July 31, 2015

5 Financial Traps to Avoid As a Landlord

5 Financial Traps to Avoid As a Landlord

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If you’ve successfully purchased an investment property and secured a tenant, you might think the hardest work is done when it comes to setting yourself up to reach your investment goals says Local Records Office. But like any investment, it’s important you keep a close eye on your property and avoid all too common financial mistakes.
We spoke to Pedra Cantro, Insurance Executive Manager at Fred Drons Insurance, to learn her view of the most common traps landlords fall into financially, and how you can avoid them.

1. As a Landlord Setting the Rent too Low or too High is a Big Deal

Before purchasing an investment property, carry out extensive research to help determine an appropriate rental price,” Ms Cantro said.
“Setting the rent too high may result in limited interest from prospective tenants, leaving you out of pocket if the property remains empty for an extended period of time.
“However, setting the rent too low may place you under financial pressure, limit your rental income and has the potential to attract unsuitable tenants. Landlord play a big part in maintaining the property"
“Find listings with similar features to your property, as this will give you a guide on the rental market in that area.
“If you appoint a property manager, they should be able to provide you with information on comparable properties and advise an appropriate rent for your own investment.”

 

2. Failing to Monitor Arrears

“If a tenant falls behind in their rent, it can be a very long and costly process to resolve and could leave you considerably out of pocket,” Ms Cantro said.
“Diaries the dates that your tenant’s rental payments are due and check your bank account on those days.
“If your tenant doesn’t pay on the due date, monitor your bank account on a daily basis. If they fall into arrears a breach notice should be sent for non-payment of rent.
“The number of days in rental arrears before a termination notice can be sent, and the time between presenting the notice and requesting vacation varies around Australia, so it is important to be familiar with your local tenancy laws.
“Regularly monitoring arrears and issuing tenants with appropriate notices promptly may help resolve issues sooner and mitigate any financial loss.”

3. Attempting to Self-manage a Property

Ms Cantro said self-managing a rental property might create headaches for landlords, especially if they’re not able to commit the time or resources necessary (which they might not realize until after they’re in too deep).
“While it can be tempting to save a small percentage of rental income by self-managing your rental property, the benefits of appointing a property manager can far outweigh the costs,” she said.
“Property managers are able to conduct regular property inspections to identify maintenance issues, have systems in place to find and screen prospective tenants, and have access to databases that list tenants with a history of defaulting on rental payments, damaging property and eviction.
“If a dispute arises with a tenant, they are also familiar with the relevant legislation and can follow the correct procedures to help resolve the problem as quickly as possible.”

4. Neglecting Maintenance

“As a landlord, once you have been alerted to maintenance issues, it is your responsibility to act on these or authorize your property manager to do so as soon as possible,” Ms Cantro said
“If a maintenance issue arises and you are slow to fix it, you may be legally liable if your tenant injures themselves. It is also important to ensure that all maintenance is completed properly and to appropriate standards.”

5. Inadequate Insurance

Landlord insurance cover can protect investors from many of the risks associated with owning a rental property, provide peace of mind and ease a landlord’s concerns about receiving regular rental payments if their tenant damages the property or absconds,” Ms Cantro said.
“Standard building and contents insurance policies usually don’t cover landlords for these risks.
“Landlord insurance can cover property owners for malicious damage by tenants, accidental damage, legal liability for occurrences on the property that cause death or bodily injury, and loss of rental income as a result of property damage or a tenant absconding.”

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3 Ways to Avoid Mortgage Insurance

3 Ways to Avoid Mortgage Insurance


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If at all possible, you want to avoid mortgage insurance, because it can add substantially to the cost of your home loan says Local Records Office. Worse, as of the first of this year, mortgage insurance is no longer tax deductible. As an example, the Federal Housing Administration (FHA) requires two kinds of premiums on the loans it backs. The first is the upfront mortgage insurance premium (MIP). Borrowers have to pay this no matter what their homes’ Loan to Value (LTV) or their credit scores. This premium is 1.75 percent of the mortgage.
Say you buy an average home on Bolton St., in formerly blue collar South Boston, for $500,000, just over the median price. You put 4 percent down, $20,000. For a $480,000 mortgage, the premium would be $8,400, either paid at closing or added immediately to the cost of the loan. This, before you’ve even spent a day in your home.
That’s just the first FHA insurance premium. The second is the annual MIP, although it’s added to your monthly mortgage payments. This MIP is determined by the borrower’s LTV, loan size and term. The numbers vary but for this $480,000—financed over thirty years at 3.5 percent with a monthly payment of $2,155.41—a borrower would pay a premium of $6,480 a year for 10 years. Add the upfront MIP, and the total paid in insurance would be $73,200. So, how can borrowers avoid mortgage insurance?

