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Category Archives: Real Estate

Lower EMI for Home Loan

Each EMI consists of payment towards the principal (actual amount borrowed) and the interest on that amount for the entire loan period. In the early years, a higher proportion of the EMI is formed by the interest payment on the principal. As the loan matures, the interest component decreases and the principal amount forms a higher percentage of the monthly payment.

Our finances needs a lot of careful consideration and we need to deal with the EMI’s very smartly. Apart from managing the monthly expenses and EMI, we also need to save for the future. Here are some ways in which you can reduce your EMI payments:
1) Plan to pay more down payment: If you plan to buy a home, choose to make a large down payment for the property so that the principal amount is less. The interest payment is decided on the basis of principal amount, so it is always advisable to pay more as down payment and ease out on the burden of monthly installments. The smaller the principal, the lower the interest payment and smaller the EMI.

2) Go for longer tenure: If you go for a long loan period, your EMI reduces proportionately as your principal and interest is divided over a greater number of months. However, while the actual monthly outflow will be smaller, you will be paying out EMI’s for a longer period and paying interest for a longer period. So while your monthly burden might be smaller, you might end up paying more over the entire duration of the loan.

3) Making an early prepayment: The most feasible way to reduce your EMI is to make an early pre-payment. The early pre-payment of the loan will hit the principal amount and lower the EMI’s significantly. If the part payment is made in the early months/years, it decreases the principal amount and saves the interest on later payment.

Prepare Real Estate Closing

1. Keep in touch: Be a proactive buyer. Ask any questions you think of, and continue to ask, until you feel comfortable, and informed! After you have your offer accepted, and the house has gone to contract, continue to keep in regular touch, with your agent, mortgage banker/ broker, and real estate attorney. Be as prepared as possible, and find out what you should do, to reduce the hassle, etc!

2. Respond quickly and thoroughly: Through the period between the Contract, and the Closing, you will receive numerous inquiries, questions, etc. If you wish to minimize hassle and angst, and/ or any last – minute surprises, respond quickly to any, and all inquiries and/ or requests for information, from either your agent, mortgage broker, attorney, etc. Be thorough, and don’t take any shortcuts along the way. Providing all the information requested, in a timely, thorough manner, will make the entire process simpler!

3. Carefully, thoroughly gather Closing funds/ costs: Your attorney and mortgage company, should provide you with a list of needed funds, to address a variety of closing costs. A good rule of thumb, is to over – prepare, and have at least ten percent more available. Also, ease your post – Closing period, by creating a personal fund, dedicated to addressing monthly charges, including not only mortgage – related expenses, but household costs, such as utilities, maintenance, etc.

Preparing House For Spring Market

1. Basic Spring cleaning: There must be a reason, we often do Spring cleaning, whether we are selling or not. Houses are often stressed by the Winter weather, and need some degree of attention and neatening up, after the Winter. Sellers should carefully and thoroughly walk – through their homes, both inside and outside. Be as objective as you possibly can, and identify any areas, which seem to need some sprucing up. This may include cleaning or finishing floors, doing a thorough cleaning, removing clutter, and making the house more attractive for potential buyers. Remember, you only get one opportunity, to make a good, first impression!

2. Windows; doors; concrete; exterior; etc: Make certain all windows are really clean, both insider and outside. Either do so yourself, or find a window – washer, to do so, for you. Are your doors scuffed, and/ or dirty? Clean them, and touch up the paint, if needed. Do all windows and doors close thoroughly and correctly? Inspect the concrete and black – top areas, repair if necessary, seal the black – top, and thoroughly power wash! Look at the exterior of your home? Does it look dirty and/ or worn? At a minimum, power – wash the exterior siding, etc.

3. Landscaping; leaves; lawn; plants: Remember to constantly think about curb appeal! Make certain all leaves have been removed, lawn areas are healthy, seeded, and pleasantly green. Do some basic landscaping, such as improving the condition and appearance of flower beds, etc. Strategically, consider some plantings, so as to add color, warmth, and appeal!

