There’s more than meets the eye when it comes to switching over from a renter to being a homeowner. Owning your home means much more than being approved for a home loan and paying off the monthly payments as the years go by.
Simply put, there are other costs that are involved in being a homeowner, and here are 3 hidden costs associated with home ownership:
#1: Closing Costs on your Loan
Closing can literally amount to thousands of dollars on your home loan when it is finally settled, and the amount is usually negotiated while differing from state to state. Sometimes the buyer may have to come up with the cash or the seller will absorb the costs.
#2: Home Maintenance & Repairs
Almost every homeowner is aware of the fact that costs exists, and vary in amounts, depending on whether you buy a home in prime condition or which needs a bit of repair. Don’t be surprised if you have to deal with repairs almost every other year. So, it’s a good idea to keep some money aside for repairs in order to keep your house well-maintained.
#3: Property Taxes
Counties, municipalities and school districts all depend on property taxes paid by homeowners. It is usually about 1.38 percent of the value of the home at an average in the United States. Therefore, it’s a good idea to know how much your home will cost in terms of property taxes and set aside money for that very reason.
When a home is on sale, the usual process is to hire a realtor and pay him a commission to sell your home at a good price. But what if you don’t want to pay that commission and do it all by yourself?
With the possibility of not being able to find any good buyers, there is always the likelihood that you might get frustrated and give up.
However, if you play your cards right, you can easily sell your with no need of expert assistance. So here are 3 tips that will help you do so:
#1: A Realistic Price is advisable
Don’t make a price based on what you feel your home is worth but actually come up with a number based on market fluctuations along with the prices of similar homes in your neighborhood. Also be aware of the terms of sale.
#2: Prepare the necessary documentation
Without a doubt, you have to put together several legal documents when you are selling your home. Some of them include the purchase contract, seller disclosures, loan application and property profile and so on and so forth.
#3: Conduct research on prospective Buyers
Prospective buyers are those who can afford your home, and if you know your buyer and information pertaining to his finances such as credit standing, job security, debts, liabilities and salary, you’ll also know how to negotiate to your advantage when you show them your home.
#4: Don’t move out
No matter what you do, don’t move out of the home that you’re trying to sell. Firstly, it will tell the buyers that you need to close the sale as soon as possible. Since the house would be empty, much of it would look empty and unappealing.
A meeting with a seller means taking time out of your busy schedule, from your real estate business, to discussing the possibilities of being able to make a sale for a client. Of course, this doesn’t happen all the time, since there are times when the property that is being discussed is a match for your business.
So how do you profit from such a meeting?
Here are 3 ways by which you can profit from every meeting with a seller:
#1: Use your Contacts
It doesn’t matter if you won’t be able to profit directly from this meeting especially if it isn’t a fit for your business. How you can indirectly profit from it is by referring the client to someone in your network who can actually help. In good time, they will return the favor with buyers if certain deals fall through.
#2: Collect Information on Local Market Conditions
Again, if you can’t seem to make a profit from the meeting, you can gain valuable information and perspective on local market conditions by asking question such as how long properties are staying on the market, the types of properties that are in demand or not, what rental and resale prices are and the seller’s opinion about the market.
#3: Spend some time thinking how you can improve meetings with clients
After every meeting with a client, make it a point to review what went well with the meeting and what didn’t. Also, come up with a plan as to what you will do differently the next time around. Not only will this build your reputation but your conversion rate should improve over time.
By Al Donohue
Are you planning a move in the near future? Perhaps you’ve had a life changing event or maybe you can just afford something nicer. Whatever the case, it makes a lot of sense to start perusing and considering Ridgewood homes for sale. These properties are second-to-none in terms of class, elegance and the amount of yard space you get with them.
Plus, a Ridgewood address is nothing to sneeze at here in New Jersey or anywhere else for that matter. You’ll be surrounded by a great community of people that treasure this sense of togetherness and foster the community spirit. This means friendlier people and a safer neighborhood.