Pay a larger down payment

Lenders offering loans that aren’t backed by the government require private mortgage insurance (PMI) for any loan where the down payment is less than 20 percent. Depending on the size of the down payment and the duration of the mortgage, PMI fees vary, from 0.3 percent to 1.15 percent of the original loan amount per year. By making a larger down payment, you avoid these fees altogether. If you’re just starting out, it’s sometimes hard to come up with 20 percent or more. Just to buy that modest home in “Southie,” you’d need a deposit of $100,000.

Get a second loan

This takes a bit of creative accounting. If you have most of the deposit you need, say 15 percent, you should be able to borrow against a third of that equity, with a home equity loan (HELOC). Use that money to pay the first lender and you’ve reached the 20 percent threshold, so that mortgage insurance isn’t needed. Unlike a PMI  premiums, interest from a HELOC is tax deductible on a loan up to $100,000. Your interest rates will be higher on your HELOC than your first mortgage, so do the math to see if this approach works for you.

Increase you equity to more than 80 percent

The reason why the insurance premium on your new home in South Boston only lasted for a third of your 30-year home loan, is that once your LTV in the property drops to 78 percent, the FHA mandated insurance premium automatically falls off. Under law, that is what should also happen with a private mortgage. If the loan is considered high-risk, the insurance requirement on a private loan can last until its 77 percent LTV.
Be aware that home appreciation could also push your LTV down, so pay attention to local home values. You might have to pay for an appraisal to prove your point, but it could be well worth the money to free yourself from mortgage insurance.

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3 Easy Ways to Prevent Basement Leaks

3 Easy Ways to Prevent Basement Leaks


leaking basement is never a good sign and it usually costs a lot of money to fix it once its ruined. Here's a few tips to help basement leaks.
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Keep the Water Leaks Away!

When the snow is melting and rain season it is great for nourishing your garden says Local Records Office, but not so great if the weather is below and freezing. These simple preventive measures will help keep your property dry from the bottom up.

1) Prevent Basement Leaks: Check Your Gutters for Buildup and Clogged Areas

When you have clogged gutters and over flowing water around you foundation remove any plants and debris left over from the past season(s), then instal leaf guards and good downspout extenders to direct the overflowing water elsewhere. The downspout extenders should direct the water away from the home.

2) Prevent Basement Leaks: Change Soil Gradation

Something to always keep in mind is to make sure that the surrounding soil is pitched away from the house at a slope of at least 1/4 inch per foot so that water drains toward your grass, not your foundation. Simply add soil, raking it smooth, until the grade is highest at the house's perimeter. These are simple steps that anyone could do.

3) Prevent Basement Leaks: Tress Are More Dangerous to Your House than you think

Believe it or not some tress have massive roots that could destroy your foundation, specially tress like white oak tress and big tooth maple should be kept at least twenty feet from your homes foundation.
Preventing basement leaks is not always an easy task but keeping up with will safe you money on the long run. Basement leaks is one of the top causes of foundation damages caused world wide. Neglecting the source of the problem could cost you lots of money to fix and repair things that could of been done in the beginning. If you have a big tree next to your house you may want to check where the roots are growing to prevent damage. Basement leaks from rain and over grown tress could be prevented if you do something about it in the first stages. In some cases the water will and moister will make its way into the house and will damage the drywall and floors.

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12 Red Flags That Should Raise Concern on Inspection

12 Red Flags That Should Raise Concern on Inspection

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Buying? Here's Why You Need a Home Inspection

