Lettings & Property Management

Source: www.propertysecrets.net
Ten Top Tips for Successful Property Management

1) Pave over That Garden
Landscaped gardens might be an asset to some tenants, but most will be quite happy just to have somewhere to lounge during the warm summer months.
The gardens of buy to let properties are often best designed with ease of maintenance in mind, as this will help keep them looking attractive even when the property is empty.
It will also mean less time and money needs to be spent on acquiring contract gardeners, if you don't intend maintaining the grounds yourself during the occasional void period.
Even an expansive garden area can be transformed into eye-catching courtyards and patios with the right style of paving, which removes any necessity to attend the property every weekend to cut the lawns and weed borders.

2) Go Frost-Free When Buying White Goods
Tenants rarely apply the same care and attention of landlord supplied appliances as they would if they owned them themselves, and this is most certainly the case with items such as a freezer unit.
Unfortunately, the usual pattern of behaviour for tenants is to wait until the last day of a twelve-month tenancy before they remember to defrost the freezer.
They then make a complete hash of the job, because so much ice has built up; so they break the pull-down drawer units by forcing them and attack the ice with the biggest bread knife they can find.
More often than not, they irrevocably damage the unit and render it useless.
Even though frost-free units cost a little more to buy, they are worth their weight in gold and are more likely to survive the rigors of several tenancies, rather than just one.
It often makes financial sense to employ preventative measures than deal with bigger problems later on.
Some may think 'if the tenant destroys an appliance, the tenant will pay for it as a deduction from their security deposit'.
But the advent of Tenancy Deposit Schemes in 2007 is likely to thwart that belief, since deductions of 25 per cent depreciation a year plus fair wear and tear will undermine the cost of buying replacement items - and that assumes the landlord is able to prove the loss was caused by the tenant's undue care and attention in the first place.

3) Never Supply A Television Set
Unless the buy to let you are investing in is at the very top of the rental supply ladder, don't supply a television set with the property.
Hi-tech equipment is expensive to supply and difficult if not impossible to repair when it breaks down, which means it usually has to be replaced.
In addition, the landlord will be liable to provide evidence of having a television licence during periods when the property is untenanted. These extra expenses are unwarranted and merely serve to reduce annual profit.

4) Install Card Meters
There are three advantages to converting gas and electric meters to pre-pay card-meters in buy to let properties.
Firstly, if you are managing your own property, it saves both the time and cost involved in taking meter readings and informing the utility companies at the start and end of each tenancy.
Secondly, as tenants tend to vacate leaving a small amount of credit on the meter, there is usually enough of a surplus to provide lighting and background heating between tenancies, while the property is empty and being viewed by prospective new tenants.
The standing charge and cost of energy consumption between tenancies would ordinarily fall as a charge to the landlord, but this arrangement prevents such a liability arising.
Finally, the gas and electric suppliers will never again try chasing you for unpaid final bills belonging to the vacated tenant.
This often happens with tenants that have absconded mid-way through their tenancy or those that leave without providing a forwarding address.
The utility companies have no right to seek recompense from you (unless the contractual supply account has been left in your name), but this doesn't always prevent them from trying.

5) Protect Bathrooms
Tenants never take quite the same care in a rented property as you might in your own home and bathrooms are typically problematic.
Splashes and leaks from basins, baths and showers often go unreported until tenants get fed-up with the irritation, which means any carpet laid to the bathroom gets saturated, stained and mouldy.
Even worse, if left long enough, a small leak can cause floor and dry-lined wall timbers to rot.
These are expensive and common problems for many landlords and since prevention is always better than cure, laying vinyl instead of carpet is an easy and economical remedy.
Where possible, run the vinyl up the skirting a few inches to stop water getting underneath to the floorboards and joists or alternatively fill the gap with flexible silicone after painting the timbers.

6) Save Your Sofas By Having Fitted Covers
Sofas and chairs are a major expense and smart new suites can quickly become stained and shabby over the course of a six or twelve month tenancy.
Replacing them every tenancy is not a viable or economic option, but leaving grubby furniture in the property may discourage new prospective tenants taking up occupancy and cause prolonged voids.
This situation is best avoided when stocking your property with furniture by purchasing suites with washable loose covers.
These can then be professionally laundered at the end of each tenancy, which is a great deal cheaper than having to replace the sofa and chairs every time.

7) Buy Blinds Instead Of Curtains
Window blinds are usually cheaper to buy than curtains, unless the windows in your buy to let property are of a standard size that allows you to buy off-the-shelf.
Blinds are also more fashionable for modern properties and can be wiped clean at the start of each new tenancy.
If you feel curtains are more appropriate, look for unlined machine washable fabrics to save on professional laundering costs.

8) Buy to Let All-Electric Properties
The Gas Safety Regulations require that landlords have an annual gas safety inspection of their property conducted by a Corgi registered engineer. And you need an up to date certificate proving appliances and pipework conform to the safety standard.
Currently, there are no equivalent regulations for electricity - the law simply states that electric installations and appliances must be provided in a safe condition for the occupier's use.
The cost of the gas safety inspection and certificate varies widely. It also increases proportionately according to the number of gas fires, boilers and other fixtures contained in a property. It is worth bearing this in mind when investing in a buy to let unit, because this annual expense can be avoided completely if you buy properties that are 'all electric'.

9) Replace Old Windows With New - And Get Tax Back!
The distinction between making an improvement or a repair is an important one for buy to let investors in the UK.
While an improvement is considered a capital expenditure (deductible against any eventual capital gains tax liability), making a repair is usually an allowable expense that can reduce the annual income tax bill.
HM Revenue and Customs has recently decreed that old single-glazed windows can be replaced with modern double-glazing and the cost will be considered a revenue expense.
In other words, you can replace your old rotting timber frames with UPVC double glazed units, reduce your painting and repair costs and claim the entire amount spent back in income tax allowance.

10) Major Repairs
There are two ways of dealing with planning for the expense of major repairs and other 'irregular' expenditures.
You can try to define what will need doing and when, costing these pieces of work out for your forecast. The downside of this is that it can take no account of fire damage, storm damage, or any other catastrophe that may befall your property.
Or you can pick a figure - the more cautious and risk-averse you are, the higher this figure will be - and try to keep this back as a fighting fund to cover the expected extra expenditures and, perhaps, cover even the unexpected ones.
Your decision over this will, of course, depend on the properties you own. If you are focusing on buying discounted new-builds off-plan, then you can quite safely assume that there will be no major repairs, and those that do crop up will be covered under guarantee.
In such a case, your fighting fund for major repairs may well be much smaller (if, indeed, you have one at all) than if you have a portfolio of older properties that you know will need re-roofing before you come to dispose of any of them.

 

Source: http://www.therentaloffice.com/landlord_property-management-tips.html

1.Choosing The Correct Price Choosing the correct price means you get the most rent for your home without scaring away potential tenants by overpricing. Factors to consider when determining the correct price include:

TIME OF YEAR
Homes usually rent faster during the warmer months, between March and October. Summer months are often the best because families with children generally try to move while school is closed.

