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Archive for June, 2010

How to Buy Property at the Right Price

Many people dream of buying their dream property. When people are looking to buy a nice piece of property, it can often be confusing figuring out if they are getting a good price. Everyone wants to get a good deal on property, especially during these difficult economic times; however, there are many things to be aware of before signing a purchase agreement.

The following is a list of tips on how to buy property at the right price:

Research Property: Because of the development of the internet, it is now easy to research many properties in many locations. It is easy to compare properties to look for differences in prices. As well, you will find such details as pictures of the property, size of the property, and any unique features. Many real estate sites feature a variety of properties in the area that you are researching. As well, most of these real estate sites provide the prices of similar properties in the area that are for sale.

Property Sales Market Fluctuations: It is important to be aware that the real estate market goes through market fluctuations. You should check to make sure that the area you are interested in is not going through a period of high property sale prices. The price being offered may be the result of current economic conditions.

Negotiation: It is important not to accept the first price offered. In most cases, the seller is expecting to have to negotiate a sales price. Negotiation is a key tool to ensuring that your purchase becomes a wise investment. You should also be aware that sometimes sellers will raise their price a bit because they expect to have to lower it during the negotiation.

Reject Pressure to Purchase: If you feel you are being pressured to buy and you think the price is too high, it is important to walk away from the deal. You want a dream property, but you do not want to pay more than the property is worth.

Inspect Property: Never purchase property that you have not looked at. You want to make sure there are not any problems with the property such as poor drainage. You also want to be able to consider the potential of the property.

Real Estate Agent: It is always wise to enlist the services of a real estate agent. They are a valuable source of information such as the property values in the area and their asking price. They can also negotiate a fair price and locate property with features that you want.

Appraiser: If you are unsure about the asking price of a particular piece of property, you can always enlist the services of an appraiser. An appraiser will be able to assess the value of the property.

It is important to remember that property prices vary according to the area. As well, as the demand for properties change, the prices will also change. Make sure you have the right knowledge about asking prices and transacted prices from as far back as a year.

Because properties are constantly coming onto the market, it is not a serious mistake if you lose out on a particular property. It is better to lose out on a piece of property rather than make a bad investment. By doing your research and acquiring the right information, you will purchase the right property at the right price.

As someone in the real estate industry, I’m always eager to find out more about buying and selling strategies. However, I’m not sure what to think about using astrology to sell a home. Or Feng Shui. Or magic spells. There are a lot of people more than happy to take your money in exchange for your magic number, star alignment, or real estate amulet, though.

Astrology has been used to divine the future since before the Common Era. Many people today view it as a harmless amusement. Move.com even has a section for “homestrology” profiles. Realty Times did an article entitled, “Look to the Stars for Decorating Advice”, featuring astrologer John Marchesella, who claims that knowing your Sun Sign can help you choose colors for your home.

In some cases, astrology becomes serious business, spawning websites like realestateastrology.com that sells subscriptions for astrology questions, natal charts, and business outlooks. These cost between $25 to $50 a month. Some astrologers promise results if you buy a personal profile from them, ranging from 19.95 to hundreds of dollars. One website promised that my problems selling a home stemmed from not having my home in proper alignment with the stars. For only 39.95, I could get a astrological profile that would improve my real estate transactions. Some Realtors even claim that they use astrology to sell homes.

Magic spells aren’t just for Mickey Mouse in “Fantasia” any more. Some people believe that they can help you sell your house. One spell requires allspice, myrrh and benzoin. If Eastern magic appeals to you more, there’s a site that sells Chinese Prosperity Oil at the bargain price of 39.95. Apparently you can anoint the doorstep with it or burn it for a pleasing ‘buy-me’ scent.

Another route is to bury a statue of St. Joseph somewhere in the lawn. St. Joseph, one-time husband of Mary, the mother of Jesus, is also the patron saint of real estate sales. One site selling St. Joseph statues intimates that you can sell your house faster if you buy the bigger statue size. One wonders why it is necessary to deep-six an effigy of a saint in order for him to take notice of your house selling woes, but there is no explanation forthcoming from history aside from anecdotes.

Feng shui is a Chinese practice rooted in ancient times. Basically, the idea is arranging objects in one’s life to attract positive energy. However, feng shui also attracts money from people who believe that this practice can help them sell homes. 19.95 buys one information about their element at one website. One feng shui consultant who works in real estate charges $150. An hour. On the plus side, feng shui does encourage people to pay attention to their color scheme and the placement of furniture in the home.

The principles of feng shui may actually work in real estate simply because they encourage people to arrange their house in an uncluttered fashion, with an eye for pleasing colors. Magic spells and astrology, though… are these people genuine, or are they simply taking peoples’ money? The truth is that the efficacy of such things has never been proven. It’s one thing to look at your horoscope for fun; another to hand someone hundreds or thousands of dollars, only to be told that your house didn’t sell because the stars weren’t aligned properly.

In the end, I would urge you to put your faith in a Realtor, whose ‘magic’ you can rely on.

If plan to buy a house in Bangalore is your first initiative then, you might be in for a shock. The process will be nothing less than a nightmare.

When we decided to lookout for a house in Bangalore, we contacted few real estate agents. We cleared him what we was looking for as well as the budget we could afford. He took us to few assorted properties, but none of them were even close to what we was looking for.

Investment in property is definitely a good call especially in a place like Bangalore, but you need to be cautious while concluding to fetch you good Profits. First-time home property hunters commence the search long before most even realizes it. There are many important aspect to keep in mind while buying a property, below are points for your assistance, having learned them hard way.