Furthermore, no matter where you live, you’ll be rubbing shoulders with the Ridgewood Country Club. There’s nothing wrong with that. This country club is not only beautiful, but a great place to meet people just like you with similar interests and ambitions.
Move to Ridgewood today and years from now you’ll look back on this decision as the best you ever made. And you’ll be sitting inside one beautiful home when you do it!
In terms of beauty and prestige, Ridgewood New Jersey real estate isn’t going anywhere. But that doesn’t mean it isn’t getting bought up more and more every day. So if you’re looking to relocate, for whatever reason, it’s worth giving Ebergen County Homes a call today. They’re experts when it comes to this beautiful part of the country.
Condo hotels is one of the hottest real estate investments around where owners will use their condos as and when they like but will allow it to be rented out, in the hotel’s rental program, when not using it.
However, as inviting as this seems to kill two birds with one stone, here are 4 questions that you should ask yourself before buying a hotel condo:
#1: Does a Condo Hotel work for you?
Condo hotels are not your typical second homes but are actually suites that are well-furnished and are located in some of the most popular resorts and hotels around the country. If you don’t know this already, these are located in high-rise luxury hotels and with prices ranging from $250000 to $1 million to purchase.
#2: Does it have a major franchise?
Who the hotel operator is will determine whether your investment is successful or not. Compared to a non-brand, condo hotels at the Ritz-Carlton, Trump, Hilton or Starwood will do much better and will ultimately make it a good investment.
#3: Is it well-located?
There are two questions about the location you must ask yourself before purchasing the condo hotel. It is located in an area which is a popular tourist destination and which will continue to be so regardless of a change in economic conditions. Yet most of all: Does it give a view of the ocean or the golf course that you’ve always wanted in a vacation home?
#4: Will the condo hotel appreciate in value?
Although you might buy this condo primarily as a place to spend your vacation, it’s a good idea to also check its potential for appreciation in value. For this, all you have to do is look at surrounding properties and their appreciation in values over the past few years.
Summary: Seven Mile Beach will see several new developments in the coming years. If you want a property on Grand Cayman, check out this blossoming stretch of beach.
Seven Mile Beach, which is only five and a half miles long despite the name, is one of the most beautiful places in the Cayman Islands. The beach itself is public property, and sees tourists visiting all year long. The area is happening, with restaurants and resorts dotting the sandy landscape. There are also new luxury condominiums being built there, in addition to more extravagant housing too. If you’re looking for Caribbean vacation homes for sale, look no further than Seven Mile Beach.
In the past few years, the area has seen substantial developments and new construction projects. There are gorgeous canal front homes , prized for their amazing views and boating access to the protected North Sound and Caribbean Sea, and luxury beachfront developments with numerous amenities. Cayman Islands property is on track for another strong year.
Don’t think that inventory is gone. The Cayman Islands sees new visitors year after year, with some choosing to stay while others leave. Anyone can buy property in the Cayman Islands. All property is exempt from annual property taxes and capital gains tax. So Cayman Islands property make for decent investments you can enjoy with your family. Land is becoming scarce, however, as more developments seek out the prime spots on the beach.
By Dream Finders real estate broker James Bovell specializes in property for sale in the Cayman Islands. Find a luxury condo or magnificent home on the beaches of Grand Cayman.
There are a number of factors that determine the success of investing in apartments but the most important one is its current and future income.
And there are a number of mistakes that can prove to be costly if one is not careful with regard to its income stream.
Some of these mistakes include not hiring effective management, using excessive leverage, failing to make a good deal, not having a viable business plan, poor market timing and a lack of market knowledge.
That said, it’s important to think things through when it comes to buying an apartment. For starters, it’s important to be independent with your thinking. Instead of buying real estate at high prices especially when other investors are interested, pick a time when the demand outpaces the supply.
