Category Archives: Real Estate

People signing contract behind a home model

When Buyers Have Regrets About Their Mortgage or Lender

People signing contract behind a home modelHomebuyers usually feel happy and a sense of accomplishment after making the purchase. There are also those, however, who feel doubts and fear while wondering if they’ve made the right decision. The most common reason is not being entirely happy with the home or the neighborhood. It might be because the house is too small or big, or the life in the neighborhood isn’t what they expected.

Property Financing

While remorse is usually associated with the home or the purchase itself, some buyers regret how they financed the property. When the house is the not the problem, homeowners might feel remorse if they start having problems with their choice of loan or lender. Mortgage companies in Salt Lake City share the reasons for regretting the loan or lender:

– Settled with an interest rate that was higher than other lenders
– Didn’t have enough knowledge and experience to compare loan offers (especially with first-time homebuyers)
– Felt pressured into picking a mortgage that wasn’t really the right choice
– Had issues with the lender after the closing
– Didn’t do enough research about the process of home buying and mortgage lending

Refinancing

You can always refinance your loan when you hate it, but you should be aware of the pros and cons of refinancing. While you can get better terms with a refinanced loan, you’ll have to apply for a new loan and lenders will then have to evaluate your credit report and financial information. You’ll also need to pay the closing costs and other related fees.

This is why if you’re in the process of buying a home or shopping for a mortgage, do your homework first. Learn more about the different home loan options, the pros and cons of making a small down payment, and how you can make yourself an attractive borrower. You should also take advantage of the tools and resources online. Talking to successful homebuyers and reputable mortgage lenders can also help you make an informed decision.

Key with a house key chain being held by a person"

What You Should Remember If You Want to Sell Your House Fast

Key with a house key chain being held by a personBuying a house can be time-consuming. The same applies when you’re trying to sell your house. There are many activities to do and items to fix. This is why many who have been wanting to let go of their homes end up selling them at a lower value — just so they can get rid of it. If you plan to take the same route, you need to remember that it’s a loss.

There are actually some ways you can resort to if you want to sell your home fast. Some of them will not compromise the value of your real estate property.

Make the proper preparations

Maybe your home is not attractive enough to entice buyers. Simply because you’re letting go of it doesn’t mean that you’ll leave it slovenly. Make the necessary repairs. Declutter and get rid of items that make it less attractive and functional. You may even want to make your garden more beautiful. For example, a property with good landscaping can fetch a hefty price tag.

Choose the right time

You just cannot sell your home any old time you want. You need to pick the most optimal time or season. Summer may not be the right time, as people are busy with their holidays. The same applies to winter. Spring and autumn make good selling seasons due to favorable weather, which encourages people and homebuyers to go out and see the properties in proper daylight.

Work with a home-buying company

Sometimes, it takes a professional to help you sell your home — or you can even sell it to them. As such, you need to find a home-buying company. These businesses buy homes, improve them, and sell them again for profit.

These are just some of the most important things to keep in mind if you want to sell your home fast. Only work with reliable providers and advisors to avoid scams.

Ways to Make a Profit Off of Land

a land for sale signYou can make money by investing in property. However, what most people don’t know is that buying land is also a great way of investing.

At Manor Lakes, a reputable land development in Melbourne’s West, an investor can buy land for sale granting that property will sit on it in the future. After all, land can be used to develop endless things, such as retail spaces, multi-family homes, office spaces, and single-family homes. But you need to understand the processes involved before you buy it.

Here are different ways you can make a profit out of this investment:

Buy and sell

With this approach, the investor is fundamentally flipping the land. The land buyer believes that they bought the land at a lower price than the current market price, so they hope that they can find a buyer who will pay the price higher than the market price. Also, the investor hopes for a quick sale that will generate profit with no extra work on the land.