COMPETITION
How much are other houses in your neighborhood renting for? No matter what your house is worth, if other similar homes in the area are underpriced, tenants will generally rent that home first.

CONDITION
How much wear and tear do items such as carpet and vinyl have? Do the walls need to be painted? Is the lawn and yard mowed and free of weeds? Is the neat and free of unnecessary clutter?

UNUSUAL FEATURES
Does the property have any outdated or functionally obsolete features which cannot be easily corrected? Examples include small rooms, lack or central cooling, low number of bathrooms or the absence of a stand up shower, or even the lack of kitchen cabinet space. Would the additional rent which could be earned by updating other features -- such as blue or pink walls, old wallpaper, or shag carpet -- make those changes worthwhile?

LOCATION
Is the home located near a busy street or in a cul-de-sac? Next to apartments or a park? Does it face a busy shopping center or a wooded lot? Is it next to the neon pink house with the junked car, or next to the yard of the month? Is your condo on the first or second floor?

2.Should You Allow Pets?

ADVANTAGES OF ALLOWING PETS
Lots of potential tenants have pets, so allowing pets makes your property available to a much larger pool of potential tenants, and thereby increases your chances of renting your home faster and even for slightly higher prices. This is especially important if you have older carpet which could discourage non-pet owners from renting. Plus, if you already have pets, your home may be more likely to appeal to another pet owner.

DISADVANTAGES OF ALLOWING PETS
There is a greater chance of damage to your home when pets are present. And it may be difficult to recover the full replacement cost for older items, such as carpet, if they are damaged by pets. It is unlikely that a tenant's deposit would be enough to pay for new carpet, and in court, judges are likely to award only a pro-rated amount, based on the remaining life of the carpet.

OUR RECOMMENDATION
Because of the potential risk involved, we strongly recommend against allowing pets into a rental property. Damage from pets can easily exceed a tenant's security deposit. Many times damage such as pet odor and flea infestation can be hidden at the time of move-out and, therefore, not noted on the final inspection in time to make deductions from a tenant's security deposit.

PRECAUTIONS WE TAKE
We only recommend allowing adult pets whose behavior we can verify through the tenant's previous rental history. If you decide to allow pets, we take extra precautions, such as charging a non-refundable pet fee. This fee is used at the end of the lease to treat both the interior and exterior for fleas. The tenants are still responsible for having the carpet professionally cleaned at the end of the lease. If damage does occur, we will make deductions from the tenant's deposit, and proceed with court action, if the damage exceeds their deposit.

3.Before You Leave
Due to Hampton Roads' humid climate, it is strongly recommended that owners maintain a termite contract on their property to prevent loss.
Please have your carpet and chimney/fireplace professionally cleaned upon move-out. Tenants are then responsible for cleaning these items at the end of their lease term.
To maximize your home's curb appeal, we recommend that you paint your home throughout, unless you have recently done so. The exterior and trim should also be painted to prevent damaged wood. And be sure to trim shrubs and trees and weed flower beds.
Have appliances and your heating and cooling systems checked before you leave, to prevent more expensive repairs down the road.
Insulate your pipes -- especially those installed next to an outside wall, or located in a garage which are often subjected to subfreezing temperatures.
If you have oil heat, have your fuel company "top off" your oil tank upon vacancy.
Prepare five sets of keys for the property management office to give to the tenants.

4.Why Use A Property Manager

KNOWLEDGE OF THE MARKETPLACE
Our property managers are trained professionals. We know what comparable properties are renting for, and we know what the market demand is. So, when we arrive at what is considered fair market value for your home, we aren't just guessing. We know.

FAMILIAR WITH RELEVANT LAWS
Through our involvement with the Tidewater Association of REALTORS® and the National Association of Residential Property Managers, we stay on top of developments that effect your rental property. The amount of paperwork and all the legal issues that must be addressed can be overwhelming. We help you through it all. We are familiar with both the Virginia Landlord and Tenant Act and the Federal Fair Housing laws, so we can help you to avoid legal problems.

REACHING MORE TENANTS
You may not be reaching many qualified tenants if your home is not properly marketed. Our experience in marketing and lease negotiations enables us to find tenants faster and to reduce your loss of income from vacancies. When a house is for rent "By Owner" tenants usually expect a lower price and less scrutiny of their financial history. If you do not properly screen new tenants, you increase your risk of ending up in court trying to recoup past-due rent and other damages. We thoroughly investigate tenants to ensure they are financially qualified -- which could save you money in the long run.

LESS WASTED TIME
Trying to show your home to potential tenants can be an inconvenience, and often many of the callers don't actually show up for their appointment. Potential tenants often expect a fast response. If they have to wait to see the house on your schedule, they may lose interest before they ever see it. Our properties are shown by a Leasing Agent who can pre-screen potential tenants and who can show the property at whatever time is most convenient for the potential tenant.

A LOCAL PRESENCE
Once your home is rented, your property manager will keep an eye on your property while you are away, to ensure that the tenants are taking care of it. Having someone local means that any problems found can be found and corrected faster.

MAINTENANCE EXPERIENCE
We handle both routine repairs and emergencies. Because of our extensive experience, we know how to avoid unnecessary repairs and reduce your maintenance expenses. Plus, we have a working relationship with contractors, so we know the best contractor for each type of job. The bottom line is that you save money.

FASTER RESPONSE AND MORE COMPLETE INFORMATION
By using computers to track things such as repairs, rent collection, correspondence and upcoming events such as inspections and lease renewals, we can provide a faster response to you and your tenants, and keep you better informed.

5.Selecting a Property Manager
Selecting a Property Manager who will represent you in the marketing and management of your home may be one of the most important decisions of you life. This selection process is just as important as selecting any other professional such as your family doctor, dentist or attorney. The person selected should be working for you, always keeping your best interest in mind. He or she will be directly involved in advising and counseling you about a large portion of your personal assets.
This person must have your confidence and trust. Before interviewing property managers, you should determine your criteria for choosing that person. I suggest that you evaluate that person on the following categories:

• Appearance, demeanor and attitude -- How comfortable do you feel in working with this person? How comfortable will your tenant feel?
• How strong is the overall marketing plan and presentation?
• Does the company have access to the Multiple Listing Service?
• How else will you market my home?
• How thoroughly has he or she discussed their services and what you should expect from the process?
  

Also, I suggest you ask the following questions during the interview process:

• How willing are you to assist you in decisions?
• How involved will I be in the decision-making process?
• Commitment -- Are you full time? Professionally trained?
• How many years of experience do you have?
• How many properties do you manage? How many that are like mine?
• Can you provide me with references from current clients?
• Are you a REALTOR®? Do you belong to any property management related organizations?
• How often will you inspect my home?
• How will you keep me informed about the property?
• How available are you? What are your hours?
• Do you have a toll-free phone number? E-mail?
• Speed of processing rent checks -- when will I get my money? Will it be deposited into my account?
• What if I'm not happy with the service I receive? Will you guarantee my satisfaction in writing?
• How do you handle repairs? Do you use contractors or your own staff?
• What are your fees?

