Category Archives: Buying Real Estate
Damage caused by animals to your property might not be covered by home insurance
November 04, 2011
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With the summer months fading into our memories and the autumn months upon us, we are not the only things wanting to keep out of the cold, a fact to bear in mind when thinking about your home insurance cover.
Rodents and other vermin will also be looking for somewhere to hide out of the wintry conditions, but the extreme damage these animals can inflict on a property might not necessarily be covered by your insurance provider.
Wires and pipes being chewed through by rats and mice can pose a huge risk of fire and explosions, which will have a devastating effect on any home, but many people, will not be covered for this by the home cover policy.
One home insurance expert said, “The vast majority of household policies exclude damage by vermin, including rats, mice, squirrels and foxes. Pet damage is also usually excluded.”
Squirrels or birds falling down chimneys would be covered, but only if the homeowner had optional ‘accidental damage’ cover in place. If there was ‘impact’ with the property by an animal, such as a horse damaging a wall or a bird flying into a window, this should be covered as standard.
Vermin, which is classed as an wild animal or bird that is believed to be harmful to farm animals, crops or carry disease often seek shelter from the cold but can cause the most damage to properties. This is an increasing problem with fewer pest control agencies in operation and the cost of calling in ‘rat catchers’ rising.
Real Estate Investment in Hong Kong
A part of the Guangdong province as well as the Special Administrative Region of China – Hong Kong is one of the most vibrant and intriguing destinations in the world. Hong Kong is also among the world’ most busiest and fast-paced cities.
Hence, no wonder why real estate in Hong Kong is so much sought after. Real estate in Hong Kong is regarded as one of the costliest as well as the lucrative in the world. In other words, buildings and land in Hong Kong form a significant portion of the nation’s wealth and economy. Further, due to its attractive tax system, many international business firms and corporations find their way to Hong Kong for the establishment of their innovative projects. This in turn has led to great demand for high grade industrial and residential real estate in the city.
According to certain records, the cost of residential real estate in the city has gone up to US$ 585 per sq ft. The price is even higher in such posh areas as the Peak – the area between Victoria Peak and Mount Gough, covering spots such as Peak, Victoria Gap, Mount Kellet, Jardine’s Corner, Mount Gough, and Plantation Road.
Nowadays, great choices as well as potential are made available for those who are interested in real estate investment in Hong Kong. Additionally, real estate in Hong Kong provides great benefits to investors. The main advantage is that investing in a property in the city allows you to have access to world’s one of the established markets.
Another worth mentioning benefit of investing in a real estate here is that not any kind of restrictions have been imposed on international investors to buy a property or asset. Further, buying a real estate in Hong Kong is considered one of the best options for long term investment, as it can undoubtedly fetch you huge profits.
Above all, the laws and procedures involved in the process of real estate buying are liberal as well as simple. Once you have found an appropriate property, an Agreement of Sale and Purchase would be signed between the property owner and investor, and this completes the sale procedure.
Hong Kong’s property buying processes are administered by the Conveyancing and Ordinance, which is modeled in the form of English Law. In other words, the real estate law of this Special Administrative Region is quite similar to the one found in the UK, which in turn has attracted many American and British real estate investors.
One of the unique things regarding the Hong Kong Property Law is that all of the land found here belongs to government, ie, each of the real estate in Hong Kong is held under leasehold title. Hence, those who are interested in property investment buy an agreement or a lease for a period ranging from 50 to 999 years.
A real estate or property in Hong Kong can be either solely owned by one person or through jointly by several investors. However, joint investment may be usually in the form of tenant or a joint tenancy. Further, a property can also be owned through a company structure. But, in case, if a company would like to conduct its business through the purchase of a property on lease, then it should be registered with the Hong Kong Companies Registry. In addition, every type of lease should be listed at the Hong Kong’ Land Registry.
Nowadays, a large number of real estate firms and realtors are now there in order to help you find and buy your dream property in Hong Kong, no matter it is single detached home, villa, apartment, office, or industrial space. Many of them render the services of professional lawyers to help you in effectively carrying out buying procedures, such as agreement process, listing on the Hong Kong Land Registry or Hong Kong Companies Registry, tax matters, and negotiation of purchase.
In addition, there are also real estate firms providing steps to arrange mortgages for the purchase of property. But, prior to approaching a service provider, it is important to undertake an investigation with regard to their reputation and the quality of service rendered. Some firms may charge huge fee. Hence, it must be checked for. Apart from other sources such as yellow pages, magazines, and newspapers, the internet also serves as an excellent source to find the most competent service provider in Hong Kong.
Buying An Apartment Building, What To Look For
There are many things to look for when buying an apartment building. One thing to look for when buying a property is the utilities. To rent out each apartment you must have electric meters for each apartment. If each unit does not have its own electric meter you will have to pay for everyone’s electric bill. To get around this you can charge a higher rent and include electricity with the rent. The down side of doing this is if the people or families you’re renting the property out to know they don’t have to pay for electricity they won’t be shy about using it.