Buy and hold

Besides the buy and sell approach, the buy and hold strategy entails buying land and holding onto it for some time. The investor, in this case, believes that the value of the land for sale will appreciate. However, the investor should know that they are required to pay for taxes or other extra costs necessary for maintaining the land.

Buy, develop and rent

Investors can buy any land for sale and develop it, then rent it out to tenants. For instance, you can buy land, build a parking lot, then rent it to tenants. After all, you can get a tenant who owns a huge business and is looking for an additional parking lot for their clients.

Now that you are aware of land buying strategies, you can choose the most suitable approach depending on your goals. It’s advisable to take your time to search for the best land for sale deals. Make sure you study the market and other opportunities and challenges in that area.

Could You Include an Office Desk From Your Tax Deductions?

Brown Office FurnitureCompanies should know that they can deduct their office furniture to their tax returns, but there are certain rules for doing this. If you plan to add an industrial office desk you bought from vendors such as Urban95 to your deductible, you should only declare the amount you spent on the item.

Startup firms are also restricted from deducting more than $5,000, or else it would be tagged as a capitalization cost.

Proper Deductions

One of the most common mistakes for tax deductions on office furniture includes an improper identification of items. The risk of an audit from the Internal Revenue Service awaits you if any type of furniture is redundant for your business, or seem to have a vague purpose, yet you still added it to our deductible.

You would need to pay a penalty and cover the underpayment of taxes since the IRS won’t acknowledge personal office furniture as a deductible expense. Some companies may include the design of their office, as long as it helps with their workflow.

Commercial Designs

Non-traditional office designs have emerged due to a need for trendier workplaces, especially among millennial workers who represent a huge part of the working class. Most companies are responding to this common design trend by adopting open-floor layouts and collaborative office spaces.

Certain designs include a large industrial office desk in a common area, where workers can brainstorm ideas and hold meetings like those in the creative industry particularly like dynamic offices within the last three years. This type of design is “marked by usually continuous and productive activity or change.”

Sustainable offices are unsurprisingly a trend as well since the property industry has become more aware of their environmental footprint.

Conclusion

By knowing the right way to declare your office furniture as a deductible, you avoid the risks and maximize its benefits. You can likely stretch your chances of a higher deduction if your office design supports business operations.

Man installs home insulation

EECA Offers Funding Grant for Home Insulation Among Low-Income Kiwis

Man installs home insulationLow-income households in New Zealand that need home insulation services should consider applying for the Energy Efficiency and Conservation Authority’s (EECA) funding grant for homes that are built before 2000.

EECA plans to provide financing assistance under its programme called Warm Up New Zealand: Healthy Homes. The project will be available until July 1 for poor households and landlords with low-income tenants.

Funding Qualifications

Interested parties may send an application to ask for help in covering 50 per cent of the price for ceiling and under-floor insulation products and services. Qualified households should present a Community Services Card or a referral from the Healthy Homes project of the Ministry of Health.

If your home is not qualified for the government subsidy, you can still apply for financial assistance if you have a health condition or disability. Several local councils offer loans to help households pay for the installation of insulation systems. Some banks may likewise include the cost of insulation to their mortgage payments.

Home insulation is particularly important for those who plan to rent out their homes since the government will require under-floor and ceiling insulation for all leased properties by July 2019.

New Housing Model

Energy-efficient insulation can help lower your electricity bills. Some architects believe that property developers should focus more on building sustainable houses instead of larger homes.

Home builders usually prefer larger houses because they sell faster, although energy-efficient houses can save owners hundreds or even thousands of dollars in energy bills per year. In addition, an upgrade to a 6 Homestar rating only requires between $5,000 and $6,000 for an average-sized house.

Cash-strapped Kiwis should take advantage of the government subsidy, whilst property developers should consider building smaller yet more energy-efficient homes. It is better to look for contractors that have several years of experience in the insulation supply and installation industry.

