8 Precautions You Must Take Before Leaving Home For Vacation

When going out for a vacation most people are concerned about the security of the apartment. To make sure there are no shocks waiting for you back home when you return from an exciting holiday, you need to take care of a few basic things. Here we offer some key tips that will keep your house secure and help you remain stress free when on a vacation.

Home Security

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1) Do not make a public announcement on the social media about your absence

It feels good to share your next vacation destination and plan with your friends but you never know who else apart from your near and dear ones are keeping a tab on your announcements. So stay away from making public announcements about your vacation plan. It could act as an open invitation for burglars. Continue reading

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Renting Property to College Students – Advantages and Risks

The real estate market has many opportunities for investors. If you can target the right tenants, you can easily build a tidy nest egg. The key is to target a niche demographic – college and university students. Most landlords think twice about renting out their properties to students, as they worry about the place getting trashed during wild frat parties. However, this is not true. While there are a few risks renting out your property to students, it can turn out to be a lucrative business deal for you.

Typically, college and university students have to stay in dorms. However, they don’t get the privacy they need. And, renting a property is the perfect solution for them. If you understand the advantages and risks of renting to college students, as a real estate investor, you will be able to make an informed choice.

Renting Property to College Students

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Advantages of Renting to College Students

Here are some of the benefits of why you should be looking to rent your property to college students.

Huge Demand: With the economy not showing signs of full recovery, many people are going back to college to continue studies and improve their job prospects. These are students, who are slightly older than regular college students and are looking for a home away from home. Continue reading

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Which Type of Commercial Real Estate Lease is Right for Your Business?

When starting a business, many owners opt for financing to buy their own premises. However, this immediately puts a lot of burden on the owner and business, as it takes time to setup a business and get it going. On the other hand, opting for a commercial lease could offer the perfect solution. Not only can you get access to a space, you also can immediately start doing business. However, when choosing commercial real estate, it is important to choose the right leasing option. After all, the commercial lease you select will have a profound effect on your business.

Commercial real estate lease is formulated based on net or gross rent calculation. Hence, it is imperative that you know the different types of leases to make an informed decision.

Commercial Real Estate Lease Types

Gross Lease

Also, known as the full service, gross lease option allows businesses to pay an all-inclusive rent to the landlord, who, in turn, takes care of all the associated expenses, such as taxes, insurance and maintenance. Even janitorial services and utility bills are part and parcel of the rent. The commercial lease is easy, as it does away with unforeseen expenses that the property may incur during the term of the lease. It makes it easy for businesses to forecast their expenses. Continue reading

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Can Home Sellers be Held Liable for Repairs after Signing Purchase Agreement?

When you are selling your home, make sure you follow the law to the T. If you deviate from the law, you could end up losing a lot. Typically, when you and the homebuyer decide to close the deal, you have to sign the purchase agreement. Once you pen your signature on the agreement, you are legally bound by the terms and conditions mentioned therein. Hence, make sure you read the contract carefully. If you don’t understand any part or section, consult your lawyer. If the purchase agreement specifically mentions that you, the seller, have to make specific repairs, you are obligated to do them. Whether there is a liability is a different matter altogether.

Liable for Home Repairs

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Home Inspection

Any prospective homebuyer will always have a home inspection done before negotiating the deal with you. This inspection tells the potential buyer the problems that the house has and the expenses he may incur in the future to rectify those problems. Continue reading

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Why You Should Not Overlook Permits When Remodeling your Home

When it comes to remodeling homes, owners are too busy choosing which marbles would look good on the floor or selecting tiles for the bathroom. They are hardly aware of the need for requesting permission from the municipal corporation for getting their house remodelled.

In a survey conducted by the City municipal, out of every 100 people only 10-20% admitted requesting for a permit to remodel their home. While many times people are unfamiliar with the laws, a large number of people do not seek permission to avoid the hassles which tag along the permission process. However, they deeply regret not having taken permission when the house goes for sale.

