9 Easy Steps to Buy Your Dream Home
The Union Budget 2008-09 has brought in cheer for the tax payers, particularly due to increase in the tax slab. Now many more will be able to convert their dreams of owning a home into reality. Let's explore how this can be made possible along with various other facets of owning a home.
The sojourn begins!
The journey from applying for a loan to getting one is the most important part of reaching the goal, your dream house. The exercise begins with the property selection, moves on to bank selection and passing through many more procedures reaches the destination. We have made an attempt to simplify the journey so that it becomes a rewarding experience.
1. Identify the property
There is no dearth of options in the real estate market where builders are in a cut-throat competition to woo buyers. It is extremely necessary to do a check on the reputation of the builder associated with the project. Irrespective of whether you are investing in a resale property, a ready-to-move-in flat or an under-construction project, make sure that the title deeds relating to the property are in place.
Check if the property is available only on a power of attorney or pugree basis as funds for such properties may be a problem. Banks are known to reserve the best of deals for loan seekers who have already identified the property they wish to purchase. The advantage of this is that your chosen lender will not only have approved your credit but also the property. This will ensure that there are no surprises later.
2. How much loan are you entitled for?
While budget considerations always dominate your decision of buying a property, it is also good to have an idea of the extent of finance banks may offer. The loan amount sanctioned depends on three important factors:
~ Your income
~ Repayment history and
~ The cost of the property
Based on a broad and general set of calculations, you can get up to 3.5-4 times your annual gross income as home loan. Irrespective of the basis of calculation, the loan eligibility for a longer tenure loan will be much higher.
3. Never choose a lender till the property is identified
While most banks will provide finance for ready-to-move-in properties, some banks do not readily finance a property which is being self-constructed or a property under construction. Also, if the property is very old or is being developed by a relatively unknown builder, the bank might have an issue with providing a property loan.
Take a sanction for the loan only after identifying the property. Banks are known to reserve the best deals for immediate disbursement cases.
4. How the banks look at your loan eligibility
Banks have different ways to calculate your loan eligibility.
If loan eligibility based on your income is likely to be an issue, then talk to several banks to find out which bank can give you the maximum amount. It may so happen that based on your own income, as well as your spouse's, you may still not be eligible to get the amount of loan that you require. Then you must seek a bank that allows you to club the incomes of your other close relatives (parents, siblings, children etc) to increase your loan eligibility.
You can use calculators available on various sites for calculating your eligibility like home loan eligibility.
Also preliminary enquiries with a couple of banks will give you a rough idea of your loan eligibility based on your income. The lender also restricts your loan amount to around 85-90 per cent of the cost of the property (even though the loan eligibility based on your income may be higher). Of course most lenders include the stamp duty and registration charges in the cost of the property while calculating this 85-90 per cent loan eligibility.
Valuation of real estate is still in its infancy in India. In many cases, the valuer determines the value of the property at an amount that is lower than the documented cost of the property and this would result in the loan amount being lower. Your bank will only fund a certain percentage of the cost or valuation of the property, whichever is lower.
So a good idea would be to buy a property from a reputed builder where such problems normally don't arise. For other cases it might be a good idea to agree to pay a small fee to the bank to do a valuation before hand to ensure that you do not land up with a surprise later.
5. Loan eligibility calculation
The ability to repay a housing loan is based on your income and expenditure pattern. In case your monthly income is Rs 10,000 and your monthly expense is Rs 8,000, then Rs 2,000 can be considered as the sum you can pay as a home loan EMI (equated monthly installment).
A working example will give you an idea of how you can calculate your loan eligibility.
At an interest rate of 9 per cent, the monthly installment of an Rs 1 lakh loan for a 20-year loan is Rs 900. Banks calculate the loan eligibility based on a simple formula:
Home loan eligibility in lakhs is equal to the amount determined by the bank as available for loan repayment divided by loan installment per lakh for the selected tenure.
Or
Loan eligibility = Rs 2, 000/900 x 1 lakh = Rs 2.2 lakh
Larger your repayment capability, the higher will be your loan eligibility.
6. Fixed or floating interest rates
Banks offer home loans on fixed or floating interest rates. Irrespective of the option you have chosen; remember this is not a one-time decision.
Though banks claim to offer 'fixed rate loans', most of these are accompanied by a reset clause, that is, banks have the right to change the rate of interest after a specified time period. Only a few banks offer genuine fixed rates that remain fixed throughout the tenure of the loan, no matter what.
Floating rate loans are linked to banks' benchmark rate, so interest rates on these loans fluctuate with the benchmark rates. If benchmark rates increase your loating home loan interest rate also increases and vice versa. Floating rate loans are, however, at least 2.5 per cent cheaper than a comparative tenure fixed rate housing loan.
There is safety in numbers, though. Over 90 per cent of the home loan consumers opt for floating rate loans. If you go in for a floating rate home loan, you also get the benefit of reducing interest rates as (not if) and when the interest rate cycle turns and commences on its downward journey. Even if the interest rates rise, in the interim as long as they do not rise above the 2.5 per cent differential; you are still a net gainer. Remember there is a gap of 2.5 per cent between floating and fixed rate home loans as mentioned earlier.
We advise you to go in for a transparent floating rate loan unless, you want to play it completely safe and are willing to pay the premium (in terms of high interest rates) for such safety. In any case, signing a fixed rate loan, that is not a genuine fixed rate loan makes no sense, whatsoever.
One thing to watch out for is the bank not reducing the floating rate applicable to you even though it is giving loans to new consumers at a lower rate. The only safeguard against this is to keep checking the market and if such a situation arises you should threaten to (and should actually) change your lender unless your lender actually gives the benefit of the reduced rates to you.
7. Keep checking around
Be a vigilant consumer even if you have opted for a fixed rate of interest. As a matter of practice, assess how the markets have moved in a six-month period and consider the costs and benefits of changing your decision.
Go window-shopping, then bargain and bargain. Bargain for some more then till you are sure that you have got the best deal.
