Tips To Buy A Property In East Coast

December 08, 2014  //  Posted by: Property Owner  //  Category: Real Estate

east coast propertyThinking about buying real estate in East Coast? Know all the aspects before taking a decision.

 

Why buy a house of your dreams?

There are several advantages of buying a coastal home. Some of the pros are:

  • Beach itself is an amazing reason itself
  •  The soft sound of water and the picture perfect view
  • Escape from the city
  • Calm soothing relaxing environment
  • Oceans effects the weather
  • More oxygen
  • Therapeutic effects of salt water
  • Make your family happy

Or it better to think again?

But, remember it is not all good. There are a lot of cons in buying a coastal property as well. Some of them are:

  • Way more expensive
  • Insurance is even more costly
  • Crowded during seasons
  • Home maintenance is just too much
  • Completely empty in off season
  • During winter, no shops are open
  • If you are investing, then it’s an on and off source of income
  • Also, difficult to find a tenant
  • Higher risks for natural hazards like floods, storms etc.

Advices:

General tips:

• Reason

Is it an investment or a permanent home or a vacation home? Keep a clear idea about this.

• Location

Check out the popular locations in your desired areas. Also, never be rigid about which area you want. There is a possibility that a better prospective comes up

• Buying capacity

Always remember, never starve yourself just because a costlier purchase. Always keep your price range fixed and find houses accordingly

• Buyer for your own house

If you are thinking of shifting permanently, don’t buy anything until you have sold you own house.

• Legal aspects

Appoint a solicitor, who can explain all the legal aspects to you.

• 10% deposit

Make arrangements for the deposit as this money isn’t covered by the home loan

• Settlement time

Always understand, that settlement time is the time between settlement date and transaction period. Make sure you enquire about it.

Bank evaluation

While making such huge purchases, it is wise to take a loan from bank and then buy even if you have assets. Bank loans save you from the legal issues of giving records.

Remember that you should choose a bank for mortgage with minimum tax. Also, you should understand all possible aspects of taking loans

Buying

Finally while making a purchase, try not giving yourself away. You can get a better price

• Auction

Buying in an auction is good as you can get a well inspected fully furnished house in your price range

• Good market

If buying it from a seller, make sure to be safe. Approach 2 3 people before making a decision

Understanding contract

Understand each and every aspect of the contract and make changes accordingly

Pre-settlement inspection

Make sure before you make the purchase, you get your house inspected properly to avoid house repair expenses.

• New is better

Always try choosing a new home rather than an old one. It is more long-lasting.

• Excess of anything is bad

Don’t buy a 4 bedroom house or a very big house. Instead go for a nice penthouse apartment with 2 bedrooms only.

• Pests and building

Make sure the base of the house is good. Also, there shouldn’t be any infestations.

Your house is a big commitment. So choose wisely.

Tips to purchase a coastal property

March 06, 2014  //  Posted by: Property Owner  //  Category: Home Financing

purchase a coastal propertySome tips to purchase a coastal property are given below:-

• General tips - Ahead of making a tender or entering any negotiations on a property purchase, it is vital to have several items set.

1. A prior approval of finance from your agent or lending association.
2. Your own land sold or at least charged for price and possible sale time.
3. You have a solicitor chosen.
4. Decide on how to pay the 10% deposit and related expenditures.
5. Before you take ownership an idea of settlement time is required.

• Building and pests report – It is significant that you arrange for building and pests testimony from a skilled superintendent, the time when you have arrived to a contact for your new possessions.

• Bank valuations – If your bank or lending institution needs a valuation by a registered property valuer don’t get worried. This serves for confirmation of the agreed sale price as this is a common practice of lending foundation.

Buying at auction - All the above bring up must be in place if you are intending to purchase at auction. If you roll and turn up to bid at auction and become the highest bidder more than the market price then you will be the immediate owner in anticipitation of settlement of that property.

• Understanding contracts - This unconditional exchange of property means the purchaser’s solicitor has signed a 66w official document. This credential will relinquish any cooling off period and built both parties entrusted to an immediate legally binding relationship. This option also applies when the buyer is the successful bidder at auction where contracts are unreservedly switched over. In this case there is no turning back.

• Pre-settlement inspection - Before settlement is confirmed, your solicitor may recommend a pre-settlement inspection on the day the settlement which is due to ensure that the property is in the same form as and when you decided to buy it.

