Archive for the ‘My Blog’ Category

3 Red Flags To Look Out For When Buying A Home

Friday, May 3rd, 2019

We all know that interest rates are still incredibly low. Plus, although they are rising, home prices are still affordable. However, don’t let this lead you into believing that any home purchase is a good one. Yes, we are currently in a buyer’s market. However, you do have to exert due diligence before you buy. There are plenty of red flags out there telling you to move away from a purchase. Some problems can be fixed, of course, but sometimes you should just move on. There are two things you definitely have to look into.

First and foremost, check the neighborhood. This is of absolute vital importance. The community is either growing and decline and you need to find out which one it is. If there are many foreclosed homes and businesses, the community is going through tough times. Do also come back to the neighborhood on different days and at different times. This is also a great opportunity for you to get to know the traffic. Do also come at least once at night, so you can see whether the streets are safe and quiet at night or not. Speak to the police and ask for statistics on local crimes.

The second key factor to look into is for you to figure out whether you are looking at a foreclosure or short sale property. Indeed, these properties tend to be the cheapest, but that is because they often require a lot of work or because the entire neighborhood is declining.

At the end of the day, you should never purchase a property that you haven’t had inspected professionally. With the information above, you should be able to tell whether or not you might want to hire a professional inspector, or whether it is a clear no on the purchase. If there are any existing problems, you may want to consider not buying the property at all, or asking for a very significant discount as you will have to invest in the repairs sooner or later. Also, always trust the advice of home inspectors. They are there to make sure you don’t buy something that isn’t worth your while.

An Evaluation Of The Tricks When Looking At Selling a House

Monday, June 12th, 2017

Fundamental Specifics Of Considering Selling a House

A lot of folks have been investing in the real estate market so in case you are likely to sell your home, you must do it now. The only issue is that it’s going to be very challenging to sell a property. You might have seen some articles saying that selling a property is extremely easy or there are ads that could state that they can help sell your house in just a few weeks. It’ll be quite easy to sell a property if you going to bring the price down, but this will not be a good idea. In the real estate industry, the supply completely surpasses the demand, but you may find ways to make your property appealing. We’ll provide some ideas to help you with this concern.

Check The Curb Appeal of your house

First impression lasts so you should make sure that your house is attractive enough for your possible customers. If you will put yourself in the shoes of the buyer, what are the things that you would like to view in the exterior of the house? Is your house good enough to attract the attention of prospective customers or you should perform some maintenance? The outside of the house will be the first thing that the prospective buyer will see so you must know that they are always looking at the external design of your home that they would like to buy.

Improvements in The house

If you’d like to draw in the potential buyers, you must make enhancements in your house. You’ll have to improve the interior and outside of the house so it could be appealing to the buyers. If you will sell your house, you should check everything that needs to be fixed and make enhancements. However, make certain that you won’t over improve since there are upgrades that will not make a big difference.

Improvements will surely increase the value of your house along with its odds to be sold, but you cannot make improvements that won’t pay in the long run. You must make your research and invest in things that would provide the best return.

Depersonalize Your house

Some people say that adding more designs to your property will increase its chances of being sold, but you should keep in mind that personal items, collectibles and art works must be removed because they won’t really help in selling the house.

The best thing that you could actually do is to remove all of them and only leave the required furniture to make the rooms a bit bigger. The aim is to allow the buyers to visualize or picture themselves in your house.

They will start pointing at every section of your house while visualizing what they really want to place there if they will buy your home so you should make sure that personal items and other unnecessary items will be eliminated to allow them to visualize.

Put a Reasonably competitive Price For Your house

If you’ll sell a home in [LOCATION], you must put a competitive price for your house. If you will put a lower value, it’s going to be the same as leaving money on the table and putting a high value will make it unattractive to buyers.

In case you’re talking about home buying, the customers will look at the homes that are similar with yours and compare the prices. If your house is too pricey for them, they will just ignore your house.

You should know that most of the customers are only depending on home financing so they will not choose a house that is very costly. It’s true that putting a low price may help sell your property very easily, but your investments will not be returned to you.

Find a Real Estate Agent

You’re making a mistake if you think that you could sell your house by yourself. If you are not a professional real estate agent, it will be very difficult because you do not have the experience and knowledge to do it. In case you are planning to do this by yourself, there is a chance that you will not be able to sell your property or you won’t obtain an excellent deal. You could get fortunate and get a great deal for your house, but you can’t depend on luck alone when selling a house because this is a lot of money. You could hire an agent and allow them to do everything. You’ll need to pay them, but this is a lot better than getting a bad deal since you don’t have any idea what you must do.

Before you choose to sell your house, you need to consider all of these simple ideas so you won’t make a mistake. The real estate market is very complex so you should know anything and everything about this before you sell your property.