You should shortlist four or five banks and get the short listed banks to compete for your loan. The cost of your loan depends a lot on your ability to negotiate. Interest rates offered by banks take your income and repayment profile into consideration. Apart from interest rates, also check various charges like processing fees, pre-payment charges, legal fees, valuation fees and other hidden costs.
8. Getting your sanction letter
Once your application is accepted, your interpersonal communication with your bank begins which entails your assessment regarding loan repayment capacity.
The next step is your credit appraisal and sanction of the loan. If all goes well, your loan is sanctioned. If the bank is not convinced about your credentials, your application may get rejected. The sanction letter is an important piece of document.
The bank will give you an offer letter informing you of the following; loan amount, interest rate (fixed or floating) tenure, repayment mode and the general terms and conditions. You will be asked to sign on, on a copy of this letter as your acceptance.
The moment of reckoning has finally come! You receive your home loan cheque.
9. The sojourn is not over yet
In insurance parlance, an insurance policy which covers a home loan is known as 'loan cover term assurance policy'. This policy covers the home loan amount taken in case of an unfortunate event such as untimely demise of the borrower. The cover on such a policy keeps reducing with the amount of EMIs paid. So, the loan amount covered reduces with the loan amount outstanding.
Lenders nowadays offer home loans bundled with insurance companies. Some lenders also offer insurance policies and the amount payable towards the same is a part of the loan as well as the loan EMI. Though insurance-cum-home loan tie-up offers convenience to the borrower, most insurance companies offer single premium or the 'limited premium paying term' plan to home loan seekers. This may prove to be a costly affair in the long run.
Limited premium payments (LPP) are not favourable on one more count? It has been observed that home loan borrowers pay-off the home loan well within the tenure because with time their repayment capacity also increases.
A lot of individuals are also under the illusion that if they are sufficiently covered, they don't need to insure themselves further just to cover the loan amount. But they should understand is that the current life insurance cover was actually meant to serve a different purpose like retirement or financial needs of the family in their absence.
In case of an eventuality, the survivors will find it difficult to payoff the outstanding home loan amount. And it wouldn't hurt your housing finance company to sell the property to recover the dues in case of a loan payment default. This alone makes a case for individuals to consider buying a term plan/loan cover term assurance.
As housing loan durations are long, it would be prudent to take such a cover. So go ahead and follow your dream...
Wednesday, December 2, 2009
Monday, August 10, 2009
Apartment Hunting Tips
Finding an apartment in New York City can be a daunting process. In today's tight real estate market, stories abound about apartment hunters seeing scores of units before finding a suitable one, only to be outbid by a prospective tenant with check in hand. It is also common to hear anecdotes about unbelievable deals on centrally-placed apartments found simply by word-of-mouth. How do apartment hunters actually find a place to live in New York City? Check out our Top Ten List to see the most common ways New Yorkers find apartments.
Ways to Find an Apartment
1: Brokers One of the most common methods of finding an apartment in New York City is using a real estate broker. If you know what neighborhood you want to live in, it's usually best to find a broker based there. Many brokers also have Web sites where you can view available apartments, sometimes even with photos and detailed descriptions.
2: Word-of-Mouth There is good news for those who would prefer not to pay hefty brokers' fees: a substantial number of New Yorkers find their units by word-of-mouth, mostly from friends, relatives, and co-workers. If you're looking for an apartment, make sure everyone you know knows that you're looking.
3: Classified Ads The third most common method used by recent movers is a classic: the classified ad. Movers cite using the New York Times, the Village Voice, the Daily News, local or community papers, and Newsday. Foreign-language or ethnic newspapers, such as El Diario and the Jewish Press, are also a good source of classified ads. Many newspapers now post their classified ads online, so make sure to check out the Web sites of local papers and online message boards like newyork.craigslist.org.
4: Walking Around A small but notable percentage of movers find their apartment when they simply see a "For Rent" sign. It can pay to walk around the neighborhood you want to live in and look around.
5: Housing Office If you're living here for professional or educational reasons, don't neglect your organization's housing office or service. They know what you often don't about renting in New York City and it's their job to help you find a great new apartment.
6: Apartment Referral Service Referral services are a growing resource that savvy hunters, especially those who are comfortable searching on the Internet, should not neglect. For a monthly fee these services will provide you with a list of no-fee apartment rentals as they become available.
7: Finding a Vacant Apartment in Same Building Other movers find their apartments in the same building in which they already live. Be proactive and talk to neighbors, doormen, supers, landlords, and/or your management company to see if another apartment is available in the same building.
8: Going on Waiting Lists Affordable housing is often offered through waiting lists or application lotteries. If you have time before you need to move, put your name on waiting lists and/or fill out applications for affordable housing through the NYC Department of Housing Preservation & Development (HPD), the New York City Housing Development Corporation (HDC), or the NYC Housing Authority (NYCHA).
9: Community Groups You may occasionally find housing through local government offices or community groups that keep information on neighborhood housing notices.
10: Apartment Guides Lastly, don't forget to rely on resources like our Apartment Guide. These general references provide information about leases and other housing issues.
Ways to Find an Apartment
1: Brokers One of the most common methods of finding an apartment in New York City is using a real estate broker. If you know what neighborhood you want to live in, it's usually best to find a broker based there. Many brokers also have Web sites where you can view available apartments, sometimes even with photos and detailed descriptions.
2: Word-of-Mouth There is good news for those who would prefer not to pay hefty brokers' fees: a substantial number of New Yorkers find their units by word-of-mouth, mostly from friends, relatives, and co-workers. If you're looking for an apartment, make sure everyone you know knows that you're looking.
3: Classified Ads The third most common method used by recent movers is a classic: the classified ad. Movers cite using the New York Times, the Village Voice, the Daily News, local or community papers, and Newsday. Foreign-language or ethnic newspapers, such as El Diario and the Jewish Press, are also a good source of classified ads. Many newspapers now post their classified ads online, so make sure to check out the Web sites of local papers and online message boards like newyork.craigslist.org.
4: Walking Around A small but notable percentage of movers find their apartment when they simply see a "For Rent" sign. It can pay to walk around the neighborhood you want to live in and look around.