4. Touch – ups: One of the biggest turn – offs to potential buyers, are areas, where there appears to be evidence of perceived neglect, such as chipped and/ or dirty paint. Strategically, touch – up these areas, and, if you have certain colors, which might deter certain buyers, consider covering them with more neutral colors.

Selling Haunted House

Ahead of time, disclose the truth to all possible buyers

Haunted houses have such frightening reputations in neighborhoods and communities. They are usual topics of scare stories. If your house happens to be haunted and you’re selling it, it will be wiser if you’ll let buyers know that it is haunted. Even if you don’ disclose that fact, buyers will readily know from neighbors and other people because it is a common knowledge. Make potential buyers happy with your honesty.

Cleanse the house of negative spirits

There are individuals who have reputations of driving bad spirits away. They can be priests, spiritual persons, faith healers, or paranormal experts. Let any of these persons handle the task of cleansing your house. Let this activity be known to potential buyers. Raise buyer awareness by inviting other people when these activities are done.

Slash the price

Because the property is stigmatized, you have to consider that buyers will usually negotiate for lower prices. Thus, you really have to adjust your selling price into favorable ranges. With this, you are somehow making the house become favorable in at least one factor.

Common Property Frauds

Deliberate Delays:
Even though the builder may have a handful of successful projects, it is important to ensure that the builder lives up to his promises in the existing projects. Project delays and disappearing builders are a common occurrence in real estate fraud. One strategy unscrupulous builders resort to is to delay project completion deliberately until they get requisite number of buyers. Yet others divert the money pooled from one project to another, delaying both projects in the process. One way to prevent this is to go for projects that have been approved by banks. Not only does it put the builder under obligation to complete the project in time but your tie up for finance is also taken care of. Another way to ensure it is to see if there is a delay clause in the agreement and that the construction stages with timeframes are clearly included in it.

Delay in utilities:
Not only project delays but also delay in approvals and sanction for utilities can leave buyers wringing their hands in despair even after possession. Thus, it is best to check for sanctions for utilities like electricity connection, water connection, etc. were pending. Issues like plot in unauthorized layout or sub-divided land, building with land use violation, setback violations, floor area violations, etc. detected after agreement formalities and construction have commenced could lead to delay in other downstream approvals and title registration.

Deviation from Approved Plans:
One important thing to ensure while buying a property is to ensure that it is similar to what the builder had promised. Many projects when completed take several deviations from the approved plan in terms of common areas. This possesses a huge challenge for many buyers who have to compromise on common amenities, spaces, promised luxuries and even on core project amenities like dedicated parking space despite having made additional payments for the same. The best to prevent this is to get the assurances in black and white.

Info of Buying Multi Family Properties

The leading reason can be anchored on the fact that this particular group of homebuyers are very much into making themselves financially sound and stable. They will buy multi-family properties because they will use these as income-generating streams. They will convert these properties into rental types where many people or families can rent for dwelling.

Multi-family properties are also surprisingly sold with the same price tags as single family homes of the same features. This is another reason which will most likely attract the millenials to look forward to buying such properties. Those sold higher than single types are those that offer more features.

According to comparative studies, millenials have improved on their spending habits. They now go more after value and for what would be beneficial for them for longer terms. With this also comes many options from wich the buyers could choose from.

Multi-family properties may be in duplex types. Another option is the condo type unit but they may be more expensive than the duplex styles. Yet, for consideration of security measures, the condo units might be a better fit.

As a growing segment of homebuyers, the millenials also know how important it is to be close to the busy areas of the community. There is high demand for multi-family homes from where lifestyle districts, gastronomic spots, and even entertainment hubs will be few miles or within walking distances.

Students are also seen as among those who will patronize multi-family properties. They like trimming their expenses such that they will be willing to share some expenses to a group of persons. Normally, what could be good investments are properties near large colleges or universities. From these schools, will come possible tenants who like the idea of shared spaces and shared expenses.

Mold Test Protected Real Estate Agent

Mold is everywhere and we all need to know how to deal with it. Mold is a symptom of a moisture issue. Moisture is something that can be controlled. This is done by correcting roof leaks, plumbing leaks, poor ventilation and condensation issues. These are things that are commonly written in to requests to remedy and should not be a big deal to handle well. Due to myths and not fully understanding molds this is hard for some agents to deal with and this lack of knowledge can increase liability for people involved in real estate transactions.

