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Quick Tips On Property Investment Buying

Filed Under : buy house by admin
Aug.21,2010

Buying investment properties can be a very lucrative business venture even in today’s real estate market. While many so-called “analysts” incessantly argue that now is the probably the worst time to invest in real estate, savvy investors and those who really know the industry believe and practice otherwise. How else would you explain the rising number of investors snapping up investment properties, or the huge number of people who are getting trained and educated to become full-time real estate investors?

These people have good reasons why they are investing in real estate. So if you want to enter the property investment buying business, here are a few simple tips that should help you get started:

1. Determine the type of investment. Before you jump into the investment property business, you should decide on what type of property you want to invest in. There are a lot of investments to choose from. Rental houses, condominiums, apartment buildings, and mobile homes offer varying kinds of risks and rewards. If you’re like the thousands of others who are new to the business, perhaps it might be best for you to start with single-family homes. With hundreds of thousands of bank owned houses and distressed properties across the country today, you can buy single-family homes for very low prices and then renovate, rehab, or resell them for hefty profit margins.

2. Location, location, location. As any investor would tell you, the three most important aspects when investing in real estate is location, location, location. Ensure that your investment property is located in a good area of the city. Investment properties that are located close to schools, shopping centers, supermarkets, and financial districts always yield good returns.

3. Determine property prices and rents. It is imperative that you ascertain property values and rents in the area where you want to invest. Property prices are readily available from brokers and local real estate offices. If you’re planning to get rental properties, ask other landlords in the area how much rents are going for.

4. Secure financing. Many people have shunned property investment buying because they don’t have capital. What they don’t realize is that you don’t need money to start your own real estate investing business. A lot of investors nowadays use other people’s money to finance their deals. With most banks getting stricter in their lending policies, a good bet for you to find the financing that you need is to turn to hard money lenders.

Property investment buying may not be for everyone, but it can be very profitable to those who are patient and determined enough to succeed in the business. If you want to learn more how you can get started investing in real estate, visit www.REIwired.com today.

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Tips on Property Buying and Selling

Filed Under : buy house by admin
Aug.19,2010

Tips on Buying

The world is moving fast and technology has shrunk hours of works into minutes. We can withdraw cash, wash clothes, send messages and even cook food, all at the press of a button.

 

Internet has a major role in pacing up our lives almost on every front. The emerging virtual world of the real estate is a good example of it. People prefer to search for a product online before they actually buy it and it applies to property search as well. Online property search is catching up fast, be it a residential or a commercial plot, building, flat or office space. A customer can view all the options available on the internet and shortlist those which are relevant to his needs.

 

So for people, who want to sell or rent property, it’s an advantage to be on the internet because-

 

o It’s a cost effective medium as compared to other advertising mediums like the newspaper or the TV.

 

o Gives you more space to describe your property than a print media classified ad where you are being charged for each column centimeter.

 

o You ad has a longer life on the net and can be viewed for months unlike a newspaper ad, which fails to survive beyond one day.

 

o Buyers from any part of the country can view your ad thus increasing the reach of your ad exponentially.

Tips on Selling

 

o Decide a selling price for your home that would give you some profit but don’t overprice it at the same time. Too much of overpricing will drive away prospective buyers and your property might remain unsold in the market for a long time, eventually losing it’s appeal and people may not want to buy it later on.

 

o Make the entrance of your house tidy and attractive as it will create a good impression on the buyer’s mind when he comes to visit your house.

 

o Involving a property dealer is a good thing to do as they have hands on experience in getting these deals done and they are aware of all the legal formalities involved.

 

o If you have time on your hands, put your home for sale at least 3-6 months before you want to move. This won’t let you settle down for a hurried deal and won’t let a buyer take undue advantage of your haste.

 

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Interested In Buying Property In Portugal? Keep The Following Tips In Mind!

Filed Under : buy house by admin
Aug.17,2010

Buying a new Portugal property is quite a challenging task. The language, purchase laws, procedures for the purchase and the legal processes involved are different. A professional help from a local property agency and solicitor can be helpful to smoothen the actual purchase.


Before engaging a lawyer, selection of the property should be made. Following tips should be kept in mind while selecting a property:


Requirement from property: If the property is purchased to spend life post-retirement, it is advisable to be in close proximity to shopping centers, hospitals and a bank. If the property is planned as a holiday home then the requirement changes accordingly.


Location: While selecting a property due care must be taken about the selection of location. Properties close to rivers, lakes may be visited in spring or summer, seasons when Portugal experience heavy rainfall. The water levels tend to rise alarmingly, giving you a clear approximation of safety levels of the location of the property you intend to buy. Similarly, a property should be visited at different times of day before final selection.


After a buyer selects a Portugal property, the process of purchase begins. Following tips should be kept in mind during process of purchasing a property in Portugal:


Tax or Fiscal Number: This may be obtained from the nearest tax office by producing a proof of identity and an address in Portugal. The identity proof may be a residency card; a valid passport and the address may be of a friend or a solicitor where the fiscal card would be sent.