5: Housing Office If you're living here for professional or educational reasons, don't neglect your organization's housing office or service. They know what you often don't about renting in New York City and it's their job to help you find a great new apartment.
6: Apartment Referral Service Referral services are a growing resource that savvy hunters, especially those who are comfortable searching on the Internet, should not neglect. For a monthly fee these services will provide you with a list of no-fee apartment rentals as they become available.
7: Finding a Vacant Apartment in Same Building Other movers find their apartments in the same building in which they already live. Be proactive and talk to neighbors, doormen, supers, landlords, and/or your management company to see if another apartment is available in the same building.
8: Going on Waiting Lists Affordable housing is often offered through waiting lists or application lotteries. If you have time before you need to move, put your name on waiting lists and/or fill out applications for affordable housing through the NYC Department of Housing Preservation & Development (HPD), the New York City Housing Development Corporation (HDC), or the NYC Housing Authority (NYCHA).
9: Community Groups You may occasionally find housing through local government offices or community groups that keep information on neighborhood housing notices.
10: Apartment Guides Lastly, don't forget to rely on resources like our Apartment Guide. These general references provide information about leases and other housing issues.
Wednesday, July 29, 2009
Ten Location Selecting Tips When Buying a House
Real Estate Information & Tips
Buying a home - Tips on selecting the ideal location
LOCATION - Is still the number one factor for real estate value
Ten Location Selecting Tips When Buying a House
1. Look for a home location that has only residential properties around it. Dream Home Cartoon
A mix of industrial units and residential properties is not an ideal location for a home.
People usually want peace and quiet in a residential area.
Having industrial units like factories etc results in higher traffic, pollution and noise and home buyers would consider this a negative point.
2. Look for a house that blends into the neighborhood. For instance, you don’t want to buy a monster size house that is surrounded by small houses around it.
Property value of one’s home will greatly be affected with other homes in their area. It costs money to maintain properties and you want to buy a home where people of somewhat the same economic standard live.
3. Many investors buy smaller homes and rent them out waiting for a price escalation to make a profit by selling the home.
Rental homes are quite often neglected by tenants. While the homes landlord continues to get his monthly rent the neighborhoods property values do suffer due to unmaintained lawns or shabby looking homes around them sticking out like a sore thumb to potential buyers.
You want to stay away from areas that have too many renters.
4. Having a milk store across the street is quite convenient, but may not be great when it comes to property values. Strip plazas invite shoppers as well as people who just hang around the stores. Not very desirable to many potential home buyers. It is better to walk a block for your milk than to buy a home right next to a store.
5. You will be surprised as to how many home buyers fail to notice those huge overhead power cable lines going over the back yards of homes. Drive around to check what is actually around the potential home you are thinking of buying. Look for schools, stores, banks and major highways.
Typically living across schools, stores, parks or close to highways is not very desirable as noise, parking and security could be major concerns.
6. Buying a home close to a hospital may be desirable to some, but keep in mind those ambulance sirens that will fill the air at odd hours of the day and night. (Continued on next column)
7. Corner homes usually sell for a premium; in most cases the house lot is bigger for corner homes. However while you end up with a bigger lot, many experienced home buyers stay away from corner homes as they are an easier target for theft. Security is a valid concern for home buyers.
8. When choosing a location for a home purchase, take note of any vacant land in the immediate neighborhood. Before buying check with the local municipal office what will be built on the vacant land. You don’t want any surprises after you have purchased a home. Many experienced buyers prefer established neighborhoods.
9. Check to see if you have an airport nearby and whether you’re potential home is on the flight path. Noise from planes taking off and landing can be quite annoying when you want to relax at home.House for Sale
10. There are many types of homes such as: detached, semi-detached, town houses and condominiums and high rise apartment buildings. If you are buying an detached home then select a location where the majority of the homes are detached homes. Having cheaper apartments or other types of homes next to your expensive detached home will probably lower your homes appeal to potential future buyers.
Buying a home - Tips on selecting the ideal location
LOCATION - Is still the number one factor for real estate value
Ten Location Selecting Tips When Buying a House
1. Look for a home location that has only residential properties around it. Dream Home Cartoon
A mix of industrial units and residential properties is not an ideal location for a home.
People usually want peace and quiet in a residential area.
Having industrial units like factories etc results in higher traffic, pollution and noise and home buyers would consider this a negative point.
2. Look for a house that blends into the neighborhood. For instance, you don’t want to buy a monster size house that is surrounded by small houses around it.
Property value of one’s home will greatly be affected with other homes in their area. It costs money to maintain properties and you want to buy a home where people of somewhat the same economic standard live.
3. Many investors buy smaller homes and rent them out waiting for a price escalation to make a profit by selling the home.
Rental homes are quite often neglected by tenants. While the homes landlord continues to get his monthly rent the neighborhoods property values do suffer due to unmaintained lawns or shabby looking homes around them sticking out like a sore thumb to potential buyers.
You want to stay away from areas that have too many renters.
4. Having a milk store across the street is quite convenient, but may not be great when it comes to property values. Strip plazas invite shoppers as well as people who just hang around the stores. Not very desirable to many potential home buyers. It is better to walk a block for your milk than to buy a home right next to a store.
5. You will be surprised as to how many home buyers fail to notice those huge overhead power cable lines going over the back yards of homes. Drive around to check what is actually around the potential home you are thinking of buying. Look for schools, stores, banks and major highways.
Typically living across schools, stores, parks or close to highways is not very desirable as noise, parking and security could be major concerns.
6. Buying a home close to a hospital may be desirable to some, but keep in mind those ambulance sirens that will fill the air at odd hours of the day and night. (Continued on next column)
7. Corner homes usually sell for a premium; in most cases the house lot is bigger for corner homes. However while you end up with a bigger lot, many experienced home buyers stay away from corner homes as they are an easier target for theft. Security is a valid concern for home buyers.
8. When choosing a location for a home purchase, take note of any vacant land in the immediate neighborhood. Before buying check with the local municipal office what will be built on the vacant land. You don’t want any surprises after you have purchased a home. Many experienced buyers prefer established neighborhoods.
