Archive for September, 2009
Safety As A Marketing Tool In Real Estate
September 28th, 2009
Rolf Joho asked:
In today’s market it can be very difficult. That’s why having any little trick up your sleeve will help in moving a house on the market. One overlooked marketing aspect in real estate is safety. Modifications made to a house with safety in mind are a great asset to any property.
Advertising a house with plenty of features that make them safer for a range of consumers will help to make a house more desirable. For example making a house safe for children or older consumers will help to increase the number of interested buyers in a particular house.
Attracting Older Customers
Older customers are a somewhat neglected section of the housing market. However if you can make a property attractive to the aging population you are opening up a section of the real estate that is still underdeveloped. One of the things that older prospective buyers are looking for is safety.
One of the key things that you can do to make any piece of real estate prime property to older buyers is to make safer bathrooms. Bathrooms are notorious for causing accidents in older homeowners. The first thing that can be redone in a bathroom is the type of tiling. Make sure that you have textured tiles to prevent slippage.
Another thing that can be done to a bathroom is to increase the lighting. Lighting in a bathroom, as well as in the rest of the house, is very important. The shower area is another area that needs to be remodeled in real estate that you intend to market to older consumers.
A shower area that is large and easy to get in and out of is attractive to all homeowners regardless of age. You can also make a shower even safer by installing railings. Railings throughout the house are also a good idea. Remodeling the bathroom is often the first thing you should do when looking to improve the price of real estate.
Sunken living rooms are another thing that can make some customers think twice about a certain property. A sunken living room is not only a hazard to older people but can also be dangerous for children. Making sure that these are no changes from one room to another is a great idea.
A home that is wheelchair accessible can also be a huge draw. Some homeowners will be more willing to purchase a home that has been renovated to be wheelchair accessible. One of the things that you should look out for when trying to make a home wheelchair accessible is the size of the doors and hallways.
Doors are often too small to be accessible for wheelchairs. Widening doorways and hallways is a good way to make a home more wheelchair accessible. A gradual slope in place of stairs is also a plus to young families who have to maneuver strollers.
Lighting stairwells and ensuring that there is plenty of light in a home is another great way to make a piece of real estate more marketable. Once you have made these renovations to any property it is important that you highlight these changes. Advertising the safety features is a great way to make a piece of real estate more marketable.
Depending on the demographic of the real estate market in your area you can adjust the safety features of a home accordingly. This type of housing is attractive to both the aging population and families with young children. If you intend to market a home to young families then you may have to think of more ways to make a home safe for children.
In today’s market it can be very difficult. That’s why having any little trick up your sleeve will help in moving a house on the market. One overlooked marketing aspect in real estate is safety. Modifications made to a house with safety in mind are a great asset to any property.
Advertising a house with plenty of features that make them safer for a range of consumers will help to make a house more desirable. For example making a house safe for children or older consumers will help to increase the number of interested buyers in a particular house.
Attracting Older Customers
Older customers are a somewhat neglected section of the housing market. However if you can make a property attractive to the aging population you are opening up a section of the real estate that is still underdeveloped. One of the things that older prospective buyers are looking for is safety.
One of the key things that you can do to make any piece of real estate prime property to older buyers is to make safer bathrooms. Bathrooms are notorious for causing accidents in older homeowners. The first thing that can be redone in a bathroom is the type of tiling. Make sure that you have textured tiles to prevent slippage.
Another thing that can be done to a bathroom is to increase the lighting. Lighting in a bathroom, as well as in the rest of the house, is very important. The shower area is another area that needs to be remodeled in real estate that you intend to market to older consumers.
A shower area that is large and easy to get in and out of is attractive to all homeowners regardless of age. You can also make a shower even safer by installing railings. Railings throughout the house are also a good idea. Remodeling the bathroom is often the first thing you should do when looking to improve the price of real estate.
Sunken living rooms are another thing that can make some customers think twice about a certain property. A sunken living room is not only a hazard to older people but can also be dangerous for children. Making sure that these are no changes from one room to another is a great idea.
