Category Archives: Real Estate

Contractor to Do Work in Your Home

Aspect of hiring a contractor to do work in your home is to understand what permits, special requirements or licensure are required for each job.

REFERRALS
Be sure to ask for referrals and references and know the relationship of those referring parties to the contractor. Ask for pictures of installations on similar jobs that have been performed for others and give those referring parties a call or visit to ask how the work was performed, the attitude during the job, coming in on budget and wrapping up on time. Discover if there are any negative remarks online or with the BBB. Be sure he or she is qualified to handle the scope and type of work needed, especially with regard to special conditions such as lead based paint, asbestos, mold, etc.

IDENTITY
If the home is occupied, if personal items are stored there or is otherwise notid_verified vacant, be sure to qualify your contractor if he’s unknown to you through online services such as mysmartmove.com or others. Get a copy of the contractors driver’s license and have him sign a w-9 to include his social security number. If you’re an investor and renovations are common for you, you may want to investigate the Verify Photo ID app recommended by Inman News.

CONTRACT
Next, execute an Independent Contractor Agreement with your contractor. Be certain it has no verbiage or requirements to suggest the contractor is an employee of yours.

PHASES
Now is the time to outline and understand the three phases of the renovation. The initial Phase One is paid on day 1 of the job. The subsequent draws for Phases Two and Three should be paid by the week, on a Monday or Tuesday. In constructing the phases, the contractor should budget for each item and any overages or misquote is the responsibility of the contractor, not the homeowner. Make sure your agreement covers things such as milestones, and outlines the scope and sequence of the work to be completed. The contract should include the description of all work, and condition of Customer Satisfaction such as all items completed in a workman like manner, job site left clean and tidy daily, and no items incomplete.

MATERIALS
Ideally the home owner should have chosen paint colors, sheens, types for each space, cabinets, granite and whatever materials will be used in the project at the source. Have your Independent Contractor pay for those materials and have that provider deliver the materials to the job site, then reimburse the contractor immediately – this strategy avoids any appearance of establishing an employee/employer relationship. Do not pay for routine tools and supplies the contractor uses in his everyday business such as paint brushes, ladders, tarps, etc.

Potential Home Buyers Towards Gurgaon

The recent boom in real estate market can be mainly contributed to the metro rail that connects the Gurgaon city with the country’s capital city Delhi. So people who cannot afford to buy a flat in Delhi can very well choose flats in Gurgaon for their investment as they can travel to Delhi easily for work.

While there were unexpected slow slowdown in the real estate market of Gurgaon in the previous two years, the market has now getting on to a stable mode after inviting in new projects. Now Gurgaon builders have started to see Gurgaon as a best place for investment. Gurgaon has a lot of localities have a good reason to mention them as best one for investment.

The area around the Northern Peripheral Road with its rapid development have promised to offer a high return of interest in another few years. Its close proximity to the airport and to Delhi has fetched it a peak position in Gurgaon real estate. This Dwarka-Gurgaon link expressway or the Northern Peripheral Road also helps people to avoid traffic during the peak hours on the Gurgaon toll near Delhi. With such expected appreciation, this sector is ideal for potential home buyers. Other sectors of Gurgaon, which are also making their move towards becoming a residential destinations are Sectors 80, 81, 82, 85, 86, 90, 92, 93 and 95.

Gurgaon real estate has gained a promising place in Haryana in just last two decades owing to its infrastructural development and government support. With favourable tax policies given by the state government to the investors, Gurgaon has emerged as a well-planned development area. Also the Haryana Urban Development Authority (HUDA) has taken several steps towards making Gurgaon a developed city with both social and physical infrastructure.Apart from these compelling reasons, there are also other driving forces that attract potential buyers here such as a large opportunity from the IT and IT companies that have flagged their offices here in Gurgaon. So people working in the NCR region does not want to stay in the already overcrowded Delhi

Size Your Residential Real Estate Needs

Planning your house yourself give you the leverage of choosing every little thing from layout of the structure to the color of the cabinet, which is one of the most dominant reasons why the culture of newly constructed house is increasing day by day. The major drawback that comes along buying a brand new constructed house is the list of unplanned expenses that occur meanwhile the construction.

Condominiums

Condominiums are the individual flats located in a multi-story building. The condominium building generally has its own recreation centers, parks, shopping hubs and is governed by an association that determines the monthly fee and takes care of the maintenance and improvement of the building. The major drawback of living in a condominium is the lack of privacy and increased depreciation during a housing- market downturn.

