Tag Archives: property

Buying a Vacation Home: What You Need to Know

Beautiful vacation homeMost people abandon their dream of a vacation home because of the rising housing prices. Home costs, however, have stabilized in recent years, so now maybe the best time to make your dream a reality.

The first step when looking for a vacation home for sale in Rockport is to check a reliable property listing site. Pick a location, think about how far you would want your home to be, and decide on what you are looking for in your vacation home.

Here are some other important tips to help make your vacation home acquisition hassle-free:

Understand your tax implications

Taxes for vacation homes are unlike your first home. Should you consider renting the vacation home, there are taxes to pay on your rental income. Check the tax restrictions for the area you want to buy property. A qualified agent can furnish you with the tax details and give your tips on how to save.

Rent before buying

Before buying a vacation home, rent the place for about two weeks. This will help you understand the crowd and weather patterns to make sure it’s a perfect fit for you. Some people eventually move into their vacation homes after retirement so you should ensure you enjoy the place.

Have realistic expectations

The primary motivation for buying a vacation home is vacationing. Some investors, however, buy homes for rent to get extra income. Rental income is very unpredictable and should not be a motivation for buying the home. You should be able to afford the maintenance costs and mortgage payments of the home without renting it out.

You can easily get swayed by the real estate opportunities on offer when shopping for a home. Keep your budget in mind and be armed with proper research. A vacation home will be your best investment for endless fun getaways with your friends and family if purchased wisely.

Take Back Your Property with a Bailiff Company

Man lying down with boxes and papers around himFor many landlords, they might find it not easy to remove wayward tenants from their property. Some will give their landlords why they are not ready to move or to even allow you to evict them. In many cases, you need extra help to take back your property.

For many landlords, the only way their tenants would give back property is to call in a property bailiff company. MS Webb & Co. and other bailiff companies have three methods you can do to take control of the situation and regain your property.

Using IPOs

Apply for an Interim Possession Order through your County Court. Once the judge considers and grants your application, you can then ask an enforcement officer to serve the trespassers the order.

This serves as an official order for you to take back your property from those who are occupying it illegally.

Using Court Orders

Typically, court orders take longer to process than IPOs. It takes a lot of time to prepare your final order for possession against the commercial squatters in determining whether you own the property in reference rightfully.

Using Common Law

You may not require the above two court procedures should your circumstance be less complicated and the trespassers are willing to leave. In such cases, you can use Common Law for peaceful repossession of your property.

Many landlords find it hard to remove unauthorised people on their property. Familiarise yourself with all the three procedures to better understand which one to use to remove people legally and properly from your property. These three ways will help you remove people legally and most peaceably, advises a renowned bailiff company with operations all over England and Wales.

Multifamily Loan: How to Get Financing for a Multifamily Property

property financing optionsIf you’re looking to buy a multifamily property, but is unsure of your financing options, you’re in for a treat because there are mortgages that specifically target multifamily home financing. This could be your key to purchasing duplexes and three- to four-unit homes. However, it is crucial to note that available financing options for multifamily properties would depend on whether you plan to occupy one of the multifamily units.

Are You an Owner-Occupant or Merely an Investor?

This is a crucial question because as an investor, your only option is a conventional loan. As an owner-occupant, however, you could select among conventional loans, Veteran Affairs (VA), or Federal Housing Administration (FHA). In general, owner-occupants are better off with FHA loans. Even when you’re buying a multi-unit building, you would only have to spend 3.5% down payment, says Bonneville Multifamily Capital and other experienced multifamily lenders.

On the other hand, investors are stuck with conventional loans and would have to spend between 20% and 30% down payment depending on the property’s number of units. This higher down payment requirement is mainly due to lenders considering investors a higher risk. With this in mind, investors must have good credit scores and enough cash reserves since they would also have higher interest rates and upfront fees.

What About the Qualification Requirements?

Borrowers would have to satisfy the standard eligibility requirements of conventional mortgages and FHA loans, with the lowest rates commonly going to borrowers who have credit scores of 740 and up. Loan requirements are likewise similar, but take note that borrowers can’t have a non-occupying cosigner for FHA loans on multifamily properties.

Debt to income or DTI ratios for conventional loans can’t be higher than 45%, with a relatively flexible requirement for FHA mortgages. In addition, FHA borrowers could use gift money for their entire down payment, but conventional borrowers should only use some of their personal savings.

Property sellers

Utilities: Ice Breakers and Deal Closers

Property sellersTenants often have a checklist of things they want to see in a property to help them decide whether it’s worth their while or not. These items can include a variety of priorities; the usual suspects include location, space, security, and of course, price. But most people seem to be leaving out the most important thing that should be at the top of any list – utilities.

This is an oversight most prospective tenants commit to the detriment of their search. They only consider the cost and convenience of electricity, water and communication only after everything else falls into place. This actually presents a golden opportunity for companies that offer management right for sale.

Think about it, everyone considers utilities a priority even if they it only occurs to them as an afterthought during the sale. Sellers can break that routine by making utilities the first and last selling point of a property to make the place look indispensable. This is actually an effective technique that provides benefits and advantages that would help managers close deals with prospective clients.

The first rule of selling anything is to highlight everything that’s good about it; this is actually more effective if the positive points are things the tenants aren’t expecting. This is the perfect scenario for a salesperson to put utilities front and centre.

The best benefit of this approach is that it can easily overshadow any shortcomings the property might have. Focus on the convenience of never having to suffer any blackouts, how they’ll never have to worry about losing the hot water, or how they can access Wi-Fi from anywhere. Even the stingiest tenant will find it hard to resist such simple, but useful amenities.

Sellers that put a spotlight on utilities can attract more tenants and close more deals, because they offer features that everyone wants – even if they don’t know it at first.