A home that is wheelchair accessible can also be a huge draw. Some homeowners will be more willing to purchase a home that has been renovated to be wheelchair accessible. One of the things that you should look out for when trying to make a home wheelchair accessible is the size of the doors and hallways.
Doors are often too small to be accessible for wheelchairs. Widening doorways and hallways is a good way to make a home more wheelchair accessible. A gradual slope in place of stairs is also a plus to young families who have to maneuver strollers.
Lighting stairwells and ensuring that there is plenty of light in a home is another great way to make a piece of real estate more marketable. Once you have made these renovations to any property it is important that you highlight these changes. Advertising the safety features is a great way to make a piece of real estate more marketable.
Depending on the demographic of the real estate market in your area you can adjust the safety features of a home accordingly. This type of housing is attractive to both the aging population and families with young children. If you intend to market a home to young families then you may have to think of more ways to make a home safe for children.
The 5 Disadvantages of Condominium Ownership
September 20th, 2009
Nef Cortez asked:
In the past condominiums were not necessarily considered to be a good
investment for a variety of reasons, however that image has since
changed dramatically. With the high price of single family homes,
condominiums and townhouses are becoming more attractive to many
buyers such as singles, retiring couples that are downsizing and small
families that would like to purchase in excellent school districts.
However, for those home buyers that have only considered a single
family home as the definition of homeownership they may not be
familiar with what options are available in the form of condominiums.
Condominiums are buildings in which individuals separately own the air
space inside the interior walls, floors and ceilings of their unit,
but they jointly own an interest in the common areas that they share
such as the land, lobby, hallways, swimming pool, grounds and parking
lot. While many condominiums are designed to look like apartments or
are built in high rise city buildings, more and more builders are
designing them where they can be referred to as townhouses.
Townhouses are usually attached to one or more houses and can run the
gamut from duplexes and triplexes to communities with hundreds of
homes
In addition to paying a mortgage, each owner is responsible for paying
a monthly fee to the condo association, usually referred to as the
homeowner’s association which is made up of the unit owners. The fee
covers maintenance, repairs, grounds keeping and building insurance.
In the past condominium ownership suffered with a negative image for a
variety of reasons, however that image has since changed dramatically.
Once the thorn in homeowner’s sides, condominium associations have
worked hard in recent years to clean up their negative image where
disputes and lawsuits were once rampant. Homeowner’s associations have
become savvier and much more professional about property management
and have taken steps to prevent legal problems and disputes before
they happen. However, there are some disadvantages that still need to
be considered before you buy.
1) Monthly Homeowner’s Association Fee
If there is a homeowner’s association, you will usually have to pay a
monthly maintenance fee that is separate from your mortgage payment.
Many condominium owners factor this expense as similar to the costs
they would have incurred for someone to do the lawn care and other
maintenance if they owned a single family home. However, you should
watch for unnecessarily high monthly charges and ask to see a copy of
the latest financial statement from the homeowner’s association.
2) Less Privacy
There is also less privacy than with a detached single-family home.
Communal living is not always desirable for some people and the noise
level generated by living in close proximity to others can influence
some buyers to simply look elsewhere. Usually, the biggest concern is
about parking for the owners and for their guests. However, many
condominiums are being designed with their own garages and have common
parking areas available for guests.
3) CCR’s Can be Very Restrictive
CCR’s or Covenants, Codes and Restrictions are defined as the bylaws
that govern the use of the property. Most CCR’s are reasonable, but
some can be very restrictive. There usually are limits on the type of
exterior changes or improvements you will be able to make to the
property. In addition, you may find, among other things, that they
prohibit or restrict pets and the renting or subletting of units.
Make sure that you get a copy of the CCRs and review them (they
usually have a summary booklet) before you decide to make an offer.
4) High Tenant Ratio
Also, make sure you find out the owner-to-tenant ratio. Because many
condominiums are often purchased as investments, there could be a high
percentage of tenants in the building. Although this trend is also
changing, especially in condominiums which are located in urban areas
where they provide convenient shopping, access to transportation and
other amenities thereby attracting owners who intend to live in their
condos.