Remodeling Jobs That Require Permit

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Implications of not taking a permit when the house goes on sale

When putting up their property for sale, home owners need to disclose if they have done any remodeling work in the house and they need to verify this with permits. Besides, when evaluating house for a buyer, a home inspector would definitely probe if necessary permits were taken. Even the buyer’s appraiser would demand permit records to verify the legality of any home remodeling job. Continue reading

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Which is a Better Alternative: Moving or Remodeling Your Home?

The big question any homeowner has – should I stay where I am and get my home remodeled and renovated or should I just move to a new place? If you check with family and friends, some will tell you to leave your old home and find a new one; while others will tell you that remodeling is the best option. Making a decision can be overwhelming when you get mixed advice from trusted people in your life.

However, before you follow through on the advice you receive, here are some questions you should ask yourself. If you answer these questions honestly, you will be able to make the right decision without any hassles.

Moving or Remodeling a Home

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Do you like your neighborhood?

The neighborhood where your home is located is extremely important. If you love staying in the area; your kids are happy with the school; and you have all the amenities you require, there is no need to uproot yourself and move to a new neighborhood. Basically, what this means is if the neighborhood suits your needs, it is the right place to stay put. Continue reading

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5 Ways to Know If You Have Picked a Safe Neighborhood

When you are buying a home, you have to do all you can to ensure that your neighborhood is safe. After all, you are going to be living here for a long time. In order for the neighborhood to be considered safe, it needs to have low crime rates. This means there shouldn’t be too many instances of robbery, theft, kidnapping, shootings, etc. Here are some methods you can use in order to determine how safe your neighborhood is.

Choose a Safe Neighborhood to Live

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1. Visit the neighborhood and talk to neighbors

You have probably visited the neighborhood a number of times, to check the house. You should visit a few more times, with the sole intention of checking out the place and talking to the neighbors. When you visit the house, it might be best for you to stay overnight, so you can check out how the place is during the night time. Keep a look out for any strayers. Check if there are any lights on even in the night, and if there are people around. This will determine how safe it will be for you to get back home late at night, or even go out for a post-dinner snack. Continue reading

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Why Home Appraisals and Inspections are Important

If you are looking to buy a house, it is crucial you understand the difference between an appraisal and inspection. You will be dealing with these two elements till you sign on the dotted line, pay the seller and get the keys to your new home. Both elements are important and required if you and the seller want to close the deal.

Home Appraisals Vs. Home Inspections

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Importance of Appraisals

Under normal circumstances, a buyer will not have that much cash lying in the bank to pay the asking price of the property. He would need to approach a lending institution to get a mortgage to make the payment. Any lending institution will not sanction a mortgage unless the appraisal is done. This is mandated by law. Continue reading

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Is Rent to Own the Right Option for You?

Are the high home prices stopping you from owning a home? You can still be a proud owner if you consider rent to own. Before you get confused about this term, here is a brief explanation. Rent to own, also known as lease option, provides you a possibility to fulfill your dream of owning a home. In this option, the person initially leases the property and has the option of buying it at the end of the contract period. This option therefore allows home owner to save the down payment and get proper financing.

If you and the landlord actually have a good contract, it can be beneficial for both parties involved.

Rent to Own Home

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Why Should Prospective Homeowners Look at Rent to Own?

Prospective homeowners should not completely discard the option of rent to own without understanding it and analyzing its benefits. It can prove to be a hassle-free way to own a home especially for those who have just switched jobs. It is also beneficial for those people, who want to build their credit ratings or want some time to save up enough money to pay the down payment. Continue reading

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The ABC of Homeownership: How to Be a Responsible Homeowner

Buying a home is a huge financial decision that a person takes in their lifetime and it has to be dealt with carefully. When you buy a home, you would definitely want to get in a decent locality and also invest in it further. Owning and taking care of a home entails several responsibilities. I learnt my lesson the hard way when I got into trouble with my neighbors and local association. Out of my experiences, I am sharing things you need to consider while buying a home.

Be a Responsible Homeowner

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Legalities of construction

If you are planning to build a home right from the scratch, find out about permits and other legalities involved. You will need to obtain a construction permit before you start constructing the house. The permit approval takes several weeks or even months before they come through. If you skip the guidelines set by local authorities, they may end up demolishing your house. Every community has specific rules and regulations for construction of homes. Make sure you comply with all of them. Continue reading

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