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  • Buying Your First Real Estate Property
    By admin on February 9, 2009 | 4 Comments4 Comments  Comments

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    Real estate property has attracted many people down the ages and owning such a property actually instills a sense of achievement among the people. Some people inherit property while others acquire it and others go on expanding the property after inheriting some. So it is always a dream to own property and at the very first opportunity a person wants to get one. This is the moment when the first time property buyers make the biggest mistakes. This is the very crucial part because many people make this move for the first and last time and often their first home is the only property they acquire. So they must take utmost care to make sure that they do not get cheated at this stage. Once bitten they get wiser but the time may not give them the second chance.

    Buying a residential or self storage real estate property is always the biggest investment that a person makes in his lifetime and this investment must be a prudent one. Moreover, real property transactions are the most complex of all transactions as it involves a number of persons and innumerable laws and rules to follow before a property can change hands. So if you are the first time buyer of properties you should try to make the least mistakes possible. But what is said easily is difficult to practice as the ordinary people, specially the first time buyers, often do not know the intricacies of the real property business. So it is better to rely on a real property agent of repute. This is also a place of ignorance as you d not know what the agent will take you through, but as the agents or brokers are guided by law and any wrong doings will harm their career, they stick to their job fairly. 

    But what the broker will not be concerned is the space you need when buying a real estate property . He can ensure that you pay the right price for the floor space but you will have to decide how much space you need or are interested in investing in. You have two options, the amount you can afford and the space you actually need. If money is the first concern then you will have to think accordingly and compromise on a number of things like the location, the age of the house, the floor space, the facilities and the amenities, and similar matters. But if certain amount of floor space is compulsory requirement then you will have to either fork out the required money or compromise on the matters just mentioned. So your first job is to calculate your requirements so that you do not waste money on acquiring anything that you do not need.

    Financing your real estate property is a matter of concern. Nobody buys a property by paying all the money from ones own pocket. So you will need to have a lender ready to complete the transaction related to the property. Therefore, it is better to pre-qualify for a loan than to apply for one when you are in the final stages of negotiation. A quicker payment can often cut down the cost and having money at hand enables to negotiate more aggressively. Your financial expenses do not end with the price of the real estate property only. You will also have to add on the down payment, taxes, fees, insurance and many other smaller costs which are hardly taken into consideration. But they add up and you should be prepared.

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  • Finding Cheap Real Estate Properties
    By admin on February 7, 2009 | 1 Comment1 Comment  Comments

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    Any property that cannot be moved falls under real estate properties and can include both buildings and vacant land. Such properties also include the air above and the land below. Sometimes the rights to these properties also include the rights to the mineral in the ground if present. One can buy, sell or rent the properties and it can be used as an instrument for mortgage or even for collateral. The valuation of the property depends on various factors and these can change with time and situations. A possible question thus arises for the buyers of the rental, residential or self storage properties now are which will be the best property to buy.

    The buyers choose real estate properties according to their choice and means. So it cannot be said which will be the best property to buy. But among them or among the type of properties that the buyer has decided to buy, there are properties that can be bought for quite a cheap price while some properties cost more than the peers. But it has been seen that the small commercial properties with some rectifiable defects and lying vacant are the best buys. The sole reason for these properties being viable for profitable returns is that the condition of these properties are often quoted bad but not that bad that they cannot be repaired. If you are a realtor and have some money to spend on repairs then these properties should not pose any problems.

    Real estate properties lose value because of some flaws that are caused by obsolescence. The first of these is categorized as functional obsolescence. It means that the property has lost its functional value. Such thing can happen due to various factors like change in architectural design or the obsolescence of the building style. Sometimes the outdated style can also contribute to the fall in value. The changing economic scenario or the shift in the hub of activities contributes to the fall in prices. So why should you buy it. You should not blindly go for it but carefully judge whether the renovation would prove too costly. If not then you can add it to your buying list.

    Sometimes the economic viability of the real estate properties decreases due to some external factors. This can be the result of sudden change in the traffic design of the area or construction of certain buildings or facilities that are considered nuisance. Sometimes the commercial importance of the place reduces due to the seizure of activities at a particular region. In such cases the commercial property loses its appeal and hence the fall in price. But if you can think of any good use that will not at all be dependent on the likings of people then you can opt for the property.

    The other cause of obsolescence is purely physical. Such things happen due to the negligence of the owners of real estate properties . Usually any property needs maintenance and this should be a regular affair. But all the owners are not that careful and for any commercial real property the negligence can be more. This negligence snowballs into such a scale that the repair and maintenance proves to be a costly affair. Since the cost of such property already falls in value, you must be careful to calculate the cost of renovation and if you find that the cost is coming well under the market value, then undoubtedly this is the cheapest way to buy a property.


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