Archive for the ‘Real Estate’ Category

6 factors influencing the real-estate renting market

Monday, February 12th, 2007

The first factor: seasonal prevalence
Splashes in demand for renting traditionally occur in September, when the business season and new academic year begin, and employees, travelers and students search for a short-term or long-term accommodation.
The second factor: tourism
Visiting of city and sightseeing is a hobby of all tourists. Therefore it is no wonder, that the offer in a segment of short-term rent is guided just by this contingent of clients and it is considered as the most profitable area of the renting market. At the height of a tourist season the price for rent can increase in two and more times. Besides, even under such price it will not be easy to find something suitable. In this case the so-known “by the day” rent (due to rather low prices and/or convenient location) becomes even more attractive for tourists.
The third factor: a site
In the market of short-term rent the apartments in the center are appreciated on the order above the apartments located in sleeping areas. Many companies working in this segment of the market are not engaged in sleeping areas apartments renting because of low demand for such areas.
The fourth factor: comfort
If the apartments of an economy class are rented with the minimal set of convenience (there can be a furniture and phone) more comfortable habitation, certainly, gets to the leaser in the repaired kind, equipped by home appliances and arranged by furniture. As to preferences of the tenant, it is necessary to note, that the presence of phone became not so important due to the cellular communication. Thus, washing machines are much more necessary.
The fifth factor: the slipping mortgage
The difficulties concerning the mortgage, dictated both by the fast rise in prices on apartments, and complexity of reception of the credit, induce people to consider rent as the powerful competitor to purchase under the hypothec credit. Really, if, for example, rent of a one-room apartment manages $350-500 (depending on area and comfort) monthly payments under the mortgage for the same apartment will reach $1000-1500 a month. Thus there is no necessity to accumulate an initial payment and to collect information for bank.
The sixth factor: competition
The number of the leased apartments increases every year. Thus owners of apartments will try to improve their quality - both due to the repair, and due to installation of home appliances. The refrigerator and the TV cease to be a necessary service minimum. The competition is to bring more advantages to the potential renters.
 

The main aspects of the contract of rent

Thursday, February 8th, 2007

Experts of the real estate market are unequivocal in the opinion - the contract of hiring should be concluded without fail who was the potential tenant.The basic moments which are necessary for reflecting in the contract are:

1. A rent payment. It cannot vary unilaterally during all validity of the contract;

2. Validity of the contract;

3. Transfer of all tenants, including children, with the instruction of nameplate data. This item will save the proprietor from of some the troubles connected with subrent;

4. The deposit (mortgage). The size of the deposit is usually equal to a monthly payment. Here it is important to register not only the sum of the deposit, but also to list carefully all those cases in which of the deposit in favor of the proprietor the certain sum will be withheld. For example, if in the contract the deposit is left for long-distance negotiations and damage of the TV and the renter has broken a suitcase it will be impossible to fine the renter;

5. Who, when and also what pays the accounts. Usually municipal payments and a user’s payment for stationary phone the proprietor pays, and light and long-distance negotiations - the renter. The Internet is paid as agreed;

6. Notwithstanding the fact that the renter should ask the sanction of the proprietor to any changes in an apartment, skilled realtors advise to add in the contract a line that all rearrangements, re-planning, delivery of an apartment in subrent, residing in an apartment of the third parties can be carried out only from the sanction of the proprietor;

7. Delays of payments. It is necessary to register penal sanctions at a delay of payments (a delay of what duration, etc.);

8. Prescheduled cancellation. Here it is necessary to register the admissible reasons of prescheduled cancellation of the contract, a condition, and presence of penal sanctions. The proprietor can stipulate, that the deposit will not be returned in case of prescheduled break of the contract by the renter;

9. If an apartment requires a repair, it also should be stipulated in the contract;

10. Current repair of all breakages of electricity, batteries is usually done by the renter, and this also should be matched in the contract (the sum can be subtracted from a rent).