In some cases the electric bill can be so high that you can lose money every month. Another thing to look for when buying an apartment building is the units. If the apartments are small it will be harder to rent out. One other thing to look for when it comes to the property is how much individual rooms each apartment has. When it comes to rooms usually the more rooms a unit has, the easier it will be to rent out.
One last thing to look for when buying an apartment building is the location of the property. If the property is close to public transportation, schools, and businesses this will make it a more desirable place to live. Buying an apartment building is a big step when investing in real estate, but with the information you read here you will have an idea on some of the things to look for.
A good web site where you can see more information on topics like this is Buying An Apartment Building which is highly recommended. Another article which is also recommended is Will Real Estate Go Up Or Down Thank you and enjoy.
Military Home Buyer Guide
INTRODUCTION
If you’re in the military and considering buying a home, there are some issues you should consider that are unique to active-duty military members. Some of these issue include: the decision to rent vs. buy, advantages and disadvantages of getting a Veterans Administration (VA) guaranteed loan, and other issues related to finding a home and closing the deal.
SHOULD I RENT OR BUY?
The answer is, it depends. The main complication for military homebuyers is that the duration of an assignment to any Command is usually limited to just a few years. Therefore, the potential price appreciation of a home is a key consideration. If a home is likely to appreciate during your assignment more than the fees associated with selling the property, then it may make sense to buy. However, if you are moving to a region in which home prices are likely to remain stable or decline during your residency, then it probably doesn’t make sense to buy a home. Keep in mind that conventional fees for selling a home range from 5% to 7% of the home’s price, so factor this into your cost-benefit analysis.
It’s also hard to predict how easy or difficult it may be to sell a home when you are ready to move. Although there are many factors that impact this issue, homes tend to sell quickly if demand exceeds supply, and slower, when there are too many homes and few buyers.
Besides the issue of price appreciation, there are some circumstances in which it may make sense to buy a property. For example, if you are moving to a community that you could be your final retirement destination, then you may want to buy a property during your assignment. Since property values tend to increase over time, this would allow you to buy a home at a lower price and hold on to it until you retire. In this situation, military homebuyers usually rent out their home after being transferred to another assignment, and then return to the property at retirement.
If you’re considering holding onto the property for rental purposes, be sure you understand the typical costs involved in maintaining a rental property. Some of these costs include: rental agent or property manager fee (if used), maintenance and repairs, property taxes, property insurance, etc. You should determine if the benefits of retaining the property outweigh the costs of being an out-of-town landlord.
The obvious dilemma is that no one can predict the future; your decision should be based on the advise of experts and your own research and judgment.
VETERANS ADMINISTRATION GUARANTEED HOME LOANS
Ok. You’ve decided to buy, now what? Well, its time to start looking into getting a loan. If you’re in the military, then you are probably eligible for a VA-guaranteed loan. In addition, many reservists and veterans are also eligible, but check with your local VA office to find out if you qualify. One other VA rule to keep in mind; you must intend to occupy the property you plan to purchase.
The first step in getting a VA-guaranteed loan is to obtain a Certificate of Eligibility (COE) from the VA. You can apply for the COE by completing VA Form 26-1880, which is available on the VA’s web site. After getting the COE, you are now ready to begin the home loan process.
With your COE in hand, find a lender or mortgage broker who is familiar with doing VA-guaranteed loans. To find these people, ask for referrals from your friends, accountant, attorney, real estate agent, etc. Keep in mind that the home loan business is a competitive industry, and you want to select a lender who can get you the best deal.
You should know that private lenders provide the money for VA-guaranteed loans, and if you don’t repay the loan, the federal government will reimburse the lender up to 25% of the loan amount (but not to exceed $104,250 as of 2006). While the government will reimburse a portion of the loan amount, you will still be held responsible for the debt, so it’s in your best interest not to default on the loan.
SHOULD I GET A VA GUARANTEED LOAN OR A TRADITIONA LOAN
The answer depends based on your situation. In addition to typical costs associated with a loan, the VA-guaranteed loans charge a funding fee ranging from 1.25% to 2.4% of the loan amount (as of 2006), depending on the amount of your down payment. This fee certainly adds to your costs. Some non-VA loans also have similar fees, so it’s important to compare the details of various loan options. Ask your lender to provide you a written Good Faith Estimate (GFE) for both VA and conventional loans. The GFE provides an itemization of the predicated costs associated with different loan types. This will help you to compare loan products and reduce any ambiguity on what a particular lender can provide. Remember, the home loan business is a competitive industry, so be sure to compare different lenders to see who can get you the best deal.
GETTING A LOAN PRE-APPROVAL LETTER
As you talk to different lenders, they will all ask you about how much money you make, how much debt you have, your credit rating, and other financial questions. Based on this information, they will give you an idea of how much you can afford, as well as the predicted monthly payment on your home loan. If you qualify, they will also give you Loan Pre-Approval Letter, which is important because it lets home sellers know that you are a serious buyer.
