Helping you find the right piece of real estate at the best location and lowest price
In this time of credit crunching and the scarcity of credit you may want to consider applying for an access bond.This is a facility that allows you to withdraw funds from your home loan.If your home loan was not initially an access bond you can apply to your bank to add the facility.Even though there have been lending policy changes within the banks recently due to the global credit crisis it is still a great option to explore.As with any credit facility these days the guidelines of the national credit act will apply and you will be financially assessed to see if you can handle additional debt.
It is a versatile facility and not only can you withdraw funds you can also use your homeloan in a savings capacity.If you pay funds in above the monthly installment agreed upon into your homeloan you can avoid alot of interest over the years.
Some people who utilize this facility pay their salaries into their bonds and transfer funds out as they need them for debit orders or other monthly expenses.The interest on your bond is calculated on the daily balance so if you use the facility in this way you really can end up paying your bond off sooner than you ever imagined.If you really want to make a dent try convincing yourself to pay your bonus in as well.It sounds really boring but this is the way to go if you want to free yourself from the financial burden of a bond sooner.
Depending on your personal situation you could even use it to purchase larger items like cars.This is definitely not money for nothing though and you have to take care to be really financially responsible with any credit facility.Have a plan to pay off any large sums in a way that will not further strain your finances in the long term future.
As i said above the banks have been changing their lending policies recently so contact the bank where your bond is and ask them about this option.Get an opinion from a reputable service provider about all the positives and negatives involved and if it will work for you.
Real estate in 2015 has started with a spark and there are plenty of new homes, condos, and town homes being built. The real estate market does not look like it is slowing down at all. Take a drive in the city and look towards the skyline, there are literally hundreds of condo building in the construction phase. This is a welcome sight to any buy and real estate investor. Pre construction condos are a great way to get your first property and it will allow you to save some extra money for a bigger down payment once the building is complete in two to four years. This to any investor is a big plus, especially with mortgage rates so low. Well if you are looking for a great investment you have to check out 1 Yonge Condos.
1 -7 Yonge Condos is going to be the biggest development coming to the city and it promises to the the tallest and largest master planned community in north america. Pinnacle International is extremely enthusiastic to announce the official registration for this development at http://www.1-yonge-condos.ca. The super agent will be available 24/7 to help you every step of the way so you feel you have received the best unit for the best price available. Buyers and investors please have your pre approved mortgage handy because we are only accepting serious clients. Units will be going selling extremely fast and we want your sale to go through without a hitch.
1 Yonge Street condos will be built in 7 phases and once completed there will be four towers that will be standing at 98 storetys, 92 storeys, and two at 70 storeys. You best believe that you will be getting the best views in the city. In total this huge property will house over 4,100 units and will also include plenty of retail space and one commercial office building.
There will be plenty of floor plan layouts, all designed with no wasted space in mind. Investors who get in early will have first choice access to these unit. The start price will be approximately in the mid $250,000 and range all the way to the $1,000,000 mark. Let me mention that the starting price per square foot will be approximately $600 per square foot. Which will be extremely appealing consider the location of this project. Please register today if you want a chance at even looking at one of these units. This will be the hottest development in the city for the next ten years!
I think it is safe to say that the real estate market has now officially entered a buyer’s market. So what do you do if you need to sell your property now?
Well my first answer would be DON’T, unless you really have to. You are not going to get your dream price in this market and it is time to accept that. The only way to sell a property in today’s market is to have a realistic expectation of what you can get.
So what is a buyer’s market? It is when there are few buyers in the market. This causes demand to drop and the same happens to the property values.
So how do you sell in a buyer’s market? By making sure your property is priced right and that it looks valuable. You need to make sure that when a potential buyer comes to view your property that it is clean and neat, and kick the dog out.
By showing your property in its glory might inspire the buyer to rather buy yours than your neighbour’s property that has those peculiar stains on the carpet…
Another way to ensure your property gets sold is to listen to your real estate agent when they tell you that you are pricing to high. This does not give them the right to swindle you out of a good price though, get a second opinion. Another thing to remember is that the real estate agents are also suffering in this market, so try to negotiate less commission. If they really want to assist in selling your house, they will be willing to negotiate.
Please do not try and cut corners in this market. Always use a professional to help you sell your property so you don’t end up losing the deal because you don’t know what to do after your property is sold. It might seem a waste of money to use a real estate agent and attorney, but in the end it is the best, and safest, way to sell your property.
Well I hope this was helpful and remember, the market will turn just stay positive.
I know you are probably feeling a bit nervous about the interest rate so I will try to help you refocus yourself and make a plan.
First thing you have to do is face reality.
You can not change what happens to the interest rate.
