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09/04/2014

Top 10 things to look out for before investing in a house

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What are the points you should keep in mind before initiating any property deal? Our legal expert, Siddhartha Shah, advises prospective buyers on what to look out for before investing in any house, either through a developer or broker.

• A clear property identification and property due diligence, i.e., legal verification/property search is a must to verify title and credentials of the said property. This legal verification should also involve a systematic property due diligence to check the credentials of the builder.

Make sure that the builder has all the valid requisite permits and needed governmental sanctions as per the local state and statutory laws to construct the building

• In case of a resale property, verify the title of the owner who is selling the property

• Compare the property rates with the existing market rates in that specific area and don’t forget to factor in the amenities provided by the seller

• Proper documentations and paper work must be executed at the time of paying an initial deposit and no payment should be made unless a proper contract/agreement is executed and signed by the builder/seller selling the property

• Always read the agreement carefully and clarify the terms and conditions as mentioned in the agreement properly and revert to the seller or builder in case of any clarifications or modifications

• Payment of stamp duty and registration compliances is very important for getting right title in your name. Pay the right stamp duty as its necessary for legal validity as per law

• Check that all what has been discussed in terms of the arrangement has been documented properly

• Clarify in writing that in case the property is not handed over in stipulated time, there shall be no escalation clause in terms of building costs or no other charges levied by the builder

• Consult a professional tax consultant, preferably a chartered account regarding structuring the finances and learn proper tax implications and fund routings as per the law

20/03/2014

Buying Strategies for Today's Market

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Many clients often ask me if they should wait and save up a larger down payment before they get into the market. This can work, but it often doesn't work out, since you're also paying rent and just saving a small amount. In the meantime, house prices are still rising, and interest rates could go up which can leave you farther behind by costing you more to buy the home and to carry it. As soon as you have an acceptable amount for a modest down payment, it will usually pay to get into a rising market right away.

Start building equity as soon as you can. Some buyers are discouraged by the prices for single-family detached homes and feel that homeownership is beyond their reach. I say, why not start with something more modest? Your first foray into real estate ownership could be a condo or townhouse, or it can be a single-family detached, but perhaps a two-bedroom instead of a more expensive three-bedroom. Get in at a level you can afford.

Many buyers that I work with try to get it all in their very first home, but in a market where prices are high, it really doesn't make sense to buy too much house, that is, a home that can already accommodate future needs. You don't need to be paying for extra bedrooms now if you plan on living there alone. Choosing a home that meets your current needs will keep the price down and allow you to build some equity quickly. Since Canadians tend to move often, when you are ready to upgrade you will have built up some equity to use for your next purchase, and don’t forget, in our beautiful country this is tax-free money!

You may have the option of co-ownership with a family member or friend to help you get into the market. This can be with an absent investor/owner or in a duplex where you both can live and enjoy your privacy. But remember, there’s nothing like money to cause relationship problems, so treat this like a business and be sure to hire a lawyer to draw up an agreement in advance detailing the buy-out conditions should one of the owners wish to sell. Often, one buyer will have more money to invest than the other and will need to ensure that this investment is protected in the future when it comes time to sell the property. Lawyers even give this advice to couples when one person has more invested than the other. In a divorce, your inheritance cannot be touched by your ex, unless you have taken your inheritance and used it to pay off the mortgage of the matrimonial home without separating it from the shared asset. It’s not going to jinx the relationship to have the agreement in place, so go ahead and protect yourself—just in case!

18/03/2014

Top 5 Keys to Successful Negotiation

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Whether you're a buyer or a seller you want to succeed in the realty marketplace. That's natural and reasonable, but what are the steps you need to triumph?

Negotiation is a complex matter and all transactions are unique. Both sides—buyer and seller—want to feel that the outcome favors them, or at least represents a fair balance of interests. In the usual case there is a bit of bluff, some give-and-take, and neither party gets everything they want.
So how do you develop a strong bargaining position, one which will help you get the most from a transaction? Experience shows there are five basic keys which will determine who wins at the negotiating table.

