Whether you are thinking of buying an apartment or condominium as an investment property or as your primary residence, you are going to have to pay more than just your monthly mortgage and living expenses. Unique to the apartment/condo market are the monthly maintenance fees. These fees can range in amount and can mean the difference between owning and renting.
Consider this: your monthly maintenance fee can be as cheap as $50 a month or as much as $1,000 a month. It all depends on the size of the apartment and the location. With location being everything, buy in a sought-after neighborhood and you’ll be paying more in maintenance fees than if you purchased a condo in a rural area.
Monthly maintenance fees can impact more than just your bank account; they can change the property value. That’s because an apartment or condo with low maintenance fees is going to sell quicker than one with high monthly maintenance. What’s more, the ones with low monthly charges can often sell for more than the apartments that command high fees each month. After all, cash strapped real estate buyers/investors
Buying your first home can be exciting and amazing, and scary. But knowing the common mistakes of first-time buyers will ensure you don’t make the same ones, and can help make the transition to “New Home Owner!” that much smoother.
1) Spending Too Much
It’s important to be realistic about what you can afford. The final sale price isn’t the only cost to take into account when owning a home. Houses come with plenty of bills like heating and property taxes, future renovations and occasional unforeseen costs like burst pipes or city trees needing to be trimmed.
What you can do about it: Take a close look at your finances. Be aware of your current fixed costs and always leave some breathing room. Ask the homeowners what they spend in a year on their bills so there aren’t any surprises. Canada Mortgage and Housing Corporation has plenty of useful online budget calculators to help. As a general rule your monthly housing costs (mortgage, property tax and heating expenses) should be no more than 32% of your gross monthly income.
If you’re 62 or older and you want to buy a house, you have three options: Get a traditional forward mortgage, use your savings to pay for the house in full, or get a special type of reverse mortgage called a Home Equity Conversion Mortgage for Purchase (HECM for Purchase, or “reverse for purchase”). You might choose this third option if you don’t have enough income to qualify for a forward mortgage or enough savings to pay in full. Here’s what you need to know about using an HECM for Purchase to buy a home.
HECM for Purchase: Overview
While lenders can count your retirement savings, investment income and Social Security income to help you qualify for a forward mortgage, the formula they are required to use isn’t generous. Even with $1 million in retirement assets, if you aren’t working, your income might be too low to qualify for a forward mortgage. That’s where a reverse for purchase comes in. (Learn about the differences in Comparing Reverse Mortgages vs. Forward Mortgages.)
The rules for eligibility and repayment are
Real estate lawyers are the professionals who handle real estate transactions and generally assist people in their matters. A very large number of people all over the world face issues like property claims, land disputes and so on. It is always a good decision to hire the attorneys during such situations as they can bring a lot of favorable things for you. There are many companies for Commercial Real Estate in Miami who can directly be approached for hiring good lawyers. However you must make it sure that the one you hire must have qualities which are spotlighted in below paragraphs.
Your real estate attorney must be an experienced guy. It actually matters the most. Experienced lawyers also find out the best solution to the problem and in most of the cases they can avoid your disputes with other party without taking the matter in the court. Always have a background check and know since how long a lawyer you are going to hire is practicing. You can easily find the highly experienced and skilled attorneys from the internet. It’s good to approach them soon as they generally remain busy handling other cases.
You must make it sure that
Are you tired facing your landlord for one thing or the other in Canada? Do you want to be a landlord in Canada but do not really know the easier way to make that happen? Have you been searching for the best lender to collect mortgage loan for real estate property in Canada? If these are your needs and desire you are not to border yourself any longer as you have come to the right website where the solution to your problem will be granted. What you simply need is to link up to a reliable and reputable mortgage rate Canada expert and the problem with your landlord in Canada will be a past experience.
