Real Estate Update

Elizabeth McLachlan asked:




Buying-to-rent refers to an investment strategy of buying a residential property to be let for profit. This type of investment can deliver extremely good returns but should be carefully considered. Here are some tips to guide you through the process of buying to let:

1. Do In-Depth Research

It is important to know what you are letting yourself in for. If this is the first time you are buying to let make sure to seek advice from an expert or other buy-to-let investors. In tough economic times it might be easier to find tenants but when the property market is booming you might struggle to avoid you property sitting empty. Make sure you enter the market at the right time.

2. Choose a Good Area

A good area does not necessarily mean the most expensive or upmarket suburb, but rather an area that shows potential. If you are buying-to-rent with student accommodation in mind, make sure the area is close to campus or within easy access of public transport.

3. Consider All Areas – Near of Far from Your Home

Buying-to-rent does not always mean you have to live close by the property. There might be better offers further away from your residence that could be a wiser investment. There are lots of ways to keep up with what’s going on at your rental property.

4. Shop Around

You don’t always have to use the same bank for all your mortgages. Seek advice from a specialist buy-to-rent broker and remember you are under no obligations to use a broker once you have asked for information. Considering all options might save you a lot of money.

5. Negotiate the Price

As with first time buyers, you are not reliant on selling a property to buy another and hence hold a smaller risk. Remember this when negotiating for a better price.

6. Consider the Negative Side to Buying-to-Let

As stated before, rental demand is often dependant on the economical times. You have to be prepared for a slower rental market and all the challenges that come with renting out property. Factor in that your property might sit empty for at least 2 months of the year – thus leaving yourself a buffer.

7. Don’t be Over Ambitious

Because there is no such thing as a 100% sound investment there will always be risk involved. It is important to consider everything before you jump in. Talk to financial advisors and seek advice from friends and family whom you trust.

8. Follow the 12% Rule

An easy way to work out an achievable rental price is to divide the purchase price by 100. This will give you a rental figure that needs to be obtained to achieve 12% gross income. This does not apply to all property but will give you a good estimate.

9. Don’t Spend Too Much on Renovation/Refurbishment

If you are a first time buy-to-rent investors you should take on a property that needs little or no renovation. This will only cause unnecessary stress. Rather decorate the interior with neutral colours that offer a blank canvas to potential tenants.

10. Find the Right Tenant

This is one of the most import steps when buying-to-rent. Make sure to advertise in the right places to attract the ideal candidate. Always screen potential tenants and try to find out as much as possible about them. Ensure a good relationship with tenants, as they will be living in your property. Make sure you have the funds to pay for a letting agent should you need one. Seek legal advice when drawing up a rental contract.

real estate asked:




The photography which is done on Real Estate Development Company is known as real estate photography. The concept is very much popular in European and western countries/ companies. Because according to the real estate photography the market has to be established! Real estate photography is done in different ways such as in close-ups. The real which is to be marketed has to be identified first. The product is then suited by professional photographer from different angles from which the product is most likely to be a sellable hotcake. Since the real estate is govern by the products which are only shown in hypothetical manner, the real estate has to be marketed accordingly. Since, the real estate is depends upon the projected outcomes, is covered by the photography part. So, a photographer must be analyzer in nature!

The photographer must know what the product will be after its completion of project. So, the photograph and actual product should match. Real estate photography makes a difference that good photos can make in the process of house for sale.

Importance of real estate photography

Digital presentation of real estate photographs is the key to good seller in the property market. In the present property marketplace, real estate photography became the essential tool of property firms! Digital photos are becoming popular and can be readily available in the market. Digital photos make real estate photography more natural and practical. If you want to search real estate photography for your property business, then you can find many online real estate photography professional websites online. By just surfing the internet you can gather some real estate photography tips and hints. For a professional real estate agent, it is must to take well-composed and exposed real estate photographs. By trying true methods of real estate photography you can produce real estate photos without the need of buying expensive tools.

Good online companies offer stunning real estate photography for both interactive and print use as well as three hundred sixty degree Panoramic virtual tour images, video production, multimedia presentations and image management. It is an important for you those great photographic images for marketing your position. Blur photos of real estates are never acceptable. To take better images of your real estates you should choose real estate photography. Over the past few years there are dramatic changes happened with introduction of digital camera has brought to the Real Estate photography industry. With such latest technology, a real estate photography transfer images to a web page on the internet, and flyers printed all within minutes. Nowadays, listings are quickly available to other real estate firms and purchasers worldwide who have access to a computer.