Couple looking at house models and plans

How to Avoid Stress During House Construction

Couple looking at house models and plansSo, you’re currently in the process of building your new home. You’ve worked out the floor plan, agreed on an interior design and the landscaping, and found a plumber, electrician and an air conditioning contractor in Sydney. All you need now is to get things in motion. But as well as the excitement of watching your new home develop, the responsibility of staying within budget and staying on-plan can become stressful. These tips will help keep those stress levels lower during the construction of your new home.

Trust Your Contractor

Choosing a contractor you’re comfortable with is important. The builder should be approachable and know how to listen to your suggestions and requests. Spend time asking around beforehand, and consider reputation and quality of work as well as the bottom line. The cheapest quote may end up being expensive if you have to find another contractor to fix shoddy work.

Expect the Unexpected

Bad weather, delayed delivery ‒ these are examples of situations that can mess up your construction timetable. Many unexpected things can happen during the process. Be prepared for delays, and as much as possible, think of a plan ‘B’ in advance to keep the momentum going.

Choose the Right Time to Visit the Site

Just because you own the project, it doesn’t mean you have to be there all the time. Things can get hectic for the workers. Having someone lurking around can get in the way of their work. Let your foreman know when you want to visit the site so the team can prepare for it.

Include Allowances in Your Budget

It’s always wise to have a little extra in your budget when building a home. You’ll never know when prices can change, extra work is needed or a license is required.

Building a home is a big commitment and it’s normal to have anxieties. The key to managing the stress is solid pre-planning. The more you plan, the less unexpected costs are likely to occur and the fewer delays in completing your dream home.

Apartment complex

Multifamily Sales in Salt Lake City Amounted to More Than 1$B in 2017

Apartment complexThe Salt Lake Board of Realtors reported that sales of multifamily units in 2017 amounted to more than $1 billion, due to an increase in median sales prices.

Despite the increase, there were 4,500 units that exchanged possession in the previous year. This indicated that demand from buyers remained stable amid higher sales prices, up 11% to $225,000, according to the report.

Property Development Activity

Fitch Ratings expects home prices nationwide to increase 4.6% in 2018. It listed Utah’s housing markets among the top five states that will perform well this year. In Salt Lake City, home prices would increase by 3.2% from the current average prices of $360,000.

A reason for the projected increase involves the influx of several companies, which continue to set up business in the state.

For instance, many enterprises have flocked to the Provo/Orem region because of its high-tech industry. Workers from out of the state also moved to the region because of job prospects and higher salaries. While rising home prices normally elicit concerns of a bubble, experts say there should no reason to worry over a potential crash for now.

Housing Bubble?

Jim Wood of the University of Utah’s Kem C. Gardner Policy Institute said that the most number of sales occurred in Salt Lake City, West Jordan, and Sandy. He attributed the increase to a larger demand for affordable housing options. Wood believes that the likelihood of a real estate bubble remains low, as mortgage lending standards have become stricter in recent years.

For this reason, cash-strapped developers that remain undecided should consider launching new projects this year. Good thing, as bmfcap.com mentioned, The U.S. Department of Housing and Urban Development’s (HUD) multifamily loans will help you finance your next development.

An opportunity to make a profit awaits property developers since demand for multifamily units in Utah will likely continue to increase in the near future.

 

Condo units for sale

3 Mortgage Mistakes When Buying a Condo

Condo units for saleDespite the large number of desirable Corpus Christi, Rockport, and Key Allegro homes, many people prefer to buy condominium units. After all, as Rockport Properties, Inc. explains, condos usually provide a better view, help eliminate property maintenance nightmare, and are located in the heart of the city.

However, you might be surprised that it’s trickier to secure the right financing and get the unit you love. Here are some of the most common condo mortgage mistakes first-time buyers make:

Snagging the Lowest Rate

Compared with traditional mortgages for freestanding properties, condo loans tend to come with higher interest. Lenders consider condos to be riskier since units could lose value easily when other residents default on their loans. In turn, lenders would most likely have stricter conditions or restrictions in place. Unless you put down about one-fourth of the unit’s cost, your interest rate could be 0.25 higher than what you’d pay on a single-family house.