So You Vacation Frequently To The Same Spot Every Year. Is It Time To Purchase Property, Or Should You Keep Renting? Read Here To Find Out Which Makes More Sense, Financially

Sunday, August 28th, 2016

If you have a favorite resort area, you probably have been wondering for quite some time whether you should go ahead and purchase a property there, rather than continuing to pay rent. To determine whether buying or renting a resort home is a smart way to use your money, you’ll need to think about a number of factors including expenses, common problems, and your personality. You’ll also have to compare how much you’d pay for home rentals each year with the yearly expenses of owning a home. house-resort-for-sale-on-san-salvador-bahamas-direct-beachfront-home-48

If you anticipate spending a lot of time at the resort, the rental costs can really add up. You must assess how much time you will realistically visit each year. Additionally, you must account for the fact that rental rates are typically always on the rise due to inflation. Don’t forget to also factor in other expenses such as cleaning fees or repairs.

Calculating the costs of a rental home is pretty easy. The main cost is, of course, the nightly (or weekly) rental rate. Rental rates typically vary depending on the property’s quality, size, and location, which resort you are visiting, and the time of year at which you visit. For example, renting a luxury slope-side condominium at a ski resort during the holidays will cost a bundle.

You must determine the amount of mortgage interest you will pay each year, as well as tax costs or savings and any additional expenses. You must also weigh the home’s appreciation potential against other investments.

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Prices for homes in resort areas are typically steep, and most people must obtain some type of mortgage to finance a second home in a resort. Mortgage interest rates and mortgage interest deductions for a second home are not necessarily the same as for a primary residence.

Additionally, the interest on a mortgage for a second home is not always allowed as an income tax deduction. Tax issues also arise when you sell a second home; if you do, you must pay capital gains taxes on all appreciation.

Another consideration with owning a home in a resort is the potential for property appreciation or loss. Although real estate can produce nice gains, it’s a risky investment overall, and could easily result in a loss. Before you buy, talk to a real estate professional in the area, and do some research to get a general idea of whether the resort home you are hoping to buy is likely to appreciate, and if so, by how much.

Owning a second home also means a second set of home-related expenses. Just as with your primary residence, you will need to pay annual real estate taxes, utilities, and ongoing maintenance expenses for the second home. If you do not visit your resort home regularly, you might need hire an on-site manager to keep an eye on the property, and to take care of required maintenance.
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Look at the Whole Picture Before Buying a Resort Home!

Before deciding whether to rent or buy in a resort area, you must assess all of the considerations above. In the end, however, only you can determine which choice would give you the most satisfaction. If money isn’t your first concern, and you just want a place of your own as a retreat, buying that dream home in a resort might be the way to go.

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There’s A Lot More To Buying & Owning a Second House Than You Think There Is. Read Here To Find Out About The Potential Drawbacks, And Also The Advantages

Sunday, August 28th, 2016

You will want your second house purchase to be a smart financial move. Yet many second-home owners complain that the house ended up costing more than they’d ever imagined. You’ll want to tally up your likely expenses, factoring in any extra costs based on the fact that you won’t be there every day; such as hiring a property manager. Then you’ll need to build up your cash reserve, and, if you plan on renting out the property, determine how much you can expect from rental income.
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The most important thing you can do is decide where you would want to potentially purchase the property. You do not want to choose a house that sits in a bad location. This is because an investor can’t resell or rent it, a vacationer won’t enjoy it, and a future retiree may have to pick up and move again. Do some market research, and figure out your own personal preferences. Look into factors like the strength of the local economy, trends in house resale values, convenience and amenities, property tax rates, the quality of local schools and medical care, and more.

The type of home you buy is similarly important. The costs and demands of owning a single-family home are different from those of owning a condominium, townhouse, or co-op. Which type serves you best will depend on factors such as cost, location, and upkeep.

Realize that you are going to have to pay taxes, which are going to be expensive. Second-home owners need to worry about both property taxes; and, income tax if renting out the place. Though taxes are inevitably a burden, a little advance planning during the house-hunting process can save you thousands of dollars a year. 85b0d62ccd63e6105c8bff613f094f91

In terms of financing, most people pay for their home with a combination of a down payment and a loan for the remaining amount. The higher your down payment, the lower the loan, and the more house you can therefore afford. Most buyers will also need to get a home loan to help with the rest of the financing. Be sure to shop around for the most favorable rates.

If you’re planning to rent out the property in the hopes of making a profit, realize that it may not always work out to your advantage. Finding good tenants or trustworthy vacation renters, understanding and preparing leases or short-term agreements, and dealing with ongoing management and repairs are just a few of the practical and legal issues involved.
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Protecting your property starts before you buy and continues long afterwards. For example, you’ll want to get a proper home inspection prior to purchasing, so as to deal with some repair issues up front and get a sense of what other repairs may be expected.

Your lender will also require that you carry hazard insurance, to protect your property against damage from such causes as theft, fire, flooding, or windstorms. The cost of insurance for second homes is usually higher than for first homes, since you won’t be there as much. You will probably want to add liability insurance, covering you and members of your household for accidental injuries to your visitors.

