Real Estate Update

Archive for March, 2010

Now seems to be the best time to invest in properties in college towns where housing demand is high due to a soaring rental market according to the New rules of real estate by Business 2.0 Magazine. With home prices still out of home buyer’s range, and homeowners selling their homes due to rising interest rates, rents are expected to increase nationwide. This makes buying investment property in rental markets such as college towns an attractive option, one that is already being pursued by investors. Rents are expected to rise by 5 % by the end of this year according to the National Association of Realtors (NAR), and investors are looking at college towns with increased interest.
There are two major reasons why it is prudent to buy investment property in college towns now. When compared with other rental markets, the rentals in apartment buildings in college towns are much stronger and hence more profitable. This has been augmented by the fact that apartment buildings in college towns are fewer in number. This demand for apartment buildings has also increased due to the rising admissions in colleges mostly from the Gen Y or the echo boomers, which has further increased the asking rates in the college town rental markets. These properties have a low vacancy rate, especially in buildings located near the campuses. Investors in commercial apartment buildings also get to increase their rent with the mounting demand making such investment a highly profitable venture.
So if you are a prospective landlord who has decided to encash this favorable situation, then you can start with choosing the college town that has the lowest ratio of university-owned beds to the student population. As Michael Zaransky, co-founder of Prime Property Investors in Chicago says, prospective investors would do well to pick the college towns that have the ratio of university-owned beds to students at 30 % or lower. One should also look into colleges that propose to expand their student ranks by 2 or 3 % every year.
Investors should also need to take into consideration the disadvantages involved in owning commercial apartment buildings in college towns. The business could be trying sometimes, and involves risks with college policies liable to changes and the difficulty involved in predicting volatile student demand. However, considering the high rate of returns that the investment has to offer, the pros seem to far outnumber the cons making buying investment property in college towns a smart option.

Cost and durability are two concerns that are usually at the forefront of any decision regarding building materials. Traditionally lumber has been the preference for builders everywhere, but metal is quickly outstripping lumber as the choice for new building material.There are metal buildings available in just about any shape and size as well as budget. Since metal buildings can usually be built for less than lumber buildings you will find that you can have a bigger, better building when you go with metal. For cooler climates you will want to factor the cost of insulation into your price.The best quality metal buildings are coated with a protective paint; if the building materials you choose does not come with this then you will want to buy the paint to do it yourself. This will greatly extend the life of your building as the metal will not rust or corrode. Windows and doors also need to be included in your final cost.While you may think that lower is better, some of the budget metal buildings don’t include a lot of items that will increase the final price. Ensure that the cost of your building includes freight and anything else you may need to get the job done. Also try to choose the thickest metal you can, as this will increase the durability of your building and help it stand up to severe weather.Laying the foundation of any building will cost you more as well, since it is not part of the metal building package unless you are going through a construction company. The best option is to have a company lay the foundation for you, and then you can save on labour costs by putting the building together yourself.Since metal buildings have all the pieces pre-cut to size, there is significant savings on freight costs. It is also beneficial that metal weighs much less than lumber so you are not paying as much to ship. At the end of your project there will be very little leftover metal to dispose of.After your metal building is erected, the savings will continue to accumulate. Maintenance of a metal building is minimal, and the protective paint will prevent rust. Even in the dampest climates a metal building will never fall victim to rot or insect infestation.Metal buildings stand up to the elements much better than lumber, and also have a significantly longer lifespan. If you do have to take down a metal building the materials can be fully recycled into new metal, meaning you are keeping waste out of the landfills, and you don’t have to pay to dispose of it.A pre-fabricated metal building is a great choice. Not only are they easy to assemble, they also save the building a bundle on labour costs as well as building materials and maintenance. Before you decide to build with lumber, take a look at the many advantages that a metal building has to offer.

The Internet is often used for browsing new properties, especially when there is distance involved. Statistics tell us that 80% of all home buyers will start their search for a new home by browsing the Internet. While looking at the Internet gives a general feel for areas and prices, for obvious reasons, at some point you will need to involve a realtor.

In today’s market, one of the key requirements to being a skillful realtor is familiarity with the Internet. This not only speeds up the property finding, it also means that the computer can do the compilations for you, and you can get the perfect home without getting out of your chair!

Once you have chosen the area you wish to live in, then choosing the right real estate agent for you will be your first priority when buying a new home. The emphasis here is on ‘choosing the right real estate agent for you’. This is because it is not difficult to find an efficient and willing realtor, but the ideal is to find one that is suited to your personality

If you are a ‘let’s get this show on the road’ type of person, then you will want an up and at’em type of realtor. One who is slower and very precise may drive you up the wall! You also need to feel that the realtor that you choose knows exactly what you are looking for in a home and will not waste your time (or their own time) offering you property that is unsuitable. This will only happen if you communicate accurately to your realtor exactly what you really want.

