the process simpler. Talk to your local contractors to learn more about to make this process easier and more efficient.

The Most Common (and Worst) Home-Buying Advice

When it's not their concern, people like to give advice. Everyone suddenly becomes an expert in the matter and they give the suggestions to the friends like it is to the best of their interests. Sometimes, the guidance work but most of the times, it backfires. Every living being on this planet and beyond is…

When it's not their concern, people like to give advice.
Everyone suddenly becomes an expert in the matter and they give the suggestions to the friends like it is to the best of their interests. Sometimes, the guidance work but most of the times, it backfires. Every living being on this planet and beyond is entitled to have opinions but that does not mean these opinions are to be followed. While buying a house, the buyer is in the most vulnerable situation. He saves money all his life and spends sleepless nights to buy his own roof. At this point of time, he is open to some counseling and can easily be misguided.

When he realizes the fact, it becomes too late. Either he has bought the 'not-so-perfect' houses or lost his 'house of dreams' to someone else. Some people learn the lesson the hard way while some gather the right wisdom and proceed. Read this article to know what kind of advice needs to be avoided while buying the own house.

1. “The prices are going to go down soon, buy later”

If this is not the right time to buy a house, there would never be. Many people are under the impression that the real estate prices are fluctuating and hence, waiting for the golden opportunity is wise. The truth is poles apart. It is not possible to know what the future may be carrying but the right thing to do at the moment is to proceed if the financials are in the order. Buying a house is both an emotional and financial decision. If one is clear on both the parts, he should buy his house without expecting for the prices to go down.

2. “Real estate agents or home inspectors are the extravagances”

When one person is ready to sell and another is ready to buy, who needs a broker? The advice-givers think by removing the broker from the equation, one can save the money to be given as fees. They think that buying a house is an easy task and the buyer can handle the negotiations without a broker. The same goes for the home inspector. They think that while the person is buying the house, he should be the one inspecting it too.

Now the truth is; both the brokers and the home inspectors are the experts and they know their jobs well. Hiring them can never be a bad decision. A broker can tell the real situation of the real estate market and set the expectations of the buyer right. He can help in the right bidding and be an integral part of the negotiations to get the house on the buyer's terms. A home inspector can reveal the truths about the bones of the house. It can be used to negotiate the price or to move on if the house is beyond saving.

3. “Offer the least, have a space for the negotiations”

This advice is not only wrong, it is demeaning to the seller too. Offering the shells to the seller to buy the house is not a justifiable and honorable thing to do. Negotiations are going to happen, the seller wants to sell for the maximum profits and the buyer would want the house for the least amount possible. That does not mean the initial offer has to be so less that it appears an insult to the seller. It is better to get the real insights about the niche and the market prices of the house. The seller knows what the house is worth and it is better to offer him an appropriate price for the house in the first place.

4. “Buy it if it's cheap. Renovate later”

Every house needs a renovation according to the taste of the buyer but buying a house with this intention is not right. When after buying the house bank balance decreases, many buyers do not go ahead with the renovations and try to adjust in the house. Never buy an average house thinking of remodeling it afterwards. Nowadays many builders are providing full furnished homes with all the modern amenities. These houses sell fast because the buyer does not have to make modifications after buying. Do not leave anything to 'later'; buy what sees right now.

5. “Get your hands on the cheapest house”

Cheap is not necessarily the best choice. Buying a house is once in a lifetime affair for many people and being over-held with money, this time, is a big mistake. One should buy the house which is comfortable and safe at the same time. It should be a place which the owner can be proud of. The good houses are never available on the cheap prices unless there is a story behind. Buy a house which is affordable and not cheap.

Many people actually believe the advice and act upon them. Some people even think these are the facts of the real estate industry but now they know better. Buy your happy place listening to your heart and mind and not other people (unless they are actually the experts).

The Top Mistakes To Avoid When Buying A Property For Sale

Investing in a new property entails a lot of hard work and preparation. You can not rush into making a decision since this kind of investment requires a substantial amount of money. The last thing you want to happen when buying a property is regretting the decision you make and not being able to recover…

Investing in a new property entails a lot of hard work and preparation. You can not rush into making a decision since this kind of investment requires a substantial amount of money. The last thing you want to happen when buying a property is regretting the decision you make and not being able to recover any of the money you spent on purchasing your new home.

As such, when buying a property for sale, it would be helpful to know the usual costly mistakes that come with this endeavor. By knowing these mistakes, you can prepare for them in advance and know how to avoid, mitigate, or best deal with them.