Secondly you have to refocus your energy.
Stop worrying and start focusing on what you are going to do to keep your property.
So how will you get that extra cash you need to pay your bond?
- Get rid of your bad debt. Pay off those credit cards and store cards. They are doing you more harm then good.
- Budget. Create a monthly budget and stick to it. Any extra cash can go towards your bond and help you save on interest.
Thirdly focus on the ultimate outcome.
Think about the day your house is paid off. This will inspire you to keep focused on your goal. Remember to be flexible so you can adapt to any situation.
Find different ways to achieve your goals.
Fourthly take action now.
Do something now to start moving and focus on what you can change and stop focusing on what you can not change.
When ever you start feeling that you are focusing on the wrong things stop, and refocus. This way you will achieve your goal to keep your property and any other goal you set your mind to.
Finally remember. Everything that goes up must come down. So try to keep your property, you won’t be sorry.
If you are thinking of selling your property privately, read this first.
Most private sellers make the following mistakes when trying to sell their property without the help of a real estate professional.
This is a common mistake. If you think your property is valued more than it actually is you will not sell it at all.
Do your homework, get an estate agent to give you a valuation before you try to sell your property, this way you will know exactly what you should ask for your property.
This is the worst mistake private sellers make, undervaluing their property.
If you don’t sell houses all day, how will you really know what your property is worth. I once knew a seller that wanted to sell his house for $350,000 but when, after convincing him to get a valuation done, the property was in fact worth $520,000. That is a difference of $170,000!!!
If you are not a property professional you might not know all the costs involved when selling your home. Again you should consult people in the industry to make sure you know what selling your house will cost you.
People think they are going to save when selling their property privately, but this is not always the case.
This is where professional buyers walk all over private sellers. Most people do not have the necessary skills to effectively negotiate the sale of their home.
They are too personally involved.
A good estate agent knows how to negotiate and get you the right price, I know there are some “shady” ones out there, but if you use a respectable company you should be fine.
Estate agents spend an average of 7 hours with the seller and up to 32 hours negotiating with the buyer, these people know how to get the deal, so let them.
The most important thing to remember is this, you can sell your home privately, just make sure you have the know how to do so, and be careful, you could ruin your chances to get your new dream home if your current one does not sell.
Investing Basics is where you will start and every successful investor needed help with investing before they made their money. If you build a good foundation you will be miles ahead of everybody else so grab a cup of coffee and let’s start.
Real Estate Investing is not about property but about people
The first thing you should know about Investing Basics is that Real Estate Investing is not about property but about people. Yes, people. Never assume you know why a person is selling their house, ask them and you might be surprised.
I bought a property from a nice couple that was immigrating so they just wanted to sell their house as quickly and painlessly as possible. So I made them a fair offer and they accepted it. They were happy because they sold their house quickly, and I was happy to buy a bargain and make a nice profit.
So try to find out why someone is selling a property and you could be buying a profitable investment.
Your tenant may never be one of your friends or family
The next important thing about Investing Basics, let’s say you happen to have a vacant apartment the exact same time your friend Fred happens to be looking for a place to stay now that he has returned from his overseas travels as a backpacker.
You think this is a great opportunity to get a good tenant and he is thinking what a nice landlord you would be. This is not completely true. What you are actually thinking is that you will have a tenant that will pay his rent on time and keep your property in good condition. He is thinking that you will give him a “rent break” over Christmas and that you probably won’t mind if he keeps a few interesting pets he found on his travels.
The fact of the matter is that your friends that still only know how to be tenants don’t know how much work and money you have put into your real estate business. And as soon as you start charging him penalties all your other friends, that are also friends with Fred, start treating you like the bad guy.
A final word on friends and family as tenants, there are a lot of investors out there that did not take the time to learn about real estate investing and end up having to sell their investment property at a lower than market price, because Fred did not pay what he owed. This of course is an opportunity for you to get your hands on a bargain so keep your eye on those property listings.
There is more than two real estate investing methods
Another Investing Basics topic is the question of “What is the best Real Estate Investment?” the answer is simple, there is none. All of the different techniques have their advantages and disadvantages.You find real estate investing gurus that will tell you that residential real estate is the only way to go, another will say that flipping and fixer upper real estate investing is the only way to go, or rental properties and capital growth.
Be careful who you listen to, you will miss great real estate investing opportunities if you only focus on one type of investing but it is a good idea to listen to as many different “Gurus”, that way you will learn all the different real estate investing techniques out there. Always find out who these “Gurus” are before you believe everything they say, remember that bad advice can cost you money.
When you start investing in real estate it is of course a good idea to start with one type of investing, but as soon as you understand the basics learn another technique, and that way you will grow to become an ultimate real estate investor.