9. Check to see if you have an airport nearby and whether you’re potential home is on the flight path. Noise from planes taking off and landing can be quite annoying when you want to relax at home.House for Sale
10. There are many types of homes such as: detached, semi-detached, town houses and condominiums and high rise apartment buildings. If you are buying an detached home then select a location where the majority of the homes are detached homes. Having cheaper apartments or other types of homes next to your expensive detached home will probably lower your homes appeal to potential future buyers.
Tuesday, July 28, 2009
How To: Choose An Apartment
So, you're looking for an apartment; it's essential that you choose well. Most landlords require that you sign a lease, and most leases are for an entire year, so you'd better make sure you are happy with where you live (unless that isn't where you spend most of your time).
let the hunt begin
There are always the classifieds and ads on the community bulletin boards at the grocery store. The best way to find a place is to drive around neighborhoods that are appealing to you, check out if any of the buildings have "For Rent" signs, and take down the numbers. Sometimes it's possible to view the apartments without an appointment, so this method is a big time-saver.
location, location, location...
Decide whether you'd like to live in the city or the suburbs. The advantage to living downtown is that you are in close proximity to everything: restaurants, movie theaters, shopping districts, and other entertainment. If you work in Manhattan and your place is on the Upper West Side, this would be another advantage. Ideally, the thought of sparing only a small amount of time traveling is also very appealing.
The disadvantage of living downtown is the cost, and depending on where the building you choose is located, it could prove to be very noisy.
If you think you might prefer the suburbs, then consider the travel time to get to work. Of course, this may not even be a factor to you, but some people consider their time to be extremely valuable. Rent tends to be cheaper in the burbs, which is a big plus, but if you don't own a car, you might find getting around to be a bit of a hassle, especially if you hate arranging your life around a bus schedule.
know what you want
Ask yourself the following questions:
1- How big do you want or need your apartment to be? Are you looking for a 3 1/2 or a 4 1/2? Do you want a bedroom and an office? Do you want a dining area separate from the kitchen? Do you want a funky balcony to raise your individually named pigeons? These are all things you have to consider before you even agree to visit an apartment; you don't want to waste your time, or the landlord's.
2- Do you want a newly renovated apartment? Perhaps this is not an issue for you, in any case, you want to look for a place that is well maintained.
judge the building by its cover
How can you tell whether it's the place for you before even stepping into the building? Here's how:
1- Look at the lawn; make sure the grass and shrubbery are well kept. Take note if there's any trash lying around (no, the neighbors aren't the trash). This says a lot about the general upkeep of the property.
2- How about the windows; are there any broken ones? Does the building have storm windows, or does it look like a cold, winter draft nightmare? If so, then heating may be costly.
3- Consider the general condition of the building. Is it in good shape?
take a look around
Okay, so you decide to see the apartment. Sometimes the tenant is still living there, so you must consider what the apartment will look like without their furniture and with yours instead, no matter how much you like their spaced-out lava lamps. Being able to picture yourself living there is a good sign.
Take note of any cracks in the walls, or whether a paint job is needed. If so, then ask the landlord if he will agree to paint and repair the walls. Do not get tricked into painting it yourself! Check out the closet and cupboard space; is there enough room for all your belongings?
Don't forget to look under the sink; make sure the plumbing is in order and that there are no bugs crawling around. Try the tap; make sure the water pressure is strong enough. Check out the bathtub and ask yourself, "Would I dare take a bath in there?"
If the current tenant is present, use this golden opportunity to get the skinny on what it's like to live there. Ask why they're leaving, if the neighbors are noisy, and if the janitor is quick to make repairs when things go wrong. You might want to do this in the absence of the landlord in order to get the whole truth.
interview the landlord
Now the important part; ask the landlord the following questions:
* How much is the rent?
* Are heating and hot water included in the rent?
* Are there any city taxes to pay?
* Are there any other extra fees?
* Is there any parking?
* Is there any building security, and what kind (cameras or guard)? If not, at least make sure that a key is required to enter the building, otherwise it's an open door for burglars, beggars or worse (some relatives!).
Don't forget your gut instinct as well. No matter how many good points there are to the apartment, don't let that overrule an uneasy feeling about a certain place.
Make your apartment hunt fun and it will motivate you to persevere in finding the best place for you. If you follow all the aforementioned tips, you'll be sure to find the most suitable available apartment for you, and then you can concentrate on the fun part: shopping for items like a big-screen TV, a Jacuzzi, and a killer leather sofa for your new home.
let the hunt begin
There are always the classifieds and ads on the community bulletin boards at the grocery store. The best way to find a place is to drive around neighborhoods that are appealing to you, check out if any of the buildings have "For Rent" signs, and take down the numbers. Sometimes it's possible to view the apartments without an appointment, so this method is a big time-saver.
location, location, location...
Decide whether you'd like to live in the city or the suburbs. The advantage to living downtown is that you are in close proximity to everything: restaurants, movie theaters, shopping districts, and other entertainment. If you work in Manhattan and your place is on the Upper West Side, this would be another advantage. Ideally, the thought of sparing only a small amount of time traveling is also very appealing.
The disadvantage of living downtown is the cost, and depending on where the building you choose is located, it could prove to be very noisy.
If you think you might prefer the suburbs, then consider the travel time to get to work. Of course, this may not even be a factor to you, but some people consider their time to be extremely valuable. Rent tends to be cheaper in the burbs, which is a big plus, but if you don't own a car, you might find getting around to be a bit of a hassle, especially if you hate arranging your life around a bus schedule.
know what you want
Ask yourself the following questions:
1- How big do you want or need your apartment to be? Are you looking for a 3 1/2 or a 4 1/2? Do you want a bedroom and an office? Do you want a dining area separate from the kitchen? Do you want a funky balcony to raise your individually named pigeons? These are all things you have to consider before you even agree to visit an apartment; you don't want to waste your time, or the landlord's.
