10 Tips to Buy Real Estate Without Breaking Your Budget

1. Get pre-approved for your home loan. This means, fill out a loan application and go through the process of securing financing. That way, when you’re ready to seriously evaluate real estate, you’ll know exactly how much home you can afford. And you can prove to a seller that your offer is sincere.

2. Explore creative financing options. During the home loan pre-approval process, ask about ways to get creative with your financing. Low down payment options, first and second mortgage combinations and first time buyer programs might help you afford more funding. Many lenders are now offering interest-only home mortgages; just make sure you thoroughly evaluate the terms for this type of home loan. Down payment grants are also available in some instances and might be worth investigating or discussing with your realtor.

3. Sell your existing home first. Although selling your existing home before finding new real estate to buy can be a little nerve wracking, any inconvenience will be offset by your ability to make an offer with cash in hand. Contingent purchases are not the best when negotiating to buy a home. Having your financing in order and your bags packed will give you the advantage in a competitive market.

4. Look for vacant real estate. Perhaps a seller’s job has transferred him out of the area. Or maybe a family purchased a new home before putting their existing one on the market. In any case, a vacant home could be just the deal for a savvy home buyer, so have your realtor look for vacant property in your preferred neighborhoods. And keep in mind, the longer a house stays empty, the greater your negotiating power will be.

5. Consider cosmetic fixers. If you’re handy with a paintbrush, a toolset and gardening equipment, consider buying real estate in need of cosmetic fixing. Property that lacks curb appeal needs minor handiwork or the yard overhauled could end up being the home of your dreams for a price you can afford. You just need to look beyond the ho-hum to see the potential of a cosmetic fixer.

6. Buy a home that’s a major remodel project. If you want to live on Lake Washington, but can’t afford a $2M home mortgage, consider buying a dilapidated cottage on a fabulous lot with western exposure. In time you’ll need to gut the existing home and build from the ground up or contract significant home improvements. But in the end your property value will skyrocket. And if your carpentry and other construction skills are well-developed, you can save even more and accrue “sweat equity” during your remodel by doing much of the work yourself.

7. Don’t discount bank foreclosures. One person’s loss could be your gain if you buy real estate in foreclosure. Although the search for a decent foreclosure may take a while, your realtor should be able help. The U.S. Department of Housing and Urban Development (http://www.hud.gov/) can be an excellent resource for foreclosed properties. Because HUD houses are sold at market value, your best bet will be homes that need cosmetic work or even major repair.

8. Land with a manufactured home. Sometimes, to buy a home on a budget, you need to look beyond convention. Even if your wish is to buy real estate, you may have to settle for a piece of property in an outlying area with a mobile or manufactured home. Discuss this option with your real estate agent and try to keep an open mind about this possibility.

9. An older, smaller home. Older homes are typically priced much less than newer construction and don’t tend to create buyer bidding wars. If you can enjoy life in an older and smaller home in a neighborhood or suburb off the beaten path, this could be your ticket to real estate ownership.

10. The cheapest house in the best neighborhood. You have your heart set on a specific – and expensive – neighborhood. Maybe it’s the schools that you’re interested in. Or perhaps it’s the close proximity to downtown or the waterfront. In any case, a budget-savvy buyer will look for the least expensive home for sale in the neighborhood. If you’re not in a hurry, you can even play the waiting game to see what properties come on the market. Your real estate agent can be a real asset in this case by investigating potential sellers.

Buying real estate without breaking your budget will require research and compromise. On moving day, however, you’ll have the satisfaction of knowing that your homework paid off!

10 Tips for Successful Real Estate Property Investment

Just because real estate prices seem to have hit a temporary ceiling in many countries around the world, that doesn’t mean that profits from property investments are hard to come by.

Even during a real estate market slowdown, stagnation or depression profits can be made locally and overseas. This article shows you the top ten tips that real estate investors apply to their property portfolio building strategy to ensure success from their investments.