Don’t believe everything your future tenant tells you
This is probably one of the most important topics of Investing Basics. Your future tenant will lie to you.
It is very importance that you do thorough checks on future tenants. Check their references, make sure that the businesses they worked for exists. Check their drive’s licenses and phone previous landlords they had dealings with.
If you skimp on this section you will have tenants from hell. They will not pay their rent on time and damage your property. Cross reference everything. A good tenant will help you build your property portfolio, a bad tenant will destroy it.
Never stop learning
Another important topic for Investing Basics is that Real Estate Investing is a learning process that never ends. You have to keep on top of what is going on in real estate.
When I started I didn’t have a clue what to do in real estate. Now I know how to protect my assets through trusts, how to ensure that I don’t over pay in taxes and how to find the best deals out there. The best of all is that I am still learning new things I can use to be a successful real estate investor.
Remember, make it fun and learn as much as you can. Go to real estate investing seminars, read real estate investing books, but most of all get started, you learn the most through experience.
Buy to let, in a nut shell, is when you buy a property with the intention to rent it out to a tenant. With this method you can have a positive cash flow, if the mortgage is less than the rental, and get capital growth over the long term. This type of investment is a great example of using other people’s money to pay off a property.]The advantages of this type of investment are that you get rewarded from the start, with the monthly positive cash flow, and you get rewarded for your patience, the capital growth over time.
The disadvantages is that you have to go out and find those properties that could be buy to let properties, and they aren’t that easy to find. You also run the risk of not finding a tenant and then you will have to pay the mortgage out of your own pocket.
Here are some tips:
- Location, location, location. This is the most important thing to remember. The location of the property should be desirable for your tenants, close to public transport, local amenities, restaurants and bars. There has to be a parking facility nearby. If you are catering for the student market, proximity to the university would be an excellent selling point.
- Ask the local letting agents which properties are in demand and what rent you can expect in the area you are looking in. Remember not to overcharge; this will make it difficult to find a tenant.
- A well maintained and clean property will attract more tenants so always make sure your property is in good condition.
- You could furnish the property, if you do, do some research to find out what tenants like. Your letting agent could be a good source for this type of information.
- When you buy property it is important to remember that you will not be living there, so buy for your target market, not for your personal taste.
- Get a letting agent to manage the property for you, this will free up your time to look for more deals.
- Shop around for a mortgage; there are lenders out there that cater especially for buy to let properties.
When you are thinking about renting a house always make sure to go through a respectable letting agent. If you don’t you will quickly find yourself with unnecessary problems.
So what do good letting agents do?
- They do a credit check on you. This is to determine if you have a good credit record.
- They check your payslip. This is to make sure you can afford the rent every month.
- They ask for a month’s rent as a deposit.
- They have a valid contract. They will go through the contract with you and remember to check what the penalty clause is if you should decide to cancel the lease agreement before the expiry date.
- The rent should not go up by more than 10% per year.
- They walk through the property with you and do an inspection to check what needs fixing.
- They setup a debit order so you don’t have to worry about the rent every month, just make sure you have enough money in your account every month.
- They will make sure you have a contact number where you can reach them if you need them.
All this might sound intimidating but remember, if the letting agent does all these things it shows you that they are legit and you won’t have any problems if you need them and when you need to get your deposit back, o yes, when you get your deposit back they are suppose to pay you the interest earned on the money as well.
Most residents are aware of the increasing need to secure our homes from theft and violence. This is an unfortunate fact of present life in the World. We can call on government to make changes that will reduce criminal activity but any measures that are put in place for this purpose will take a long time to show any visible effect.
We need to have a realistic view on crime and protect ourselves as much as we can where we feel necessary. There are various options available to us some of which are, living in gated communities, having alarm systems installed on the premises, physical barriers like bars on windows and security cameras.
Security cameras are a great way to monitor premises at multiple points from one position. The person employed to monitor the feed from the cameras can be in one place watching everything that is going on in the property. This is very advantageous as you would need to employ minimal staff and have the cameras do a lot of the work for you. However a human presence usually helps deter criminal activity.
Physical barriers also seem to do their job in most cases even if they get damaged in the attempt of a break-in. Putting bars on the doors and windows of a home may seem like an unacceptable compromise to a lot people for many reasons, one of which is from an aesthetic perspective. Although making the house “ugly” is not always the reason for peoples’ reluctance to install such security measures. A lot of people feel they are being jailed in their own home instead of feeling as though they are keeping criminals out.
Whatever your perspective may be take the appropriate legal measures to protect your home and family and remember to plan your security for the holiday season aswell.Having a neighbor or friend check on your home while you are away can do a lot to calm many fears.