2- Do you want a newly renovated apartment? Perhaps this is not an issue for you, in any case, you want to look for a place that is well maintained.
judge the building by its cover
How can you tell whether it's the place for you before even stepping into the building? Here's how:
1- Look at the lawn; make sure the grass and shrubbery are well kept. Take note if there's any trash lying around (no, the neighbors aren't the trash). This says a lot about the general upkeep of the property.
2- How about the windows; are there any broken ones? Does the building have storm windows, or does it look like a cold, winter draft nightmare? If so, then heating may be costly.
3- Consider the general condition of the building. Is it in good shape?
take a look around
Okay, so you decide to see the apartment. Sometimes the tenant is still living there, so you must consider what the apartment will look like without their furniture and with yours instead, no matter how much you like their spaced-out lava lamps. Being able to picture yourself living there is a good sign.
Take note of any cracks in the walls, or whether a paint job is needed. If so, then ask the landlord if he will agree to paint and repair the walls. Do not get tricked into painting it yourself! Check out the closet and cupboard space; is there enough room for all your belongings?
Don't forget to look under the sink; make sure the plumbing is in order and that there are no bugs crawling around. Try the tap; make sure the water pressure is strong enough. Check out the bathtub and ask yourself, "Would I dare take a bath in there?"
If the current tenant is present, use this golden opportunity to get the skinny on what it's like to live there. Ask why they're leaving, if the neighbors are noisy, and if the janitor is quick to make repairs when things go wrong. You might want to do this in the absence of the landlord in order to get the whole truth.
interview the landlord
Now the important part; ask the landlord the following questions:
* How much is the rent?
* Are heating and hot water included in the rent?
* Are there any city taxes to pay?
* Are there any other extra fees?
* Is there any parking?
* Is there any building security, and what kind (cameras or guard)? If not, at least make sure that a key is required to enter the building, otherwise it's an open door for burglars, beggars or worse (some relatives!).
Don't forget your gut instinct as well. No matter how many good points there are to the apartment, don't let that overrule an uneasy feeling about a certain place.
Make your apartment hunt fun and it will motivate you to persevere in finding the best place for you. If you follow all the aforementioned tips, you'll be sure to find the most suitable available apartment for you, and then you can concentrate on the fun part: shopping for items like a big-screen TV, a Jacuzzi, and a killer leather sofa for your new home.
Thursday, July 23, 2009
Condo Buying Tips
More and more people are buying condominium units lately. These properties are perfect alternatives to those who would like to have their own place. A Makati condo is a very popular choice for many young professionals and young couples. It provides a more affordable choice of real estate property in most business areas where lots are being sold at staggeringly high commercial prices.
Before you go out and join the condo craze, condo living is not ideal for everyone. There are many pros and cons to living in a busy, Makati condo unit. There are many things you should consider before looking for the perfect Makati condo. Below are just some tips to help you out.
* Location. This is a number one priority for many people in choosing the condo unit they will purchase. Most people who opted to buy a condo unit because they to go home to a place that is very near their work. Also, most condominium buildings are built to be accessible to many establishments like malls, schools, churches, business areas, and many more. Identify the area that you are interested in then start looking for condominium units that are newly built or being built within the area. However, make sure you also consider the immediate vicinity of a prospective condominium building. Is it a very noisy area? Is the traffic bad around the building? Are the streets safe to walk around even at night?
* Style. There are currently three major types of condominiums based on size: low-rise, mid-rise, and high-rise. High-rise buildings can often be found amongst the high-rise buildings in business areas so they cost more than mid-rise and low-rise condominiums. Units in higher floors also offer a wonderful view of the surrounding area. Low-rise and mid-rise buildings, on the other hand, are less expensive and are often located near residential areas. They provide a great balance for those who like to live in a condo and yet maintain a semblance of a community that’s ideal for families.
* Developer. Most developers specialize in certain types of condominiums. Research on reputable developers of the type of condominium units you are interested in. You’d be able to save more if you buy condos in pre-selling stage but a huge faith on the developer is required. Make sure the developer of the condominium building is reliable and trustworthy.
* Unit. Decide on the type of unit you want. Are you interested in just a studio unit, a one-bedroom unit, or the largest available unit? If you have plans of reselling the unit, bigger units are often easier to sell.
* Neighbors. If you are buying a condo that’s ready for occupancy, check out your prospective neighbors. You’ll be living with just a wall away from your next-door neighbor so it’s a good idea to be sure you’ll be okay with them. Also, learn about the condominium association in the building and their rules and regulations. This way, you’ll be aware of anything you might not agree with.
Before you go out and join the condo craze, condo living is not ideal for everyone. There are many pros and cons to living in a busy, Makati condo unit. There are many things you should consider before looking for the perfect Makati condo. Below are just some tips to help you out.
* Location. This is a number one priority for many people in choosing the condo unit they will purchase. Most people who opted to buy a condo unit because they to go home to a place that is very near their work. Also, most condominium buildings are built to be accessible to many establishments like malls, schools, churches, business areas, and many more. Identify the area that you are interested in then start looking for condominium units that are newly built or being built within the area. However, make sure you also consider the immediate vicinity of a prospective condominium building. Is it a very noisy area? Is the traffic bad around the building? Are the streets safe to walk around even at night?
* Style. There are currently three major types of condominiums based on size: low-rise, mid-rise, and high-rise. High-rise buildings can often be found amongst the high-rise buildings in business areas so they cost more than mid-rise and low-rise condominiums. Units in higher floors also offer a wonderful view of the surrounding area. Low-rise and mid-rise buildings, on the other hand, are less expensive and are often located near residential areas. They provide a great balance for those who like to live in a condo and yet maintain a semblance of a community that’s ideal for families.
* Developer. Most developers specialize in certain types of condominiums. Research on reputable developers of the type of condominium units you are interested in. You’d be able to save more if you buy condos in pre-selling stage but a huge faith on the developer is required. Make sure the developer of the condominium building is reliable and trustworthy.
* Unit. Decide on the type of unit you want. Are you interested in just a studio unit, a one-bedroom unit, or the largest available unit? If you have plans of reselling the unit, bigger units are often easier to sell.
