Month: May 2017

Property Purchase Mistakes

Property Purchase Mistakes

Buying a property is one of the key points in a person’s life. In a way, it signifies that the person is completely ready to settle down and life comfortably for the rest of their life. Getting yourself a house is no mere feat; it takes a lot of hard work and dedication. For an average person, it takes years of effort in order to be able to purchase their own house. This makes it one of the most important achievements in life next to having a great family. If you’re in your young ages, you shouldn’t waste time with living the moment. Please consider wising up and planning for the future, because it’ll arrive before you’re ready to get ready for it. When it finally arrives, you’ll be in a much more comfortable position that your peers simply because you made smart investments and spend your time doing the right things. Of course, after finding the right partner, your next aim should be to get yourselves a comfortable place to raise a family. If you start this late, you’ll end up regretting it and will most likely have to go with options which you’d rather not go with.

However, even if you’ve made the right live decision, there isn’t a guarantee that you’ll end up with the property that you always dreamed of. There are lots of amateur mistakes which young people make when purchasing property. It isn’t their fault, as buying property isn’t a day to day task, and is easy to get wrong. In any case, ending up buying property which you’re not content with, or worse – completely loath, then all the time you’ve invested in a better future can potentially go to waste. You can’t just sell off a house you don’t like the very next day. It takes time to find well paying customers, and you’ll be miserable in the meanwhile. You should try and avoid this altogether, and follow some simple steps which can help you steer clear of properties which you don’t want to end up with.

1.      Look at your budget

You shouldn’t go for a house you can’t afford under any circumstances. This will either put you in debt, or make you go almost flat broke if you’re not careful. Remember; no matter how alluring a house may be, if it’s beyond your wallet then you shouldn’t pursue it. There isn’t any point in it. Either wait to buy that house if you can’t live without it, or don’t go for it.

2.      Get an agent

Not getting an agent will leave you with a lot of disadvantages. They know things about the market that you don’t because it’s their job to know these things. They’ll be able to give you all sorts of advice that you won’t be able to find about your location which you won’t be able to find anywhere else.

Try and remain careful during the process and don’t fall for any big words. Just go for something simple which you can afford and carry follow up costs as well.

 

How to not lose money in real estate

How to not lose money in real estate

Every business has its ups and downs. You need to be sharp, quick and smart in order to do business. However, investment businesses like real estate and the stock exchange an even quicker and sharper personality.

If you’re not always up to speed with the things going on in the locality in which your property is, and how their prices are doing in comparison to surrounding places, and perhaps places in other cities too, then the best way to save money in this business is to simply not start at all. If you think you have what it takes, then you need to consider a few things first:

1.      You need to stay focused

It’s true that you need focus to succeed in pretty much anything, however when it comes to the real estate market, you need some really intense focus to keep you going. You’ll need to sacrifice a lot of personal and family time in order to successfully play around in the real estate market. Prices sometimes change nice and gradually, however sometimes they can change drastically. People have been able to make or lose hundreds of thousands of dollars in a single night because of their quick actions and thinking or the lack of therein. Therefore, you should be prepared to always remain focused on the business when you’re stepping onto this platform, otherwise you’ll be losing money eventually.

2.     Read the news

Keep yourself up to date with the real estate world. You need to know about the taxes affecting a certain area, the new laws affecting various policies which might create surges in the housing prices etc. Staying up to date will help you act fast and save money where lazier people will be losing money and will help you make money while others keep beating around the bush. Avoid being like unsuccessful people in the business and try to make a few profits while you’re on it.

3.     Network

Find people who are in the same business as you. Next, you need to sift through them and find the people who have a similar mindset at you. The people who you’re looking for will also be looking for you. Once you’ve found likeminded people, you’ll have fun dealing with the real estate business and also find it much easier staying up to date with the market.  Your new friends will also benefit from what you share of your experiences. This way you’ll be a lot better off than when you were operating alone. You’ll learn new things and your experience with real estate will doubtlessly get much better.

Try these steps when you’re about to start in the real estate market. If you’ve already started, you can start doing this in order to improve yourself. If you haven’t started yet, it might be a good idea to get to know the people who are already in the business and see what you can learn from them.

 

How to choose which areas to live in

How to choose which areas to live in

What kind of areas do we all like to live in? It doesn’t really matter whether you’re a student, a working adult, a recently married person, or someone with 3 kids and a dog; there are a few characteristics that everyone prefers to have in their neighborhoods. However, we don’t have unlimited supplies of money nor time, so we can just keep experimenting with different localities in the hopes that we’ll accidentally come across the perfect place to live in. The perfect place, in fact, doesn’t really exist for you to live in. There will always be pros and cons to consider about the place whenever you’re relocating to it.

The most important things to look for when relocating are a friendly neighborhood which is safe from most types of crimes.  A low crime rate in the region is one of the most underrated aspects considered when looking for a new place to live, but you’ll be all the better for considering it. Make sure you don’t leave it out, and have a good look at reports and newspaper articles about any crime rates in the region. This will help you in the long run and keep you and your family safe from any potential mishaps. Here are a few things which you should consider when looking for areas to live in:

1.     The roads

Some countries have similar and fantastic roads all over the country. If you live in one of those awesome countries, then you can skip on to the next point. However, if your country has various road conditions all over the place, then have a good scout of the entire region before you move in. The streets should be somewhat wide – especially the one in you’re considering moving to. If they aren’t wide enough, it’ll be a huge source of unnecessary and avoidable stress. Along with the streets, you should have a good look at surrounding roads and make sure that the traffic runs nice and smooth in the area. Otherwise you’ll find yourself stuck in roadblocks all the time, and it’ll be too late then to do anything about it. Therefore you should save yourself from being in a position where you’re not able to do anything except regret your past decisions.