Evan Langsted asked:




Disputes between landlords and tenants can be some of the most difficult to settle from a legal perspective.  In landlord-tenant disputes, each party involved has certain rights which the law protects.  When one person or party infringes on the other’s rights, it is beneficial, and often necessary, to have a third party involved to help settle the issue.

There are also obligations each party must fulfill to retain their rights.  Neither party’s rights are more important or valid than the other, which can make this area of the law seem very murky.

Obligations of Tenants

Most tenants sign a lease or rental agreement when they take possession of a property.  Some lease agreements are more thorough than others, and the law may provide for a tenant to be held responsible for items not included on the lease.  Although lease and rental agreements vary between landlords, some common expectations are for the tenant to:

Pay rent when it is due Pay for other utilities as specified by the lease or rental agreement Dispose of garbage and waste properly Not cause damage to the property Notify the landlord of damage or wear to the property Not sub-lease the property without approval from the landlord Give appropriate notice if a lease will not be extended Pay for or make repairs caused by misuse or excessive use Adhere to home owner association rules or township laws Make repairs to the property caused by regular wear if outlined in the lease Obligations of Landlords

Although the landlord owns and controls the property being leased or rented, there are some obligations he or she must fulfill.  Commonly, a landlord may break the terms of a lease by failing to ensure the property is safely inhabitable, for instance, failing to repair a dangerous sidewalk, not addressing a gas leak, or allowing a roof to fall into disrepair.  Even if one of these happens, the law still provides a period of time for the landlord to see to these repairs.

Some additional obligations are for a landlord to:

Keep the property in good repair Remove or fix dangerous property hazards Provide contact information so the tenant can contact him or her with problems Give appropriate notice if a lease will not be extended Provide written notice if the property is sold Not to illegally discriminate Pay for or make repairs needed due to regular wear Fair Housing Act

The Fair Housing Act is a part of the Civil Rights Act of 1968 which prohibits landlords from refusing to lease, sell, or rent property based on race, color, national origin, religion, sex, family status or handicap.  This includes if a landlord changes the terms or conditions of sale or rental, provides different services or facilities, falsely denies that the property is available for inspection, sale or rental, and other discrepancies.

Sofia Rucci asked:




Flipping houses has become a very popular activity in the housing market, this can be very financially rewarding; however, if not done right, it could turn out in catastrophe and cost more on the property than you  make on it.  House flipping is not for everyone, it takes much more work than it may look. Choosing the right house is key; the house isn’t the most important factor, but the area that the house is located in. Find an uncared for home in a nice area, maybe it was a rental that wasn’t properly maintained, an older owner/s who weren’t capable of keeping up with the house, maybe it’s just an out-dated house, or it could be an eye sore, over-grown and “ugly” to look at. All of these things are repairable, but if the house is in a bad neighborhood, whether it be high crime rate, low income, or near a freeway or airport you can not hide or change these undesirable features.

Now that you’ve found the right house, it’s time for inspections; this is a very important step that you do not want to skip. The main areas to focus on would be:

1. the foundation, if you find any cracks make sure to get an estimate on them, this could turn out to be a very expensive repair.

2. The roof, you need to check for water damage and carpenter ants, especially in an older home.

3. Plumbing and electrical, check in and around the kitchen and bathrooms for uneven flooring and water marks, you may also want to check the water pressure by flushing toilets and turning on taps. If these three areas look good then you’re ready to plan your flip. 

There are many ways you can save yourself money, keep in mind painting or replacing kitchen cabinet fronts, rather than replacing the whole unit, If the yard needs work, don’t be afraid to get dirty, doing these tasks yourself can save you a lot of money. The biggest money saver; however, is to keep the job simple, keep the original floor plan as alike as possible, knocking down walls and other like jobs are very time consuming and can become quite costly.

Once you find the right house, now it’s time to set up a budget, making sure to put extra money in a reserve just in case of any unplanned disasters or mishaps. It’s very important to be reasonable when setting up a budget, don’t underestimate costs. 

Keep in mind the most important selling features of a home; see our “Top 10” list which tells the top ten upgrades needed for a successful flip and some tips on how to make it happen.  

Top 10 Focus Points for a Successful Flip

10. Fixtures – By fixtures we mean sinks, faucets, shower heads, toilet paper holders, towel holders, etc… the first choice for most home owners is chrome, or you may want to go a little different and a bit more elegant, maybe try brushed aluminum or antiqued materials.

9. Lighting – This covers the ambience that the lighting you’ve chosen is right and the lighting fixture itself is attractive. Too often a time when shopping for new lighting, people just choose whatever looks nice, but it’s important to keep in mind what room the lighting is for, and the purpose the lighting will serve.