* Neighbors. If you are buying a condo that’s ready for occupancy, check out your prospective neighbors. You’ll be living with just a wall away from your next-door neighbor so it’s a good idea to be sure you’ll be okay with them. Also, learn about the condominium association in the building and their rules and regulations. This way, you’ll be aware of anything you might not agree with.
Wednesday, July 22, 2009
5 Tips For Choosing Condo Property Management
Every landlord who is looking out for an efficient and effective condo property management must be aware of certain key facts before entrusting the management of the condominium community to a professional company. There are certain vital qualities and important details to ensure before choosing a company to takeover the daily tasks associated with managing a condominium.
Tip 1 - Choose A Company Specialized In Condo Management
Although there are plenty of condo communities that choose to be self managed, it is not an option that is easy to implement. Managing a condo is a huge task that may seem overwhelming to the chosen board member or manager especially if they lack the experience. Now, a condo property management will be well experienced in dealing with all the issues that may arise during the management process. So, while trying to choose a condo management company, it is best to go with one that is specialized in handling all requirements of a condo community.
Tip 2 - Understand The Services Being Offered
When a condo management company offers details regarding the services they provide, make sure that the services fit in with the needs and requirements of the condo community under consideration. If a condo manager is able to delegate almost all the major responsibilities to the management company, the company providing condo property management is definitely an established and reliable one. On the contrary, if the company does not take up the most vital management activities, it is highly recommended that the condo manager turn to other options.
Ideally, the management company must be willing to implement the specifications laid down by the condo manager and to follow the rules and goals outlined for them.
Tip 3 - Ensure The Reputation Of The Management Company
Before employing the services of a condo management company, try to learn more about its history. It is best to begin with a research of their past clients. If the company has a good history of quality services and if their past clients are only too happy to recommend the company, it is a fairly good indicator of the reputation and professionalism of the company.
Tip 4 - Do Not Hesitate To Request Special Consideration.
While choosing a condo management company, most condo managers prefer a team that can offer exclusive services for the condo in question that is to work only for the particular condo at any given time. A small condo community may not have the luxury of making such a request for exclusive treatment from well established agencies offering condo property management . However, larger communities can afford to demand such exclusive services. In the meanwhile, it is also important to note if the management company entertains such requests and is willing to cooperate.
Tip 5 – Trust The Company And Avoid Unnecessary Interference
Once a reliable condo management company has been chosen, it is important to trust the company. After all, the company will obviously have a team of skilled professionals, combined years of experience in condo management and a through knowledge of common issues. In case an issue arises in the condo and the manager of unsure how to react, the agency for condo property management will usually suggest a solution. If this solution seems reasonable, it is best that the manager trusts the company and agrees to this solution. It is also equally important not to interfere or involve too much in the management process. That is what the management team is there for.
Tip 1 - Choose A Company Specialized In Condo Management
Although there are plenty of condo communities that choose to be self managed, it is not an option that is easy to implement. Managing a condo is a huge task that may seem overwhelming to the chosen board member or manager especially if they lack the experience. Now, a condo property management will be well experienced in dealing with all the issues that may arise during the management process. So, while trying to choose a condo management company, it is best to go with one that is specialized in handling all requirements of a condo community.
Tip 2 - Understand The Services Being Offered
When a condo management company offers details regarding the services they provide, make sure that the services fit in with the needs and requirements of the condo community under consideration. If a condo manager is able to delegate almost all the major responsibilities to the management company, the company providing condo property management is definitely an established and reliable one. On the contrary, if the company does not take up the most vital management activities, it is highly recommended that the condo manager turn to other options.
Ideally, the management company must be willing to implement the specifications laid down by the condo manager and to follow the rules and goals outlined for them.
Tip 3 - Ensure The Reputation Of The Management Company
Before employing the services of a condo management company, try to learn more about its history. It is best to begin with a research of their past clients. If the company has a good history of quality services and if their past clients are only too happy to recommend the company, it is a fairly good indicator of the reputation and professionalism of the company.
Tip 4 - Do Not Hesitate To Request Special Consideration.
While choosing a condo management company, most condo managers prefer a team that can offer exclusive services for the condo in question that is to work only for the particular condo at any given time. A small condo community may not have the luxury of making such a request for exclusive treatment from well established agencies offering condo property management . However, larger communities can afford to demand such exclusive services. In the meanwhile, it is also important to note if the management company entertains such requests and is willing to cooperate.
Tip 5 – Trust The Company And Avoid Unnecessary Interference
Once a reliable condo management company has been chosen, it is important to trust the company. After all, the company will obviously have a team of skilled professionals, combined years of experience in condo management and a through knowledge of common issues. In case an issue arises in the condo and the manager of unsure how to react, the agency for condo property management will usually suggest a solution. If this solution seems reasonable, it is best that the manager trusts the company and agrees to this solution. It is also equally important not to interfere or involve too much in the management process. That is what the management team is there for.
Monday, July 20, 2009
West Ottawa - a Best Place to Select Apartment For Rent
Major shopping centers
If you live in an apartment for rent in Westboro or Nepean, you will be pleased to know that these districts are full of activity shopping street with many opportunities. In addition to the many small independent shops (including several outdoor sports shops), there are many huge shopping centers in the area, including Bayshore Shopping Center. A three-level mall with more than 150 shops and services, it is preferably located along the highway 417th you can also visit Carling Wood Shopping Center, more than 125 shops and services with ample of free parking.
Other Ottawa West malls include Lincoln Fields Shopping Center (includes a Wal-Mart and a Loeb), Pine Crest Shopping Center (with the famous IKEA hoard with a view of the Queensway), College plaza (a popular destination for Algonquin College students and people with rental holiday near Baseline and Woodroffe) and Westgate Shopping Center (featuring a extremely valuable 24-hour Shoppers Drug Mart).
Museums and art centers
For those who live in an apartment Nepean to look for and study a little bit more about the history of their society, the Nepean Museum (16 Rowley Avenue), where several antiques (including some over 100 years old), is the ideal afternoon weekend.