6.How to rent your home faster
Be aware of potential tenants' first impression of your home, and ways it can be improved
Consider re-seeding your lawn, trimming your shrubs and any other tasks to get your lawn in top shape
Paint your home's interior and exterior neutral colors to maximize its appeal and protect it from weather damage
Check your windows and screens: fix any cracks or holes. Make sure they all work.
Have your pool, heating and cooling system and fireplace serviced to ensure maximum performance, and prevent costly repairs later
Clean all carpets and replace any that are not in top condition
Make sure all appliances are in good working order
Clean your closets of extra clothing and storage to make them look more spacious
Store or dispose of extra furniture to make rooms look more spacious
Clean out your garage, attic and other storage areas
Remove, or clearly identify, any items that a tenant may want, but which are not being left behind
Keep your pets under control at all times
Use potpourri, or other scents, to make your home more inviting
Leave lights on in each room, and leave blinds or drapes open to make rooms look brighter and larger
Create a checklist of things you like about the house and its location which you can use to "sell" potential tenants
Check out your competition to ensure that your rent price is competitive
Before spending your time and money on improvements, consult with a professional property manager who can give you advice on how to get the best results.

http://www.therentaloffice.com/rent_faster.html

 

How to Rent Your Home Faster
....and Possibly Get More Rent!
•	Be aware of potential tenants' first impression of your home, and ways it can be improved
•	Consider re-seeding your lawn, trimming your shrubs and any other tasks to get your lawn in top shape
•	Paint your home's interior and exterior neutral colors to maximize its appeal and protect it from weather damage
•	Check your windows and screens: fix any cracks or holes. Make sure they all work.
•	Have your pool, heating and cooling system and fireplace serviced to ensure maximum performance, and prevent costly repairs later
•	Clean all carpets and replace any that are not in top condition
•	Make sure all appliance are in good working order
•	Clean your closets of extra clothing and storage to make them look more spacious
•	Store or dispose of extra furniture to make rooms look more spacious
•	Clean out your garage, attic and other storage areas
•	Remove, or clearly identify, any items that a tenant may want, but which are not being left behind
•	Keep your pets under control at all times
•	Use potpourri, or other scents, to make your home more inviting
•	Leave lights on in each room, and leave blinds or drapes open to make rooms look brighter and larger
•	Create a checklist of things you like about the house and its location which you can use to "sell" potential tenants
•	Check out your competition to ensure that your rent price is competitive
•	Before spending your time and money on improvements, consult with a professional property manager who can give you advice on how to get the best results.

 

15.08.2007

Source: http://www.loan-loans-mortgage.co.uk/landlord-tenant.htm

 Landlord Tips

 

1.Tenancy Agreement

When you are ready to let your property and find a tenant you will need a proper written Letting/Tenancy Agreement. Anyone is able to draw up a Tenancy Agreement, but it should be properly witnessed on signing by an independent witness. Many professional landlords still prefer to have this prepared by a solicitor. If you are planning on letting your property for more than three years you will legally need a Lease by Deed - this requires a solicitor or conveyancer.
With your Tenancy Agreement you should include a comprehensive inventory and statement of condition for the property being let which should be agreed.

 

2.Tenant Application Form

 It is advised that you also get your prospective tenants to complete a comprehensive Application Form - include identification evidence, accommodation and employment record, income, credit history, references and personal details, such as: have they any children, pets, are they a smoker, how many people will be living in the property? The application should also cover the length and type of letting, the basic terms and the rent and deposit required. The application also informs the tenant that credit checks and references checks will be made in accordance with the Data Protection Act. The more details you have officially in writing the better. The application is an important part of your screening process for a good tenant. Remember, once a tenancy agreement is entered into it can be difficult for landlords to evict troublesome tenants.

 

3.Verify References
Always check the prospective tenant's credit history and identity checks, and take up the references given. It's advisable to verify the references by telephone. If you talk to a previous landlord enquire about promptness of rent payments, any lease violations, noise levels or any complaints from other tenants. A future problem tenant can seem perfectly valid and respectable - check, check and check again before you hand over the keys to your front door! Most landlords worry most about not having a tenant in their rental property, but having a problem tenant can give you more headaches and work out more expensive in the long run.
Ensure you go through all the checks - a genuine tenant will understand the time involved. If you are not positive you could ask for a Surety Agreement from a relative willing to act as a guarantor, but trust your instincts and only rent to those tenants you feel comfortable with. If both parties are keen to proceed then you can take a holding deposit, while you go through the checks.

4.Tenancy Deposit Scheme

Landlords need to be aware of the recently introduced Tenancy Deposit Scheme. Starting from 6th April 2007 all deposits given to landlords for an Assured Short hold Tenancies (covering most residential letting from 6 months up to 7 years) in England and Wales, must have a Tenancy Deposit protection scheme. This means the deposit must be lodged either with the custodial scheme - this is free to use, or there is an alternative insurance-based scheme. With the insurance plan the landlord retains the deposit and pays an insurance premium to protect against failing to repay the tenant the deposit, in case of any dispute.

5.Informed Landlord

Depending on your target tenant market, you may need to be current regarding the Housing Benefits system and student loan finances. Your property and its location tends to dictate your market. The professional and company let tenant is generally less problematic, but not always as lucrative.

A well organised, informed and professional landlord is also more likely to gain support from the various authorities you will need to deal with, such as: your local authority, The Fire Officer, The Environmental Health, etc. Keeping currentwith all the latest regulations and rules involved with renting and tenants' rightsis vitalfor success as a landlord.It can be very useful to join your local Landlord's Association - you'll find lots of information and help from experienced landlords and advice on regulations.

 

6.Top Landlord
If you treat your tenants with respect, offer a well-maintained value-for-money property, provide a professional landlord service and carefully select your tenants, you shouldn't experience too many problems. As a landlord, carrying out careful research is vital - from when you first select your property and location, to screening potential tenants. By carefully following all the checks on a prospective tenant, a landlord can significantly reduce the risk of problem tenants and future costly procedures.

 

Source: http://www.houseprofessionals.com/property/selling/tips.htm

Selling Property Tips

1.Selling your home

Correctly assessing the value of your house can be one of the most important factors that will decide the success of your property in a competitive market. It is necessary to set a maximum value for your home but this valuation must be realistic and inline with current market trends for similar properties.
The value of your home is effectively the maximum amount buyers are willing to pay, and as a seller are willing to accept - so don't over value your property or you run the risk of pricing yourself out of the market.
Start by researching selling prices of similar properties to yours in your local area. Many Estate Agents will offer a free no obligation valuation service, so take advantage of this offer. Estate Agents are generally not qualified to make a legal valuation but their knowledge of the area and current trends will act as a good indicator. It is common practice to obtain three valuations to establish an accurate asking price.