Below are some of the usual property-buying mistakes investors can make:

Doing a blind search. Starting your search for a property for sale without a solid framework can be quite costy. Without some criteria for selection, you will go over the budget. As such, when shopping for a property, come up with a list that includes your must-haves, nice-to-have features, and non-negotiable factors. And whenever checking out a property, always refer to your notes.

Limiting your search for the ideal property to buy. Not looking around enough is a common mistake property buyers often make. A lot of buyers have their hearts set on a particular neighborhood or city. They may want to live close to their place of work or their children's school. However, they should not be the main reasons why you should limit your search area. It's always worth checking out other areas. As long as you have options for traveling and commuting, widen your search area. You may just find the perfect property that meets your requirements and budget.

Not visiting the property several times before purchasing it. You will certainly find a lot of good things in a property that you viewed for the first time. However, do not submit an offer for this property on your first visit. If the seller is motivated and ready to sell, he or she may rush the process and try to force you to make a hurried decision. After your first visit, sleep on it and return to check it again after a few days. Open all the cabinets and drawers, look under the stairs and rugs, and peek behind the wall coverings. Drive around the neighborhood as well. Pay attention to the level of noise and the possible rowdiness of neighbors. You can also take the time to talk to some of the residents in the vicinity and find out if they would recommend that you stay in this area as well.

Making a decision based on your emotions. Lastly, deciding to buy a property for sale because it reminds you of your home when you were evenger can also be a costly mistake. Just because you like the façade of the property, you may ignore the fact that the roof may need some repairs or that the plumbing system is already old – expenses that you will not want to pay for. As such, it is best to leave your emotions out the door when it's time for you to make your final decision.

Property Management Made Simple

A fast, simple and effective way for landlords to manage their property portfolio with minimum hassle. Being a landlord or a property manager can be an arduous task. There is usually an endless list of jobs that need to be taken care of, whether you're managing a single property or a vast portfolio. There are…

A fast, simple and effective way for landlords to manage their property portfolio with minimum hassle.

Being a landlord or a property manager can be an arduous task. There is usually an endless list of jobs that need to be taken care of, whether you're managing a single property or a vast portfolio. There are several landlord property care apps offered by property management groups to help property owners in managing their property and keep everything running smoothly, taking the stress out of daily tasks.

WHY DO I NEED AN APP FOR THIS?

Downloading the app provides a simple and efficient way for you to manage your properties. It's intelligently designed, easy to use features have been developed by the experts in app development to cater for your specific requirements. With its key features you can digitally take control of all tasks with a swipe of your finger.

KEY FEATURES:

  • Managing Tenants
  • Monthly rental payments
  • Utility management
  • Rent review
  • Property inspection reports
  • Annual safety tests
  • Lease management
  • Print annual / monthly taxable finances.

MANAGING TENANTS AND RENT

When it comes to managing rent owed and tenants the app could not make it simpler if it tried! You go to the sub section you need, click the icon and straight away you can add new tenants, storing their personal information ie phone number and address, as well as their moving date and contract end. As for rent you arerely need to select the property in your portfolio, specify the date, rental fee and Estate agents commission and you're sorted. This saves a lot of time and productivity in the long run, meaning you're not chasing any overdue payments or tenant details.

TAX MADE SIMPLE

Everyone knows that trying to keep on top of yearly tax returns can be a nightmare, but this is just another reason why this app is extremely beneficial. It allows you to do own book-keeping on the move, by logging all of your income and expenses, when and where you need, to keep on top of your accounts. In the long run this will be more beneficial for your accountant or even for yourself if you organize your own accounting. Moving forward, this means you can review monthly and yearly reports with the tap of one finger, as well as track your taxes making your End of Year returns report easy to access, and print off for your benefits.

The same format is used when logging Expenses, again these are all deleted in one place, and you can easily input property expenses through their individual property details and log important expenses such as Interest only Mortgage, Capital Mortgage, Repairs, Insurance, Cleaning agents involved etc.

ADDITIONAL SUPPORT

An additional benefit is that you will have a dedicated support team which promises to assist you with any technical and non-technical help that you may require. This gives you assurance and trust that your portfolio details are in the right hands, and that all information is deemed confidential, to which you will only have access to, and none of which will be shared to other Property Managers.

In conclusion the Landlord Property Care app is truly a sensational digitally advanced way to manage all your business related requirements from your phone, and is considered to be the way forward in Property Management advancement.