Townhouses

Vertically joined in a row with other similar looking houses, townhouses are perfect for the people who are seeking for the privacy of a single family apartment along with the exterior maintenance of a condo. Townhouses are generally located in the vicinity of schools and parks. They are bit cheaper compared to the condominiums and newly built houses but will not be the right choice if you are overly sensitive about noise coming from the adjacent shared wall.

Foreclosure Property

Foreclosure properties are known to be an inexpensive alternative for the people looking for a previously owned home that require minor repairs and modifications. A foreclosure property is also known as Real Estate Owned property and is often owned by the lender as the previous owner defaulted on paying back loan. Foreclosure properties are usually up to 65% below the market and are considered to be best deals on the market.

Second Homes

The second home is a secret hideaway people buy to get away from the standardization of life and spend a week or two into the woods away from the hustle and bustle of town. The second or vacation homes are difficult to maintain as there is no one to look after the repairs and maintenance of the house when you are away.

 

Foreign Buyers of UK Homes

That has actually expanded to cities elsewhere in England. And with the outcome of the May 2015 elections, combined with continued instability abroad, that trend may not reverse itself for some time.

And it does affect ordinary citizens in the UK. Part of what drives up the cost of real estate throughout London has been the extreme degree to which the most expensive homes in Central London are sold to foreigners, almost all for cash seeking a safe, stable haven. In September 2014, The Telegraph reported that 20% of buyers in Westminster, Kensington and the City of London were sold to people from Russia, Italy, France and the Middle East. Among the top boroughs favoured by foreign buyers were Camden, Islington and Hammersmith and Fulham.

Most maddening to native residents of Great Britain is the report that 60,000 of these homes in London sit empty. Few of those buyers actually live here as they hold those properties as financial assets. One estate agent told The Telegraph that some developers are specifically building at very high luxury levels specifically to attract these buyers; the average price for prime property in Central London reached £4.7 million as of the middle of 2014.

At mid-price levels at city’s edge and elsewhere in England and Wales, developers are building homes that are affordable to the middle class. This helps fill the yawning gap of the UK’s housing shortage, particularly where homes are needed to house families near emerging companies outside London. That said, The Daily Mail reported in October 2014, “some Chinese buyers who can pay in cash are touring northern towns to find investment opportunities. Experts fear this trend will force up prices for ordinary families.”

In the run-up to the May election, the Labour party spoke of a mansion tax that might diminish foreign interest in buying in the UK. But with that party’s loss, the idea of this type of tax was trounced as well. Estate agents who work with overseas buyers reported an immediate surge of interest on the very night the election results were reported.

Real Estate in Costa Rica

 For lovers of nature, the Arenal region presents a perfect residence with long stretching green landscapes and volcanic mountains, lakes and rural communities that live peacefully. Enthusiasts can opt for Jaro area of Central Pacific Coast, which offers a resort town with bustling fun activities. In Costa Rica, there is no limitation on the hobbies and activities. The environment is a perfect inclusion of entertainment, urban and rural lifestyles and top quality medical care.

Advantages of living in Costa Rica

whether you are an affluent businessman or a soon-to-retire employee on pension securities, Costa Rica presents one of the best destinations for retirement. The first attraction in the area is their fantastic year-round warm weather. The environment is serene and perfect for raising families. The residents are quite friendly with a “Pura Vida” (life is good) lifestyle and attitude.

The region offers bargain real estate and foreigners have the same rights as locals that are amazing. Besides, the health care is high quality and low cost, a combination that is increasingly becoming difficult to spot in other nations. Qualifying for residence as a retiree in Costa Rica is relatively easy. The Pensioned program only requires one to give $1,000 per month per couple from pension, social security or disability. The greatest benefit of this program is that residents have a government health care system (Caja) which demands a very low monthly fee. Besides, there are several established active communities distributed across the country. This means you will access a busy social life and indulge in as many hobbies as possible.

Property and surrounding

People have the liberty to stay wherever they please in Costa Rica. The real estate industry has grown tremendously mainly because this nation is a tourist hotspot. You can find all sorts of elegant design property ranging from fully furnished luxury estates with beautiful ocean views and beach properties to investment property, commercial lands and residential homes on sale. Whether you need exquisite condos or vocational rentals, farms and mountain properties, Costa Rica provides many options.

Those on social security, pension, disability or other security for living in Costa Rica have the most benefits. They will enjoy top market designs and access low-cost, high-quality medical care. It is important to choose real estate agents who are experienced professionals with quality guarantee. This will ensure you enjoy bargain rates and discounts. There are a few considerations to make, and retirement plans must be keenly evaluated to prevent overpayments and undesirable installments.

Purchasing Real Estate Properties in Pakistan

If you happen to be looking for a property, then you might want to check the real estate industry of Pakistan. The sector has been continuously growing in the past few years and with the drop in mortgage interest loans, it is an attractive place to invest.