2.     The greenery

This point doesn’t seem important at all because you’ll obviously be considering macro aspects like the money involved etc. However, it’s a good idea to spend a little extra and move to a place where there is an ample amount of greenery. Even if the areas with more greenery are a little more costly, you should still consider moving to them as a good amount of greenery is great for a person’s mentality and will passively boost your productivity and keep you healthy.

Keep these factors in mind when you’re looking for a new place to live. They might not seem important at first, but you’ll realize how important they are a few months in.

 

How to be a Fair Landlord

How to be a Fair Landlord

It’s great being a landlord. You get rent for your property, and whether you bought the property yourself or got it through inheritance, the feeling is pretty great. Now that you’re a landlord, it doesn’t mean that you can treat your tenants however you want. Being a landlord doesn’t give you the moral right to do whatever you want. There are a few rules you need to undergo and follow if you want to be respected and liked as a landlord. Having tenants which are at good terms with you is as advantageous for you as having loyal employees in a business. You need to learn how to be a fair landlord for this to happen. Here are a few tips that you can follow in order to become the landlord that you should be. If you’re a veteran landlord, you might want to consider reading on too; you might learn a thing or two.

 

Maintain good communication

Your tenants have the right to be heard if there are any problems with the building which isn’t their fault. You need to consider it your priority to make sure that your tenants are nice and comfortable in the building that you’re provided them with and are getting everything that they’re paying for. There is nothing more frustrating than a landlord that doesn’t listen and respond to complaints. Make sure you don’t turn into one of those landlords, else you can say goodbye to your goals of becoming a good landlord.

Be clear on agreements

Often, tenants might not be fully aware of what the lease agreements to which they’re signing to actually mean in their complete extend. You need to make sure that they know every point on their agreement which concerns them. Explain every point which you think they should know about to them as best as you can. This removes the risks of any misunderstandings developing further down the line and can save you and your tenants a lot of stress and time. If you intentionally leave confusions in lease agreements in order to exploit your tenants, then stop. This is not the way to go, and you’ll find yourself much happier with clean agreements which are profitable for both parties.

Understand your locality

Every separate location has different conditions and laws affecting it. You need to be aware of any such rules and regulations which are under effect in the area where the house you’ve given for lease is in. Knowing these things can be helpful.

Research you tenants

This might not be possible every time, but if it is, then you should take advantage of it. You should get to know your tenants as closely as you can – in person and through research – as you can before letting them into the house with an agreement. Good natured tenants can be as much a blessing as disreputable tenants can be a headache.

Condominiums vs Executive

Condominiums vs Executive Condominiums

 

Condominiums

Condominiums are generally called condos for short, and are generally large building complexes with multiple apartments which are owned by individuals. The apartments all have shared facilities, along with shared halls, heating systems and outdoor areas. Government influence is at a bare minimum when it comes to private condominiums.

Executive condominiums

Executive condominiums are quite different from private condominiums. For one, executive condominiums are exclusive to Singapore and aren’t found elsewhere. Secondly, there are lots of government regulations regarding this sort of building structure and the people who own and live in them. They are semi private, and the government has some restrictions on who can own them and live in them etc. Executive condominiums are subsidized by the government and are only available for specific people.

Here are the main difference between condominiums and executive condominiums:

1.      Eligibility

Everyone is eligible to own private condominiums. There are no government restrictions in regard to this. However, executive condominiums have a specific target audience. They are meant for the average working class citizen of Singapore, who can’t afford private condominiums and homes due to their high prices, but can afford more than simple HDB flats. Their monthly income needs to be less than $14,000. Furthermore, such people should not have any property purchasing history in the last 30 months. Lastly, a person applying to purchase an executive condominium must be a Singaporean citizen. Fulfilling all those requirements, one is eligible for applying to purchase an executive condominium apartment.

2.      Area

Executive condominiums generally have a larger floor area than private condominiums. For instance, a private condominium with 3 bedrooms would be smaller than an executive one with exactly the same amount of rooms. This is, of course, a benefit of living in executive condominiums and one of the incentives the Singaporean government gives to its citizens to encourage them to use them.

3.      Amenities

In terms of amenities, both types of condominiums appear to be quite similar. They offer swimming pools, tennis courts, barbeque spots, security, a gym and a lobby. One possible advantage that private condominiums might have over executive condominiums is that they generally provide more than one parking space for tenants. However, as mentioned, executive condominiums are meant for people who are average citizens and not expected to have multiple vehicles.

4.      Pricing

Private condominiums can be in affordable ranges, but can also be extremely expensive, costing millions of dollars. Executive condominiums on the other hand cost much less, and are around 20-30% less expensive that average private condominiums depending on their size and location.

5.      Ownership

For private condominiums, ownership is transferred to the person purchasing the apartment as soon as the deal is made. However, in case of executive condominiums, the person purchasing it has to ‘own’ it for at least 10 years before complete ownership is transferred over to them. Only then can the executive condominium be sold to a third party member.

When deciding which type of condominium you want to purchase, these are the things that you should keep in mind.