Go For the Professional Rate Specialist That Know the Route in Canada
One thing you must find out before going ahead to contact or hire any mortgage rate specialist in any part of Canada is simply whether the specialist knows the route through which he or she can get important Canada rate information. You need not to go for the specialist that does have necessary information about lenders, including banks, private lenders, corporative and others. This is to make it easy for you to be able to
London is full of thriving businesses and entrepreneurs looking for spaces to build their companies & brands; however, due to a very competitive market, these businesses are now using Co-Working Office Spaces as their base camp, rather than jumping into an office of their own. These popular Co-Working Offices can be found all over London, whether you’re looking to be located right in the city center or slightly out of the hustle and bustle, there are conveniently placed and equipped spaces just right for your style of business. Many Co-Working Office spaces target specific areas of business such as tech, digital, creative, social enterprise and many more, these spaces throughout London & surrounding areas are usually easily accessible by public transport.
Want to know where you can find spaces like these? Google, with its’ extensive knowledge, is your ideal tool and will deliver endless possibilities for office space. Check websites such as Gumtree and community forums, for more local office space options. The internet is advertising endless types of Co-Working spaces for you to start up your new business in. Get out into the real world and start talking – you’ll be amazed at what opportunities will arise through networking with
In the world of real estate investment, we often talk about passive versus active investments. With an active investment, you have to put a significant amount of time and effort into it to maintain it and to see returns on it. With a passive investment, you basically make the investment and then enjoy a passive revenue stream from it.
While there are arguments to be made for active investments, most real estate investors will agree that they don’t want their time taken up by daily tasks that could be delegated to someone else. A passive investment might have less monthly cash flow and a slightly slower return than an active investment, but it also allows you the time and provides the capital to pursue other investment opportunities. In the long run, the passive investment is almost always the better choice. Here are a few ways that you can diversify your portfolio with passive investments to grow your wealth.
Turnkey and Managed Properties
Whether you buy a turnkey property that comes complete with property management or you buy properties and then contract with a property management firm to take care of them, you can make owning rental properties into a passive investment. Simply ensure
If you are motivated seller, someone who wants to sell home fast, you can go the traditional route by hiring an agent or you can put it on the market AS-IS. Remodeling companies, such as Whitestone Acquisitions, buy homes in any condition to renovate and resell. We offer opportunities to people who might need to sell an inherited home in Denver or want cash for houses in Houston or Dallas. Before you go either route, you might want to do some preliminary research to determine your home’s value. You can start with these tips.
- Look online or in print for houses in your neighborhood. Many real estate websites will allow you to search for homes. You can put in your address and see what pops up near your house. This will give you an idea of the range of housing prices available.
- Ask an agent. You don’t have an obligation to contract services with an agent. You can have an agent you trust to come to your home to evaluate. He or she will let you know what they think the market will accept.
Get an appraisal. If you want to sell house fast Dallas, you might want to hire an appraisal company
Are you supposed to take retirement from your work shortly? We understand that after a hectic professional life you need a peaceful retired life. Therefore, it is best if you could find a retirement village that will be perfectly attuned with your taste and preferences.
However, as the concept of Retirement Villages is completely new so you might find it difficult to streamline the pointers that will help you in selecting the ideal Retirement Villages Surrey, Canberra or the destination that you prefer. Here are some tips for you that will come in handy. Watch them out.
Make a list of things you would like to do
The most important factor that determines the choice of your ideal retirement site happens to be the list of things you plan to do after your retirements. For instance, you might love to reinvest your time in fishing after your retirement. A well equipped library in the nearby vicinity might serve as your favorite activity from retirement onwards. Therefore, in case you do not make this list you might land into a place which neither has a good library nor has any option for fishing. Similarly, some
A Place that is located in the vicinity of Noida earlier known as Greater Noida Extension.It was popularly known as Noida Extension and is adjacent to the shores of Noida.It is a part of Greater Noida in Gautam Budh Nagar district and emerged as a major destination for realty business. It has seen a tremendous infrastructural development in last few years. Major commercial establishments like Night Safari, Buddha Circuit and Formula one track has marked it presence worldwide. Why is it getting two much attention and hype? As per the experts it is said to be a destined place for people in forthcoming days as there is a acute crunch of infrastructural space available in congested places. Sanction of Metro line in the vicinity of Greater Noida will also augur well for the business settlement.
