Things to consider when buying a vacation home

June 19th, 2012 § 0

ocean-viewBuying a vacation home is a big financial decision you need to ponder well. Here are some things you need to consider if you are planning to purchase a vacation home:

Location

You will ask your self “where is the good place to get a vacation home?”. You need to determine whether you will be using it or will you be renting it out. Most buyers actually get a home which is within driving distance from their home. Proximity is a major factor if you plan to visit the property frequently.

You also have to weigh the risks of renting it out. Do you really need to make an income out of it? Buyers of vacation home also need to foresee if the property will fit into their lifestyle in the future.

Finances

Dreaming where to buy a vacation property is one thing, but doing the math and seeing if you can afford it is another. You need to crunch the numbers and see where will another home purchase put your finances. You need to think of the financing for the vacation home, insurance you need for it, and the cost of maintaining another property.

Investment

A lot of people see a vacation home as a form of investment. Due diligence is key so you can maintain the value of the property in the long-term. If you cannot afford your dream vacation home right away, you can go for a rental property nearby and make it a financial nest to build your funds, until you can afford the vacation home of your dreams.

Taxes

You need to consider the effects of your second property to your taxes. This may vary where you are and where you are buying. Just make sure that you are familiar with the tax laws and your responsibilities as an owner to avoid any hassles.

Looking at your options when buying a luxury property

November 18th, 2011 § 0

Are you looking to buy a luxury property? The choices are myriad. Read on to see our list of options for your bank account:

Mountain Home

When the days get too tiring, wouldn’t it be nice when you have a luxury home up the mountains surrounded by lush green? These properties come with big acreage. You may enjoy hiking trails around the area, keep some livestock, and of course enjoy the picturesque landscape. The house is often setup with a nice kitchen, saunas, great fireplaces, whirlpools and all the works to help you forget about the city and relax.

Equestrian Estate

If you have horses or plan to have horses, an equestrian estate will give you the big acreage you will need. You will have a nice space to build a comfortable home for your family but you will have enough space to build barns for your horses. You will also have enough space to build a track, training ground, and open fields where the animals can roam or graze.

Golf Community

When you take a golf community property, it will not be all about having the greens right out of your doorstep. It will be about access to the social events and exclusive clubs. The country club comes with world class dining, saps, salons, and other recreational facilities.

Lakefront Property

What you will get when you buy a lakefront property is privacy. The beautiful scenery comes with the seclusion and silence which can serve as a perfect retreat from your everyday busy life. A lot of these properties come with large decks, patios by the water, boat slip, heated pool, and outdoor kitchen.

Real estate tips: Buying a luxury home

September 15th, 2011 § 0

The real estate market continues to be gloomy today but there are still opportunities for buying a home particularly in the luxury home market. If you are planning to buy a luxury home, here are some tips which may come handy:

Look at your finances carefully

Even if you can pay for a luxury home in cash today, you still need to make sure that you are getting something that will be of great value and have a good return of investment. Also make sure that you are ready for all the costs which may involve the maintenance of the property when you live in it. You need to consider your potential income in the future.

Documentation

Buyers of luxury homes declare their net worth based on the combination of their investments and sources. A luxury home purchase amid an economy that is struggling will often require pre-qualification so make sure you have all documentation of your finances in order.

See to believe

Do easily fall for really big square footage, great views, or sprawling property. It is not very easy to judge by only seeing videos and photos so make sure that you see the property for yourself and see if it really lives up to what you imagined it to be.

Think of the future

You need to weigh your decision and see if your luxury home purchase will lead to a good return of investment. Be realistic and see how your purchase may affect your finances in the future. See if you will be happy enjoying the luxury home or if you are thinking of financial gain by flipping the property. Selling luxury homes in today’s market is not very easy given the volatile condition of the economy.

Tips on investing on foreclosed properties

January 20th, 2011 § 0

Investing in foreclosed properties is not very easy to do since this involves a good deal of footwork plus putting into consideration the risk involved. You need to get your hands dirty and try to know the ins and outs of the real estate market, know the legal issues you need to deal with, and know the math how to make your investment move profitable.

Money + Hard work

The risk in foreclosure investing is higher than what you see on the TV or print ads. Profits might be attractive when you think of the end goal but  the steps to get there is pretty challenging.