 Inspection? Indeed, more than 40 percent of the previously owned homes on the market have at least one serious defect says Local Records Office, according to HouseFixer, a major home inspection company with offices in more than 390 cities in the United States and Canada.
"Virtually every 'used' home needs some repair or improvement," said Carlos Rodriguez, CEO and president ofHouseFixer. "That's to be expected. But with today's high prices, you want to make sure that you are aware of any major problems in a house you are considering purchasing, and what it will take to remedy the situation."
Drawing from their own findings from more than one million home inspections, HouseFixer says the most serious home defects to be on the lookout for are:
  1. Cracked heater exchange
  2. Failing air-conditioning compressor
  3. Environmental hazards including radon, water contamination, asbestos, lead paint, and underground storage tanks
  4. Moisture in the basement
  5. Defective roofing and/or flashings
  6. Insect infestation -- termites or carpenter ants
  7. Mixed plumbing
  8. Aluminum wiring
  9. Horizontal foundation cracks
  10. Major house settlement
  11. Undersized electrical system
  12. Chimney settling or separation
Rodriguez says most of these problems can be repaired. However, depending on the specific problem, the cost can be substantial, particularly if the defect involves one of the major systems. The cost could become a factor in whether you ultimately buy the house.
For example, a new air conditioning compressor could cost you up to $1,200. A new roof or repairs can cost at least several thousand dollars. A wet basement could cost up to $5,000 to remedy.
If you enter negotiations to buy a particular house, your agent should advise you to provide a provision for renegotiating or backing out of the contract if a home inspector finds major problems.
"If the property inspectors find that little or no corrective work is required, you have little or nothing to negotiate," say Eric Tyson and Ray Brown in their book, Home buying for Dummies. "Suppose, however, that your inspectors discover the $200,000 house you want to buy needs $20,000 of corrective work for termite and dry-rot damage, foundation repairs, and a new roof. Big corrective work bills can be deal killers."
If repairs are needed, there are several ways to proceed if you still want to buy the house, the Dummies book advises.
  • The sellers can leave enough money in escrow to cover the cost of repairs, with instructions for the escrow officer to pay the contractors as the work is completed.
  • The lender can withhold part of the full loan amount in a passbook savings account until the work has been done.
  • The sellers may give a credit for the work. Lenders may disapprove of this last alternative because there aren't assurances that the repairs will be made.

 

How Much Does a Professionally Inspection Cost?

home inspection usually costs between $250 and $400. Hire a qualified inspector. Try to get referrals from friends or anyone you know who has had a satisfactory experience with a home inspector. Also, look for affiliations with organizations like the American Society of Home Inspectors or the American Association of Home Inspectors. Both groups require its members to be certified, meet professional qualifications, and adhere to specific business ethics.
Once you make an appointment with a home inspector, it's important to be there.
Your investment of spending these few hours with the inspector could prevent headaches and save time in the future. As the home inspector examines the various systems and components of your home, ask him or her to explain what problems may be encountered down the road, what signs to look for, and how to prevent them. Try to learn how things work and how to maintain them. The inspector may also point out little flaws or oddities that don't measure up to being mentioned in the report, but may warrant keeping an eye on.
Says Rodriguez of HouseFixer, "A pre-purchase inspection is your best protection against buying a home based more on emotions, rather than as a sound investment."

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July 30, 2015

Renting an Apartment With Bad Credit


Renting an Apartment With Bad Credit-local-records-office
Whether you have bad credit because you just haven’t been able to build any yet or you have had to deal with some financial issues over the last few years, you know you have a low credit score and you worry about whether anyone will rent to you. The good news is, it is possible to rent an apartment. The process is a little different than it is when you can pass a credit check, so read on to learn more.

Having Bad Credit is Not the End of the World

One thing to check is to make sure your credit report is accurate. You can get a free report every year to review. This gives you the chance to correct any errors and improve your score. Even if you cant get the erroneous entry fixed in time, you can have a reply ready for your potential landlord that explains the issues such as medical bills you are working on paying off, or you can provide proof of submitting the paperwork needed to dispute the error.
If you have some time to work on your credit report before you need to rent on apartment, make sure that you are paying your bills each month on time, and don’t close any accounts even if they aren’t being used. Avoid opening any new accounts, too, until you get your apartment. Some inquiring will even reduce your score when you are applying for a credit card.
A demonstrated ability to pay is also helpful. Being able to show that you have enough income to afford your rent goes a long ways towards getting an apartment. And, even though you might be able to afford a bigger or more expensive place, start with one that is definitely within your budget. When you are renting a new apartment and you already have one, you might be able to get a letter of reference from your current landlord that will give your prospective new landlord insight into how reliable you will be as a tenant.
You might be able to negotiate a shorter lease than usual to demonstrate your ability to be a good tenant, too. This gives your future landlord the ability to renew your lease at the end of that time once they see that you are indeed a good tenant.
Another offer you can make to your future landlord is to move in right away. That eagerness shows you want to be a good tenant, and it also means he or she can start earning rent money right away. Being able to pay right away with a check or a cash payment can secure your space quickly, something that is a definite advantage in a competitive market.