If you are looking at vacation property, there is often a ready made realtor who knows everything you need to know about the property involved. This is often the case with vacation homes and beach front properties that have been built to attract investors wishing to buy second homes. Often these are large blocks of condos with recreational facilities included.

If you are the type of buyer that says ‘when I see it, I will know it’, then the Internet, with all its choices of homes to buy is invaluable.

One of the questions to ask a realtor, is how familiar they are on the Internet. Make sure they can contact you by email and that they can turn up the MLS listings for you to look at. Sit with your realtor and get the virtual tour on a couple of homes.

Often, realtors will actually state in their profiles that they are internet proficient. This may often mean that they may know more about market trends and economic indicators in the business world as well as having all the realty facts at their fingertips,

If you want to save time, money and frustration, then take the time to find a realtor that knows exactly what you want and who knows exactly where to find it on the Internet.

Many home buyers and sellers use the term “REALTOR®” to describe all real estate agents, but there is a big difference. REALTORS® have more training and accreditation than the average real estate agent, and can draw upon more resources to get the best deal for your real estate investment. This article outlines some of the benefits of working with a REALTOR®, so you can make the distinction next time you’re looking for professional assistance buying or selling.

REALTORS® have membership in the National Association of REALTORS® (NAR), which oversees practices and co-operative efforts between more real estate agents than any other organization in the world. NAR has more than one million members in 60 countries worldwide, and is based in Washington, DC, where it lobbies government on behalf of the real estate industry and buyers and sellers. NAR also conducts extensive research on the economic, political, and structural effects of changes in the real estate industry, and passes those findings onto its members. REALTORS® have the opportunity to network with each other and compare notes on regional industry conditions at regular NAR events, including an annual conference and expo with more than 500 exhibitors. In effect, NAR provides representation and education for its members, which enhances their real estate expertise.

Perhaps NAR’s greatest value is that it upholds a well-established code of ethics which covers every practice in real estate. NAR’s Code of Ethics is updated every year to keep pace with changes in the industry, and is followed by its members around the world. These rules help promote a common standard for real estate beyond NAR, and maintain trust between consumers and real estate professionals. In order to meet the code of ethics many REALTORS® take courses offered by the NAR’s REALTOR® University, which provide education on things like foreclosure markets, second home markets, and real estate safety.

Buyers and sellers working with REALTORS® also get an upper hand on the rest of the market, with access to more Multiple Listings Service (MLS) data. REALTORS® enable their clients to list their home on the MLS and view other homes for sale, whereas other real estate agents may not be able to provide access to this service. REALTOR® partnerships also enable buyers and sellers to view home for sale data across the nation and the world, so they can get to know the market faster.

From sheds to warehouses we all want a building that is tough and long-lasting, in order to get the most out of our dollar. While timber buildings have long been the standard there are many people who are beginning to see the advantages of steel. The new pre-fabricated steel buildings are a great choice for those who want their new building to last for many years, as well as stand up to the elements. Not only are these buildings tough, they are quite reasonably priced as well.Pre-fabricated steel metal buildings come in thousands of configurations, from your basic box or rectangular shape to complicated architectures including domes and arches. Whether you are looking for a shed or garage size to a warehouse or even office building there are engineered buildings to suit your needs. There are many arenas, community centres and even pools that are now making use of the durability and affordability of pre-fabricated steel buildings.Those who own a home that did not come equipped with a garage can now easily add one with a pre-fabricated steel garage kit. Rust and fire resistant, these structures are often built stronger and can last longer than the home itself. Packages can come complete with everything you need, or you can simply purchase the frame and complete it with your own materials to make it match your home. Building the structure is easy and requires little or no construction experience.Each steel building comes with all the materials needed as well as a video to help guide the construction process. For full packages all the framing, roofing materials, walls, trim and hardware are included. The builder will need to put in a concrete floor and add doors and windows themselves, as they would with a traditional wood building.The buildings come with a 12 year warranty so new building owners can rest easy knowing that their new structure is covered. Over the years while traditional wood buildings rot, warp, and decay a steel building will remain looking like the day it was built. Additionally, the wide variety of finishes available mean that any steel building can appear made of wood or stone in order to match the surrounding structures.Areas of extreme weather conditions are a great place for steel buildings. Steel is incredibly resilient to temperature changes, and of course will not become damaged by wet weather like lumber. It can withstand high winds and is structurally stronger so it can more readily withstand earthquakes. For these reasons a metal building is often less costly to insure.Incredibly simple to assemble, there is no need for professional help when putting together a new steel building. You may want a few friends to help out, but other than that it should be a breeze. Once completed you will have a tough steel building that can stand up to the elements and will require little maintenance. For your garage, addition, workshop or shed a prefabricated building is a great choice.