For the outdoor sports fan, head of the Canadian Ski Museum (200-1960 Scott Street). Founded in 1971, it is the biggest public album of mementos skiing in Canada, housing more than 6000 photos and ski equipment from more than 150 years.
Theater-lovers will want to trip the Center Pointe Theatre (101 Center Pointe Drive). The 1,000-seat theater is home to several outstanding local groups, including Orpheus Musical Theatre Society, society and Savoy Les Petits Ballets.
Schools
A vital Properties West Ottawa apartment is ideal for students Algonquin College, as our Maples Apartments are only a few minutes walk from the school and our Green Bank, Wellington Park and Carling homes, you can speedily on the campus by bus. And for those with young families, West Ottawa also has about 20 public main schools, 9 Catholic elementary schools, 5 public high schools and 2 Catholic high schools.
Other attractions
If physical action is your thing, and you're looking for an apartment to rent in Nepean, you can not go wrong by one day on the Nepean Sports Plex (1701 Woodroffe Avenue). This huge deal includes the lot you want to enjoy a game of baseball, hockey, football, basketball, curling, soccer, squash, lawn bowling and much more! The Sports Plex also offers a wealth of superb programs for children and seniors.
Along the Ottawa River is the gorgeous beach Westboro, which is the city of Ottawa and became a place of public swimming since the early 1920s.
Britannia Park is a heaven for picnicker, with many tables dotted on the grass and trees a bunch to offer gloomy on hot sunny days. There are two play structures and swings for children to have fun, and it is a great place for swimming or surfing, as there is a rescue swimmer in service from mid-June to Labor Day. Also in the park is the Ron Kolbus Lakeside Center, a banquet hall and society Center can lodge up to 300 people for special occasions.
The Ottawa River Parkway is a partial access parking services from Carling Avenue to the Portage Bridge near downtown Ottawa. Packed with scenic lookout points, the Parkway is maintained by the National Capital Commission (NCC) and is balanced by more than 20 km cycling paths, making it possible to drive all the way from downtown to Kanata. On Sundays through the summer months, the Parkway is closed to all vehicle traffic for the Alcatel Sunday Bikedays - the preferred day of the week for pedestrians and cyclists alike.
If you live in an apartment for rent in Westboro or Nepean, you will be pleased to know that these districts are full of activity shopping street with many opportunities. In addition to the many small independent shops (including several outdoor sports shops), there are many huge shopping centers in the area, including Bayshore Shopping Center. A three-level mall with more than 150 shops and services, it is preferably located along the highway 417th you can also visit Carling Wood Shopping Center, more than 125 shops and services with ample of free parking.
Other Ottawa West malls include Lincoln Fields Shopping Center (includes a Wal-Mart and a Loeb), Pine Crest Shopping Center (with the famous IKEA hoard with a view of the Queensway), College plaza (a popular destination for Algonquin College students and people with rental holiday near Baseline and Woodroffe) and Westgate Shopping Center (featuring a extremely valuable 24-hour Shoppers Drug Mart).
Museums and art centers
For those who live in an apartment Nepean to look for and study a little bit more about the history of their society, the Nepean Museum (16 Rowley Avenue), where several antiques (including some over 100 years old), is the ideal afternoon weekend.
For the outdoor sports fan, head of the Canadian Ski Museum (200-1960 Scott Street). Founded in 1971, it is the biggest public album of mementos skiing in Canada, housing more than 6000 photos and ski equipment from more than 150 years.
Theater-lovers will want to trip the Center Pointe Theatre (101 Center Pointe Drive). The 1,000-seat theater is home to several outstanding local groups, including Orpheus Musical Theatre Society, society and Savoy Les Petits Ballets.
Schools
A vital Properties West Ottawa apartment is ideal for students Algonquin College, as our Maples Apartments are only a few minutes walk from the school and our Green Bank, Wellington Park and Carling homes, you can speedily on the campus by bus. And for those with young families, West Ottawa also has about 20 public main schools, 9 Catholic elementary schools, 5 public high schools and 2 Catholic high schools.
Other attractions
If physical action is your thing, and you're looking for an apartment to rent in Nepean, you can not go wrong by one day on the Nepean Sports Plex (1701 Woodroffe Avenue). This huge deal includes the lot you want to enjoy a game of baseball, hockey, football, basketball, curling, soccer, squash, lawn bowling and much more! The Sports Plex also offers a wealth of superb programs for children and seniors.
Along the Ottawa River is the gorgeous beach Westboro, which is the city of Ottawa and became a place of public swimming since the early 1920s.
Britannia Park is a heaven for picnicker, with many tables dotted on the grass and trees a bunch to offer gloomy on hot sunny days. There are two play structures and swings for children to have fun, and it is a great place for swimming or surfing, as there is a rescue swimmer in service from mid-June to Labor Day. Also in the park is the Ron Kolbus Lakeside Center, a banquet hall and society Center can lodge up to 300 people for special occasions.
The Ottawa River Parkway is a partial access parking services from Carling Avenue to the Portage Bridge near downtown Ottawa. Packed with scenic lookout points, the Parkway is maintained by the National Capital Commission (NCC) and is balanced by more than 20 km cycling paths, making it possible to drive all the way from downtown to Kanata. On Sundays through the summer months, the Parkway is closed to all vehicle traffic for the Alcatel Sunday Bikedays - the preferred day of the week for pedestrians and cyclists alike.
Houston Apartment Search Tips
Austin apartments come in many shapes and sizes. You can usually find a Austin apartment with a very low total move-in cost. Total move-in cost includes the application fee, deposit, and first months rent. Before focusing on the move-in costs, review whether the total move-in-cost is the most important issue in selecting a Austin apartment.
Is Move-In Cost Most Important
Other factors to consider when selecting a Austin apartment are location, monthly rental rate, unit type, unit size, unit amenities and property amenities. Consider the location of work, family, friends and leisure when thinking about the location for your Austin apartment. Consider leasing a plain apartment in a nice area instead of a nice apartment in a less desirable area. You should also consider the condition of the property, maintenance standards, limited access gates and whether they have a regular courtesy patrol.