With Bad Credit You Will Need a Larger Deposit

Many landlords will want you to make a larger than usual security deposit or they will ask for first and last month’s rent to ensure that they can recoup their money on their gamble – but you wont make them feel like it’s a gamble, right?
It is trickier to rent an apartment when you don’t have good credit, but it is not impossible. A little work put in before you go searching for a place to live can make the process a lot easier.

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Important Things to do Before Selling Your House

Important Things to do Before Selling Your House


Important Things to do Before Selling Your House-local-records-office

You accomplished the American Dream of being a property owner, but what do you when selling your home is on your mind?
When faced with having to relocate for personal reasons or for a new job, there are many things that must be taken care of, and the sale of your home is the first priority. You may be asking yourself, “How do I sell my house?” It is a difficult task trying to gauge the length of time it will take for your home to sell. The positive news is that your home is more likely to sell if it is prepared for today’s competitive market. Do your homework and get the most possible for your home.

Preparation is Key for Selling

To get your home ready to sell, be sure to identify all issues that need repaired, both cosmetic and mechanical. Keep in mind that the better the condition of your home, the faster it will sell.

Make Sure You Clean-Up

First impressions are everything for prospective buyers. Cleaning the carpets, adding a fresh coat of paint and replacing those dead flowers in the garden can have a massive impact on your selling potential. Packing all unnecessary items to help your home look more open and clutter-free also is a good idea. Not only does it make your home more inviting, but it also helps you get a lead on the packing you’ll have to do when you actually relocate.

High Quality Photographs Will go Along Way

When taking photographs of your home, be sure they are of top quality. Focus on the main rooms of the home including dining room, master bedroom, kitchen, living room and the exterior. Be sure to showcase any interesting or sought-after features such as a swimming pool or granite counter tops and marble bathrooms. Prospective buyers want to see why your home is the one they should buy. Be sure to note the amenities of your neighbor such as easy access to public transportation and school. Knowing that a neighborhood is quite and within a 30-minute distance to local schools is a huge selling point for potential buyers with children.

Advertise the Most Possible; It Will Get Your House Sold

Place a “for sale” sign in your front yard to get noticed. Many people who are thinking of buying a home will drive through neighborhoods to get a feel of what it is like and whether or not they would like to live there.

Pricing, Pricing, Pricing!

When looking to sell your home, you need to be competitive with your pricing. You do not want to price too high or too low. You can’t price a house twice as much as your neighbor’s house when the house you’re trying to sell is smaller. Do your homework; you don’t want to sell a house too cheap. The housing market is a competitive one so gauge where you think your home should sell for. Take a look at other homes for sale in your neighborhood to get a general idea of the median selling price. Be ready to negotiate before closing, but decide in advance what the lowest price you are willing to accept for your home.

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6 Tips on How to Get Approved for Home Mortgage Loan (The Easy Way)

6 Tips on How to Get Approved for Home Mortgage Loan (The Easy Way)


6 Tips on How to Get Approved for Home Mortgage Loan The Easy Way-local-records-office

If you are planning to apply for a home loan, check out the following helpful tips to get your home mortgage loan application approved. With these 6 tips you will be on your way to accomplishing the American Dream to own a house.

Tip #1) Know Your Credit Score

Credit activity and credit scores will greatly affect your mortgage approval. Lenders usually require minimum amount of credit score that should be maintained so that your conventional mortgage loan request will not be denied.
Also, having derogatory credit information might hinder mortgage approval. To avoid unwanted denial of your requested loan, you should lower your debts, pay bills on time, and fix errors on credit reports.

Tip #2) This is One is important, Save Your Cash!

Mortgage lenders required down payments, which depend on the kind of loan. If you have the means, pay a higher down payment. This will lower your balance and alleviates your private mortgage insurance.
Down payments is not the only fee you should be worrying about. Acquiring a mortgage also involves home inspectionstitle searches, closing costs, application fees, credit repot fees and other fees. Save up cash for these payable fees.

Tip #3) Stay at Your Job

Chances on your employment and or income status will have a major effect on the mortgage process. The information you provided in your application will be the basis of your home loan approval. Giving up a job to be self-employed or getting a lower paying job will make a wrench in the plans, leading to a reevaluation of your finances to check if you’re still qualified for the loan so don’t quit your day job.