Are You Planning To Purchase a Vacation Home With The Hopes Of Making a Profit By Renting It Out? Here’s What You Need To Know Before Investing In a Vacation Property In The Hopes Of Renting It Out

Sunday, August 28th, 2016

If you’re considering buying a vacation home that will also earn income from short-term rentals, you’ll have to think about a lot of things; for example, if the home well off the beaten track, no one may have even heard of the place, much less think to search for a vacation rental there. Here’s what else to consider when choosing the best location. pretty-house-12

•Local vacation rental rates. Do some research and look at the available vacation rentals comparable to the size and type of house that you’re interested in. This will help you gauge what your competitors are charging and whether you’ll likely be able to charge enough to cover your costs. Keep in mind that many vacation rentals have varying rates depending on the time of year. It’s best to look at rental rates during the high and low season and create an average. Have your agent find out when the rental rates change and what these rates are. You can also ask other landlords in the area. Also, realize that all houses in a given area aren’t created equal: For example, a house that’s walkable to the beach will rent for more than an equivalent one that’s a two-minute drive away. Of course, that house will also cost you more to buyNOLI-02-949x450

•Which way rental rates are headed. Find out the average amount by which local vacation rents have increased or decreased over the last five or so years. Your best bet is to contact a local property management company or ask a real estate agent who also handles property management in the area. You can also call the local newspaper and request back issues from previous years so you can search through the classifieds. And keep your eye on the local and national news, too. Rents on vacation properties can shift up or down considerably based on the state of the national and local economy. When the economy is down, vacations are among the first non-necessities that people cut.

•Vacancy rates. Usually expressed as a percentage, this tells you how many months out of the season you can expect to have your place sit empty. Ask your real estate agent for the median vacancy rates during the peak and off-peak seasons. msangasanga-camps-bay-23

•Surrounding activities. Aside from the main attraction drawing prospective renters, it helps if your location supports activities such as dining, galleries, shops, grocery stores, convenience stores and souvenirs. Make sure these are within a reasonable driving distance

If you’re considering a vacation rental in an area you’ve already stayed in, you know about some of the above considerations. If not, you’ll want to do some in-depth research, and try taking a few trips to the area as a renter before you commit to buying.

Are You At Fault If Someone Trespasses Onto Your Property And Becomes Injured? Unfortunately, This Sometimes Is The Case. Read On To Find Out When You Can Be Legally Held Accountable

Sunday, August 28th, 2016

Who, exactly, is a trespasser? Well, a trespasser is defined as someone who is not authorized to be on the property. Landowners are not obligated to protect trespassers who enter their property without permission, but they cannot willfully injure them. Also, if a landowner knows that there are frequent trespassers on his/her property, he or she will be liable for any injuries Unknown caused by an unsafe condition on the property if:

1) the condition is one the owner created or maintained;

2) the condition was likely to cause death or serious bodily harm;

3) the condition was such that the owner had reason to believe trespassers would not discover it; and,

4) if the owner failed to exercise reasonable care to warn trespassers of the condition and the risk presented.

Many homeowners have wondered whether or not a trespasser sue a property owner if the trespasser becomes injured while on the property. As a general rule, property owners are not liable should a trespasser become injured on his or her property. Of course, with anything, there are exceptions. More often than not, a judge will not rule in the trespassers favor. This is because property owners simply cannot expect that a trespasser will come onto their property; thus, the property owners should not be responsible for warning any safety issues to unidentified persons in or on their property.

Sometimes there are exceptions. For example, if people are continually trespassing on a property, the owner by now realizes that this is a reoccurring thing. In which case, if there are safety hazards that the owner is aware of, they should be notifying trespassers with a warning sign stating the hazard, such as: “warning: electric fence.”

However, there are always exceptions to this rule. For example, property owners may usually use deadly force to protect themselves or other people. So, for example, if an armed burglar breaks into a home in the middle of the night, a resident of the home may be entitled to shoot the burglar if the resident feels that his or her life is threatened. eric-pollard-hospital-650x488

Trespassing Minors

A different rule applies where trespassing children are involved. In the case of children who wander onto property without authorization, property owners do have a duty to ensure that their property is safe. The logic behind this exception is that children are sometimes naive to dangers on property, and could in fact be lured to dangerous conditions such as a swimming pool, an abandoned well, or heavy machinery.

These potential hazards are referred to as attractive nuisances. Thus, a property owner has a duty to inspect his/her property to see if there are any potentially dangerous conditions that might attract children and, if there are, act immediately to correct the unsafe conditions. A property owner may be liable for an injury to a trespassing child if he/she knew, or should have known: child-in-hospital-with-doll

1) young children were likely to trespass in the area of a dangerous condition on the property that involved an unreasonable risk of bodily harm to children

2) young children would not be aware of the risk, and

3) the utility of the condition is small compared to the risk it represents.