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Monthly Archives: April 2018

Property Buyers

1. KNOW YOUR PROPERTY BUYERS WELL:

Being a home owner, it is your right as well as privilege to know your property buyers credentials beforehand itself. A reliable property buyer will ensure a smooth and transparent sale. While it is important that both sides are mutually aware of the property sale in question, you need to share mandatory information with your house buyers and keep all communication channels open and flowing for a step-by-step, peaceful and amicable transaction.

2. EDUCATE YOURSELF ABOUT YOUR OWN PROPERTY:

Before initiating a sale and reaching out to property buyers, it is important to keep yourself up-to-date regarding all matters pertaining to your property. Any house buyer will want to know that you have all of the relevant papers and supporting documents for your property. Therefore, it is pertinent to keep accurate records of all papers and supporting documents in a neat and organised manner for your property sale to go in a smooth and hassle-free way.

3. DO A COMPLETE LOCATION RECCE:

There are many reasons why you should insist on a location check along with property buyers beforehand. A professional house buyer helps you to gauge the true potential of your sale, thereby quoting the right price to the customer. A property buyer has visited many properties before yours and as a result can suggest new areas, competent rates and interesting ideas. As a result that can definitely get you more depth from your property sale. This is possible when you take him on a complete tour of your property and allow him to ask you questions, seek answers and try to gain knowledge out of the experience of the property buyers previous assignments.

4. BE PREPARED FOR ANY SITUATION

Property buying is not everyone’s cup of Tea. It is important to be aware of the risks and obligations involved in property ownership before you buy or sell. The best insurance against any uncertainty is making sure that you are educated. Learn about the latest trends in property management, involve yourself in various property anti-risk measures and be proactive in dealing with the current scenario in a time-bound manner. This will surely help you to be prepared for the future by all means.

Quick Sale of Property

Plan of action for a quick house sale

There are some actions required on your part if you desire to sell your house as soon as possible. There are bound to be many sellers in the market offering a similar type of property. In order to complete your sale soon you need to compete with them and for that you need to stand out of the crowd. Following are some tips to sell a house quickly-

1. The first and the best move is to contact a real estate agent to plan your sale and know the market value of your property. A real estate agent will fetch a buyer soon for you and give you the best advices on your sale plan.

2. The next move is to enhance the appeal of your property and bring updates which are in your budget. For your property to be sold the major condition is that a potential buyer should like it. You should clean every corner of your home and beautify it before the buyer visits to check your property for the first time. Upgrades are important to add value to the appeal of your property. All this should be done taking the advice of property agents because you yourself may fail to realize the shortcomings of your property.

3. Proper pricing of your property is equally important. You have to balance your best interests as well as market rates while setting up the sale price of your property. The price itself can sometimes fetch your property a buyer.

Selling your home privately

Sometimes you have no time to wait for a buyer at all. In such cases choose consulting a quick house sale company. When you sell your house to a cash buying company, there is no fuss of meeting an agent, having buyers checking around your property, hoardings and all the advertisement, etc. You can privately sell your house to a company for cash as soon as in a week.

Real Estate Terms

New Roof

The term “roof” is misleading in that it implies the roof covering plus the roof sheathing, rafters or trusses. The word “new” is rather nebulous as well. “Shingles replaced in 2015” is a more accurate description.

Updated Wiring

Does updated wiring mean the size of the service has been increased or additional circuits have been added? Does it mean that the older knob tube wiring has been torn out (which is not a requirement of the Electrical Safety Code, however most often an insurance issue)? Sometimes it means that the old outlets have been replaced with modern-looking ones, however the wiring has not been changed at all.

A better approach may be to comment on the adequacy of the incoming service and more importantly the adequacy of the distribution network. Both of these however, are very difficult to assess without a solid understanding of electricity. We all know that you cannot determine the size of an electrical service by reading the sticker on the main box in the basement. It may be best to leave this one alone.

Thermal Windows

There is really no such thing. The R value (resistance to heat transfer) of a typical wall in a modern house is approximately R12 to R20. The R value of a single glazed window is R1. What about a double glazed window? R2! Maybe R3. The window manufacturers call this a 100{14462856f41fbd3a1c8ed58913b1d1f3122c7ea36a3acb20d3ee051f6e936335} improvement! The real benefit of double glazing is that it increases the surface temperature of the inside pane of glass so that condensation does not form on the windows in the winter time. “ThermoPane” was a merely a brand name.

If the second pane of glass is a separate storm window, there will be a separate frame for the storm. This creates a second barrier to air infiltration and in some cases, it is a better arrangement than a double glazed window in a single frame.

Upgraded Plumbing

Are we talking about new bathroom fixtures or new copper pipes? If we are talking about new pipes, are we talking about all new pipes within the house or just the accessible ones in the unfinished portion of the basement? When we say “all copper plumbing” do we mean the waste piping as well? From the mid 1950’s to the late 1960’s, waste plumbing was also copper.

Pros and Cons of Rent To Own

Pros and Cons

A pro of participating in a rent to own program would be the final down payment issue. You do have to provide a down payment with the lease signing $6000 to $12,000, but in comparison to what a bank would require, (15-20{14462856f41fbd3a1c8ed58913b1d1f3122c7ea36a3acb20d3ee051f6e936335} of the price of the house) this is a steal! Like I mentioned earlier, the final down payment is being collected in your rent that it makes it effortless to save for the down payment. For example, if the rent is $1800 a month, roughly $200 to $400 is saved for the future down payment. It’s an easier way to save!

Another pro of this program would be the market price of the home being the same. Let’s say that the agreed upon purchase of the house at the beginning of the lease is $280,000, this will be the same price at the end of the lease. This will save you in times where the market may go up due to a market upswing, your contract will still be at $280,000, but the value could be much more! You will not have to pay for the increase in value, just what was agreed upon in the beginning.

A con of this particular program could be the rent. Depending on where you would like to purchase your house, the rent could be a bit higher than expected in the area. The surrounding area could have an average rent price of $1500, but since your rent will be including part of your future down payment, the price to rent may be $1500 and up. If you do decide to do this, you have to understand that even though you are paying more per month than a neighbour who would be renting their house, your increase in rent will allow you to save and purchase the house in the near future, where your neighbour will just be renting and never owning that house.

Another con would be the lease and final purchase of the house. In the beginning, you will have to put a small $6000 – $12,000 down payment on the house before you rent it which allows you and the landlord to agree upon the rent to own program. If there is no down payment, it will be a straight rent and would not allow you to make the jump from renter to owner. The lease agreement could last from 3 years or more. If you decide in the second year, you do not want to permanently move into the home, you will forfeit the down payment. You will be in breach of the lease contract and you would not be entitled back to your down payment. But if you were to live in the house for 2 years, why would you want to leave? You have the option to redecorate, remodel and upgrade the house to a certain extent since this will be your future home. If you wanted to paint it, you can! You can make the home comfortable and catered to your likes to make it your home. If you make it your home, there will be no reason for you to leave!