Reasons for Hiring a Property Manager

The dreaded phone call comes in that your tenant has a clogged toilet at 8pm at night. What now? So you scurry over to your rental property to determine if you can fix it. You check it out, maybe even try to plunge it. Nothing happens, still a slow drain and a gurgling noise. At…

The dreaded phone call comes in that your tenant has a clogged toilet at 8pm at night. What now? So you scurry over to your rental property to determine if you can fix it. You check it out, maybe even try to plunge it. Nothing happens, still a slow drain and a gurgling noise. At this point you have wasted over an hour of your time, time that you should be spending elsewhere.

You shred your shoulders and tell your tenant you will call a plumber as they will need to snake the drain. Giving your tenant the benefit of the doubt that there are likely roots in the main line which is causing the gurgling. You finally get a hold of a plumber that will be there sometime tomorrow between the hours of 1 and 4 pm … and you need to be there to authorize work. Ugh! Now what?

So you take the afternoon off of work and wait for the 30 minute court call that they are on their way. You get the call! You head over to the rental property and meet the plumber, the tenant says that the slow drain and the gurgling is still happening. The plumber looks for the clean-out, but can not find it and you are not sure where it is. So the plumber goes to the roof with his snake. 30 minutes later he comes down with a child's small toy that had been flushed down the toilet. OK, not great, but at least it's fixed for a couple of hundred dollars and not tree roots. The plumber goes back inside to test the toilet and comes back out with bad news … still will not flush!

So now the plumber says, do you want me to pull the toilet? That's another charge. You shrag your shoulders and say yes, because what else are you going to do. The plumber takes his snake inside and pulls the toilet. He starts his snake and out comes a headless child's doll covered in toilet paper from about 1 foot down the pipe.

Now the plumber comes back out and says, here is what I found. Since the toilet is off do you want me to camera the drain in the case there are more items down there. Of course you say yes, cause if he puts the toilet back then has to come back to do it that is another charge.

Plumber comes back out and says the camera showed nothing else is in the drain. You sigh and he fills out his paperwork along with charges of around $ 300-400. He puts in his report the issues and the affected abuse caused by the tenant. You ask him to put as much detail in the report as possible so that you can charge back to the tenant, and he obliges and says good luck with that.

At this point you are into this little project for over 4 hours of your time, half a day off work spent standing outside of your rental, and a few hundred dollars because your tenant's child decided they did not want their toys anymore.

And people say Property Management is to expensive.

Granted you still probably would have paid the plumber, but at a discounted rate. The soft costs are your time, energy, paid time off, and the stress of the situation.

Winter Is Coming – And So Is the Mould

As the pending Southern Hemisphere winter knocks on our doorstep we are faced with many minor headways through our properties; but none are more annoying than the build up of mold in bathrooms and laundries. Last season was an exceptionally cold winter for us and the amount of heavily built up mold that I saw…

As the pending Southern Hemisphere winter knocks on our doorstep we are faced with many minor headways through our properties; but none are more annoying than the build up of mold in bathrooms and laundries.

Last season was an exceptionally cold winter for us and the amount of heavily built up mold that I saw in bathrooms and laundries was at monumental levels. The crazy thing, it does not have to be! There are a few simple tricks to keeping mold from taking over your bathroom and potentially damaging paintwork (which could create bond issues for tenants) and and more importantly health.

Mold removal should be part of any cleaning routine and must be kept in check to reduce its likelihood for growth. After 10 years in Tropical North Queensland, Australia, one thing I have had a lot of experience with is mold; we used to get mold in everything, and I mean everything. If you are old enough to remember back to VHS video tapes, even they would get mold in them.

So, what to do about controlling mold during the coming winter? – If you have a bathroom fan, make sure you use it. Always turn on the bathroom fan while you shower and be sure to leave it run long enough after you have finished to help moisture leave the bathroom.

For those of you who are lucky enough to have the good old IXL Tastic (heat, fan, and light) make sure you have it on, the heater globes will help keep the moisture build up to a minimum while the fan will carry out the obvious work.

If you only have a window, then be sure to make sure to open it a little. I know the thought of this is not much fun in 2 degree weather, but its paramount to keep the moisture build up from steam to a minimum – this of course goes for laundries too, especially while running dryers. Another good idea while running a dryer is to make sure the laundry door is open, it will not only allow for ventilation but assist in keeping the home warmer.