We had a buyer have us do air sampling for mold analysis and during the sampling the real estate agent walked in and asked what we were doing. He was told that we were taking samples for mold testing because the client asked it to be done. He then scoffs and stated that he knows the home intimately and that there is no mold there. The test results came back very high indicating a moisture issues. This was consistent with exterior parts of the home which easily increased the odds of water infiltration. The buyer lets us know that the agent then wants to claim that the test was not a good test and tries to talk the client into buying the home anyway without satisfactory remediation. The result of all this was that the client lost trust and confidence in the agent and the deal was cancelled.

This agent then wanted to complain to us regarding the testing and somehow wanted us to not to offer to do mold testing for clients. In reality that agent may have avoided a law suit. If he walked in a few minutes earlier and made the mold free claim before the testing started he may have prevented the test from being done by changing the clients mind. This agent could have been the primary target in a law suit regarding mold issues in the home once the situation revealed itself and since he is the one that told the client not to test because he stated to the client that there not a mold issue.

Do not claim any space is free of molds. Totally mold free areas do not naturally occur anywhere. The only way to know if a home is free of elevated mold levels is to have it tested. Mold does not have to be visually seen to be present. Mold is not a death sentence on a home, get the moisture situation corrected and clean or remove the concerning areas. Learn that mold can be remedied, and when you try to discredit the test and the lab, and press the client into buying anyways, you end up looking bad and you potentially lose a client.

Info of Homes for Sale Flipping

Before you even look at homes for sale to buy and flip, you need to determine how you will finance this venture. If you have a background in real estate or construction and have excellent credit, it may be possible to sure from your bank a line of credit. If you do not have these things, you may have to come up with a more creative way to finance a house for sale to flip. This can include finding a partner who will advance the cash that is needed.

Once you have the financing in place you can start to look for a likely house to flip. There are many characteristics in a house for sale to flip that you want to look for.

• It must be affordable so you can make a profit when you flip the house. You want to purchase the house for the lowest price you can. Check out houses that have been on the market for a while. Talk to the owners to see if they would accept a lower offer because they are tired of waiting for their home to be sold.
• Make sure that the home you are looking at is salvageable. When flipping a house for sale you should only deal with sound properties. Make sure that the foundation is in good shape and you only have to do minimal upgrades to the plumbing and wiring. The roof should also be sound. If any of these are a problem, you may spend more in repairs than you can get back when you try to flip it. Cosmetic renovations can usually be done without spending a lot of money.

The location of the property is also important. Avoid buying a house for sale in neighborhoods that no one would want to live in. Make sure that the neighborhood will attract many buyers. You want to make sure that when you flip the house you make a large profit or at least break even.

Make Home Buying Little Less Tricky

How to find a home or someone to guide you through the purchase?

Make sure to take advantage of all the available options for finding homes on the market. Including using your real estate agent, searching for listings online and driving around the neighbourhoods that interest you. This will give you a sense of the housing trends in specific areas.

Although, not usually recommended a good real estate agent’s expertise can protect you from any pitfalls you might encounter during the process.

What specific features should your home have?

Home buying is usually the biggest purchase one makes amongst their list of purchases, since it relates to the place of ones ultimate residence and living space.

Therefore looking out for the availability of basic amenities must be a priority. Everyone deserves to have a purchase that fits both their needs and wants as closely as possible. Make sure your list includes basic desires, like neighbourhood and size all the way down to smaller details like bathroom layout and a kitchen that comes with trust-worthy appliances.

An apartment with many floors would require an elevator for easy commuting, car park space to avoid congestion etc. Amenities like a garden area, swimming pool are extra additives and not completely necessary to facilitate your basic living.

Do you need to decide funding in advance?

Yes, the best way to start home buying is to get pre qualified for a mortgage/loan. Therefore, before you start looking for a home, you will need to know how much you can actually spend.