5) Resale Value
In some real estate markets, such as Las Vegas and Florida, builders
have overbuilt condominiums and townhouses and they are being sold at
a loss. However, in other real estate markets they have held their
value as an investment despite economic downturns and problems with
some homeowner’s associations.
While some of these factors would discourage some buyers from
purchasing condominiums, it may be just the right investment for
others because it suits their lifestyle. In spite of these
disadvantages, the high price of single-family homes in some real
estate markets such as California and the influx into the housing
market of more single homebuyers have made condos relatively hot
national investments. A professional realtor can assist and guide you
in showing you which are the great deals in your local market and
city.
In the past condominiums were not necessarily considered to be a good
investment for a variety of reasons, however that image has since
changed dramatically. With the high price of single family homes,
condominiums and townhouses are becoming more attractive to many
buyers such as singles, retiring couples that are downsizing and small
families that would like to purchase in excellent school districts.
However, for those home buyers that have only considered a single
family home as the definition of homeownership they may not be
familiar with what options are available in the form of condominiums.
Condominiums are buildings in which individuals separately own the air
space inside the interior walls, floors and ceilings of their unit,
but they jointly own an interest in the common areas that they share
such as the land, lobby, hallways, swimming pool, grounds and parking
lot. While many condominiums are designed to look like apartments or
are built in high rise city buildings, more and more builders are
designing them where they can be referred to as townhouses.
Townhouses are usually attached to one or more houses and can run the
gamut from duplexes and triplexes to communities with hundreds of
homes
In addition to paying a mortgage, each owner is responsible for paying
a monthly fee to the condo association, usually referred to as the
homeowner’s association which is made up of the unit owners. The fee
covers maintenance, repairs, grounds keeping and building insurance.
In the past condominium ownership suffered with a negative image for a
variety of reasons, however that image has since changed dramatically.
Once the thorn in homeowner’s sides, condominium associations have
worked hard in recent years to clean up their negative image where
disputes and lawsuits were once rampant. Homeowner’s associations have
become savvier and much more professional about property management
and have taken steps to prevent legal problems and disputes before
they happen. However, there are some disadvantages that still need to
be considered before you buy.
1) Monthly Homeowner’s Association Fee
If there is a homeowner’s association, you will usually have to pay a
monthly maintenance fee that is separate from your mortgage payment.
Many condominium owners factor this expense as similar to the costs
they would have incurred for someone to do the lawn care and other
maintenance if they owned a single family home. However, you should
watch for unnecessarily high monthly charges and ask to see a copy of
the latest financial statement from the homeowner’s association.
2) Less Privacy
There is also less privacy than with a detached single-family home.
Communal living is not always desirable for some people and the noise
level generated by living in close proximity to others can influence
some buyers to simply look elsewhere. Usually, the biggest concern is
about parking for the owners and for their guests. However, many
condominiums are being designed with their own garages and have common
parking areas available for guests.
3) CCR’s Can be Very Restrictive
CCR’s or Covenants, Codes and Restrictions are defined as the bylaws
that govern the use of the property. Most CCR’s are reasonable, but
some can be very restrictive. There usually are limits on the type of
exterior changes or improvements you will be able to make to the
property. In addition, you may find, among other things, that they
prohibit or restrict pets and the renting or subletting of units.
Make sure that you get a copy of the CCRs and review them (they
usually have a summary booklet) before you decide to make an offer.
4) High Tenant Ratio
Also, make sure you find out the owner-to-tenant ratio. Because many
condominiums are often purchased as investments, there could be a high
percentage of tenants in the building. Although this trend is also
changing, especially in condominiums which are located in urban areas
where they provide convenient shopping, access to transportation and
other amenities thereby attracting owners who intend to live in their
condos.
5) Resale Value
In some real estate markets, such as Las Vegas and Florida, builders
have overbuilt condominiums and townhouses and they are being sold at
a loss. However, in other real estate markets they have held their
value as an investment despite economic downturns and problems with
some homeowner’s associations.