HOW DO I FIND A HOUSE THAT I LIKE?
Probably the most useful thing you can do to locate a house that meets your needs is to first locate a Real Estate Agent (sometimes called Realtor) to help you. In most circumstances, the home seller pays the buyer’s agent, so there is no cost to you for using an agent. Find an agent who lives and works in the community that you are moving to. It’s also helpful if you can find an agent who has experience working with military homebuyers. You should let the agent know your price range, the type of property you need, the kind of community you want to live in, the size of house you desire, and all the other factors that are important to you.
Your Real Estate Agent should do at least the following:
1. Advise you about lenders they know who can provide competitive bids on your home loan.
2. Get you access to the MLS from their website so that you can search for homes yourself if you wish.
3. Set up automated property notifications so that you receive emails of any homes that come on the market that meet your criteria.
4. Advise you about the advantages and disadvantages of buying a home in different communities. Recommend different communities based on your unique needs.
5. Advise you about the differences between a condo, townhouse and a single-family home.
6. Estimate driving times (rush hour vs. off hours) from different communities to your job or other frequent destination.
7. Provide information about local resources such as schools, libraries, shopping centers, etc.
8. Take you to different homes until you find the one you like.
9. Recommend an offer price (usually a range) based on their research and experience.
10. Prepare written offer documents and negotiate on your behalf to get you the best deal possible.
11. Help you throughout the home closing/escrow process.
There are many other aspects of home buying that your Realtor should be able to help you with. The list above is simply a starting point of the areas that you should expect help from your agent.
FOUND A HOUSE THAT YOU LIKE…NOW WHAT?
The short answer is that you have to make an offer on the property that is attractive enough to be accepted by the seller. Your Real Estate Agent should guide you through all the important issues you need to consider when making an offer. In addition to the price you are willing to pay, you should decide if you want a home inspection, when you would like to move into the home, how much deposit you are willing to provide, etc. K
eep in mind that in a market where there are many buyers and few home sellers, offer prices tend to increase. Conversely, in a market when there are too many sellers and few homebuyers, offer prices tend to decline. Again, your agent should advise you about the various issues you need to consider at this point in the process.
Once you have determined your offer price and considered all other relevant information, your agent will prepare a written offer document, which is then delivered to the seller’s agent. The seller will review your offer and either accept your terms, reject the offer altogether, or make a counter offer.
If your offer is ultimately accepted, there are many things that need to occur before you become the owner and move into the house. These steps typically take at least 30 to 45 days after the offer has been accepted. This process is known as “closing” or “escrow.” Your agent can advise you about the various activities that occur during the closing/ escrow process, and the actions you need to take during this time.
During the closing/escrow process, there are many service providers such as home appraisers, home inspectors, termite inspectors, title companies, escrow companies, real estate attorneys, and others, who will provide you services. These services are typically required by your lender to process the loan, or by local law and regulation to transfer the property. These providers charge a fee for their services, which are collectively known as “closing costs.” The Good Faith Estimate mentioned previously should have an estimate of the amount of these closing costs.
BOTTOM LINE
Buying a home, condo or any other type of real estate can be a complicated process. However, by doing some research beforehand, and finding a good Realtor and lender, you should have a smooth and successful experience.
7 Points to Consider When Buying a Property Management Software
A property management software is a solution for managing multiple tasks for those who own properties in the form of hotels, inns and tourist accommodations. It is a comprehensive software suite comprising integrated modules for various aspects of hotel management.
Management of guests, finances, billing and inventories can be hugely complex and may become unmanageable with manual management. This software can help you manage your hospitality business in a more streamlined way.
Here are some points to consider when buying a property management software:
Features you want
Learn about all the features offered by the hotel software and make sure they suit as well as meet your enterprise’s needs. It is a good idea to run the software and go through each and every feature personally and at length.
Online functionality
It would be advantageous to choose a hotel or motel software that offers some online features as well. For instance, some developers create software systems with modules for online marketing. By choosing one of these solutions, you can save on additional costs required for online business promotion.
Sales functionality
If you also run a restaurant or a bar inside your hotel property, you should choose a software with a strong sales functionality, i.e., it should be capable of managing the sales of inhouse restaurants, bars, eateries, etc. This way, you can reduce the burden of business management to a great extent.
Security and support
Another aspect that must be paid attention to is the level of security offered by the software. It is important that your critical business information is protected from all external entities.
Customer support
Choose a vendor who can guarantee support in the form of training and customer support, post sale.
Price
Compare the prices of different property software systems on the Internet to choose a reasonably priced solution that also offers all the features your property requires. In the case of an online property management solution, consider the subscription fee associated with it.
Easy to operate
Select a system that is easy to use and does not need too much training for it operation.