Tips on getting the property you want at the price you want.

By
Nats
Published: September 18, 2008Posted in: Buying property, Real Estate InvestingTags:

Unfortunately most of the time the property we buy is motivated by how much we can afford to pay.So it is extremely important that you can negotiate a price that you are happy to pay for the property.Most sellers are willing to negotiate to a certain extent and you could come to a mutually beneficial agreement.

Firstly do your homework and familiarize yourself with the property on offer.Ask questions about the property.Find out why it is for sale,what the history of the property is and what the sellers time frame is.This information can sometimes work in your favour and provide you with some bargaining chips.

You should also avoid getting emotionally attached to the property you are interested in.Make it known to the seller that you have viewed other similar properties and that you can control your excitement and will not fall for a rushed deal.

Find out what their price is based on and whether or not their valuation is fair and realistic.Look for discounts where possible,if the property is in need of repairs perhaps you can get them to knock the price down a bit further.

Another biggie is to be polite and negotiate in person where possible,if the seller has two identical offers he is more likely to sell to the person he likes better.

One last tip is to be confident and don’t let agents “bully” you into a deal you are not comfortable with.With the amount of money involved in property these days you need to feel reassured that you know what you’ve paid for.

Try and avoid a bad tenant.

By
Nats
Published: September 17, 2008Posted in: Landlords, Letting agents, Property letting, Real Estate Investing, Renting propertyTags:

There are so many things to think of when purchasing a property for investment purposes and the work doesn’t end when you take transfer and the property is finally yours.After all the excitement of closing the deal you will probably now need to find a tenant.This can be tricky and you should take as much time as possible before signing anything and make sure you are comfortable with your choice.

The reason a good tenant is so important is obvious,if they don’t pay you will probably end up in a sticky financial situation.They can also just not care about the property and things they are responsible for can easily be ignored and your property may suffer.

When screening possible tenants be thorough,check their references,make sure there aren’t any holes in their information.Take the time to have a conversation with the applicant and really listen to what they are saying,are they happy in their job or relationship.These factors contribute greatly to where a tenant decides to stay and if they will stay if their situation changes.

You should also research the area you have bought the real estate in and the tenants that rent there.The average income of the area will give you a good idea of many things,like how much rent you can charge.

Once you do have a tenant try and avoid future problems by getting all communications in writing or by confirming any conversations via email.This really will save you alot of stress and confusion.Then you should definitely familiarize yourself with the legal side of being a landlord.From the basics,such as who is responsible for maintaining what, and the more serious aspects like tenant eviction.

Tenant eviction is not a simple process and most laws are in favour of the tenant.So take responsibility,do your research and be happy with your tenant from the begining.Nothing is foolproof but at least you will know you tried your best to get a good tenant.

The importance of Landlord insurance.

By
Nats
Published: September 3, 2008Posted in: Insurarance, Property letting, Real Estate InvestingTags:

In todays property and rental market it is essential that landlords protect themselves as much as possible.One way of doing that is to take out Landlord insurance.This is an aid to the landlord or owner of a rental property.There are a number of companies in South Africa that offer this kind of cover and it has helped many a landlord in the past.

It usually works on the principal of the premium paid being used to cover the rent a tenant would pay in the event that the tenant defaults or gets evicted.It covers approximately 3 months rent and can also cover the cost of evicting the tenant depending on which company you use.

Statistics have shown that up to 28% of tenants nationwide have either paid their rent late or not at all in recent months.It all coincides with a decrease in disposable income in households and fewer people being able to buy their own homes due to the new lending policies being enforced.

Also,knowing you have landlord insurance will relieve alot of stress in the event of having a defaulting tenant.In many instances landlords resort to illegal tactics to make life difficult for their tenants such as disconnecting utilities.This is illegal and you will put yourself at great risk by doing it.There are many policies in place to protect tenants from unfair eviction,so why not protect yourself as a landlord and get the insurance necessary to set your mind at ease.

Shop around to get the best deal and always investigate the legalities involved in evicting a tenant, for your sake and theirs.

Some People Are Scared, other People Get Rich.

By
doublef
Published: July 14, 2008Posted in: Real Estate InvestingTags:

In the current market it is not a surprise to find people being scarde of the property market.

But I wonder how many people know that real estate doubles in value every 10 years. Does not matter in what market you buy it, it doubles every 10 years.

If you buy property now, you are building your wealth for the future, so don’t be afraid, find a way. If most of us got rid of our credit cards and short term debt,we’d be able to buy real estate and build wealth, but people are trapped by the “I want that lifestyle know” mentality. What will you do when you can’t affordthat lifestyle, or property anymore?

So I will stick to my guns and say: buy real estate now, it’s cheap, and it WILL make you rich, if you do your research.

Imagine you bought property when the interest rate was 25%, you’d be laughing at the current market because you would have had spectacular returns on your investment. So don’t make the same mistake twice, get into real estate and the next time the market is down, you will be the one smiling.

South Africa still a great investment.

By
doublef
Published: April 7, 2008Posted in: Buying property, Landlords, Property growth trends, Real Estate Investing, Real estate market, South AfricaTags:

Last night I saw on Carte Blanche that foreign economists still think that South Africa is a good place to invest.

Their main concern seems to be our crime levels, not ESKOM. I then realised that almost every major economic power in the world at some stage had problems to over come, and they did.

I think South Africans need to start having more confidence in our beautiful country.  We have vast natural beauty and resources,  a diverse mix of cultures, what more can we possibly want? I know many of you are probably screaming NO CRIME!!. I agree, so let’s do something about it and stop moaning about it.

If we all stood together we can get rid of crime, make the government do something. If we could get our crime levels low, our economy will grow into one of the most powerfull economies in the world and every body will want a piece of it.

But before we give everything away we must take our share so get into property cause the future looks rosy.

Page 9 of 9« First...«56789

Disclaimer | Terms and Conditions | Privacy Policy

Copyright Yes2Property. All Rights Reserved.