Tag Archives: Real Estate

Property Acquisition? Here’s How You Can Cut Costs

Real estate agent handing house key

Real estate agent handing house keyBuying a home is surely not the kind of purchase that you can get on an impulse. It requires careful planning and thorough consideration to avoid costly mistakes in the long run. Having such a purchase will require you to save up until you have something for a down payment (or even full payment).

There are, however, some ways to cut costs when buying a home. When getting the best deal, you need to exert extra effort. And everything will be worth it.

Below are some of the most important pointers that you must keep in mind when buying a home.

Assess your needs

Perhaps the easiest way to save in the long run is by making sure that the house you are buying will provide your family’s needs. If you plan to have a small family, it will not be practical to get a big house. Likewise, it will be unreasonable to buy a studio-type apartment if you are planning to have three or more kids. Always think long-term when coming up with a decision.

Get the best mortgage

The mortgage company is your best friend when it comes to home acquisition. They will help you manage costs and get the home of your dreams. But choosing the wrong plan can also cause you some costs. If you are having trouble paying your mortgage, you may want to start a remortgage comparison through Conveyancing Supermarket so you can choose the one that works for you.

Find the right contractor

You may want to make some modifications to your home, but it is going to be expensive. If this is part of your plan, make sure that you will work with the right contractor. Find the one that understands your needs and offers their services at a reasonable price. It will be wise if you find a contractor within your community.

Buying a home is sure expensive, but that does not mean that you cannot do anything about it. Keep the things above in mind for a more fruitful home acquisition.

When It Makes Sense to Start Estate Planning

Couples consulting with an estate agentYour family is one, if not the most important part of your life. You hold your spouse and your children, as well as your other loved ones, so close to your heart. You want to make sure they live comfortably even when you’re no longer physically with them. As such, you will do everything to ensure a bright future for them.

Well, it’s never too early to start drafting a will and carry out the plans for your estate. You never know what can happen later today, tomorrow, or anytime in the future, so it’s best to prepare now for the unforeseen. An experienced lawyer can help you with estate planning in Townsville.

Ensuring that your assets go to the right people

Property owners need a will so that they can make sure their assets go to the specific individuals they want to. The will dictate what will happen to the properties, so without it, problems are sure to arise.

The asset transfer process

Another reason to start your estate planning early is for you to enjoy tax advantages whilst allowing your loved ones to use what you’ve given them early on. You can do so by transferring some of your assets while you are still alive. For instance, you have another real estate property that you rarely use. You can transfer the ownership to your child who already has a family, thereby allowing them to have a home while you can focus on enjoying your retirement.

Vital factor in estate planning

As you plan what happens to your estate, it is important you have in-depth knowledge of everything you own. From your personal property to investment assets, knowing all of them can ensure that they go to someone who can use and manage them when you are gone.

Do not wait until it is too late for you and your loved ones. As early as now, consider speaking with professionals who can assist you when it comes to your will and estate.

What a First-Time Real Estate Investor Needs to Know

A house being put up for saleReady to be your own boss? You don’t have to open your own shop to get started. One thing that can offer years of profit is real estate, particularly multifamily housing. It can be tough going, so this is one thing that requires careful thinking. With many renters looking for housing options, however, you should get started on this venture as soon as possible.

Start with the Location

You need to find a place with enough possible renters. It could be close to the city so employees who have a long commute will consider renting as an alternative to being stuck in traffic for hours. The location also plays a role in deciding whether the terms offered by the multifamily lender are favorable to you. If the location is busy and highly commercialized, you can ask for a competitive rental rate to cover your expenses.

Consider the Loan Terms

In Utah, the demand for both houses and apartments is high. This means there are plenty of loan options available to real estate investors. There are also different interest rates to think about. You need to figure out whether you want a fixed-rate mortgage at a competitive interest rate or an adjustable-rate mortgage with the hopes that the market rates will be favorable in the future. Compare mortgage prices and don’t forget closing costs and insurance coverage before making a decision.