 

2.Preparing your property

 Take a good look at the exterior of your property. It is important when a buyer sees your home to get the impression it is well cared for and maintained.
Consider the following

-Cut the grass and tidy the garden
-Sweep outside making sure the pavement & surroundings are tidy
-Clean the windows and window ledges
-Wipe down and touch up any worn paintwork
-Make sure all exterior lights are working
-Clear away any unnecessary clutter
Once the exterior has been evaluated, take a careful look around the interior. Imagine you are a buyer looking around the property and concentrate your efforts on areas that will sell your house, such as a bathroom or kitchen. Make sure all the small DIY jobs have been finished; you do not want a potential buyer being put off just because you've been lazy. A little effort will go a long way in selling your property.
-Fix any dripping taps
-Get any rising damp or damage repaired
-Fasten any loose cupboard/door handles
-Make sure locks are working on bathroom doors etc
-Check the doorbell is still in working order

 

3.Dealing with prospective buyers

It is important to take a common sense approach to safety and security when selling your own property. You may find you feel nervous or apprehensive about showing strangers around your house.
Find out who are you dealing with
-Only release your full address when you know someone is serious about viewing your property
-When someone contacts you for a viewing ask for their phone number and call them back. This way you are assured its genuine. Confirm with the buyer their name, phone number and home address.
-If someone makes an offer on your property without having visited your home, treat this approach with caution.
Prepare for the viewing
-Make sure a neighbour, friend or relative knows you are showing someone around and if possible ask for them to accompany you during the viewing.
-Confirm a viewing time with the interested buyer after you have made arrangements with a neighbour, friend or relative to make sure they are available at that time.
-Make sure any personal details (Bank details/credit card statements) or valuables are hidden away.

 

4.Showing prospective buyers around

When the buyer arrives, make sure they are comfortable. Offer them a drink or some refreshments but be careful not to crowd them.

Give the buyer a chance to look around the house freely to satisfy their curiosity. They will feel less inclined to have a good look around if you are breathing down their neck. Leave a comfortable distance so that they will leave the viewing satisfied that they have given the house 'a thorough inspection'.

5.Fixtures & Fittings

Make sure that you point out what is and isn't included in the sale price of the property. Fixtures and fittings are often overlooked when either buying or selling a new home. It is essential that both parties are clear on what is and isn't included, make a list and agree with the buyer what you will be taking with you.

6.Accepting an offer

When you receive an offer for your home there are a few things you may want to consider:
-Does the offer match your asking price?
-How long your property has been on the market.
-Does the buyer have a home to sell?
-Is the buyer part of a chain?
-How quickly can they complete?
-Are they cash buyers?
-How competitive is the local market?
Once you have answered all these questions and you are happy to proceed it is worth sending the buyer a letter highlighting the agreed price and any items that are included in the sale.

You will need to notify your Solicitor or Licensed Conveyancer that you have agreed the sale of your property and pass on the name and address of the buyer and that of their Solicitors or Licensed Conveyancer. From this point onwards all the legal paperwork will be controlled by your Solicitor.

 

7.Completion

Once all the legal work has been finalized you can move forward to completion. Make sure you leave the property in the condition you would like to move in to. Ensure your property is clean and only remove the fixtures and fittings that you have already agreed on with the buyer.

 

Source: http://www.inzo.com/letting/tips_advice.php

1. Tidy up!

 

Hold a garage sale, run a car boot sale and sell stuff on EBay. Dispose of all unwanted and unused furniture, appliances and odds and ends you've been saving and generally anything you haven't used in the last five years. If it doesn't sell, donate it to the local charity shop or take it to the local dump. Weed out every cupboard and drawer mercilessly and don't forget the garage and shed if you have them. Keep only the things you use regularly. Your property will look more organized and inviting.

 

2. First Impressions

Start from the front of your house or if you have a flat, from the common parts of your property. With a house, does the front gate work? Weed paths and driveways and power wash if you can. Check that your property name or number be read from the street. Spend some time tidying up the garden. Repair fences, trim hedges, throw out any dead plants in borders and do some weeding. Mow the lawn and trim weekly during the growing season and rake leaves in the autumn. Add a spot of colour by visiting your local garden centre and invest in some bedding plants. If you can, hide bins away. If not, make sure they are clean on the outside and not smelly on the inside. It may be environmentally sound, but crates of empty bottles and paper for recycling look untidy. Put them somewhere else while prospective tenants are conducting viewings. If you have a flat, sweep floors and vacuum carpets in common parts. Change burnt-out light bulbs and consider using a higher wattage bulb to make things brighter. Clean the windows inside and out. Make sure that any entry phone is clearly marked with your name and/or flat number.

 

3. Roof & Windows

Clean paint and repair gutters. Repair loose tiles and flashing, especially when visible from the ground. Replace any cracked windowpanes, wash the windows or get the window cleaner round.

 

4. Inside Clean & Maintenance

Take care of all the maintenance tasks you've been putting off. Go through the property, room by room, and make a list. Open every door and window, oil squeaky hinges, tighten loose doorknobs and make sure windows and doors open and close smoothly. Repair leaky taps and noisy cisterns. Rattles, squeaks and leaks leave the impression that your property needs a lot of work done on it, so get rid of them! It's amazing how much better your home can look with a fresh coat of paint and how much value it can add, for little cost. You don't have to repaint everything, but do consider freshening up the rooms that need it most. Use neutral colours because dark colours turn off most prospective tenants. Bright lights and white or off-white walls make rooms look bigger. So, as mentioned before, consider using higher wattage bulbs.

 

5. Inside Organization

Get rid of everything you can live without and create the illusion of spaciousness. Do you have too much furniture in each room? Are your shelves and cupboards overcrowded? Remove all clutter from each room to visually enlarge them; just imagine a builder's show home. Less is more when it comes to letting your property because when you have less stuff around, your rooms look bigger and more inviting. Completely clear all surfaces. Once everything is cleaned off, you can put a few decorative pieces back.

 

6. The Kitchen

The kitchen should be kept clean. Clear kitchen surfaces as much as possible and any clutter on the windowsill. If your kitchen cabinets are glass fronted, reduce the number of items in them. Clean the oven and all appliances. Clean all grease spatters and polish chrome fixtures and stainless steel surfaces. Repair or clean caulking around the sink. Tidy up pin-boards and fridge magnets. Once everything is cleaned off, you can put a few decorative pieces back, such as a bowl of fruit or some fresh flowers.

 

7. Bathrooms

Should be kept clean, toilet lids down, no hair in the sink, bath or shower tray. Do not leave dirty towels out; wipe down shower glass after each use. Repair or replace broken tiles on walls, floors or in showers. Recaulk if the caulking is chipped and/or stained. Put out fresh towels and decorative soap for showings.

 

8. Presentation

Create a focal point for each room. Once your property is clean and uncluttered, walk around each room and emphasize its best feature. If the best feature is the view, then make sure when a prospective tenant enters the room, there is a clear path to the windows. If the best feature is the generous room size, limit the number of items of furniture in the room - too much furniture can make a room look smaller. If a room doesn't have a focal point, consider creating one.