Another thing to keep in mind is that conducting market research is imperative to your future financial success and one way to achieve this is to keep in touch with local guides who can direct you to the best locations so as to purchase the best property.
If you are purchasing property outside your local area, then you can partner with an experienced individual or firm so as to minimize risks.
Another thing that you must keep in mind is looking at a number properties before you decided to sign on the dotten line. Another benefit from this is you’ll get a good picture of the values of a number of properties before you make a commitment.
It’s also just as important for you to create a business plan that clearly lays out the objectives and goals of the property in question.
Finally, don’t forget to hire an excellent property management company which has a proven track record in managing the type of property you have acquired. They should be able to show results from their past records too.
Many homeowners use an open house to market their property to prospective buyers. When the seller lists property with an agent, he or she can ask for an open house. According to “The Real Estate Process: Pros Discuss Buying & Selling Your Home,” the independent seller can use an open house to market the property and save money in the process.
Before arranging an open house, do a little research to determine the best date to host the event in your community. For many, the best day is Friday, Saturday, or Sunday. The community newspaper or property agent are likely to have valuable opinions. After fixing a date for the open house, it’s time to promote the event. Most sellers want to send personal invites to their network because, even if these individuals aren’t looking for a home, they’re likely to have friends and acquaintances who are.
When a single buyer hosts an open house, it’s always best practice to ask one or more friends to stay for the event duration. An open house usually means that strangers are invited to view the property. With safety and security in mind, remove as many valuables as possible from the home, e.g. in a bank safety deposit box. Take all prescription medicines and drugs from bathroom cabinets for the event. If guns are kept in the home, make sure these are also removed.
Since more people market their properties to the public these days, it’s important to do some advance planning to ensure homeowner or family safety.
Kuba Jewgieniew is the CEO of Realty ONE Group, named one of the fastest growing companies by INC. magazine from 2009-2013.
Almost every renter feels the pressure to buy a home with benefits such as building tax equity and cashing in on tax breaks.
However, given the situation in certain cities in the United States, it might take a long time to break even on home purchases.
So, it does make sense to rent for a little longer from a financial standpoint. That said, here are 4 cities where renting seems a better choice:
If you’re not planning to stay for more than 3.3 years then it would be a good idea to rent a home instead. The Zillow rent index is $2458. No matter what, the city can be considered hot property where the median home value rose by 8.4 percent while the rent rose by 3.3 percent for the last 12 months.
#2: Virginia Beach, Virginia
If you aren’t sure of staying for less than 3.5 years, then it’s better that you rent a place. Better still, the median rent for Virginia Beach increased by 0.8 percent over the last year. The value for the Zillow rent index is $1534.
#3: Washington D.C
This is yet another city which works best for renting not unless you don’t mind waiting for 3.5 years . The median rent is about $2453 and which has increased by 0.3 percent since last year. It must be pointed out that the median home value is also up by 14.4 percent.
In this tropical paradise it takes about 6.8 years for one to break even on the purchase of one’s home. With the median rent at $2276, it keeps decreasing by 5 percent year after year. This is why it is one of the best places to rent a home if you wish to.
Summary: The Grand Cayman Islands carry some hidden troubles you might not be prepared for. Here is what you need to think about before you move to Grand Cayman.
The Grand Cayman islands can be an exotic experience, if you are prepared for it. Moving there requires a lot of planning to determine where you intend on living and how much it will cost you. There are also a lot of hidden troubles that the uninitiated aren’t familiar with. Read on for tips to prepare for your move to Cayman Islands condos.
Food is not what you might call “abundant” on the island. Most food is shipped into the territory, so it’s likely that you’ll be paying a markup on most fruits and vegetables, and some meats too. Expect most items to be at least one or two more dollars than their US mainland counterparts. If you budget properly and cook out of the home, you should still have enough money to enjoy island attractions though.