Being Unprepared for a Large Down Payment

Considering that condos are risky assets to lenders, you might be asked to pay for 25% of the property’s price upfront to secure financing. Condos may cost less than freestanding houses, but being able to borrow less money to buy the property can put a damper on homeownership.

Then again, most lenders look at the entire package when granting loan requests. Even if you want to buy a risky asset, you might be asked to put down as little as 5% if you have an excellent credit score.

Forgetting About the Building’s Occupancy Rate

Most condo mortgage providers would require a certain number of units to be sold first before offering to finance. If you wouldn’t have enough neighbors when you move in yet, your loan application may be denied.

Buying a condo has its unique challenges, but the risks are worth taking when it makes perfect sense for your situation. Exercise your due diligence to choose the right unit — not just based on its location, but also on the building’s management. Make sure you’re on good financial footing before you buy to ensure you could keep up with the payments associated with condo living.

Three Changes to Do in the Workplace this 2018

a busy workplaceThere's no better time to roll out changes in the workplace than as when the new year sets in. This is in line with people starting over a new leaf. If you've noticed some weaknesses in business operation and productivity problems last year, this is the time to address them. 

Here are some changes you should do soon: 

Enforce CLAYGO

You know to call ProKleen for commercial cleaning in your Salt Lake City office, but what about the pieces of trash that each employee contributes to the office throughout the day? It's time to gather everyone and talk to them about the importance of cleaning after themselves. While your cleaning company can clean the windows and wash the carpets, they won't be around to wash the dishes every time someone leaves them in the pantry sink. Letting dirty dishes pile up invites pests into the office.

Offer Flexible Schedules 

You probably have a younger workforce, as the majority of them are millennials. They have different expectations than the generations before them, one of which being that the quality of the job done weighs more than the number of hours spent in the office. Even if you want them to complete a full day's shift, you can allow them to start work at an earlier or later time—whichever schedule will make them more productive.

Update the Workplace Design 

A facelift might be necessary if your office has peeling paint and everyone feels burnt out just by looking at the same four walls. A fresh environment kicks up office productivity. While you're at it, get your employees involved in the redesign, as they will be the ones spending time around the renovated space. Don't replace something they hate with something they will hate even more. 

Every once in a while, you need to improve the office environment for it to be a space conducive to work. Make positive changes a part of your yearly agenda. 

Are Real Estate Investors Better Than Individual Buyers?

Sold Home with the sign focused and house blurredIf you’ve ever faced the need to sell your property, you may have many questions: How long should you wait to pull the trigger on an offer? What’s the highest you can sell your house for? Should you sell your house for cash?

You might even receive offers both from individuals (e.g. your neighbors and relatives) or real estate investors like Klamen Real Estate. Can you rely on individual buyers more than brokers when selling your St. Louis house for cash?

Here are some advantages of selling your house to real estate investors:

Reliability

Imagine if someone makes a great offer to buy your house. After the verbal and written handshake, the would-be-buyer applies for a cash home loan. A week later, the buyer receives a letter from the bank, saying the loan request was rejected.

In this case, it’s best to sell it to an investor. Unless the person who made an offer has the cash on hand to buy the property, it can take weeks for the transaction to be resolved. Even then, it’s not guaranteed to succeed. Time would be lost, and you would have to go back to the drawing board and wait for offers again. This is not the ideal place to be for those who need cash urgently.

Documentation

With brokers, you can have some more peace of mind. If someone makes an offer to flip your St. Louis property, you can always ask them for a license. This way, you can find out whether they are authorized to practice in the state of Missouri and protect yourself from any scam.

Real estate investors are trained to appraise properties and make the best offers for your house. If you’re in need of quick cash, you can inform them that you’re receiving cash offers by sending them an e-mail, filling out a web form, or even by calling them.