 

9. Cleaning

Clean your property thoroughly. If you're not the world's best housekeeper, consider hiring someone to do it for you. This will get you started and it will be easier for you to maintain it after they've finished. Shampoo all carpets and vacuum as necessary. If the carpet does not clean up well, it could be worth replacing it. Check for finger marks around doorknobs and light switches. When everything is clean - vow to keep it that way!

 

10. Outside

Hoses and garden equipment should be kept neatly out of sight. Outdoor furniture should be kept clean. Balconies, patios and other extensions of the house should be kept uncluttered, swept and in good condition.

 

11. Last Minute

Make sure beds are made and dishes are done when your property is empty. Interested buyers might stop by on short notice. If you are residing at the property, get yourself a box to throw clutter in. No matter how hard you try, you probably have several places where mail, newspapers, children's homework, invitations and other paperwork collects. Before a viewing, you'll need a place to quickly store this potential looking mess! Throw it all in your trusty box and hide it away until the potential tenants have left.

 

 

12. Other Matters to Attend to prior to Letting:

Write instructions and find the manuals for the operation of appliances in your property. Don't forget, central heating instructions. Leave a note about the days for refuse and recycling collections. Arrange to redirect your post if necessary. Contact gas, electricity, phone suppliers and the council about tenants taking over accounts. Take meter readings before you vacate the property. Advise your accountant to deal with tax on the letting income.

13. Making the Property Safe for Tenants
By law landlords must ensure that their property is safe for letting.

Source:  http://www.jenman.com.au/NewsArticles1.php?id=103

SELLERS

1. INSIST ON A WRITTEN QUOTE

When an agent quotes you a likely selling price, get the quote in writing with a clear condition that if your home sells below the price quoted by the agent, you do not have to pay the agent.

Sure, if the market price genuinely falls and you believe the agent has made an honest mistake, you can decide whether or not you wish to pay a commission.

However, by insisting on a written quote and a condition on the commission, you are only doing what you would do if you dealt with any other professional person.

You would ask two question of a professional service provider - First, What are you going to do for me (the price)? And, second, what are you going to charge?

2. MAXIMUM 7 WEEKS

If you sign up with an agent, put a limit on the time that you are 'tied' to that agent. The longest time should be 7 weeks. Some sellers insist on a maximum of 30 days. You do not want to be stuck with an agent you don't like. If you like the agent, you can always extend the agent's time when the period expires.

Putting a time limit on a selling agreement gives you control over the agent, not the other way around.

3. FOCUS ON TODAY'S PRICE

Yesterday's price is gone. Sure, the price you can get today may be less than you could have got yesterday. However, tomorrow the price could be lower than the price you can get today.

Too many sellers today are costing themselves a lot of money because they are holding out for a price that is no longer achievable. The longer you wait, the lower your price can become.

4. ACCEPT THE BEST OFFER

When you are selling a property, you need the best price available in today's market. Do not confuse the price you want with the best price available.

Unless you are willing to take the BEST offer in today's market, don't even put your property for sale

5. DON'T PAY OR SIGN ANYTHING

No matter how tempted you may be or how much pressure is placed upon you, never pay any money to any agent for any reason until your home is sold and you are satisfied.

And, be careful that the agent's selling agreement does not have a fine print clause which requires you to pay advertising expenses if your property is not sold or if you change agents.

Finally, do NOT sign any contracts to sell your property until you speak with your own personally chosen legal adviser

 

BUYERS

6. USE A LAWYER

One of the most dangerous acts done by buyers is to sign legal contracts with real estate agents. Agents are rarely interested in the welfare of buyers. Agents are interested in their commissions.

Agents want to make a sale; they do not want to spoil the sale by having the buyers discover that the home is in a flood area or that it has had illegal building work done to it.

Signing a contract with an agent is like going for medical treatment and having the doctor's receptionist do the operation in the stationery cupboard. Take care of your financial health and use a lawyer - and not a lawyer recommended by the person or company who is trying to sell you something.

A good lawyer is a great property investment.

7. BUILDING & PEST INSPECTION

Ask your lawyer to recommend a reputable and qualified building inspector to check the property - before you sign a contract.

Amazingly, people are more inclined to get a mechanical inspection when they buy a car than to get a building inspection when they buy a home.

If something arises from the report (that was not pointed out to you before you ordered the report), you can go back to the agent (or the seller) and ask for the price to be lowered to compensate for any repairs that are needed.

The few hundred dollars you spend on a building (and pest) report could save you thousands of dollars.

8. VALUATION

Do you really feel you have the knowledge and expertise to know if you are paying the right price? What if the price you pay turns out to be $50,000 (or more) than the true value of the property? Will you be okay with this discovery? If not, then hire an independent valuer before you sign a contract to buy.

Again, when it comes to the value, do not listen to the company that is trying to sell you the property. Have you ever heard of an agent saying to a buyer, "You are very foolish for paying such a high price."? Of course not.

An independent valuer is far more likely to be truthful with the price.

9. ALLOW FOR THE HIDDEN COSTS

No matter what anyone tells you - or no matter what you believe - buying a home is going to cost you more than you think. You will discover fees and expenses that you never knew existed.

To be safe, always allow that you are going to need SEVEN per cent of the price of the property to cover hidden costs. Yes, it's often less. But if you use the seven per cent rule you will end up with more money instead of less.

10. WHAT PRICE PRIDE OR EGO?

Before you buy, ask yourself what is more important to you: Having a home that looks great and you worry about the repayments or having a home where you don't have to worry about the repayments?

Always consider buying a smaller home for a cheaper price or in a less salubrious area. It's much cheaper to buy extra beds for visitors than it is to buy empty bedrooms.

Source: http://www.investopedia.com/articles/06/rentalrealestate.asp
 Landlord tips

Minimizing the disadvantages of owning real estate is actually quite simple. While you won't be able to eliminate the pitfalls completely, following these guidelines will take the teeth out of their bite.

1. Keep Your Expectations Reasonable
 Have the goal of positive cash flow, but don't expect to be purchasing a new yacht at year's end. If you keep your expectations in check, you won't be tempted to jack up the rent and push out good tenants.

2. Find a Balance between Earnings and Effort
Are you "hands on", or should you work with a property management firm? Current income doesn't seem so great if you are putting in another full-time shift working on your rental property. There are property management firms that will run your rental property for a percentage of the rental income.

3. Know the Rules
Federal and state laws outline your responsibilities and liabilities, so you can't claim ignorance when something happens. You will have to do some reading; nevertheless, it is better to spend 20 hours in the library than in the courtroom.

4. Have the Property Inspected
 One of the best ways to avoid unexpected expenses is to have the property inspected by a professional before you buy it.

5. Make Sure Your Leases Are Legal
 If you make a mistake on the lease, you will find it more difficult to litigate if a tenant violates the terms.

6. Take the Time To Call References and Run Credit Checks
Too many landlords rush to fill a vacancy rather than taking the time to make sure the prospective tenant is a better option than an empty property. If you have time, you may want to drive by a prospective tenant's current living space - that is what your property will probably look like when that tenant lives there.