Telephones are an often unanticipated cost. It’s nice to move to the islands, but you probably can’t take your family with you. Therefore, a low cost or free solution like Skype is beneficial for staying in touch. You can make international calls to another Skype user without paying a dime for the privilege.
Caymen real estate can be pricey, but not exorbitant. There are plenty of condos for purchase if you can’t afford a home. Land and space are a commodity on the Cayman Islands, so shop around online before you consider the move. Ask an agent to show you real listings, and make sure you calculate the cost of your mortgage and property taxes before you depart.
By RE/MAX Cayman Islands has affordable Cayman Island real estate listings. If you’re looking for the comforts of island living, choose REMAX.Ky .
It goes without saying that successful real estate investing depends on how much time and money you’d like to invest. The truth is that a lot of professionals have very little of either.
It is for this reason that having an online business is the best thing ever since it makes money for you even while you are sleeping!
Keeping this in mind, here are 3 ways to make money online and which will help you to fund real estate deals:
#1: Building a Website
This option is one that you can use so as to earn money online in a countless number of ways. Whether this is real estate or even a hobby, once you create content that keeps people interested and coming back to your site, you can not only market your deals but also network with other investors as well as refer people to sites where they can buy products or services.
#2: Affiliate Marketing
This is one area that has expanded exponentially over the last decade or so. Best part: it’s pretty simple too. You don’t have to take care of shipping, convince customers, take orders and receive payments and so on and so forth.
The only thing that you will have to do is direct customers to sites that you are affiliated with. All that will be required on your part is to add a link or a banner on your site.
#3: Online Surveys
Another simple way by which you can earn money online is by taking surveys since a number of companies are interested in what you have to say. For example, a company like SurveyScout is all you will have to register with and provide your valuable opinion. Make sure you fill out your profile as companies look for certain profile types to answer their surveys.
If you’ve ever dealt in real estate, you would have had to buy title insurance at some point or the other.
if you haven’t, it simply is a deed (also known as the Warranty deed) that the seller gives to the buyer and which indicates that the title is good, and there will be no challenge of integrity to the title.
But there’s a process that needs to be carried out in order to get to this step. For starters, a title search is conducted by a title attorney or company for ownership of the property by looking up public records.
What the searcher also does is make sure that previously recorded mortgages and liens have also been released and based on which, the title company or attorney will prepare a title insurance commitment.
The title insurance policy itself, and unlike other insurance policies, covers only past events. If for example, the daughter of a previous owner says that her father sold the property while not being in sound mental condition, the policy then pays for any damages, which is usually the value of the property itself.
Alternatively, the policy will not cover events after the property is made or if no disclosure of such a possible claim is made to the title company itself.
In the case where you are selling the property, ensure that you check for a “Re-issue” rate or even try an ‘open-hold’ policy if you are planning to sell your property in a short period of time.
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Despite the lowest rates as reflected in the market today, there are still a number of ways by which you can still make 10 percent of return.
However, it must be pointed out that it isn’t necessary in any particular order but merely a list of things that can help you get there.
Here are 3 ways by which you can make a 10 percent of return:
#1: Invest in yourself
No matter how cynical you are of education, it’s way better than ignorance. The dividend that you will receive for getting an education is probably much more than you can imagine. Of course, it has to be the right education. In other words, one that shows you how to excel, take calculated risks and strive in order to get ahead is one that counts – one that has been tried and tested in the real world.
#2: Invest in a note
Investing in discounted mortgages are a sureshot when it comes to offering you safe rates above 10%. It won’t be a complicated process especially if you can complete the paperwork yourself or even have a team of pros handling it. Look for a National Note Franchise in your area to help you with it.
#3: Purchase from a broker
Most note buyers in the market tend to be people who buy notes at a particular price and sell them for another. An attractive yield is possible if you deal with the selling and buying of these notes. Make sure you invest with a discounted mortgage broker instead of a loan broker who deals with new mortgages – the margin of profit is greater.