While some of these factors would discourage some buyers from
purchasing condominiums, it may be just the right investment for
others because it suits their lifestyle. In spite of these
disadvantages, the high price of single-family homes in some real
estate markets such as California and the influx into the housing
market of more single homebuyers have made condos relatively hot
national investments. A professional realtor can assist and guide you
in showing you which are the great deals in your local market and
city.
How To Become An Expert Property Finder
September 16th, 2009
P Green asked:
When you decide that you’re going to move house, there’s a lot to arrange. It’s certainly not the kind of thing you decide to do on a whim!
But before you can start to arrange the move and the hundreds of details that need to be sorted, you must first sell your existing property and find a new house to buy.
Many people don’t start looking for their new place until they have sold their existing house. That can then put pressure on you to get somewhere new quickly.
To help turn you into the ultimate property finder, here’s a handy guide you can use to plan your next search.
The first thing to do seems obvious, but it’s a step that many of us skip when looking for somewhere new to live. And that’s to work out exactly what you’re looking for.
Not only do you need to look at your current lifestyle, but try to look ahead a few years at the kind of life you think you will be living.
For example, do you do a lot of traveling so need good transport links? Or do you have young children? Their needs will change hugely as they grow up. Being a good property finder is about determining now that they will need a bigger garden in the years to come.
Work out what you actually need and what would just be nice. Are you looking for somewhere to buy or rental property? Do you absolutely need three bedrooms, or would you be OK in a property with fewer bedrooms but more space overall?
Having all of these things clear in your mind before the hunt starts will make you an excellent property finder.
Next you must draw up a shortlist of the areas where you’d like to live. And then armed with this information, register with as many estate agents as you can.
Most agents maintain lists of people who are looking for properties. This makes their job of matching buyers and sellers much easier. So when you walk in with very specific requirements already worked out, you make it easier for them to determine if they can help you, and find relevant houses to show you.
But in your mission to be a property finder, you can’t stop there. You need to do a little work yourself.
And that starts with the internet. Use property portals to do searches for houses. Many sites have clever features such as mapping that show you the exact location of a property in relation to local amenities. These are very helpful when you are trying to decide which ones to view, and which to ignore.
The next step in your property finder campaign is to get out there and do some work on the streets. Visit your preferred areas and drive around looking for ‘For Sale’ signs. When you see them note down the agents’ details so you can contact them later and see if the property fits your requirements.
Pop into shops to buy your local newspaper (always good for property listings), and while you are there ask if anyone knows of houses that will soon be coming on the market. This can be a great way to find houses before they go on sale.
Repeat this exercise in the local pub. If you are really organized, you could get some cards printed up with details of the kind of property you are looking for, plus your name and mobile number. Just remember to always take someone with you when you view properties.
Follow this guide and you should soon find the house of your dreams.
When you decide that you’re going to move house, there’s a lot to arrange. It’s certainly not the kind of thing you decide to do on a whim!
But before you can start to arrange the move and the hundreds of details that need to be sorted, you must first sell your existing property and find a new house to buy.
Many people don’t start looking for their new place until they have sold their existing house. That can then put pressure on you to get somewhere new quickly.
To help turn you into the ultimate property finder, here’s a handy guide you can use to plan your next search.
The first thing to do seems obvious, but it’s a step that many of us skip when looking for somewhere new to live. And that’s to work out exactly what you’re looking for.
Not only do you need to look at your current lifestyle, but try to look ahead a few years at the kind of life you think you will be living.
For example, do you do a lot of traveling so need good transport links? Or do you have young children? Their needs will change hugely as they grow up. Being a good property finder is about determining now that they will need a bigger garden in the years to come.
Work out what you actually need and what would just be nice. Are you looking for somewhere to buy or rental property? Do you absolutely need three bedrooms, or would you be OK in a property with fewer bedrooms but more space overall?
Having all of these things clear in your mind before the hunt starts will make you an excellent property finder.
Next you must draw up a shortlist of the areas where you’d like to live. And then armed with this information, register with as many estate agents as you can.
Most agents maintain lists of people who are looking for properties. This makes their job of matching buyers and sellers much easier. So when you walk in with very specific requirements already worked out, you make it easier for them to determine if they can help you, and find relevant houses to show you.