7. Join the Landlords' Association in Your Area
 Joining an association will provide you with a wealth of experience as well as sample leases, copies of laws and regulations, and lists of decent lawyers, contractors and inspectors. Some associations may even allow you to join before you buy a rental property.

8. Make Friends with a Lawyer, a Tax Professional and a Banker
If you find that you like owning rental properties, a network including these three professionals will be essential if you want to increase your holdings.

9. Make Sure You Have the Right Kind of Insurance
After learning the rules, you will need to buy insurance to cover your liability. You will need the help of an insurance professional to select the proper package for your type of rental property.

10. Create an Emergency Fund
This is essentially money earmarked for unexpected expenses that are not covered by insurance. There is no set amount for an emergency fund, some say 20% of the value of the property, but anything is better than nothing. If you are getting current income from a property, you can pool that money into an emergency fund.

 

1.Source: http://www.smallbusiness.co.uk/5.10/business-premises/dont-miss/20798/top-10-property-tips.thtml

Put yourself in your customers' shoes
If you have a retail business, you need premises where customers will walk past. Test your potential choice by standing outside the premises on days that are likely to be busy for the business and on days likely to be quiet. If your business deals with specialised goods, you will not need to be so close to your customer base. Consider if competitors are based in the same area - too many will mean you may struggle for business, and too few may mean there isn't enough demand for your business in that area.

 

2.Source: http://www.smallbusiness.co.uk/5.10/business-premises/dont-miss/20798/top-10-property-tips.thtml

Don't rely on measurements from estate agents or landlords
Measure the property/premises yourself. If the area is less than you have been told, this could mean you can pay a lower rent. Don't forget to factor in running costs into the total price, as well as any alterations or improvements that may be necessary.

 

3.Source: http://www.smallbusiness.co.uk/5.10/business-premises/dont-miss/20798/top-10-property-tips.thtml

Be flexible
If you are renting office space, consider the number of employees you have, and whether you plan to take on any more in the near future. Then work out what space each person will need - an open plan office will give you more flexibility in the long-term.

 

4.Source: http://www.smallbusiness.co.uk/5.10/business-premises/dont-miss/20798/top-10-property-tips.thtml

Justify every inch of space
Space costs money, so make sure you plan and can account for what you are using. If you are paying for unused space, consider renting it out, or sharing to meet the costs. If your premises require you to pay for a service charge, ask for a detailed breakdown, to ensure you are not paying a charge on parts of the building that are not in use.

 

5.Source: http://www.smallbusiness.co.uk/5.10/business-premises/dont-miss/20798/top-10-property-tips.thtml

Visit the property several times
It's a good idea to look at the premises a number of times on different days and different times of the day. This will give you a more informed view of decoration, heating, lighting, noise insulation and other businesses that may operate in the same building.

 

6.Source: http://www.smallbusiness.co.uk/5.10/business-premises/dont-miss/20798/top-10-property-tips.thtml

Negotiate lower rent
It's always worthwhile trying to negotiate a lower rent, especially if you are planning on taking out an extended lease. If there is a lot of vacant property around in your chosen location, try asking for a rent-free period of three, six or twelve months. Similarly, if the premises you have chosen need repairs, ask for a rent-free period or discount until these are carried out.

 

 

7.Source: http://www.smallbusiness.co.uk/5.10/business-premises/dont-miss/20798/top-10-property-tips.thtml

Make good use of technology - try hotdesking
This is where employees set up office at an available desk. When they've finished working, they move on and leave the desk available for someone else. This offers you flexibility and enables you to factor in one desk for use by several employees at different times or by employees who work mostly from home, but who may need to pop into the office from time to time.

 

8.Source: http://www.smallbusiness.co.uk/5.10/business-premises/dont-miss/20798/top-10-property-tips.thtml

You don't have to have dedicated premises
With advances in communication, it's now possible to run a business without having dedicated premises. A virtual business removes two major overheads: rent and employees, and it can be a cost-effective way of testing the water before establishing your business any further.

 

9.Source: http://www.smallbusiness.co.uk/5.10/business-premises/dont-miss/20798/top-10-property-tips.thtml

Serviced offices - check the pricing structure carefully
Go through everything with a fine toothcomb and make clear exactly what services you want to use and for how long. Ensure you find out what the notice period is. Check out the contract thoroughly, to ensure there are no hidden extras. Don't be afraid to ask for a week's free trial - if they want your business, they should be willing to let you try out theirs first.

 

10.Source: http://www.smallbusiness.co.uk/5.10/business-premises/dont-miss/20798/top-10-property-tips.thtml

Working from home? Project a professional image
First impressions count, so think about how you will answer the phone - use your company name, or your name in full. If you expect to receive a large number of calls as part of your business, it is worth investing in a separate line and number dedicated to your business calls. If you need to set up appointments or meeting with customers, you can hire out ready-to-use meeting rooms, which companies such as Big Yellow provide.

22.08.2007

Presenting Your Property for Sale

Presentation of your property is a critical factor in achieving the highest possible price. The emotional appeal required to promote interest in the property is unlikely to be generated by a poorly presented property.
The following ten items should be addressed as you prepare to place your property on the market. Remember, the idea is to present the property as being well-maintained and remove doubt from the mind of the buyer that maintenance is required. Also these ideas will greatly improve the selling price of your home.
1.Source: http://www.nanettelilley.com.au/selling-property-tips.html
Clear Clutter – It’s always a good time to clear internal clutter but this it is a must when you are selling. Make sure windows are shining and bathroom and kitchen areas are spotless.

2.Source: http://www.nanettelilley.com.au/selling-property-tips.html
Landscape – Good landscaping will set your house apart from other homes and can add thousands of dollars to the eventual sale price. However many homes are improved with well cut lawns, fresh chip bark on the garden beds and some coloured pots.

3. Source: http://www.nanettelilley.com.au/selling-property-tips.html
Create an Outdoor Area – a home with an outdoor entertaining area will rate higher on buyers wishlists. It is important to present your outdoor areas as attractively as possible by clearing cobwebs, cleaning driveways/paths and taking away excess rubbish.

4. Source: http://www.nanettelilley.com.au/selling-property-tips.html
 Paint – Painting is one of the least expensive things you can do to increase the value of your home. A splash of colour can make an old house look fresh and sparkling. If your budget doesn’t extend to a complete repaint then focus on the front of the home first.

5. Source: http://www.nanettelilley.com.au/selling-property-tips.html
Window Décor – Windows at the front of the house should have suitable window treatments. Lighten up the house with blinds and remove heavy curtains. Timber blinds exude quality, however sleek micro-venetians are also suitable.

6.Source: http://www.nanettelilley.com.au/selling-property-tips.html
In Working Order – Replace old light fittings, taps and door handles and check that light switches and power points are in working order. You may want to update your old ceiling fans with a more modern style if required.

