Purchasing a House for Sale

There are many different tips for buying property and real estate. It can be frustrating and tricky, so you first will want to do research. Where do you want to move? The suburban area or are you an investor looking to profit?

If you are looking for a bargain on property, there are short sales, bank-owned sales and tax sales that could help your investment even greater. Also by tracking different zip codes will allow different values and prices on property.

The Short Sales and Bank-Owned Sales are usually the way to go. It may take some time to secure the sale but you will get this property for a whole lot cheaper than its market value. The house is usually sold “as is”, which means any repairs will be your responsibility. You are usually given a fair amount of time to do these repairs and then they will come in and do an inspection. This is to make sure that you completed the repairs and also that these repairs are up to code. Normally in these type of sales you will contact a real estate agent to get the ball rolling. They start the paperwork, do a walk through on the home and determine a fair price for the property. The bank will then start to negotiate with the purchase price. The house is usually to be on the market as well for a certain period of time to get the most and highest bids in. A “Tax Sale” typically will take place when a homeowner is behind on their property taxes. The county will work with the property owner and make arrangements to catch up. Eventually, if not caught up the county will step in and hold a public auction on this property. This means that the county will sell the property to the highest bidder on the day of the auction.

If you are an investor in real estate, you always will want to keep a well maintained and well managed facility. This will result in great profit and income with a nice looking property. Real Estate managers also can help with a property sale, whether it is a house for sale or apartment for rent. The real estate manager will help you plan the purchase and to negotiate the price. The real estate will gather all of the paperwork and get you started.

My biggest advice when purchasing property is to make sure that you are ready and take your time. Do not rush into anything.

Is There Going to be a Property Bubble Burst Soon? Part 2

Continued from Is There Going to be a Property Bubble Burst Soon? Part 1

While many people did not see this as a warning sign as many investors kept believing that the property prices will still continue to rise, the government had been doing subtle things which should have served as warning signs for the general consumer. First of all, the My First Home Scheme which was used to entice first time home buyers into the boiling property market had a short term benefit to buyers, but long term disadvantage with the added interest. Many people thought that this is a good scheme without looking at the total interest rates that have to be paid with the higher loan involved with the high loan value.

Then there was another scheme which proposed to extend the loan for two generations. A two-generation loan system was in place in Japan, mostly due to the culture of Japanese companies which preaches about loyalty and the possibility of having sons and daughters joining the same companies as their fathers did upon graduation. There had been a guarantee of income with the Japanese culture, which cannot be found in other countries in this world. However, even the Japanese culture is going to change eventually. A two-generation loan system may encourage the purchase of a new house or an apartment for sale by younger families but many of us knew that we would prefer not to have this type of loan because it puts a burden on our children even before the children had a chance to enjoy childhood. As parents, we may even put more pressure on our young children to study and perform better in school as we worry about their abilities to repay the loan we had gotten for them when they were still toddlers.

When this internal boost cannot really bring too much new purchase due to the high price of houses in the country, the government is working outwards, looking for foreign buyers into the market, luring our neighbour Singaporeans to invest in the properties. It might be a good effort, to get the support of foreign buyers to actually continue boosting the property market with their new purchase and perhaps help to sustain the market price a little longer before the economy picks up again, making the bubble burst less impactful than what could have been.

What are your thoughts about the real estate market in the next few months? There may still be some buyers in the market especially those who genuinely need a place for personal residence, although investors are actually taking a mixed position about this. Some thinks that it’s time to stop, while others decide to continue with it. What about you?

Is There Going to be a Property Bubble Burst Soon? Part 1

A few months ago, developers voiced their optimism about the property market in Malaysia. This had brought a lot of attention especially to investors who relied on the announcements of the developers to determine whether it will be wise to continue investing, or to pull back and to observe further. Recently, the words were out, when there is finally a more realistic announcement about the possibility of a property bubble burst in Malaysia.

When the latest economic recession began in 2007, many investors were still optimistic about the property market and saw a lot of people still holding on to their property and still investing, hoping to ride through the rough waves of the recession. Europe and Japan rode on the optimism, and continued to be positive about it all. During these last two years, finally reality set in with the Greek debt and the stall in Western Europe’s property development (which is just slowly recovering lately). Although Japan is still not openly admitting the debt in its economy, it is also waking up in its own way to the reality that set in especially since the recent tsunami.

During the last few years, we see some Americans giving up their home as they figured out that the housing loan they were paying were actually higher than the market price of their homes when the bubble burst on them. They decided to put up their house for sale and get smaller units at cheaper rates just to recover some of the lost investments. Some simply could not cope when the recession made them jobless, and decided to get more affordable homes or to move in with parents, siblings or friends to share the load.

In Malaysia, there had been a lot of denial for a long time. Developers kept building homes with the selling price of five hundred thousand ringgit and above, intentionally building three storey homes or a bungalow on independent pieces of land due to the rising land prices that makes the building of a condominium or apartment, or smaller double storey homes, less profitable. Prices kept rising, up to even a hundred percent price increase for most houses within the past three years!