In order to acquire an idea about your mortgage amount, you will have to collate all the necessary documents, proofs and get an understanding of how much savings can actually go in as payments.

All about Points For Purchasers

The true cost of a home is the purchase price plus whatever it takes to restore or maintain the home in serviceable condition. Without a professional home inspection you may not be aware of the total cost of the home you are considering. It is essential to have an idea of what to expect – which defects are major, which are minor and the approximate cost of repair, before you commit yourself. Of course, a fair home inspection should also point out the positive aspects of a house, as well as whether or not the existing systems and structure are capable of providing for any changes or renovations you may have in mind.

In short, a home inspection provides you with the knowledge you need to make more informed and confident decisions.

A professional home inspection should include an examination of the home, inside and out, from top to bottom. The resulting report should cover topics including the roof, exterior, structure, interior, plumbing, heating, cooling and electrical. Insulation, ventilation, the lot grading and any potential for basement dampness should also be addressed… practically, everything that can be seen without emptying or dismantling the house.

You may have extensive knowledge and may have been involved in repairs or renovations – you might even be a building trades person, however most people do not have the kind of knowledge and experience required to effectively perform an inspection and analysis of a complete building.

Moreover, the excitement and the processes involved in buying a home do not usually afford the opportunity to make a calm and objective assessment of the property.

The fact is, the best way to learn how to do inspections and write reports, is by doing them and writing them – so try to find a reputable inspection company or individual with a strong combination of education and experience in home inspections.

Look for someone who offers a clearly written, understandable report that you can use to learn about your house and how to look after it in the most cost-effective manner – as well as assisting you in making decisions at the time of purchase.

Ask if you have access to your inspector after you move in, in case you have questions about the house or your report, or questions about home improvements.

You can get referrals from your Realtor, your mortgage or insurance broker or your lawyer, and you can call prospective home inspectors to ask about their fees as well as references. If you are unsure, compare the different fees with the services offered, and ask your other professionals what they think. Be wary of inspectors with very low fees, as well as inspection services that seem to be “too good to be true.”

An inspection in Ontario is described as, “… an opinion of the present condition of the property, based on a visual inspection of the readily accessible features of the building.”

An inspection is not a guarantee, warranty or insurance policy. Without dismantling a house or its systems, and not having built or assembled the house, there are limitations. We can substantially reduce your risk, but we cannot eliminate it, nor do we assume it.

You can make your offer to purchase conditional upon the findings of a home inspection, and most inspections are booked immediately after acceptance of the conditional offer, although the inspection could be booked at any time. Inspections can, and often are booked with very little notice, however it is always better to call as soon as possible to be better assured of having an appointment time you prefer.

Attendance is not necessarily required, but we recommend that you do attend. In fact, most inspectors encourage you to attend the inspection. It represents an excellent opportunity to familiarize yourself with the property’s technical features, and the opportunity to ask questions and learn all kinds of things first-hand, from your inspector. In short, there’s nothing quite like being there!

Of course, due to unavoidable circumstances inspections are sometimes conducted without the buyers present. In this case you should call your inspector at the end of the inspection, or after you’ve reviewed your report to discuss the findings. Most inspectors are equipped to transmit your report electronically, either by email or by providing you with a download link. You should be able to fetch the report from anywhere that you can get on the internet.

Your inspector could also forward the report to your Realtor, your lawyer or another person who will download it for you. Electronic home inspection reports can typically be printed, and are often accompanied by a home reference manual of one kind or another.

Almost every report reveals some minor repair and maintenance concerns, even if the property has been well-maintained, but these flaws should not normally affect your purchase decision. If however major defects are revealed, you may decide to re-negotiate your offer. And it is possible that you may decide that the nature of the work required is beyond your means or ability, and that the house is not for you. The choice is yours.

However, if you can hold that any problems or defects are not necessarily something “terribly wrong” with the property and look at them simply from “how much will it cost to have it work properly”, then you will have a better, more objective understanding of the true nature of the situation. Frequently, apparent shortcomings in homes are ‘part in parcel’ with an area or item which you would like to change or renovate, and unless an item is of immediate concern to your comfort or safety, correction is therefore a redundant consideration.