Foreigners

Foreign buyers should not be deterred from purchasing property in the country. While the process involved is lengthy, following closely the requirements would ensure a smooth transaction.. Foreign buyers who wish to purchase or rent a property should provide a valid passport, a copy of the landlord/realtors CNIC, attested copy of ownership, valid contract and an employment contract in case the buyer is working for a company. These are just some of the requirements that the government requires whenever buying and selling property.

Buying Properties

Buyers should thoroughly check the property that they are purchasing to ensure that the property is clean and ownership of the property actually resides with the seller. Sales Deeds are the best way to determine if the property is unencumbered and these can be found from the local authorities. It is crucial that buyers check the property to avoid any penalties from the government.

Properties in Pakistan are governed by several laws as well as regulations of the province or municipality where the property is located. The most important law that buyers should take a look at is the Transfer of Property Act 1882, Stamp Act 1899, Land Revenue Act 1967 and the Registration Act 1908. These laws outline the legal requirements as well as liabilities that may arise in buying or selling properties.

For the title to be transferred to a new owner, a Sales Deed or “Bay Nama” must be registered at the government registrar office. The Sales Deed must have a stamp duty affixed on it. The stamp duty shows the percentage of the transaction value of the property and differs depending on the size and value of the property itself. In modern housing properties, a simple allotment letter is sufficient proof that the property is legally transferred to the buyer.

Rental Properties and Real Estate in Ecuador

Foreigners typically have to understand the rental laws in their host country because most of them like the flexibility that comes with this type of living arrangement. It is important to be aware of this so that you can avoid any untoward incident with your future landlord or landlady or maybe even a purchase of Real Estate in Ecuador. You want to keep yourself from violating any of the local laws and at the same time, you want to know your rights as a tenant and as an owner of Real Estate in Ecuador.

To give you a brief understanding of your rental rights in Ecuador, here are the 4 important details that you have to know.

On the lease period.

Most of the rental contracts, according to Ecuador Real Estate laws, are good for one year. However, the tenant has the right to request for a two year contract. During this time, the landlord or landlady is not allowed to raise the rent. So, if you know that you can stay in a home for at least 2 years, then you may want to request for a two year contract from the landlord. If they agree but they still raised the rent on you in your second year, then you can file a complaint with the rental court (Juez de Inquilinato). Should the court rule against the landlord, they will be fined for violating the law of Real Estate in Ecuador.

On contract termination.

In case of an early termination, a notice is expected from the party that initiated the end of the contract for the Real Estate. If initiated by the landlord or landlady, the tenant should be given at least 3 months’ notice so they have ample time to look for another home to move into. If the tenant or renter initiated it, they need to give the landlord at least one month’s notice before the date they will move out. There may be some landlords who will force tenants to pay the remaining months in the contract but the latter is not obligated to comply.

On the rental price.

The Ecuador laws on renting homes and Real Estate in Ecuador, the landlord or landlady is only allowed to charge rent based on the value and current condition of the home. The law cites a formula that determines the percentage of the rent. That means if you are renting in a great home and in an affluent neighborhood, expect to pay more in rent as opposed to the homes in more modest communities. In case the landlord wants to raise his rate further than what is allowed, they have to file a petition in a rental court. You also have to know that the current law does not permit landlords to make automatic annual raises in the rent.

On the legality of the rental contract.

It is also specified in the law that the rental contract is only valid if it is duly notarized. If the contract you signed is not, then the landlord or landlady cannot take legal action against you. But if they have a copy of a notarized rental contract, then that can be presented as a valid document in court.

Important amendments to the rental law in 2012 for Real Estate in Ecuador

There had been amendments to this law and you may want to keep abreast about all of them. In 2012, the Ecuador President vetoed the Reformas a la Ley de Inquilinato and sent it over to the National Assembly for a second debate. On February 2013, the approved text of the reformed law (Law Amending the Codified Leasehold Law) was send to the President for approval, veto or disapproval.

The main amendments are as follows

Municipalities are mandated to have a Leasehold Registration Office of the Real Estate in Ecuador that has renters and that will help keep records of rental contracts. The landlord has to get a registration within 30 days from the date of the rental contract. They have to present proof of a security deposit and rent certificate. Failure to comply by landlord and late registrations will be fined by up to 10% of the rental price. This office is also responsible for determining the highest rental price of a property and looking after the deposit of the tenant.The rental price of any property should not be greater than 1/12 of 10% of its commercial appraisal. The landlord or landlady will be fined for any violation of this clause. They are also not allowed to ask the tenant to pay for any expense involving horizontal property regimes (or areas co-owned and used by other people). They are also not allowed to suspend the utilities of the tenant even if they failed to pay their rent

Future For Estate Agency

The technology industry needs a very quick response if a business needs to be in the market for a future intent. However, the property and estate agent industry has now been on a steady position and there are bright chances for it to remain income generating in the future. On the other hand, the internet service providers which used to offer the card system have become extinct.