Weigh the Issues
You will be considering at least some of these factors when selecting a Austin apartment. If it is critical to obtain the lowest possible total move-in cost, then give strong consideration to this factor. However, in many cases you'll get a better "deal" by focusing on the entire package instead of focusing primarily on the move-in cost.
Select an Online Austin Apartment Search Service
Select an online apartment search service for Austin apartments. It should provide information on all Austin-area apartments. Some online apartment search services only offer information on 10 to 15% of the Austin apartments. These apartment search services are only showing information regarding properties which pay them to advertise or which pay them a locator fee. It is understandable that they only show information for properties which pay them. Select a Austin apartment search service which displays information on all Austin apartments. Make sure the service you select has information on all available properties. It you review the options for all Austin apartments, instead of just for 10 to 15% of the properties, you have a much better chance of getting a low cost move-in for a Austin apartment. The apartment search service should also allow you to search by location, rent, unit type, unit size, unit amenities and property amenities. Also, try to avoid the sites which require you to give your phone number and e-mail address. (Unless you enjoy being bombarded by phone calls and e-mails.) Finally, select an apartment search service which offers a $100 move-in rebate.
Initial Search and Phone Interview (of them)
Start with a broad search focused initially on location. Gradually narrow the search to focus perhaps five to 20 Austin apartment projects. Develop a list of questions regarding the criteria which are most important to you. If the move-in cost is most important, you'll want to ask about the application fee, deposit and first month's rent. Call the projects you identify. Interview all of them by phone before visiting any of the apartments. You should be able to complete each phone call in three to five minutes. Focus on interviewing the leasing staff instead of having them interview you during the phone call. Review the information you have compiled and select 2 or 3 Austin apartments which best fit your criteria.
Visit 2 or 3 Apartments
Visit the properties. Drive around the perimeter and through the apartments before visiting the office. If the property is below your minimal standards, drive on without stopping at the office. Ask to see both the model unit and the unit you would be leasing. If you like surprisesFree Articles, there is no reason to ask to see the unit you will be occupying. Many Austin apartment residents have been unpleasantly surprised when they see "their" unit. They are amazed that it looks different than the model unit. Expect the model unit to be immaculate with wonderful furniture. Avoid surprises by seeing "your" unit! Ask the leasing agent if they have a "look and lease" special. This is a special where if you look at the unit and lease on the same day or next day you get a better rate or lower move-in cost. Find another way to ask if they can reduce the move-in costs. Can they waive the application fee? Can they reduce the deposit? Can they reduce the first months rent?
Make a Decision
Make a decision regarding which property best fits your criteria. Negotiate and sign the lease. You should read the lease. It is a legal document. It was written by an attorney for the benefit of the apartment complex. Do a "walk-through" before you accept the unit. Note any defects and ask the management to correct them. Also discuss what you must do to have your deposit returned.
Is Move-In Cost Most Important
Other factors to consider when selecting a Austin apartment are location, monthly rental rate, unit type, unit size, unit amenities and property amenities. Consider the location of work, family, friends and leisure when thinking about the location for your Austin apartment. Consider leasing a plain apartment in a nice area instead of a nice apartment in a less desirable area. You should also consider the condition of the property, maintenance standards, limited access gates and whether they have a regular courtesy patrol.
Weigh the Issues
You will be considering at least some of these factors when selecting a Austin apartment. If it is critical to obtain the lowest possible total move-in cost, then give strong consideration to this factor. However, in many cases you'll get a better "deal" by focusing on the entire package instead of focusing primarily on the move-in cost.
Select an Online Austin Apartment Search Service
Select an online apartment search service for Austin apartments. It should provide information on all Austin-area apartments. Some online apartment search services only offer information on 10 to 15% of the Austin apartments. These apartment search services are only showing information regarding properties which pay them to advertise or which pay them a locator fee. It is understandable that they only show information for properties which pay them. Select a Austin apartment search service which displays information on all Austin apartments. Make sure the service you select has information on all available properties. It you review the options for all Austin apartments, instead of just for 10 to 15% of the properties, you have a much better chance of getting a low cost move-in for a Austin apartment. The apartment search service should also allow you to search by location, rent, unit type, unit size, unit amenities and property amenities. Also, try to avoid the sites which require you to give your phone number and e-mail address. (Unless you enjoy being bombarded by phone calls and e-mails.) Finally, select an apartment search service which offers a $100 move-in rebate.
Initial Search and Phone Interview (of them)
Start with a broad search focused initially on location. Gradually narrow the search to focus perhaps five to 20 Austin apartment projects. Develop a list of questions regarding the criteria which are most important to you. If the move-in cost is most important, you'll want to ask about the application fee, deposit and first month's rent. Call the projects you identify. Interview all of them by phone before visiting any of the apartments. You should be able to complete each phone call in three to five minutes. Focus on interviewing the leasing staff instead of having them interview you during the phone call. Review the information you have compiled and select 2 or 3 Austin apartments which best fit your criteria.
Visit 2 or 3 Apartments
Visit the properties. Drive around the perimeter and through the apartments before visiting the office. If the property is below your minimal standards, drive on without stopping at the office. Ask to see both the model unit and the unit you would be leasing. If you like surprisesFree Articles, there is no reason to ask to see the unit you will be occupying. Many Austin apartment residents have been unpleasantly surprised when they see "their" unit. They are amazed that it looks different than the model unit. Expect the model unit to be immaculate with wonderful furniture. Avoid surprises by seeing "your" unit! Ask the leasing agent if they have a "look and lease" special. This is a special where if you look at the unit and lease on the same day or next day you get a better rate or lower move-in cost. Find another way to ask if they can reduce the move-in costs. Can they waive the application fee? Can they reduce the deposit? Can they reduce the first months rent?
Make a Decision
Make a decision regarding which property best fits your criteria. Negotiate and sign the lease. You should read the lease. It is a legal document. It was written by an attorney for the benefit of the apartment complex. Do a "walk-through" before you accept the unit. Note any defects and ask the management to correct them. Also discuss what you must do to have your deposit returned.
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