1. What does the market say?
At various times we're in a "buyers" market, a "sellers" market, or a market where housing supply and demand are roughly equal. If possible, you want to be in the market at a time when it favors your position as a buyer or seller.
Because all properties are unique—it is possible to buck general trends and have more leverage than the marketplace would seem to allow. For instance, if you have a property in a desirable neighborhood with few sales, you may be able to get a better deal than elsewhere. Or, if you're a buyer who can quickly close, that might be an important negotiating chip when dealing with an owner who just got a new job 500 miles away.

2. Who has leverage?
If you're on the front page of the local paper because your business went bust—and the buyer knows it—you have little clout in the bargaining process. Alternatively, if you're among six buyers clamoring for that one special property, forget about dictating an agreement—the owner can sit back and pick the offer which represents the highest price and best terms.

3. What are the details?
A lot of attention in real estate is paid to transaction prices. This surely makes sense, but the key to a good deal may be more complex.

Consider two identical properties that each sell on the same day for $275,000. The houses are the same, the sale prices are the same, but are the deals the same? Maybe not. For instance, one owner may have agreed to paint the property, replace the roof, purchase a new kitchen refrigerator, and pay the first $3,000 of the buyer's closing costs. The second owner made no concessions.
In this example, the first house was actually sold at discount—the $275,000 purchase price less the value of the roof repairs, closing credit, and other items. If you're a buyer, this is the deal you want. If you're a seller, you would prefer to be the second owner and give up nothing.

4. What about financing?
Real estate transactions involve a trade—houses for money. We know the house is there, but what about financing? There are several factors that impact the money issue:
Has the buyer been pre-qualified or pre-approved by a lender? Meeting with a lender before looking at homes does not usually guarantee that financing is absolutely, unquestionably available—a loan application can be declined because of appraisal problems, title issues, survey findings, and other reasons.
But, buyers who are "pre-qualified" or "pre-approved" (these terms do not have a standard meaning around the country) at least have some idea of their ability to finance a home and know that they are likely to qualify for certain loan programs.
The result is that pre-qualified buyers represent less risk to owners than a purchaser who has never met with a lender. If the seller accepts an offer from a buyer with unknown financial strength, it's possible that the transaction could fail because the buyer can't get a loan. Meanwhile, the owner may have lost the opportunity to sell to a qualified buyer.
The lower the interest rate, the larger the pool of potential buyers. More buyers equal more potential demand, good news for sellers.
Alternatively, high rates or even rising rates may drive buyers from the marketplace—and that's not good for anyone.
It used to be that downpayments were a major financing hurdle—but not anymore. For those with good credit, loans with 5 percent down or less are now widely available. In fact, 100 percent financing, mortgages with nothing down, are now being made by conventional lenders. Reduced downpayment requirements are good for both buyers and sellers.

5. Who has expertise?
Imagine you're in a fight. The other guy has black belts in 12 martial arts—and you don't. Who's going to win?
Brokers have long represented sellers, and now buyer brokerage is entirely common. In a transaction where one side has representation and the other does not, who has the advantage at the bargaining table?

17/03/2014

Under Construction vs Ready to Move Property – Which is better ?

There is absolutely no confusion in saying that everyone wants to buy a house, a dream home which they can call their own. However, one big confusion among buyers is whether to buy an Under-Construction Property or a Ready to move in Property. Each of these options has its own pros and cons and it is extremely important to be aware about the advantages and disadvantages of Under construction and Ready to move property. Lets look at them:

Negative Points of Under Construction Property
1. Delay in project & Dispute of the Land & Permissions
2. You don’t get what you see
3. Quality of work may be compromised
4. Income tax claim is headache unless you get the possession certificate

Positive Points of Under Construction Property
1. You start paying slowly & conveniently
2. Choices of floor or location are much wider
3. Good scope of Price Increase