7. Source: http://www.nanettelilley.com.au/selling-property-tips.html
Spruce Up The Floor – Replacing existing carpets are another way of increasing value. In some cases removing the carpets and polishing the floors can add greater value or just re-polishing the floors if carpets aren’t applicable.

8. Source: http://www.nanettelilley.com.au/selling-property-tips.html
Modernise Furniture – in some cases the furniture may not suit the style of the home, throws can be a great way of changing the look of your lounge and add personal touches like a standout ornament in the entrance, or a collection of photos on a table.

9.Source: http://www.nanettelilley.com.au/selling-property-tips.html
Update Inspection Reports –make building and pest reports available to prospective buyers. This will promote trust, save them time and shows you are organised in selling your home.

10. Source: http://www.nanettelilley.com.au/selling-property-tips.html
Present Well – The old saying “make your house a home” applies when you are presenting your property to buyers. Sweet-smelling flowers, gentle music, freshly brewed coffee are all ways to awaken the senses.

22.08.2007

Home Buying Tip # 1
Source: http://www.your-real-estate-resources.com/home-buying-tips.html

Always seek professional advice before signing any contract. You need to be sure that you can
finance the purchase, that the property is a good buy, and that the clauses in the contract meet
your individual needs.

Home Buying Tip # 2
Source: http://www.your-real-estate-resources.com/home-buying-tips.html

If you need to take out a mortgage to by the property, then get pre-qualified for a loan before you
start looking for a property to buy.

A mortgage lender will want the answers to questions like:

• Do you have a steady reliable source of income (usually a job)? Have you been employed
  on a regular basis for the last 2-3 years?
• Do you have a good credit history of paying your bills?  
• Do you have any outstanding long-term debts, such as car payments?  
• Do you have money saved for a down payment?  
• Do you have the ability to pay a mortgage every month, plus additional costs?  

Remember too, when interest rates are low, you may be best to opt for a fixed rate mortgage
where the interest rate is established at its origination and continues unchanged through the life
of the loan.

 

Home Buying Tip # 3
Source: http://www.your-real-estate-resources.com/home-buying-tips.html

Decide what features you want in a home before you start looking. Decide what features are high
priority and what features you might be prepared to compromise on. Always look for a home
which comes closest to what you want. Don’t have such a detailed list of requirements that you
literally shut out any chance of finding a suitable home.

 

Home Buying Tip # 4
Source: http://www.your-real-estate-resources.com/home-buying-tips.html

Get a feel for what properties are worth by checking recent sales statistics. Also search through
MLS listings, real estate newspaper ads, real estate internet sites, drive around your preferred
area and look for "FOR SALE" and "OPEN HOUSE" signs.

 

Home Buying Tip # 5
Source: http://www.your-real-estate-resources.com/home-buying-tips.html

Visit open houses and ask lots of questions. Doing this will give you a good feel for how
properties compare on price, features, quality etc. When I bought my last home I visited over 60
open houses before I put in an offer.

Home Buying Tip # 6
Source: http://www.your-real-estate-resources.com/home-buying-tips.html

When visiting an open house don't just look at the house in isolation. Are other homes in the area
presentable and are they of the standard which you want to live with? Do neighbors take pride in
their properties? What are the neighbors like? You might even consider introducing yourself to
neighbors and ask them about the neighborhood.

Home Buying Tip # 7
Source: http://www.your-real-estate-resources.com/home-buying-tips.html

If the property is on a busy or noisy street it may affect the property value. Is it a quiet street or is
there a lot of traffic?

Home Buying Tip # 8
Source: http://www.your-real-estate-resources.com/home-buying-tips.html

Look for other things that might affect the value of the property. Are there high tension wires or
cell phone sites nearby? Is the property affected by high trees that block the light or winter sun?
Are there noisy or smelly factories nearby?

Home Buying Tip # 9
Source: http://www.your-real-estate-resources.com/home-buying-tips.html

Consider access to community facilities, shopping malls, public transport, schools etc. Although
the quality of a school district might not matter to you now, it might in the future, or it might matter
to another buyer.

 

Home Buying Tip # 10
Source: http://www.your-real-estate-resources.com/home-buying-tips.html

Is the home you are looking at buying unusual and does it appeal to a limited market? A lot of
homeowners like put their own personality into a house, which is to be commended. However, if
the style is too "uniquely individual" it may appeal to only a limited number of potential buyers.
This will usually minimize, rather than maximize, the resale value of the property.  

Home Buying Tip # 11
Source: http://www.your-real-estate-resources.com/home-buying-tips.html

Look to see if there is anything unusal about the land that the house is built on. Is the section
prone to flooding? Is the driveway shared with another property. Are the boundaries and fences
where they should be? This is where professional advice is needed to ensure you don't buy into
a problem.

Home Buying Tip # 12
Source: http://www.your-real-estate-resources.com/home-buying-tips.html

Is the home structurally sound? Unless you have lots of money to risk, a thorough home
inspection is wise investment. A Home Inspector will focus especially on the structure,
construction, and mechanical systems of the house. He or she will make you aware of any repairs
that may be needed.

The most expensive problems are not alway obvious to the untrained eye. Call in the experts!

Home Buying Tip # 13
Source: http://www.your-real-estate-resources.com/home-buying-tips.html

Is the roofing in good order, or does it need repairing, or replacing? Has the roof been carefully
maintained or are there water stains on the ceilings?

Does the roof complement the style of the home? Does it add to the home's visual appeal and its
resale value?

It may come as a surprise, but the color of the roof should be a consideration when buying a
house. Apart from the general look of the roof and how it matches with the rest of building, roof
color can affect energy efficiency in a home. In colder climates, a dark colored roof can be a good
option because it absorbs more heat. In temperate climates, a middle-range shade might be a
better option. A light-colored roof tends to reflect the heat, so could provide energy savings in
regions where air-conditioning is used throughout the year.

Home Buying Tip # 14
Source: http://www.your-real-estate-resources.com/home-buying-tips.html

Are the foundations sinking? Although most foundation problems can usually be rectified, the
repair/replacement costs may out-weigh the benefits.

 

 Home Buying Tip # 15
Source: http://www.your-real-estate-resources.com/home-buying-tips.html

At the same time as checking the foundations, look for signs of moisture build-up or drainage
problems, especially in basement areas. The experts have special equipment to test for moisture
content in walls and other areas. Remember, fixing these kinds of problems can be costly.

Home Buying Tip # 16
Source: http://www.your-real-estate-resources.com/home-buying-tips.html

Here is something that is frequently overlooked by homebuyers. Is the electrical wiring and
plumbing in good working order? Faulty wiring is dangerous and could pose a potential fire
hazard...an it can be expensive to repair. The plumbing also needs to be considered when
arranging the home inspection. As a matter of interest, when I visit an open house I make it a
habit to run the shower to check the water pressure.

Home Buying Tip # 17
Source: http://www.your-real-estate-resources.com/home-buying-tips.html

Are there any illegal structures on the land? Are there any outstanding permits that have not
been signed off by local authorities? Are there any easements like the right to pass across the
property, the right to construct and maintain a roadway across the property, the right to construct
a pipeline under the land, or a power line over the land? Easements can affect the value.