But in your mission to be a property finder, you can’t stop there. You need to do a little work yourself.
And that starts with the internet. Use property portals to do searches for houses. Many sites have clever features such as mapping that show you the exact location of a property in relation to local amenities. These are very helpful when you are trying to decide which ones to view, and which to ignore.
The next step in your property finder campaign is to get out there and do some work on the streets. Visit your preferred areas and drive around looking for ‘For Sale’ signs. When you see them note down the agents’ details so you can contact them later and see if the property fits your requirements.
Pop into shops to buy your local newspaper (always good for property listings), and while you are there ask if anyone knows of houses that will soon be coming on the market. This can be a great way to find houses before they go on sale.
Repeat this exercise in the local pub. If you are really organized, you could get some cards printed up with details of the kind of property you are looking for, plus your name and mobile number. Just remember to always take someone with you when you view properties.
Follow this guide and you should soon find the house of your dreams.
Turkey Property – One of the Best Options to Invest in International Property
September 6th, 2009
Roshan Dark asked:
Turkey is an ideal tourist location. Turkey is constantly growing country in the area of tourism and popular for their holiday destinations, stunning beaches, low cost of living, pleasant climate. It is also became favourite retirement spot for Europeans. It has a 2 % of population growth rate with a current population of more than 70 million which creates a strong local market. After considering all aspects, it becomes interesting and emerging market for the potential foreign real estate investors to buy Property in Turkey. Initially, the properties at beachfront areas were being values than inland areas. turkey property market is now in its initial stages of development, similar to Spain before 10 years ago.
As Turkish government has changed their law and now allows mortgage facilities, it promises a bright future for real estate investors who wish to acquire home, resort, and planning to make restaurant. There are certain areas such as, Antalya, Bodrum, Istanbul, beachfront etc which are still most desirable places to buy a property. In near future, you will see greatest yields in these areas. The residential market becomes strong due to the rising confidence in the Turkey economy, falling property prices and declining the interest rate.
As the Turkish population is growing at the rate of 1.31% every year, it has been estimated around 400,000 new residences each year where half of it’s being reached.
Turkish government is primarily focussing on infrastructure facilities by improving roads and airports and the investors are creating new homes, resorts, golf courses and other tourist facilities. These are the clear indication for growing their Turkish Property market. Turkey is likely to get full membership of EU in near future that will increase the demand of properties in Turkey and interest of potential foreign investors. In some areas, the prices have been doubled over the past three years.
Turkey is an ideal tourist location. Turkey is constantly growing country in the area of tourism and popular for their holiday destinations, stunning beaches, low cost of living, pleasant climate. It is also became favourite retirement spot for Europeans. It has a 2 % of population growth rate with a current population of more than 70 million which creates a strong local market. After considering all aspects, it becomes interesting and emerging market for the potential foreign real estate investors to buy Property in Turkey. Initially, the properties at beachfront areas were being values than inland areas. turkey property market is now in its initial stages of development, similar to Spain before 10 years ago.
As Turkish government has changed their law and now allows mortgage facilities, it promises a bright future for real estate investors who wish to acquire home, resort, and planning to make restaurant. There are certain areas such as, Antalya, Bodrum, Istanbul, beachfront etc which are still most desirable places to buy a property. In near future, you will see greatest yields in these areas. The residential market becomes strong due to the rising confidence in the Turkey economy, falling property prices and declining the interest rate.
As the Turkish population is growing at the rate of 1.31% every year, it has been estimated around 400,000 new residences each year where half of it’s being reached.
Turkish government is primarily focussing on infrastructure facilities by improving roads and airports and the investors are creating new homes, resorts, golf courses and other tourist facilities. These are the clear indication for growing their Turkish Property market. Turkey is likely to get full membership of EU in near future that will increase the demand of properties in Turkey and interest of potential foreign investors. In some areas, the prices have been doubled over the past three years.