Portuguese Bank Account: This is required to pay the bills locally, arising during the purchase process and transfer of large sums of money from an existing home account. A valid passport, birth certificate, fiscal number and present address proof are required to open a bank account in Portugal.


Contract of Purchase: This is known as Promissory Contract in Portugal. By this mutually agreed contract, the seller of a property agrees to sell a certain property at an agreed price within a fixed time limit. The buyer agrees to it and deposits a certain sum of money (generally 10% of the agreed price) to the seller. If the purchaser fails to honor the contract within the stipulated time the deposit is lost. If the seller fails he pays twice the deposit money.


Purchase Tax: Before completion of the sale, purchase taxes must be paid. This is called Imposto Municipal Tax (IMT) in Portugal. There are different rates for rural and urban property, agricultural land and shops. The Maximum cap is 6.5% of the agreed price.


Completion of Sale: At an agreed date the buyer and seller meet at the office of the Notary to sign the ‘Deed of Purchase and Sell’. The balance of purchase price is paid at this time. An official copy of the completion of sale (Escritura Publica de Compa de Venda) is taken to the land registry office (Conservatoria do Registo Predial) to register the property in the name of the buying party.


While the buyer may select the Portugal property and its location, the process of purchase should be left to an expert solicitor. Solicitors in Portugal usually charge a fee of about 1.25-1.75% of the price. Service charge of a Portugal property is payable on a monthly basis and so are most utility bills like electric, telephone and house insurance.

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Tips on property buying and investment

Filed Under : buy house by admin
Aug.15,2010

Are you looking for a lucrative property option… here are a few tips that you can consider before planning to buy or invest in a property.

1. First and foremost, even before planning to make an investment in a home, think for a moment about the size of your family, the age of all family members, current income-tax and wealth-tax position. Also, consider the impact of the proposed investment so far as income-tax and wealth tax is concerned on different family members. After measuring all the pros and cons, decide where to invest and in whose name.

2. Remember, you can always purchase property in the names of two or more family members. If you are taking into consideration a joint purchase of a property, make sure that the investment by the co-owners is in proportion with their ownership in the property to avoid disputes later.

3. To invest in a residential property, taking up a home loan for investment is a good choice

4. If you receive house rent allowance from your company, you can always enjoy tax benefit out of a house rent allowance payment if you are supposed to make payment on account of rent to your wife or any other member of the family.

5. It is always sensible from the point of view of tax planning that each person owns single residential property only. One residential property is totally exempted from wealth tax without any limit. So, if you are planning to buy many residential properties for your family, it is reasonable to do so in the names of those family members who do not possess any kind of property. If a person possesses more than one residential property but it is let out for more than 300 days in a year, such a kind of property is completely exempt from wealth tax.

6. If you are planning to make investment in the realty sector exclusively from the perspective of safety and security of your children, especially daughter, in the years to come, it is definitely recommended that you should invest in the sector not in the name of your daughter but in the name of a person who is a100 % specific beneficiary trust of your daughter.

7. Always remember that for rental income received from any type of residential, commercial or industrial property, a standard deduction is allowed in respect of repairs, etc., which is equal to 30% of the property’s annual value. This much deduction is allowed to all categories of tax payers whether or not they spend money on repairs. This tax deduction is very important as it reduces the income-tax payment burden to the extent of 30% on your rental income.

8. There is no gift tax in making if you are planning to buy a property as a gift. Hence, you can gift your properties to specific relatives without any upper limit. But, one has to keep in mind the fact t that all immovable properties require compulsory registration to make the gift complete.

These were the tips on the various possibilities of making an investment in the property market. Now, if you are planning to relocate or are looking for a property to buy, following are the ways to go about it:

 

In your case, a real estate agent can be of a great help, because he has a useful experience of the property market. However, you can always find a property without an agent.

 

1. Browse for properties online: You will find a lot of information related to property on various property portals. There are many reputable websites that list millions of properties. Each property listing will provide you details like the address, sq ft, number of rooms and pictures. Some listings also reveal selling price. All this information, available on the internet, is very useful and you can browse through lakhs of properties in your chosen area without actually visiting these places physically. Search online the kind of places where you’d like to buy a property and after that, arrange appointments with the owners or agents for viewing.

 

2. Do target foreclosure deals: Always make sure that you are a part of any foreclosure event in your local area to look for good bargains and deals. Those people are eager to sell off their property as early as possible. You never know, perhaps, you can find your perfect property there.

 

3. Read the classified section in the newspaper meticulously and regularly: We all know, newspaper is one of the most common channels used by people to list their properties. So, use it. However, the only shortcoming that newspapers have is that there is very limited space available and you will not have the comfort to view pictures of the properties in advance.

 

In the end, no matter how you are buying your property, just make sure that you negotiate and get the best deals for your property.

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