 

Home Buying Tip # 18
Source: http://www.your-real-estate-resources.com/home-buying-tips.html

What needs to be done immediately to bring the property up to your standard (or taste)? What
about the color scheme... do you prefer carpets, ceramic tiles, or wood floors? Think not only
about what you like, but also about what might improve the value for when you come to sell. Think
about what might need to be done in the near future in the way of maintenance or improvements?
What cost will be involved? Another home buying guide is to expect lower maintenance costs with
a brand-new home.

Home Buying Tip # 19
Source: http://www.your-real-estate-resources.com/home-buying-tips.html

If you think you may need more space in the future, be sure the house and lot will allow for
expansion. Will your furniture fit in the space? Is there enough storage space? Another quick
home buying guide is to carry a tape measure with you when inspecting open houses.

Home Buying Tip # 20
Source: http://www.your-real-estate-resources.com/home-buying-tips.html

The kitchen and bathroom(s) are a key factor in any home. Do they meet your requirements?
Redoing a kitchen is likely to be expensive. So be sure of what you need and want before you
buy. The same goes for the bathroom. As a guide to buying the most suitable home to meet your
requirements, decide whether you need one, two, or three bathrooms... do you need a separate
toilet, shower, bath, jacuzzi?

Home Buying Tip # 21
Source: http://www.your-real-estate-resources.com/home-buying-tips.html

What are the opportunities to increase the value of the property, and ultimately create a positive
effect on the resale value eg. Adding a garage, redecorating, landscaping, subdividing the land,
adding an extra room or level etc? A good home buying guide is to pay attention to floor plans.
Changing layouts of rooms later, can be expensive.

Home Buying Tip # 22
Source: http://www.your-real-estate-resources.com/home-buying-tips.html

Consider the other advantages and disadvantages of buying the property. Does the property
have good views? Is there easy access to the property? Are the parking or garaging facilities
adequate? How is the property sited in relation to the sun and the prevailing winds? A well sited
home costs less to heat and cool and can save thousands of dollars over the years in utility bills.

Home Buying Tip # 23
Source: http://www.your-real-estate-resources.com/home-buying-tips.html

What type of building materials do you prefer? The three most popular wall choices are brick,
wood siding and stucco. Wood window frames can add character, aluminum window frames are
practical and vinyl windows have certainly become popular over the past fifteen years. Around
50% of home buyers seem to prefer brick for exterior walls over wood siding or stucco.

Home Buying Tip # 24
Source: http://www.your-real-estate-resources.com/home-buying-tips.html

Consider the methods of heating an/or air conditioning. Is there adequate insulation from weather
extremes?  

Home Buying Tip # 25
Source: http://www.your-real-estate-resources.com/home-buying-tips.html

Although you may not be a gardener, landscaping and trees do enhance the beauty and value of
a lot and house. Plant deciduous trees, shrubs and vines to provide shade in the summer and
sunshine in the winter. Imagine the house in good weather and bad, and in each season. Will you
be happy with it year-round? Also, look carefully at the indoor/outdoor flow of the house and
whether you could improve on it. Access from indoor living spaces to exterior spaces (decks etc)
encourages outdoor living and appeals to many.

 

Home Buying Tip # 26
Source: http://www.your-real-estate-resources.com/home-buying-tips.html

Another good tip is to take indoor and outdoor photographs of each house you inspect. A
checklist is a good tool too. Gather as much home buying information as you can. Take photos
and make notes because it can get confusing when looking at several properties. And don't
hesitate to return for a second look.

Home Buying Tip # 27
Source: http://www.your-real-estate-resources.com/home-buying-tips.html

Consider how long the property has been on the market, especially when compared to similar
properties that are on the market (or have recently sold). The home buying information you need
will include the original listing date of the homes you inspect. This may give you an idea of how
motivated (or desperate) the owner is to sell. Sellers tend to be more flexible in the price the
longer the home is on the market.

 

Home Buying Tip # 28
Source: http://www.your-real-estate-resources.com/home-buying-tips.html

Here is a really important piece of home buying information. Be careful what you say to the seller,
or the sellers broker. Never tell a sellers broker how much you'll raise your offer for a particular
property.

Home Buying Tip # 29
Source: http://www.your-real-estate-resources.com/home-buying-tips.html

Check on the property tax liability. The listing information will usually include the total amount of
the previous year's property taxes. Alternatively, you could ask the seller for a tax receipt or
contact the local assessor's office. Tax rates can change from year to year, so these figures may
be approximate. The more home buying information you can gather the better informed you'll be.

Mortgage interest and real estate taxes are usually deductible. A qualified real estate
professional can give you more details on other tax benefits and liabilities that may alter
depending on the Country (or State) where you reside.

 

Home Buying Tip # 30
Source: http://www.your-real-estate-resources.com/home-buying-tips.html

A paid homeowner's insurance policy (or a paid receipt for one) is required at closing, so
arrangements will have to be made prior to that day. Involving the insurance agent early in the
home buying process can be helpful and save you money.

If the present owner has a title insurance policy less than 3 years old, you could have
substantial savings by buying a reissue of that policy rather than a completely new one. Find
out if you qualify.

Home Buying Tip # 31
Source: http://www.your-real-estate-resources.com/home-buying-tips.html

By the time you're ready to make an offer, you should have a good feel of what the property is
worth and what you can afford. You will have carefully considered all the home buying
information you can lay your hands on.

How much you offer and the terms of your offer will take into consideration: the price that similar
home in the area have sold for, the condition of the property, how long it's been on the market,
financing terms, and the seller's situation.

What you offer is not necessarily what you'll pay. It is usual for an offer to go back and forth
between the buyer and the seller during negotiations on price and terms.

Home Buying Tip # 32
Source: http://www.your-real-estate-resources.com/home-buying-tips.html

Your real estate agent will assist you in making an offer, which will include the following home
buying information:

• Complete legal description of the property  
• Amount of earnest money  
• Down payment and financing details  
• Proposed move-in date  
• Price you are offering  
• Proposed closing date  
• Length of time the offer is valid  
• Details of the deal  
  

Home Buying Tip # 33
Source: http://www.your-real-estate-resources.com/home-buying-tips.html
Clearly understand the roles and duties of various parties involved in the real estate
transaction. Especially understand who represents whom. Unless you have a buyer's agent,
remember that the real estate agent works for the seller. Make a point of asking him or her to
keep your discussions and information confidential.

These are some of the things you need to check. Remember to arrange a home inspection
before you sign a written offer, or include an inspection clause in the offer. A correctly worded
inspection clause can provide an 'out" on buying the house if serious problems are found. It can
also specify that the seller must fix the problem(s) before you purchase the property. It may also
give you the ability to renegotiate the purchase price if repairs are needed.

The last piece of home buying information... I strongly suggest you talk with your legal advisor
before you buy or sign anything. It is important that you are aware of legal aspects, documents
required and regulations etc for buying a property in your Country (or State).