Posted in Corporate | 
Tags: Real Estate Investors, Residential Market, Turkey Economy | 
No Comments »
The Best Value in a Center City Philadelphia Condo
September 5th, 2009
Mark Wade asked:
Seems hardly a day goes by that I am not asked for my two cents in the general arena that is Center City Condos. As a professed uni-blab, big-brained know-it-all in this field, I have to confess that I eat, live, breathe, think, and dream downtown Philly condos for a good portion of each day. I was once asked what I believed would be the best long-term “hold” in terms of condominiums, and have come to the conclusion that the answer lies on the northwest corner of 13th and Spruce Streets.
The Lenox was converted from apartments to condominiums in 2005-2006 and exemplifies the pre-war midrise condominium building here in Center City Philadelphia. Thirteen stories tall, clad in a dark red brick with bay windows on every side, the building does have a fair dose of curb appeal. At 250 S. 13th St. is indeed Center City’s diamond in the rough. Grossly undervalued for what the building could be, and is becoming, the Lenox hold some truly unique floor plans, a central location, and topped off with a few TRUE penthouse units. Add in the fact that it is a doorman building with a generous loading zone out front, and the pieces of the puzzle (that being Value) begin to fall into place.
I believe the building is an excellent value based on the current resale dollar per square foot. A nicely finished two bedroom, one bath, complete with newer kitchen and bath, original architectural details, and two to three walk-in closets can be purchased around the $340,000 mark. Close to Jefferson Hospital is a real plus, as are the oak herringbone floors, plaster walls, and detailed, yet nonworking fireplaces. The owners association is currently undergoing a host of capital improvements (see the scaffolding encircling the building), and looking into a few rule changes or upgrades that one day may permit washer/dryers in each unit, as well as central air. Those are currently two factors that are greatly (and I mean GREATLY suppressing resale value). Word on the street is that the Parker Hotel across the street is possibly being eyed by the University of the Arts. Such a move would be a boon for the owner of 250 S. 13th St. as well.
If long term value is what you are seeking in a Condominium, then you might want to consider a look at The Lenox at 250 S. 13th St. in Center City Philadelphia, as it is my guess that if the building can improve, or have improved unto it, a few details, that the units within the building will shoot up in value more than most Center City condominiums will over the next ten to twenty years.
Seems hardly a day goes by that I am not asked for my two cents in the general arena that is Center City Condos. As a professed uni-blab, big-brained know-it-all in this field, I have to confess that I eat, live, breathe, think, and dream downtown Philly condos for a good portion of each day. I was once asked what I believed would be the best long-term “hold” in terms of condominiums, and have come to the conclusion that the answer lies on the northwest corner of 13th and Spruce Streets.
The Lenox was converted from apartments to condominiums in 2005-2006 and exemplifies the pre-war midrise condominium building here in Center City Philadelphia. Thirteen stories tall, clad in a dark red brick with bay windows on every side, the building does have a fair dose of curb appeal. At 250 S. 13th St. is indeed Center City’s diamond in the rough. Grossly undervalued for what the building could be, and is becoming, the Lenox hold some truly unique floor plans, a central location, and topped off with a few TRUE penthouse units. Add in the fact that it is a doorman building with a generous loading zone out front, and the pieces of the puzzle (that being Value) begin to fall into place.
I believe the building is an excellent value based on the current resale dollar per square foot. A nicely finished two bedroom, one bath, complete with newer kitchen and bath, original architectural details, and two to three walk-in closets can be purchased around the $340,000 mark. Close to Jefferson Hospital is a real plus, as are the oak herringbone floors, plaster walls, and detailed, yet nonworking fireplaces. The owners association is currently undergoing a host of capital improvements (see the scaffolding encircling the building), and looking into a few rule changes or upgrades that one day may permit washer/dryers in each unit, as well as central air. Those are currently two factors that are greatly (and I mean GREATLY suppressing resale value). Word on the street is that the Parker Hotel across the street is possibly being eyed by the University of the Arts. Such a move would be a boon for the owner of 250 S. 13th St. as well.
If long term value is what you are seeking in a Condominium, then you might want to consider a look at The Lenox at 250 S. 13th St. in Center City Philadelphia, as it is my guess that if the building can improve, or have improved unto it, a few details, that the units within the building will shoot up in value more than most Center City condominiums will over the next ten to twenty years.