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Negatives Points of Ready to Move Property
1. A lot of legal work and documentation
2. You need to arrange all the money in one shot for down payment, registration etc
3. Chances of getting duped!
4. Inflated Price already

Positives Points of Ready to Move Property
1. You buy what you see
2. Immediate relief from Rent & travelling cost
3. You can know what kind of people live around you

Conclusion
So the final conclusion from various experience is that if you want to buy the house from investment point of view, then buying an under construction house makes sense. However if its mostly from living purpose and you want to consume it for your own purpose, then buying a ready to move house makes more sense. Also all the pros and cons discussed can vary from case to case and the points discussed here are based on a general information and feedback.

16/03/2014

10 things to check before buying a home or Property in India

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1. Goodwill of the Builder and overall Brand
Before you buy a Property, its important to have a look at the builder profile and his overall history. How many projects he has already delivered, How much delay was there, Go to te website of builder company and check old projects and ongoing projects. Search on internet with the previous project name and you should be able to find some important information about it. See what people are talking about the builder and property.

2. Connectivity to your Work Place
An important parameter to look at before buying a property is the distance between your workplace and the property. Its something you have to deal with everyday. A property which is 3 km away from your workplace is very different from the property which is 12 km from your workplace. Long Distance might mean inflated fuel cost, time lost in travelling and getting frustrated and burning out each and every day for many years to come.

3. Connectivity to Schools, Hospitals, Transport, Markets etc
You should check how far are schools, colleges, hospitals, markets , shopping places and bus/train stations from the property. It should not happen that to save the money on property, but then spent on travelling your kids every day to school. The access to other important places is also very important.

4. Resale Potential in Future
When we buy a property, we are attached to it thinking that we are going to live there for next few decades, but no one known when you would be packing your bags again to move to some different location because of various reasons. At that time, if you realize that the property was suitable for you, but not to someone else, its going to be very bad situation. So you also have to think about the “resale” potential of property you buy. Will the property appeal to someone else ? Think about it again. For example, you might be looking at the property which has common parking, but what about future at the time of selling , every one you talk to wants a dedicated covered parking ?
Also, Most of the people who are buying under-construction properties are very far from core city. So its an important point to check about the future development around the area. Find out whats the future development plan for Roads ,Flyover, proposed malls, and other things which might come up in next 4-6 yrs. If the place is not yet properly connected to main city, there might be future plans for it.

5. Rental Potential
A lot of times, people give their property on rent and move to some other location. At that time, if you realise that the property is not that attractive from rental point of view, you will regret your decision. I am not saying this is going to be a deciding factor in your decision, but still just keep it in mind and have a look at property from this view point only. If property is near colleges or centrally located, or close to commercial places, you will never find issues finding people to rent your property.

6. Air & Lighting
Air and Lighting is something which will determine your living experience on daily basis. The flat you live in should have good enough lighting (natural light) and proper air. Also you should check how the air flows from various angles. In my current flat, the way wind flows is amazing. So when you look at property, check if some other buildings are blocking the air and lighting or not. Which side the terrace or balcony faces and the view outside.

7. Amenities Offered
You should also check what kind of amenities are offered along with property. Things like club house, parking, lift, power backup, swimming pool, gym are some of the amenities. Now you might be a simple person who wants minimal things, but if you want to make sure the property has very good resale potential, you might want to look at these things. After all, all these things will matter to you or people connected to you and if not anyone, may be the next buyer from you will look at all this.