When you buy a foreclosed property, this means that you are acquiring a property that was ill-maintained  because of financial difficulties mishandled by former owners. If you are planning to resell the property, there is a ton of repairs and cosmetic upgrades that you need to spend on. You can work on them yourself but if you are planning to hire contractors, they do not come cheap.

Financing your foreclosure investment

You need to prepare for the spending you will make through the repair process. The easier route will not to shoulder this alone and have some financial backers. Be sure to prepare a business plan for your project which will have projections and an exit plan when things don’t go as expected.

Studying the market

You may get lucky once if you buy a foreclosed property without really looking into current market conditions. The risk is too high and you can end up losing a good amount of money if you do not have the know how. You need to have an understanding of the market, tax implications, sales indicators, costs, and the list goes on.

A Guide to Buying Luxury Homes in Miami

June 9th, 2010 § 0

p59 MiamiIt’s true that there are only too many luxury homes for sale in Miami. This doesn’t mean, though, that choosing the right home is effortless. On the contrary, if you want to find a home that’s perfect for your needs and desires, you should follow these guidelines.

Right Approach

There are many ways to look for the perfect Miami luxury home, but aside from the traditional ways of home-searching (through the newspapers and MLS), the internet is also a handy source. Just make sure that the real website you’re joining gives you credible information. For a good selection of luxury homes, select websites focusing on high-end properties.

Lightening the load

When you’re presented with too many choices, there’s a huge chance that you’ll lose track of what you actually need from a home. You don’t want to spend millions of dollars for something that only came as an afterthought. To prevent yourself from getting drowned with too many proposals, make a list of what you need from your home—from the landscape to the interiors. This way, you’ll be able to weed out the homes that you don’t really want.

Pre-shopping preps

Another thing you should consider before actually buying a home is your finances. You don’t want to waste your time looking at homes you can’t actually afford. Take the time to sit down with your accountant and discuss your purchasing capacity. Even if you’re offered generous loans, you don’t want to spend the rest of your life paying a debt because you chose a luxury home that’s actually out of your league.

How to Find the Perfect Real Estate Agent?

October 19th, 2009 § 0

Real Estate AgentIf you want to sell or purchase real estate, then it is best to have a good real estate agent. The perfect real estate agent should be able to assist you with paperwork, provide advice and save you money if you are buying real estate or helping you to get the most money for the property you are selling. However, it is not always easy finding the perfect agent and you have to know what to look for in order to find that person.

The first thing to make sure of when looking for the perfect real estate agent is that the person is from the area where your property is located or where you are looking to purchase property. Having a local is imperative, because they know the market in the area and have a lot of contacts that they can call upon, some of who might actually be looking to buy or are selling a great home.

The internet is a good place to start when looking for the perfect real estate agent. Here you can get complete listings of agents in an area and in some cases you will even find ratings that can be used as a guide. You can also research how long the real estate agent has been working in the area, how long the agency has been around and if it is highly recommended or not.

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How to Find Cheap Luxury Property in Hawaii?

June 17th, 2009 § 1

Hawaii VillaHawaii is notorious for its expensive real estate and for many the properties available are simply too expensive. Among the reasons for this is the prime location, good views and the limited number of properties for sale on the Hawaiian Islands. That does not mean, however, that there is no cheap property and if you know what to look for then you will be able to find cheap property in Hawaii.

One way to find cheap property is to go to Hawaii and check out the private sales in the area you want to live in. If someone is selling their home without using a real estate agent, then the prices is usually a lot cheaper since no commissions have to be paid. Private sellers also are more willing to negotiate with you and there is a higher chance of making a good deal.

You should also look through listings in local newspapers and flyers, since there are often places for sale that you do not find on the internet. These are also more than likely cheaper than what you find listed on real estate websites. This is due to the fact that it costs less to advertise property in printed form.

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How to Spend the $800 Billion: Let Us Count the Ways

January 23rd, 2009 § 0

president obamaSpending $800 billion as part of the fund to get the economy going is a daunting task. President-Elect Barack Obama wants to focus on infrastructures, cutting of taxes on the middle class, Medicaid, and invest on the expansion of renewable energy.

A lot are asking why not help those who are about to lose their homes on foreclosures?

The lawmakers are hoping to get the attention of the president-elect to get a big chunk of the rescue package to help people keep their homes.

Some government officials are drafting proposals on how to revamp the TARP and make it friendlier to people who are pushed against the wall with pending foreclosures. Congressed expressed their opinion that they will not be release more funds unless a big chunk of it will be earmarked for helping Americans keep their homes.

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