Finally, if (and when, as you will not always be able to keep mold at bay) have a spray bottle of bleach, not the expensive stuff, but the simple homebrand bleach. It costs near nothing and a few short and sharp squirts on the affected area will generally kill the mold in its tracks. No need to spray and scrub, just squirt on and leave, ideally when the area is dry, not just after a shower as it will dilute and be less effective.

These simple tricks should help you survive the mold attack that has become so prevalent during long and chilly winters.

It's also worth noting that as a tenant you may very likely become responsible for any damage caused by mold. If not controlled and left unchecked, mold can eat through paintwork and even the walls. So control any mold that is starting to appear now, and this will help keep the unsightly growth away and may just help your health, too!

First Time Renter? No Chance!

We have all heard, “we only employ people with experience”! Well, the same principle applies to property rentals. It is not uncommon for a landlord to say that they do not want first time renters; mainly because we have no way of verifying how they will be as a tenant. It is important to appreciate,…

We have all heard, “we only employ people with experience”! Well, the same principle applies to property rentals.

It is not uncommon for a landlord to say that they do not want first time renters; mainly because we have no way of verifying how they will be as a tenant. It is important to appreciate, if you are a potential tenant, that being a good tenant is not just about paying the rent on time (that part is easy for us to determine), it's about much more. Most astute landlords are more concerned about having a good tenant who is looking after their valuable asset; is the tenant looking after the property well? It's also important for a landlord to be comfortable in the belief that they will not get monthly maintenance requests for items that could easily be carried out by the tenant. All these factors come into play for a landlord when choosing a tenant.

Clearly the only real way we can find these things out is through carrying out a rental reference with the previous licensed agent (not a private agent or private landlord).

But do not worry, as a first time tenant, it's not all doom and gloom. Every tenant has had to rent their first property, and many landlords are prepared to give them a go. That said, there are a few tricks that can assist in securing your first rental tenancy.

Pay above the price

This sounds blunt, but it's a simple concept for investment, “the higher the return, the higher the risk” this applies to all asset classes – yes, even rentals. By offering a few dollars more than the advertised price you may able to forward the argument that the landlord is making a little more in rental income, so maybe the landlord will be prepared to accept a little more risk by taking on a first time renter.

Use your strengths!

In addition to the tip above about meeting the property manager, be sure to tell the property manager a bit about yourself. Obviously if it is a busy “open for inspection” this will be hard, so maybe wait until the end when the crowd has dispersed. What sort of things should you mention? If you are from the country, are you a member of a community group, do you play local sport, connections to the area, etc. Any activities at all that you think may help spark the interest of the property manager. After-all, we are all human so show your human side.

Meet the Property Manager

Make sure that when you attend an “open for inspection” do not just sneak in and out without saying anything, make sure the property manager (hopefully the person doing the inspection) knows who you are and that you have engaged with them, and please smile! It does not cost a cent to smile and be friendly. If the property manager is not at the “open for inspection” try to find an excuse to meet them (do not just drop into the office unannounced though), maybe call to arrange an appointment if you can. It will be the property manager who will go into bat for you; so if the Property Manager knows you, and the Property Manager has good relationship management skills and experience, the landlord will take their opinion and advice on board when choosing the property's next tenant.

Be sure to add a cover letter

Oddly this only seems to happen with people from the country (yet again highlighting the good folk of the land) but a short few paragraphs with the application, best sent separately or stripped off by hand (finding that excuse to met the property manager) just say a little bit about yourself. Write a letter that is like a brief CV, and remember to make sure that your cover letter has the actual property address you are applying for clearly noted at the top of the page.

Try to avoid a private landlord

Sure you may think that you are building a solid rental history, but the fact of the matter is private landlords are not taken seriously as a quality rental referendum. They may not even be real people as far as we are concerned, not only that there could be a personality clash that would not reflect accurately as a rental reference or many other potential issues. I, for one, will not bother ringing private landlords for a reference because I just can not adequately verify their bone fides.

These are just a few small tricks that can help get you across the line and into your first rental.

Truth be told, it brings down to “fit” – are you going to be a good fit for the particular landlord? Often that question can really only be determined by the “gut feel” of the Property Manager, so be sure to go out of your way (without stalking of course) to befriend a Property Manager – she or he will be your greatest ally!

Good luck and happy renting! And do not fear, like tenants, most landlords are great people too, and with some coaching by your Property Manager, they will be prepared to give you a go!