At signing the contract the proprietor should present under the first requirement of the renter the appropriate documents on an apartment and the passport of the proprietor. If the proprietor has found out, that the apartment is maintained not how it has been stipulated in the contract, the sequence of the actions would be the following:

1. The oral/written prevention and/or the penalty;

2. A call to real estate agency (if the proprietor of an apartment handed over it without the help of agency, and preventions do not operate it is necessary to pass to the following item);

3. A designation of terms of eviction;

4. The reference into the court.

Using an Agent to Buy a Home

Thursday, January 18th, 2007

Do you know that you can use a real estate agent to buy a home? Many people think real estate agents only sell homes, but nothing could be further from the truth. If you are in the market for a new home you may want to get a real estate agent on your side. You may think that this is not necessary, but all in all a real estate agent can help you to find the home of your dreams. Many people pass this option by, but you should at least look into it if you are in the market for a new home.

So what can a real estate agent do for you if you are buying a home? First off, they have access to every property that is available in your area. This means that all you have to do is tell them what you are looking for, and in turn, they will be able to show you many different homes that suit your needs. This sure beats having to search through the newspaper for homes, or drive around neighborhoods that you think may suit your needs.

Another huge benefit of using a real estate agent to buy a home is that you do not have to pay them a dime. That is right; you can get the help of a real estate agent without having to pay out any money. So how does the real estate agent get paid then? Simply put the agent that they refer you to will share their commission with your real estate agent. This means that you get the help of a real estate agent, the agent gets paid, and the seller finds a buyer. Talk about the perfect set up for everybody involved.

Overall, a real estate agent can help you to buy a home just like they can help you to sell a home. If you want to buy a home, why not get the help of a local real estate agent? They have a lot to offer, and you will surely be able to benefit from what they bring to the table. It is at least worth a look!

For Sale By Owner: Prepare Home For Show

Thursday, January 18th, 2007

When acting as your own real estate agent, it is imperative that you cover all bases adequately. You must have a for sale by owner home that is in excellent condition and ready to be shown to potential buyers. It is not difficult to prepare your for sale by owner home for show but it does require proper planning and a little bit of work on your part to ensure success.

The outside of your for sale by owner home is the first thing potential buyers will see so it is very important to make sure it is clean and attractive. “Curb appeal,” or the way your home looks from the outside, is what attracts potential buyers so if you spruce it up a bit, they will want to view the inside of the for sale by owner home.

A neatly manicured and well-kept lawn implicitly signifies a well maintained for sale by owner home. You should make a weekly habit of cutting your lawn while your home is on display for sale. Be sure to rake leaves and to sweep the sidewalks on the weekends when your house is to be shown. If you have shrubs and or trees, remove debris and dead limbs to make them more presentable. It is a nice touch to plant extra flowers for color or to add potted flowers to lighten up the landscaping.

If fences are in ill repair or need work, repair them and touch them up with stain or with paint. Put away lawn equipment, children’s’ toys, and any other outdoor items. Keep large pets with neighbors so they do not interfere with the showing of your for sale by owner home.

The inside of your for sale by owner home is next on the list to make presentable for showing. It has been proven that people buy homes that appear spacious, clean, and solid. Dark colors and clutter turn off most buyers, this means you must get rid of everything that you can possibly live without. A good rule of thumb is this, if you cannot see your baseboard, the room is probably very cluttered.

To get rid of unnecessary things you may have, you may donate them to a charity or have a garage sale. The larger items that you must keep can be placed in storage. If you will be painting your interior, use white or an off-white paint. You should also replace your light bulbs with brighter, higher wattage bulbs. Again, the look you are going for is bright and spacious. Be sure to clean everything thoroughly including carpets and mirrored surfaces.

Clean the oven and all appliances and be sure to polish any chrome fixtures. Be especially particular about ridding your home of any odors such as from smoke or from pets. Fix any loose doorknobs, repair any broken windowpanes or leaky windowsills. Be sure any light fixtures are secure and in good repair. Also, be sure to repair any leaky pipes and to reapply caulk as needed.

These general tips will get you started on preparing your for sale by owner home for show. It is a good practice to view the for sale by owner home as though you are the buyer and to be particularly hard on yourself so a potential buyer won’t have to be. If you are worried that you may overlook something, it won’t hurt to get a friend or neighbor to do a walk thru of the home and to critique your efforts. This will ensure a complete and thorough preparation and will boost the appeal of your home.