8. Construction Quality
When you go to look at properties, check the construction quality. What we mean by it is check the walls, their overall look and feel, how is the finishing done, Does it look premium or the paints look like as if it will come out very soon. Check the wiring, fitting, tiles quality etc etc. If its a under-construction project, the only option you have is to search on internet about the builder and its past project experiences and what previus buyers are saying about it . Just put builder name or any previous project name along with “+ construction quality” words on google and you will be able to get some ideas – like this project in chennai

9. Road Conditions Around Property
I saw one property which was a little inside the main road. The road was not straight , but was in zigzag fashion and was not that wide. It was a inside road and not the main road, so there was no future potential of getting better road. Travelling each day with same road will frustrate you in long run, but might not be on daily basis. Also its not that safe in night. So when you look at any property, check the overall roads conditions atleast upto 500 meters from the project.

10. Locality and Kind of people living around
You should also check the overall locality and who all are living around. Are you comfortable there, will your family be ok ? Will it be safe in night ? will you wife/mother be able to go on a walk for an hour in-case they wish to ? These are some questions you need to answer before buying the property.

14/03/2014

Common Question from Home buyers

Why should I buy, instead of rent?

Answer: A home is an investment. When you rent, you write your monthly check and that money is gone forever. But when you own your home, you can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes. This will save you a lot each year, because the interest you pay will make up most of your monthly payment for most of the years of your mortgage. You can also deduct the property taxes you pay as a homeowner. In addition, the value of your home may go up over the years. Finally, you'll enjoy having something that's all yours - a home where your own personal style will tell the world who you are.

for more info@ http://i1home.com/

13/03/2014

How to build your own house.

Ready to have your dream house built? Building a home does not just require a great deal of your vision, time, and effort, it also needs extensive planning, organisation, and coordination with professional consultants. Financial-preparedness is also key, which is why you must come up with a realistic estimate of possible costs and overhead. Many first-time, would-be home-owners resolve this by getting the financing assistance they need through bank loans.
To build or buy?

Many believe a common misconception: that building a home is cheaper than buying one. Whether this rings true for you or not depends on many factors, among them are the fees you would have to pay your consultants, along with connection, and legal charges; if you do indeed resort to building a structure over buying one.

The average cost of a house in Malaysia is RM497,535. Building a new house would cost you around RM310,000 to RM320,000 on average – excluding the price of the land it stands on. Structural costs would add another RM34,000. It costs a pretty penny. But still, Malaysians continue to have their homes built. There is, after all, no other feeling like when you finally see the house you have always pictured in your head – the sheer human labour that went into constructing something that had only been a dream.

Thankfully, there are Malaysian banks that offer financing options like housing loans so that qualified individuals like you, who want to have their own dream houses built, may do so.
Steps to building your dream home Once you get approved for a loan, careful planning is necessary so you do not waste time and resources as you carry out your construction project. Refer to the following guidelines:

1. Acquire a mortgage
Banks offer several home financing options whether you plan to buy or construct a home. There are land loans you can apply for if you are looking to own a piece of land and construction loans to fund your home construction project. If you enjoy great financial standing and have no outstanding loans, you can be in a good position to negotiate for better loan terms and conditions. You would need to prepare funds from your own resources to supplement a home loan. Typically, banks in Malaysia cover a margin of finance of between 70 and 90 per cent on home loans, which means you would be required to make a minimum deposit of 25 per cent on the total housing cost, as a downpayment. It is also good practice to set aside up to about 10 per cent of the total cost for contingencies or possible overhead costs.

2. Get a planning permit
Before you can purchase land and build your home, you need to get approved for a planning permission from local authorities. A permit will be issued after authorities confirm that the project you have proposed will not cause environmental harm and complies with any and all planning standards and regulations.

3. Find suitable land
Among a few things you would need to consider include the availability of public facilities and infrastructure. Avoid lands involved in legal disputes or locations with high crime rates. You might also want to check the quality of the land and the surroundings. Pay stamp duty Once a suitable location for your dream home has been found, you would need to register with the Land and District Offices. Land buyers are required to pay stamp duty on the Memorandum of Transfer. For the first RM100,000, stamp duty is one per cent, while for the next RM400,000, stamp duty is two per cent. Anything over RM500,000, stamp duty is three per cent. You could seek the help of a competent lawyer to brief you on the requirements you need to fulfill and help with the entire registration process.