Read more in Is There Going to be a Property Bubble Burst Soon? Part 2

Low Cost Homes for Penangites

The Penang State Government has created a web site for the online registration of homes, and includes good information on Citizen Housing Project (PPR), low cost and medium low cost homes, with application status checks.

There are still a number of such affordable homes in Penang, given that the governmetn has set the regulation for developers to build the homes near to their intended expensive homes projects, and also the effort of Penang Development Corporation (PDC). The criteria of selection is based on a computerised system, with marking system taking into consideration some factors including the place of birth, marital status, dependents, the period of time for application, how long the applicant stayed in Penang, ex-military, the current residential status, the reason of losing a residence, occupation and rejection.

Priority is given to those with at least 5 dependents, and special considerations for those with disabled spouses, single parent or widows of ex-military servicemen.

Applications for the Citizen Housing Project should adhere to several rules and regulations, and applicants must be Malaysian citizens staying in Penang. The combined income should be lesser than RM1,500 per month, with the single earning spouse’s monthly income of no more than RM750.00. They should not have owned a home before too, and if they did, it will disqualify them even though they may have sold the house. Usually these homes are rented, rather than sold, with rentals as low as RM100 a month. Applicants are subject to an interview when all paperwork reviews had been qualified. Only upon the success of the interview that the applicant can really be able to rent a designated unit specified by the government under this scheme.

For low cost homes, the combined household income should be no more than RM2,500 and no more than RM3,500 for those opting the medium low cost homes. Again, the couple should not have owned a home before, and they will be disqualified even if they sold their previous home.

The user friendly portal also offers information on the current active projects that the applicants may apply. Projects are categorised by location, and includes both Penang island and Province Wellesley. The homes are usually below RM80,000, and may only go as high as RM75,000 for medium low cost homes.

At present, there is a total of 50 projects listed on the government website.

Developing A Business Plan For Your Real Estate Office – Important Things You Should Know

In order to have a successful real estate business you should have a plan. It’s advisable that this plan be written out. You could create this plan on your own or you may have experts assist you with it.

The fundamentals of a productive business plan possess one or more of the following elements:

Company Name: The name you decide on on your own should be very easy to remember and unique. In addition, it could be the name of a notable real estate company who you decide to take part in as a franchise operation.

Mission Statement: This section of your business plan outlines your purpose of your business and the way you will accomplish that purpose. If you have a clearer purpose for your business plan, there is a better chance that you will get a receiving money from a lending company.

Kind of Real Estate Business: You should know what type of real estate you’ll specialize in. For instance, several real estate agents will sell only residential houses while some will sell commercial or resort property. You could as well trade both, however, you would like to list 1 most important real estate specialty that would enable you to appear more focused when you apply for financing regarding your real estate venture.

Services Offered: You will need to define your responsibility in the real estate industry. For example, you may choose to just record homes or properties in a catalog and trade them on your own. Either that or you may do a commission off of listings that you sell for other people. Moreover you may be involved in helping people flip property for a huge profit. You have quite a bit of chance with regards to providing real estate services.

Financial Objectives: You will like to establish realistic financial goals for your business. This could include the number of amount of profits or sales you will like to make in the next few years. It can also contain expansion plans as well. Also a part of your financial objectives could be a budget plan as well. You would need to plan how much cash you would keep, how much cash you will invest, and how much money you would use for bills. In addition, you should need to understand how much you would wish to produce so that you can make income along with your current monthly or yearly profits.

Expenses: Your budget, that will be a part of the monetary section of your business plan, will include a list of expenses. Those expenditures incorporate start-up expenses such as office hire, name registration, licensing, and education. Maybe you would even like to get a small building where real estate ventures will take place. Other fees of running a real estate business comprise the price of communication, utilities, advertising, and office staff. You will need to see how much it would cost to run your real estate businesses and this is 1 of the primary sections of your written business plan.

Market Analysis: You have to carry out a research and find out what kinds of real estate are most marketable in your vicinity. You would also have to carry out market study to find out if a real estate business would even be viable in your town as well. Your market study could perhaps include online surveys if you intend to use the Internet to enlarge your territory.

Competitive Analysis: You must evaluate what you are promoting to competitors who give similar services. This would enable you to key in on aspects of business that your competitor has missed. Also, it will provide you with what you will be up against as you launch your new real estate venture.

You should include a summary of all of the above in your plan plus at least one page consisting each of these above sections. Your business plan needs to be as thorough as possible, describing each aspect of what services you would provide as a real estate agent.

You would also want to incorporate in your business plan how your real estate company differs from all the others. You should know what would make you exceptional and why others would want to come to you.

Furthermore, you will want to put on view your qualifications together with references of past customers if you have been in real estate for a while. If you’re just getting in progress in real estate now is the perfect time to start creating that plan-before you even start.

You can find valuable real estate info by way of the Internet to get you started. To start with, you can read other free content exactly like this one, which would help you.