There is great news for cricket enthusiast too; construction of world class cricket stadium has already started. It won’t be too fascinating to say that in coming years. It’ll attract tourist not only from city or across the country but also foreigners. New residential Projects in Greater Noida West is a gem of a deal in recent years in the city, not
Real estate rates in Pune: Recently real estate rates in Pune are sky-rocketing which is causing the investors to stay away from the city. Property rates here even in the outskirts like flats in Moshi and Kharadi flats have risen dramatically forcing people to rethink their decision to buy a house here. If property rates in Pune do not come down soon then realty sector may face stagnancy. Oversupply of properties: Since the real estate rates in this city are very high people are unable to buy residential property. This has resulted in piling of inventory and over supply of property for sale in Pune. Even Pune properties resale are not witnessing any movement.
Lack of trust: Lack of builders accountability has affected the consumer trust in the real estate market. Late delivery of property for sale in Pune has affected the consumer trust. People are now unwilling to buy property for sale in here in under-construction projects and properties in ready to move in projects prove to be very expensive. Uncertainty in Government policies: Since a very long time there is uncertainty that the government
Are you at that point in life when you are considering buying a home? It is a tough decision to make and the whole process can seem daunting initially. But if you keep in mind certain suggestions, it will be easy for you to take the plunge. Here are some tips that will help you make the right choice:
Get in touch with your own needs
First, you need to understand your needs. Ask yourself why you are buying a house. Are you buying a house for investment or to move in? Also, you would need to understand what your lifestyle and budget are. Would you prefer a cosmopolitan locality or would you prefer a locality that you have always grown up in? How big should your home be? What is your priority – schools in the vicinity? Office a stone’s throw away? Ask all these questions and jot down your answers honestly. Once you get the answers to all these above questions, you should zero in on the locality, the BHK requirement and the budget.
Budgeting is important
Have an adequate buffer after allocating funds for a down-payment. Banks offer between 80 and
Shopping for the best home-equity loan is a little more complex than shopping for groceries. There are payments terms to consider and interest rates to factor in over a potentially long stretch of time. Several interest-rate structures are available to borrowers, namely: fixed, variable and adjustable. Whether you’re taking out a first mortgage, home-equity loan or home-equity line of credit (HELOC), rates are constantly changing. That means your first step in landing the best deal is to search competitive rates in the marketplace.
A second mortgage (another way to describe home-equity financing) operates on the same basis as a first mortgage, allowing homeowners to borrow a lump sum of money, and subsequently pay back via monthly repayments. Home-equity mortgages (see Home-Equity Loans: What You Need To Know) are frequently used to fund renovations or home upgrades, consolidate bills, or provide a down payment on another investment.
Given the range of interest-rate structures, it’s crucial to do your homework. You could shop around yourself, engage a mortgage broker to do the research for you or simply utilize an online search tool (such as E-LOAN or Lending Tree) that will trawl the universe of lenders and their up-to-the-minute
This real estate bubble isn’t like the last one that lasted roughly from 2005 to 2006. That one was based on loose lending standards and covered most of the country. In today’s market, we’re seeing much different conditions, including tight lending standards and segmentation. In regards to the latter point, some cities are overvalued and in extreme bubble territory while other cities are undervalued and might present long-term investment opportunities.
So, which cities are overvalued and which ones are undervalued? (For related reading, see: When Is the Best Time to Buy a House?)
Fitch Ratings recently rated overvalued and undervalued cities based on the following factors:
- Local economic fundamentals
- Unemployment rates
- Population growth
- Mortgage rates
- Rental prices
- Buyer demand
- Inventory levels
Based on those factors, Fitch found the following cities to be overvalued and listed the percentages of how overvalued they are:
- Austin, Texas 19%
- Houston, Texas 18%
- Phoenix 18%
- Riverside, Calif. 17%
- Miami, Fla. 16%
- Las Vegas 14%
Dallas and Denver might not have made Fitch’s overvalued list, but they both of late have seen record-high home prices, even higher than they saw in 2006. In Dallas, the median price for a condominium is $1.13 million, and the median
Housing starts, new homes sales, existing homes sales: economic data that comes out of the housing sector has an enormous impact on consumer confidence and the economy’s overall trajectory. The real estate market was historically thought to be a very safe investment; one that seemingly always moved higher. Then the great financial crisis of 2008 hit. That recession shined a new light on the market, its players, and inner workings. Far more complicated than was once though to be, the real estate market has revealed its outsized influence on the economic wealth of consumers.