Think Long-Term

You may not get back the money you put in for down payment in the first year, but it’s worth it in the long run once you’re finished paying the mortgage and you enjoy the benefits of having passive income. You can adjust rent prices accordingly, as well. As long as the rent prices are reasonable, you will have a steady stream of tenants.

If you want an investment that can give you passive income for years, consider real estate investment. Before spending money on it, get as much information as possible and manage your expectations.

What Every Real Estate Buyer in Hawera Should Know

A couple talking to a real estate agentWhile factors such as the state of the nation’s economy and the number of investors have an impact on how real estate grows in Hawera and beyond, many buyers are unaware of much of these issues.

However, companies like First National Mills & Gibbon know that real estate growth in Hawera is something that there are things that you can do about it. There are micro-factors that you can use to determine which options will suit you best and these include the three most critical ones:

Property Location

You should have considered this factor before anything else. But it is necessary to know which public amenities are near the area, and which are the most significant to you and your loved ones. Determine the quality of the social and recreational facilities, shopping centres, and learning institutions near the property so you could judge whether the value is a worthy investment.

If you are a home buyer, you will also want to consider the proximity of the property you plan to purchase for employment and investment opportunities.

Neighbourhood Comparison

Although you might have already settled for a particular house, it is advisable that you consider the prices at which comparable properties in that area are selling. Doing so will help you determine whether your current option is retailing at the market value or there are hidden costs that your realtor has included. Nonetheless, you should remember that short sales and foreclosures can also affect the value of these neighbourhood properties.

Altogether, urbanisation still plays a critical role in real estate trends in Hawera, Stratford and other areas in New Zealand, which also comes with its fair share of challenges. So, whichever neighbourhood you choose, you will still want to engage a reputable real estate company in discussing your options and find a property that will best suit your needs.

New Zealand’s Problem With Leaky Homes

Leaky HomeNew Zealand’s homeowners aren’t that much different from the rest of the developed world. One thing that distinguishes them, though, is a rather unusual problem: a huge number of leaky homes. This is a problem that has been around since the 1990s and 2000s and still exists today, despite the existence of weatherboard houses and related preventive measures.

An Old Problem That Seemingly Wouldn’t Die

According to the Weathertight Homes Resolution Services (WRHS), a leaky home is a “dwelling house into which water has penetrated as a result of its design, construction, alterations made to it, or materials used in its erection.”

The New Zealand government duly recognises this as a major real estate issue. As a result, there are multiple State-sanctioned aid programmes available for owners of leaky homes. Eligible parties can claim for the Financial Assistance Package (FAP), for one, in which they share the cost of repairs with the government. If applicable, the local council can also be involved.

One apartment block in Auckland is enough proof of the magnitude of this problem. Residents of St. Lukes Garden Apartments in Mount Albert, Auckland, filed a massive $60 million leaky homes claim against the contractors involved in the apartment complex’s construction. This is made after the discovery of extensive defects and other flaws due to water damage.

Construction of the complex started in 2003 and finished in 2011—all 285 units spread across 15 buildings. This means that the project is within the timeframe of the leaky homes issue. Now, the problem lies with most of the 285 units showing serious damage, including fire hazards and leaky external walls. Roger Levie of the Home Owners and Buyers Association expressed concern since most of the defects are structural in nature. In the event of an earthquake or similar situation, the buildings are not likely to hold up.

When perusing New Zealand real estate, one must be wary of the huge number of leaky homes in the market. There are an estimated 42,000 homes with leaking issues, with only 3,500 or less having seen repairs. Home buyers must keep their eyes peeled when house hunting, or else risk buying a property with extensive damage (and potential to require a steep price in terms of repairs). 

Real Estate Debate: Should You Buy a Home or Sell Yours First?

Home Buy-Sell Strategy

Home Buy-Sell Strategy So, you have decided to leave your current house for a new one.

There are numerous considerations that come with the purchase and selling of homes. Most people have three goals when it comes to moving house:

  • To purchase a cheaper home
  • To sell the current house at the biggest price
  • Survive the entire process with minimal pain

But before they can achieve all of these goals, they must answer this burning question: Should you buy or sell first?