Mind your Pocket size:

This is the primary step when you go for an investment. The expected expenditure for house must be around or below 35 percent of your total income. Flexibility in your budget would definitely help during times of any unforeseen events. Find out  your capability to accrued loan from any trusted housing loan institute or bank. Watch out your income and Ensure how much you can pay as down payment. This will help you to ascertain  and conclude your budget while hunting property in Bangalore.

Find the best Location:

Location plays an important deciding factor in buying of property. Make sure you checklist few aspects before jumping into conclusion.

· Ensure there are proper approaching roads to the house.
Ensure there are proper water & electricity connections.
Ensure that well laid out drainage, sewerage and garbage disposal arrangements have been made.
Is there any issues concerning to pollution due to industries etc?
Level of developmental activities of the area – ensure adequate public transport facilities and other prominent amenities like educational institutions, hospitals etc.
Survey the market and talk to local people and enquire about the standards.
Do a market research on the current scenario:

Lot of people go by the opinion of someone they know. While trusting is good, but view important decision requires lot of facts & figures. It is advisable to visits brokers, look at websites on real estate, visit exhibitions, then shortlist properties based on your requirement.

Find the right sources.

. Buying a property in Bangalore is one foremost resolution taken by us, make sure you invest your hard Earned income in projects acknowledged by renowned developers or agency having proven track record.

You may rope in trustworthy real estate agent for a nominal commission.

look for resale value:

Always go for a property which has a resale value. Purchase the property in a developing area. The value of land will appreciate but purchase house or flat or land that is Vaastu-friendly from resale point of view. Even if you have to be more flexible with your budget, invest in a property which has resale value. Focus on property in developing area. The value of your property may appreciate in future. Investing your money in Vaastu- friendly property will boost your resale value.

Look for your lifestyle and layout:

Before you search out for a property, decide on what kind of lifestyle you and your family will be comfortable. Would you like villa, apartment or individual house? Or do you need a suburb or inner city? All defines your lifestyle. Study on the layout is also very important. You dont want to buy an apartment and invest twice the amount in restoration. First of all, ensure there are enough rooms for your family. Confirm on the available space of the living, dining area and kitchen. Entire layout has to be planted in prior depending on the size of the family

Once zeroed on a property go through ALL the papers:

Once finalized on the property, the verification of all the required papers and documents becomes property. Before documenting the property in your name, ensure that the building has been raised as per the government sanctioned plan and if there is any deviation, it should be in the allowed limits. Check and recheck the documents and papers with a learned advocate. Assure that the documents of property you intend to purchase are crystal clear. Especially

a) Mother Deed – can be assessed in the registrar’s office. Mother deed gives you an entire scenario as in the details of the holdings of the property for past 30 years.

b) Sale Deed

c) Conversion Documents – Very important when you buy property in place like Bangalore, where propertyis not available in central part, most of the land outside will be meant for agriculture, so it is important to be converted.

d) NOC(No Objection Certificate) – Ensure you have a NOC from BDA or the required authority, if the property is converted.

· Own your Dream:

You need to make sure that you repay your home loan instalments periodically in time. Once you occupy your home. Ensure you maintain your property in proper condition for resale if required.

Buying a property in a place like Bangalore is dream come true. There is a need to maintain extreme caution while finalizing a property. After all its our hard earned money invested in it. Make sure you entrust your dream in a trusted hand. I suggest one such company named relocateeasily.com, who takes an extra initiative in find a home for us. This is one such company which gives personal attention to all above aspects.

I hope they meet their tag line – “relocation was never so easy”

Incoming search terms:

  • abc of property purchase in bangalore

Why Buy Property In An Economic Recession?

There is arguably no better time to buy property than during an economic recession as banks and other financial institutions are repossessing ‘distressed’ property at a rate of knots. As long as you are cash flush, the current property market presents fantastic opportunities for the astute buyer and investor.

When there is inordinate greed in any market, be it the property market or the JSE, it is wise to be fearful, but when there is fear in the market you should take a tip from Warren Buffett, one of the richest men in the world, and be greedy!

Insolvencies and liquidations on the rise

Recent statistics have revealed that the number of insolvencies and liquidations are set to spike and with less money and a lot less job security around, the negative sentiment presents unparalleled opportunities for those who are not at the mercy of banks.

Interestingly, more expensive properties are now being repossessed – an indication that the recession is clobbering all segments of the market – which presents great value for prospective buyers in the top end of the market .Clifton property, Llandudno property and Camps Bay property are all going at a global ‘steal’.

Although South Africa is very much part of the global economy, and indications are that we are not quite going to escape the latest market debacle unscathed, there are several mitigating factors for the local economy that may well salve some of the gaping wounds caused by the fiscal impropriety in the first world economies.


Government spending will increase value

The government’s commitment to infrastructure spending for the FIFA 2010 World Cup means that there will be a massive demand for property in the surrounding areas, which in turn will lead to an increase in the value of property close to the stadiums or the newly conceived BRT (Bus Rapid Transit) system.

South Africa boasts the fastest growing middle-class on the planet and, together with a free and fair election in April, many predict a boom in property prices by as early as next year.

If Hout Bay property with sweeping views of the bay is your dream or you’re seduced by the idea of beach front living, now is the time to bite the bullet and commit to property – it will always be an outstanding asset in any well balanced financial portfolio.