4. Finish your floor plan
You might want to enlist the expertise of an architect, who will assess, fine-tune, and improve your design according to feasibility, budget, and other considerations. You and the architect always need to be on the same page with regard to all matters concerning the design and implementation of the design – and this can be addressed through open communication.
Start doing some preliminary planning, taking into consideration the design you want and other specifics such as furnishings and facilities you need to have installed. Research on the real estate market, prices for materials, and other construction costs, and come up with an estimated total cost for your project.

5. Hire a team of consultants Building a house involves more than just putting wood, cement, and nails together. If you want your home construction project to be a success, you need a team of consultants to oversee each aspect of construction.
A consultant team, often composed of a structural engineer, a mechanical engineer, and quantity surveyor, handles design, planning, and quality assurance. You would also need to enlist the help of a project manager to coordinate building efforts, especially if you cannot afford to oversee the construction yourself. Make sure to openly communicate with your consultant team so possible concerns and issues are resolved swiftly. Involve yourself deeply in the process to ensure that everything stays on track, and that everyone gets each and every detail right the first time, that you feel at home in every room to avoid costly repairs and renovation costs later on. Here are steps for you to follow if you have your mind, and wallet, set on building the house you have always had a yen for. Make sure to compare costs for everything so you could manage your construction budget with ease. Having a house built does not need to land you in debt or drain your finances dry, but it could, if you do not set yourself to save and spend less on costs wherever you can.

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12/03/2014

Reasons Why You Need To Own A Home

Nearly Home makes it possible for people who otherwise wouldn’t qualify for a mortgage to live in their dream home now, and purchase it outright in as little as two years.

One question we often receive is: why is Rent-to-Own better than just renting?

1- Pride of home ownership: Before we get into the other more tangible reasons, there's one point that stands above all others: the pride of owning your own home. Rather than having to move every few years when you're renting, buying a home truly allows you to have a place to call your own, where you have complete freedom and control.

2Build equity with mortgage payments: When you're renting, you never see your rent money back again. With a mortgage, your monthly payments are going towards building equity in your home. While there are small additional fees, like mortgage interest and closing costs, the benefits to building this equity in the long run are well worth it.

3Appreciation of your home value

4- Make upgrades (and benefit from them in the long run) to your home: When you own your home, you can make whatever upgrades you'd like to increase its value. With Rent-to-Own, though we do have to provide approval for larger upgrades, you can make changes and improvements during your initial rental period. That means by the time you own your home outright, you could already have increased its value a great deal! When you're renting, you're severely estricted in the changes you can make – and you certainly don't benefit financially from them!

5- No restrictions with pets: When you're renting, you're often restricted in what pets you can have. When you own,
you have complete control!

6- No restrictions on noise: Like in point #5, when you rent you have rules to follow on visitors, noise, and much more.
When you own, you can make your own rules!

7- Ownership builds community: When you own, you're putting down roots in a specific area. This creates a sense
of community.

8- Privacy: When you rent, your landlord can enter your home with very little notice for a variety of reasons. When you
own, you have complete privacy, and complete control over who enters your house.

9- Good tax credits for first time homebuyers in Canada: While there are tax incentives when it comes to
renting, Canadians are privy to a number of tax credits and savings directed towards first time homebuyers. These can really
help ease the initial costs of purchasing your home!

10- Pride of home ownership: This was our first reason for home ownership, and it’s also our last. At the end of the
day, despite all of the financial benefits, the truth of the matter is this: you own your own home, where you have complete
control over your environment.

Ready to get on the path to home ownership now?

Then contact Nearly Home at i1home.com

or

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03/03/2014

Recently concluded real estate property show at Necklace road, Hyderabad has given a mixed response to the business in real estate at Hyderabad. There was lot of assurance of getting and extending co-operation from the just divided andhra pradesh state.

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09/04/2014

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