When You Sell First

Sell first then buy is a logical order most homeowners follow. According to Prestige Real Estate LTD, this process helps you know exactly the amount of money you have to spend for your new home. Overestimating the worth of your current home may result in serious trouble if you are not careful.

Selling your home first before a new purchase is the less-risky option. This keeps your budget safe and prevents you from overextending your new house. On the other hand, you might have to rent for a period of time while you look for your next home. This results in costly utility connection bills and the constant packing and unpacking.

When You Buy First

If you are financially stable, then buying first makes sense. When you immediately purchase a new home, you need not worry about renting. This is often a cause of concern for families with elderly residents or homes with too many furniture.

A number of buyers find their dream home before they sell their current ones. When you buy first, you ensure that you get that special property.

Like selling your home first, buying first also comes with a set of disadvantages. For example, if your monetary buffer is not that huge and you feel the pressure to sell your home immediately because of a property purchase, you might sell your home at a price much lower than the original value. In a slow market, selling your home takes time.

Answering the question “should I buy or sell my home first?” can prove to be a challenge for the regular homeowner. With a little research and some professional help, though, you will be able to decide quickly and with confidence.

Expert Guide to Sealing a Commercial Real Estate Deal

Real Estate Deal

Real Estate DealInvesting in commercial real estate is one of the guaranteed ways of securing your financial stability. Investors have a high affinity for them and compete rigorously to secure them due to the high returns most of the estates.

Here are some secrets to help you secure a lucrative commercial real estate deal.

Do Research

Intensive research will help you know what other parties who are directly involved in the deal know. You need to think like a professional and understand the various aspects. For instance, the methods used to valuate residential property are different from those of commercial SMSF property investment evaluations. The expected income or gain is directly proportional to the usable square footage.

Have a Viable Action Plan

Some of the questions that you need to ask yourself when formulating your plan include, how much are you willing to pay for the property? How much will you earn from the deal? How many tenants are already on board? Think critically about the answers to these questions to make the right decisions.

Consider the Neighbourhood

One of the best ways of accurately evaluating the feasibility of a commercial property is by carrying out your own survey of the neighbourhood. Interact with some of the owners of adjacent properties to get a clear picture of what to expect when you finalise the deal.

Have a Couple of Motivated Sellers on your Side

Motivated and focused sellers are the main drivers of the real estate industry. First, you need to understand that nothing really goes on in this industry if you do not have a deal. More often than not, motivated sellers are willing to sell their properties below the set market value in a bid to cater to other pressing issues. If the seller is not motivated, your chances of getting a good deal are low, as most will not be willing to negotiate.

Securing a good commercial property is not complicated, but you need to make strategic steps along the way. Be sure to consult other real estate professionals to get more insights.

Estate Planning: Why Do You Need It?

Estate Planning

Estate PlanningBuilding an estate to bequeath to loved ones is the ultimate goal of many — if not all — responsible adults over the course of their life. It is, however, common for people to amass wealth and yet forget to instate a plan by which their wealth shall be handled in the case of their passing. Some consider death as taboo; some are just simply scared of the thought of planning one’s passing.

Nonetheless, estate planning is always a good idea. As the Utah estate planning attorney of ChristensenYoungLaw.com notes, “An estate plan provides more than the distribution of wealth and will provide peace of mind.”

Here are a few reasons that make it so:

  1. Death is a certainty that comes at an uncertain time.

Tomorrow is an uncertainty. The phrase, “I’ll do it tomorrow” is so common that some people say it with such confidence, as if it were inevitable. The fact of the matter is that no one knows when their time on this earth will come.

  1. Your possessions go exactly where you want them to go.

By planning your own estate, you can entrust your wealth however you please to whomever you want, which brings us to the third reason.

  1. Your loved ones can avoid unnecessary anxiety, confusion, and stress.

After the death of a loved one, family members need to deal with plenty of arrangements, along with the devastating grief and sorrow. By sorting out the distribution of your assets before your time comes, you are helping your loved ones with the process of moving on.

Many estate-planning tools out there can help you prepare for the future. If you want to start estate planning today, talk to estate planning attorneys today. As they say, it is never too early to plan for what may come later on.