When it comes to focusing on the real estate business specifically one may expect the brightness of future for a number of reasons a few of these reasons may include the following:

Boom of Residential Spaces

These days at every point what we see is the construction of a new residential space which may be a bungalow or a huge building. The population is increasing day by day and with this the demand of residential properties is also increasing with the same pace. Therefore the future of estate agencies here may prove being a very outstanding one because when it comes to the sales and purchases of these residential spaces there is a major chance of the business of real estate to take a boom. The relation between the real estate and the residential properties is a direct one because people need a home for shelter and real estate may give a perfect deal.

Trend of Shopping Malls

Another very commonly increased concept all over the world is the prevailing concept of shopping malls. Previously people accustomed to run after the differed shops in different corners but with the passage of time these malls are taking very significant place in the lives of every individual. In this regard, the development of malls may leave out numerous shops and stores on individual basis which may need a selling agent and here the role of the real estate is something essential

The Toronto Real Estate Market

The Toronto real estate market continues its seemingly unstoppable pace. 8,200 house or condominium trades took place in September, making it the highest sales-volume-September on record. The Toronto Real Estate Board has predicted that a total of 100,000 sales to take place in 2015. If that number is achieved, it too will be a record.

We still do not have a balanced market. Sellers are few and Buyers are many. The City of Toronto has only 2.2 months of inventory currently listed. This supply represents about half the number of listings needed for a balanced market, and is down 7.3% from last year. Buyers still find themselves in competition for the homes they want

For detached houses in the Toronto Real Estate Board’s districts of Lawrence Park and Forest Hill North, September’s benchmark price was over $1.3 million. That represents an 11% gain year over year. Benchmark prices in the districts of North Toronto and Forest Hill South rose 7% to over $1.2 million. The districts of Casa Loma, Deer Park and The Annex gained slightly at 2% with a benchmark of close to $1.4 million. The district of Rosedale and Moore Park had a benchmark price of nearly $1.7 million – another 2% gain.

Every year, Toronto gains approximately 100,000 citizens, many of whom have chosen to make this city their home. Other new households are created by divorce, by young adults starting out on their own, or by couples becoming families. There is constant pressure for the city to create new places to live. However, Toronto’s size is limited by the Greenbelt and the lake. The demand for quality homes is greater than the supply.

As long as the demand for houses or condominiums is greater than supply, prices will be strong. As long as interest rates remain low, Buyers will be able to borrow money inexpensively. It is hard to imagine a savings program or financial instrument that will give a better rate of return than real estate

The Right Resale Value for Your Property

Hence, it is worthwhile to put in a little bit of effort that will make your property look a lot more attractive to potential buyers. Here are some expert tips that will help enhance the resale value of your home by tens of thousands if not few lakhs.

Pep up the exteriors

As soon as a home is bought, homeowners spend time, money and energy in designing the interiors to their whims and fancy. What they miss to see is that, the exteriors play a major role in creating an impression in the minds of a potential buyer than the interior. It is the exterior that is first seen before they take a walkthrough of the interiors. Hence, pay attention to pepping up your exteriors in equal measure to the interiors to get a better resale value.

Creating additional space

An extra room is fine, but what if it serves no purpose? Moreover, what if that extra room does not fit into the ergonomic layout of the home properly? Instead, think of ways to increase the space inside the home. There are plenty of architect firms with interior designers and vasthu consultants who help altering the physical dimensions of any home to make it appear spacious and airy. A spacious home will fetch a higher resale price than one which boasts about a tiny and ill-fitting extra room.

Setting right minor repairs

Like drops of water that collect together to form a messy puddle, a number of unattended minor repairs can wash away a significant portion of your property’s resale value. A prospective buyer will be more interested in knowing the present physical condition and the expected longevity of the house before making a final decision.

The scene of leaking walls, falling patches and plumbing problems can definitely take a hit on the property’s sale worthiness. Hence, make sure all minor repairs are attended to on a regular basis.

Keep a cushion for price negotiation

Indians are ruthless negotiators. We love to bargain for the best deal in every transaction. Especially when it is about buying a new home expect the negotiation process to be fiercer than what you can imagine. Hence, make sure you price your property with some cushion for reduction during the negotiation process.