As a specialty market, the real estate sector requires a thorough knowledge and understanding of local fundamentals, as well as the workings of different vehicles that are used to invest in real estate. For example, real estate investment trusts (REITs) appeal to investors because of their structure. They are required to pay out at least 90% of their income as dividends. But while investors enjoy these high payouts, REITs often find themselves in need of capital, relying heavily on debt and equity issuances. For this, REITs turn to investment banks. The investment banks that focus on this sector tend to be large, global
Whether this is your first home or fourth, really understanding your mortgage and how it works is crucial. After all, it’ll probably be the biggest loan of your life!
What IS A Mortgage?
In the most basic sense a mortgage is a loan to buy a property. The process of securing a mortgage means lender approval based on your income, credit rating and other debt.
Understand Your Fixed Costs
Before you decide what you can—or should—spend on a mortgage it’s important to take stock of your habits and your true fixed costs. Be honest with yourself when putting together your household budget, if you’re going to be miserable without your daily premium cup of coffee, then along with your student debt and car payments, consider that a fixed cost.
Be PITH Safe
According to the CHMC (Canadian Housing & Mortgage Corporation), your monthly housing costs should be less than 32% of your gross monthly income. These are considered your PITH or Principle and Interest (of your mortgage payments), Property Tax, and Heating bills.
Get A Mortgage You Can Afford
Refinancing and restructuring are two separate processes, but they often invoke the same image—that of a desperate company on the verge of bankruptcy making a last-ditch effort to keep the business afloat. Whether the company is actually refinancing or restructuring is lost in translation. This has led to many people, including finance professionals, using the words interchangeably when in reality they are wholly different processes.
Fundamentally, both refinancing and restructuring are debt reorganization processes taken to strengthen a person or a company’s financial outlook. Debt refinancing refers to initiating a new contract, often at better terms than a previous one, to pay off a loan. Debt restructuring is a more extreme option taken when debtors are at risk of defaulting and negotiate to alter the existing contract.
The Costs of Bankruptcy
But why refinance or restructure? A key catalyst is to avoid the cost of bankruptcy for both the borrower and the creditor. Due to the legal expenses levied on both borrower and creditor, most debt restructuring issues are settled before bankruptcy becomes inevitable. On average, attorney fees for Chapter 7 bankruptcies range anywhere between $500 and $3,500. Moreover, there are additional government paperwork filing charges,
“Prices just have to go down, don’t they?” That is something I have been hearing for 10 years. Some folks get hung up on the myth that real estate follows a seven year cycle. These same people were sadly surprised when prices and activity levels continued to rise well past seven years.
I would recommend that if you are going to play the market then you should look at more important economic indicators rather than old wives’ tales. You want to look at the low mortgage interest rates, high employment levels, strong economic outlook, rising incomes and high consumer confidence, as well as population growth. These indicate a positive environment for both home buyers and sellers alike.
It is expected that the number of homes sold will level off and the pressure on pricing will be reduced, however, resale home prices are expected to rise well into 2008. Saskatchewan and Manitoba are particular hot spots with other provinces losing some steam but still maintaining high levels of activity. It is expected that the Western provinces will have the highest annual price increases over the next year.
So, is it a good time to buy? Low interest rates, longer amortizations, low down
Trying to get into the property market requires a discerning eye. There are affordable places to live in locations that have one problem or another, and very few good locations that people with limited means can buy into.
We live in a time where urban centers are less stigmatized and gentrification, the process where a neighborhood is transformed from low-income to high-income housing, is taking over many American cities. Gentrification is so rampant in New York City that there are only three neighborhoods that haven’t seen rent price increases in the past 12 years.
The Convenience Factor
For much of the world, the inner city has important advantages. Living near the urban core means being able to walk or bike most places, a shorter commute and easier access to services like doctors and specialty stores. (See also: Manhattan Luxury Condos As Investments.)
The key to identifying a neighborhood on the cusp of gentrification is to find a run-down neighborhood on the periphery of a good part of the city. Harlem, for example, borders the Upper West and Upper East Sides of Manhattan, and new residents found that, in exchange for living in a not-so-great