Tip #4) Pay Debt & Avoid New Debt

Qualifying for a loan doesn’t require that your credit card be zero balance. But, it’s better that you owe less to your creditors. Your debts determine whether you will get a mortgage or not. Also, it will determine how much you will acquire from the lender. When you have many credit card debts, which make your debt ratio high, the lender might refuse your loan request or provide a lower mortgage.
However, even though you get approval for a mortgage with debt, it is advised that new debt should be avoided while under the mortgage process. Before the mortgage closing, lenders rechecked credit and when they found out that there are new debts they can stop the closing.

Tip #5) Have Pre-Approval for a Mortgage

Having your home loans pre-approved will help you determine what you can afford before bidding on properties and what interest rate should you be paying on the loan.

Tip #6) Determine What You Can Afford

Choose a home that will fit your budget. Though some lenders pre-approved applicants for more than what they can afford, be smart, live within your means and purchase a home that you can afford. The last thing you want to do is to go out celebrating and spend all your money. Your mortgage payment should be one of your first priorities.

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July 29, 2015

8 Top Reasons for Getting Home Insurance

8 Top Reasons for Getting Home Insurance

8 Top Reasons for Getting Home Insurance - local-records-office

When times are hard and you are counting every dollar that you spend says Local Records Office, one of the expenses that you might feel to be unnecessary is home insurance. You could get the impression that it is just one of those things that you really don’t need to dish out money for.

The sad part is that the impression does not give the full picture. Home insurance is a necessity, even if you don’t think so. It is something that all homeowners should think about. Don’t allow yourself to realize your mistake only when it’s already too late.

Reasons for Getting Home Insurance – Home insurance is a smart way of keeping your family safe from natural disasters and crimes. Here are some of the reasons why you should get insurance for your home:

Protection from Natural Disaster – Don’t ever think that you live in a zone that is safe from natural disaster. These days nothing is certain anymore, with changing climates and frequent disasters. When you have got home insurance you can at least have some assurance from having to lose everything due to disasters.

Protection from Vandalism and Theft – It is unfortunate that in our present time, no one is completely safe from thieves. There is always the chance that someone could break in to your house with the intention of stealing something. By having home insurance, you will have the assurance that in case someone steals from you, that you can at least get the amount back.

 It is Not Expensive – One reason why some people do not get home insurance is because they think that it is expensive. In reality it is very affordable and you can just add it on to your other expenses without a huge impact to your budget says Local Records Office. You should find out first how much it really costs before you do decide.

It Can Cover Costs – Accidents happen and when you hire someone to work inside your house, there is always the chance that something could go wrong and someone could get hurt. If you have home insurance then that can cover the cost of the medical bills for the injured worker. If you don’t then you might have to shoulder that from your pocket.

Requirement – Sometimes you would be left with no choice but to get a home insurance when it is required. Some places, for example, will require that you get homeowner’s insurance. If that’s not a requirement for the place that you are living in, then the lender that you are borrowing money from for the house might ask you to get it.

Peace of Mind – When you have home insurance you can rest easy knowing that no matter what happens your place would be insured. The worst could happen but you could at least recover the amount of your place in order for you to rebuild again. That is something that you cannot get from anywhere else.

 Think Smart – Home insurance is always a smart move, natural disasters happen and it’s a part of life. Being prepared will keep you a step ahead. By having home insurance you will be at ease. Some people think home insurance is some sort of scam but that’s the wrong way of thinking, keep your home and family protected by thinking of the “what if’s” in life.

Whatever reason it is that you have for getting insurance for your home, the fact remains that it is a very useful thing, especially when the timing is right. When you actually use it – that’s the time you realize how beneficial it can be.

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July 28, 2015

Bathroom DIY Remodeling for Under $1,000

Bathroom DIY Remodeling for Under $1,000

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If you think following design norms is boring, try incorporating some fresh design ideas into your bathroom remodeling DIY projects. With a little imagination and courage, you can create a new bathroom space you’ll want to spend time in!

Stay Classy with Chandelier Lighting

Have you ever imagined installing a classy ornate chandelier over your whirlpool tub? What luxury! If your room is small, lighting installed under cabinets and vanities can be an effective way to give the illusion of space and depth.

Remodeling Your Fireplace is Great Way to Stay Warm in Cold Seasons

Although a fireplace might seem commonplace in a living room or family room, it can also give a homey feeling to your powder room. Imagine the cozy atmosphere you can create by adding a fireplace to your bathroom-remodeling project. As you soak in a big tub, dancing flames can help you relax by creating an elegant and luxurious experience.