8. Extras – This is product that has been added to the home that is above and beyond the necessary. These extras would include items such as: a Jacuzzi tub, stainless steel appliances, dimmer switches, a garborator, skylight, maybe even a theme wall somewhere, anything that adds extra flare to the home, if your budget allows, I would recommend putting extras in the home, for a small original cost it can make a huge difference on selling day.

7. Finishing’s – You would be surprised as to how many people do notice finishes, such as the baseboard in a house, the casing around doors, and the basic ensuring that closets and doors open and close properly, a lot of times in older homes, after it settles with time, door frames can become crooked making the doors close improperly.

6. Entrance – First impressions are often peoples deciding factors when buying a home, make sure it’s clean, effective, you don’t want too much furniture in the way, keep it simple and open.

5. Bedrooms – Bedrooms are easy rooms to upgrade, they only really require some carpet, paint, and sometimes new light fixtures, etc… if you’re planning on staging the home for a sale, you’ll want to really focus on this area, since they are such simple rooms make sure to furnish them nicely.

4. Flooring – New flooring is mandatory when flipping a home, tile is nice for kitchens, front entrance, bathrooms, and laundry rooms, keep the tiles simple with little or no pattern. Carpet is what you want in bedrooms to keep them cozy and warm, and think of using hardwood or laminate in your living area.

3. Kitchen – As we all know the kitchen is like a hub of our house, we spend much of our time in there, preparing meals, entertaining, and of course cleaning. You want to ensure there are plenty of cupboards, as well as counter space. Make it look new, bright, and spacious. If your budget allows room for those extras, this is where you’ll want to use them.

2. Bathrooms – Some of you may be surprised to see bathrooms ahead of kitchens on our top ten list, but studies have shown that bathrooms can make or break a flip, or a sale of any kind. This is a room where people go to perform many personal tasks and often to unwind in a bath, you need to put lots of proper planning into the bathrooms, and they need to feel inviting and comfortable.

1. Curb Appeal – You may have guessed it, or not but curb appeal has made it to number one on our list, reason for this is that not everyone, but many people won’t even enter a home if it doesn’t look maintained from the outside. You can’t sell a house if you can’t get people into it.

For more Information on this topic visit www.buildwish.com  a free Online Home Renovation & Design Directory for North America, Featuring Free Real Estate Classifieds, Helpful Articles, Contests, Hot Products, Qualified Trades, Forums and Much More!

 

Chad Fisher asked:




If there is one city that sends people scrambling when looking for an apartment, it’s New York City. New York City can be on of the most expensive cities in the world to live in, and to non New Yorkers who are looking to move there, they are often shocked at the sheer price of apartments that are even considered good deals. There are several parts of New York City where a studio apartment costing $1,200 is considered a steal.

If you’re looking for a 3 bedroom apartment in a decent part of Manhattan, you should expect to pay close to $3-5k a month. While the city offers high pay, many people outside of NYC don’t even realize how expensive the prices are. If you’re expecting to find any type of an apartment for under a grand, in most parts of Manhattan, you should drop that thought completely.  

Studio apartments on the Upper East Side are reasonably priced and can start at $1,750, which is a great deal you should jump on. There are very few cities around the country that have that same level of pricing for basic housing as NYC. If this isn’t shocking enough to most non-New Yorkers looking to move to this city for the first time, what can be even more surprising is that the competition to get an apartment is very high and brutal. If you find a deal, you have to have all your paperwork in order and jump on it immediately.  

If you’re looking for an apartment in New York City, or are even earlier in the process and considering a move for a job, the general rule of thumb for most places is that to apply for a decent apartment, you have to be able to confirm that your annual salary is a minimum of 40x one month’s rent. Finding the exact neighborhood you want to live in, as well. Are you looking for Ritz? Art? What part of the city do you want to live in? Out of all the New York City boroughs, the three best for finding decent rents (by NYC standards) and better deals are Brooklyn, Queens, and the Bronx.

No matter where you end up, you need to be prepared for a smaller apartment than you are probably used to. Even the “luxury” apartments in NYC are small compared to what you might have become accustomed to in other cities. And keep in mind that despite the high prices, the competition to get a place to live is surprisingly high.

If you see a place you like that you can afford, grab it immediately. This can’t be emphasized enough. If you wait even a single day, there’s a very good chance that it’ll be gone by the time you get your stuff together to go after it. If you’re looking for an apartment in New York City, follow the advice given in this article, and good luck.