Installing Stair Runners

February 07, 2014  //  Posted by: Property Owner  //  Category: Home Construction

Installing Stair RunnersStair runners are usually carpets which are installed on the stairs to make the look of the house more appealing. It has its other set of advantages too like preventing slipping on/ from the glossy staircase or giving more warmth in the warmer colder months of winter. The best way to feel like you have made a very good buy is do the work yourself. Installing the carpet on your own is a whiz. The hardware store (if you buy your carpet from there) sometimes even rents out the tools to do the installation job. The tools that can come handy if you are thinking of a self installation are: a carpet knife, a knee kicker, an eye protection goggles, sheet metal snips, a carpet tool, a hack saw, framing squares, tape measure, 9/ 16” electric staple gun and a rubber mallet.

Spiral or winding staircases may be a little difficult to deal with but not too difficult to do it yourself. It may take longer but the work if done yourself gives you a sense of pride on finishing it. Once you remove the old carpet, before installing the new carpet the area would have to be clean. This would include removing old paint stain or glue stains from the previous carpet. Now that everything is ready the new carpet is ready to be fitted.

You can start by laying out the stair runner strips and then fitting the carpet pad. Fitting of the carpet pad is a very important thing. It should be undetectable and gives the main grip to the runner. After this installation the runner should be secured to the first stair. Attachment of this runner to the treads is what follows. After this the runner should be fastened with the riser and the last thing is fitting the rods.

Creative Home Construction

December 26, 2013  //  Posted by: Property Owner  //  Category: Home Construction

Creative Home ConstructionThere has been quite a sudden downturn of activity in the business of home construction. Builders are becoming more open to new savvy and innovative techniques for construction and buyers are lapping up all of them. As the phrase goes, “change is always good”, and buyers are agreeing to that now more than ever. Builders are becoming more and more creative in their work techniques to survive in the market. They are drawing the audience by reinventing themselves and showing new and improved craftsmanship.

Builders are realizing that the women in the family often have the final say regarding the purchase of a new house. Hence they are catering to this section of the buyers by incorporating some new innovations such as larger laundry rooms, more storage space, larger kitchens, security systems and higher quality construction. But they have not totally forgotten about the men either. Bigger garages with a work area, space for a home theatre system and a big TV (to enjoy all the football), separate shower rooms and tubs, they know what the men look for. So for all the guys out there, you have nothing to worry about.

If you believe in health consciousness and “going green”, builders have ways for that too. They are incorporating many energy saving techniques, including using products such as emit less gasses after the construction is done. Cooling and heating costs are being taken into account and more economical products are being installed. Flexible flooring plans, outdoor rooms, terrace gardens, gazebos, porch swings, even Feng Shui is being used in the designing and construction of new and modern houses.

Whether it is constructing a new modern innovative house or redesigning an existing one with new gadgets, you can bank on the builders to make your house look creative and great with their out-of-the-box techniques.

Factors to remember before selling a property

November 11, 2013  //  Posted by: Property Owner  //  Category: selling

selling a propertySelling of a property involves a spate of troublesome situations or issues. It is not always a somewhat easy deal to tackle the troublesome situations or issues all by you. As you come to sell a property you need to make some research so that you can get to know about the basic requirements in the first place. There are in fact many important factors that you are required to remember. It is becomes more important when you are about to sell off the property. Here is a discussion on this issue. Keep an eye on it.

It is a particular aspect that calls for a great deal of caution and care on your part. You must not be in haste. You have to make it a point that you are going to keep a close eye on some factors.

Brush up your negotiation capacities

Brush up your negotiation capacities as much as possible. It is pretty imperative on your part. To make it happen get market information as much as possible. It is pretty important on your part.

Check the legal issues

You do need to check the legal issues specifically as well as intently. You need to be most careful in this regard because it might turn out to be thorny issue. You need to make it sure that the property is not involved in any legal matters. It is important to ensure. If the property is not entangled in legal matters then it would be easier for you to make the sale.

In this process you are definitely going to need to be properly acquainted with the basic facts pertaining to the issue. Some of the basic facts pertaining to the issue have been enlightened over here. Be cautious about them. Keep a close eye on the aforementioned aspects and you bet that you are going to come out with a pretty cool experience. Keep a close eye on the factors. Do it and experience the most positive outcomes.

Be careful while picking your tenants

October 07, 2013  //  Posted by: Property Owner  //  Category: Rent

picking your tenantsAre you on hunt of prospective tenants for your property? Putting a property on rent is a very wise decision and many home-owners are really earning big with tenants. However, the earning assurance from rent is largely dependent on the selection of your tenant. A bad selection can prove to be a nightmare for a landlord. Hence be careful while you are screening the tenants for your property. The article here is a brief on the tips to remember while selecting your tenants.