Sinks and Vanities

There’s a world of options when choosing a sink or vanity. You even choose an antique bureau or sideboard for a vanity if you like that style. Sink basins come in virtually every shape and size. Choose an unusual color, finish, size, or shape to add an element of unexpected design to the room. Materials include glass, wood, porcelain, stainless steel, cast iron, enamel, and solid surface.

Try Different Tile Options

Exciting innovations in tiles have created a wealth of bathroom remodeling options. Cover horizontal surfaces with exciting colors and textures in a variety of sizes and shapes. The tile can also continue vertically up the walls, extending colors and textures throughout the room. Use a variety of tile sizes in a coordination color palette to create a surprising room.

Innovations Shower Ideas

Take your shower to a new level by designing a walk-in-area that’s not separated by glass. Even if you don’t have an expansive space, you can add a walk-in shower. It might be easy to forget about seating when you’re considering tubs and toilets, but it’s an important element. If your bathroom remodeling plans include a steam room or large shower, you can add a built-in chase to enable you to recline as you steam or shower. Imagine the sense of comfort and restfulness as you lie back in luxury.


Get the Latest Electronics so you Won’t Have to Replace Them as Often

If audio and visual technology appeals to you, don’t let the old norms stop you. It’s
possible to add a wall-mounted waterproof television, visible from the shower or tub, which enables you to watch as you bathe. You can also choose from a variety of mirror TV’s, which are actually mirrors with the added capability of functioning as a television! These televisions have added features such as lighting, radio and waterproof remote controls. Another gadget to consider is a shower-head that doubles as a speaker, enabling you to connect to any device via Bluetooth.
With all these possibilities, there’s no reason not to have fun designing your bathroom-remodeling project! See where your imagination and innovation can take you. DIY renovation projects are always fun.

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July 23, 2015

Easy Ways to Make Money By Investing in Property

Easy Ways to Make Money By Investing in Property

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Why is that, when property and shares seem to have about the same returns over a period of time?

Well it seems that, unlikely direct shares, direct property is an illiquid investment and such, tends to be held for longer periods of time without meddling, so giving capital growth funds a chance to accumulate. In addition, banks like to lend against bricks and mortar, so investors can use other people’s money to buy property worth more than their own savings would otherwise allow.

But the costs of entry and exit (buying and selling a property) are much higher, so it is wise to get advise at every step. Your investment is a reflection of you. As with any direct investment, the investor needs to take responsibility for the acquisition, holding and ultimate disposal of the property. There are some important things to consider:

The Acquisition of Managing Your Property Investing Skills


Property is a big commitment, so do the research well before taking the plunge. A real estate agent acts on behalf of the vendor, so it’s well worth considering the services of a good buyer advocate to act on your behalf. They could negotiation a better purchase outcome. Most investors employ real estate agents and real estate attorneys to assist with the acquisition process, as it can be quite complex and improperly executed transactions can be very costly. During the acquisition of a property, an investor will typically make a formal offer to buy including payment of “earnest money” to the seller at the start of negotiating to reserve the investor’s right to complete the transaction if price and terms can be satisfactorily negotiated. This earnest money may or may not be refundable, and is considered to be a signal of the seriousness of the investor’s intent to purchase.

Managing Property and Holding


The costs of holding direct property include bank interest, agent’s fees, general rates, water rates, body corporate fees, if applicable, property maintenance and, of course, insurance. Always adequately insure the property. The property manger leads the team, oversees management of your property and is responsible for daily property management issues, including tenant selection, vacating, and maintenance and arrears control.

Beware of trying to manage the property without using an agent. If you are lucky enough to secure a tenant from heaven, look after them: Complete repairs on time, try to keep rental increases to a minimum and give them freedom to repaint the walls and improve the gardens, etc. This all improves the value of your house.

But these are also tenants from hell. And, for the cost of around seven per cent of any rentals collected, a good agent will ensure all the legal requirements of a tenancy agreement are met so that you, at the landlord, are in the strongest position to collect monies due and evict tenants as needed. The agent also takes on any emotional fallout arising from any rental negotiation or dispute.

Be Prepared to Sell Your Property When The Time Is Right


The returns from direct property ownership come in two forms: Rental yield and capital growth. But you have to sell before you can realize the latter. Remember, if you simply accumulate properties, then your land tax bill and your maintenance costs of holding too high.

Be prepared to sell when the time is right. For that reason, it’s worth keeping in touch with a real estate agent who can provide you with updates about the property market. With the right knowledge and information at your disposal, you can more easily determine which type of property will give you greater capital growth and rental returns.



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