First of all you must run a criminal check on your potential tenants. Looks can be deceptive and not all criminals come with bloodshot eyes- some of them just look like your next door guy or girl and so don’t hesitate a criminal check prior to proceeding with any formal arrangements with the prospect. Then, study the appearance of the tenant. Your chosen one must be neat & clean as well as maintain an amiable attitude. An unkempt appearance is the reflection of an unkempt lifestyle which might have a bad impact on your property. An unkempt person won’t be careful enough to keep the property in shape and might end up damaging the house badly.

Then, make sure that the tenant you are about to choose comes with a stable job and steady income flow. This is an important point to consider as this concerns the regularity of rent from the tenant. Besides, you should also ask the tenant about his previous whereabouts. This means you have to inquire him about the previous stays, the reason for leaving the earlier residence and why is he eager to hire your property. If your tenant was staying on rent earlier, request him to notify about the previous landlord. Again do not hesitate to contact the landlord and ask in detail about the landlord’s experience with the tenant.

Investing in real estates

August 27, 2013  //  Posted by: Property Owner  //  Category: Home Financing

Investing in real estatesEverybody look for a perfect sector where they can invest their money without any tension. Whenever investing in any sector, you should be very much aware of that particular thing. Since you are investing your hard earned money, you will definitely want it to be safe. Moreover following the unstable economic condition of the whole world, making some good investments will secure your future. So what everybody look for is the perfect sector they can make some investment. There is a wide controversy and confusion regarding where to invest. But many people think that investing in the real estate market is the wisest decision and you can even expect good returns for it.

People always need house to live in and so the real estate market will never be down or go through a recessions. Whatever be the market condition is, people will always look for home. If you buy a good property and in a well settled place, then you can expect to meet a lot of customers who will be willing to rent it. This will be a sort of recurring return for you from the investment. Also if you sell off your property years after buying it, you can get few times more the price at which you have bought it. The main reason behind this is the exponentially rising demand for the real estate.

However due to the recent recession in the global market, big investors are not showing much interest in investing in the real estate sector. One of the main reasons is the price of real estate properties which way beyond what the mass can affords. Thus the people investing in real estate are not getting what they have actually expected. Thus before you invest in real estate under the present circumstances, you should do a well research of the market.

How to get mortgage loans on bad credit

June 22, 2013  //  Posted by: Property Owner  //  Category: Home Financing

mortgage loans, loansYour credit report has a major role to play while you apply for your mortgage loans. A mortgage is hard to get if you have a bad credit record but still there are ways how you can better your chances to stay eligible for home loan even with a poor record. Here are the tips.

First of all you must find a lender who specializes in home loans on bad credit. However, you would need to show him that you have a steady income flow that will enable you to perform the repayments timely. It’s better if you can explain the reasons behind your bad credit record such as severe illness or some personal setback.

Then, it’s also advised to maintain a clean record further, relieved of any debt condition. Be prepared to pay higher interest rates here. Take the help of a co-signer with good income stability & steady credit record so that your lender can be assured of a timely repayment even if you fail to pay him on time.

Things to look while investing in an old property

June 09, 2013  //  Posted by: Property Owner  //  Category: Property assessment

investing in old propertyIf you are thinking to invest in a used or an old property, then there are things that you should take care off. By looking into these points you can easily decide on whether the deal will be a profitable one or not. So before signing into the deal make sure that you look into the following points.

  • At first the condition of the property that you are investing must be checked. If the condition of the property is not good that would mean you might need to repair it. Thus the expenditure of repairing will increase your cost of the property.
  • The market value of the property must be checked before making the deal. It will give you a fair idea about the cost of the property.
  • The market pattern of the area must be read thoroughly so that you get a good idea on whether it is a good time to invest your money in.

By keeping a check on these points you can make sure that you will have a good bargain in your deal.

Advantages of investing in an old property

May 27, 2013  //  Posted by: Property Owner  //  Category: Home Financing

investing in an old propertyAre you planning to invest in a property but perplexed whether to go for a new house or put your money on an old one? Well, there are huge advantages of investing in an old property right from money to future profits. Firstly, old property will cost you a lot lesser amount of money than any new ones. Next, old properties are sold for various reasons and sometimes the reasons work really for the benefit of the buyer.

Properties that are to be sold for family disputes, divorce cases or urgent need for money are just a jackpot for any investor. There is always a hurry to sell the property and sometimes you can get it at a very cheap rate. Same goes with properties that are sold for mortgage. The location of the property will be just perfect and you can renovate the place as per your desire with a small amount of expenditure.