1) Research the curve - the concept of a property market cycle existing is not myth it’s a fact and is generally accepted to be based on a price-income relationship. Check the recent historical price data for properties in the area of the country you’re considering purchasing in and try to determine the overall feel in the market for prices currently. Are prices rising, are prices falling or have they reached a peak. You need to know where the curve of the property market cycle is at in your preferred investment area.

2) Get ahead of the curve – as a basic rule of thumb, professional real estate property investors seek to buy ahead of the curve. If a market is rising they will try and target up and coming areas, areas that are close to locations that have peaked, areas close to locations experiencing redevelopment or investment. These areas will most likely become ‘the next big thing’ and those who by in before the trend will stand to make the most gains. As a market is stagnating or falling many successful investors target areas that enjoyed the best levels of growth, yields and profits very early on in the previous cycle because these areas will most likely be the first areas to become profitable as the cycle begins turning towards positive once more.

3) Know your market – who are you buying property for? Are you buying to let to young executives, purchasing for renovation to resell to a family market or purchasing jet to let real estate for short term rental to holiday makers? Think about your market before you make a purchase. Know what they look for in a property and ensure that is what you are going to be offering them

4) Think further afield – there are emerging real estate property markets around the world where countries’ economies are going from strength to strength, where a growing tourism sector is pushing up demand or where constitutional legislation has been or is about to be changed to allow for foreign freehold ownership of property for example. Look further afield than your own back yard for your next property investment and diversify that real estate portfolio for maximum success.

5) Purchase price – set yourself a budget that will realistically allow you to purchase what you’re looking for and profit from that purchase either through capital gains or rental yield.

6) Entry costs – research fees, charges and all expenses you will incur when you buy your property – they differ from country to country and sometimes even from state to state. In Turkey for example you should add on an additional 5% of the purchase price for all fees, in Spain you will need to factor in an average of 10% and in Germany fees and charges can be in excess of 20%. Know how much you will have to incur and factor this amount into your budget to avoid any nasty surprises and to ensure your investment can become profitable.

7) Capital growth potential – what factors point to the potential profitability of your real estate property investment? If you’re looking overseas at an emerging market, which economic or social indicators exist to suggest that property prices will increase? If you’re buying to let out are there any indications to suggest that demand for rental accommodation will remain strong, increase or even decline? Think about what you want to achieve from your investment and then research and find out whether your expectations are realistic.

8) Exit costs – if you will incur substantial capital gains taxation liability if you sell your property investment for profit, will that render the investment profitless? In Spain a foreign buyer can incur up to 35% capital gains tax, in Turkey on the other hand property sales are capital gains tax free if the underlying real estate has been owned for four or more years.

9) Profit margins – what levels of capital growth can you realistically gain on your property investment or how much rental income can you generate? Work out these facts and then work backwards towards your initial budget to work out your potential profit margins. At all times you have to keep the bigger picture in mind to ensure that your real estate investment has good potential for profit.

10) Think long term – unless you’re buying property off plan and intending to flip it for resale and profit before completion you should view real estate investment as a long term investment. Real estate is a slow to liquidate asset, cash tied up in property is not simple to free up. Take a long term approach to your property portfolio and give your assets time to increase in value before cashing them in for profit.

10 Steps to a Successful Urban Redevelopment Project

You’ve got a project with exceptional architecture, you’ve completed months of review and modification, your design team is sure this project will get significant notoriety, yet after hours of going back and forth in City Council meetings, they ask you to cut the project in half, increase the setbacks, or just drop the project altogether.

Does this sound familiar?

Developing commercial and residential projects in urban areas require special care. While some urban areas are on the verge of new developments, misunderstanding and community opposition can block even the best designs.

You can reduce risks by taking a thoughtful approach to the process. Some residents and politicians demand programs be based on trust, openness, and consensus building. This should not mean you compromise your design. Executing these ten important steps can result in strong design and a smooth process.

Consensus doesn’t mean that everyone agrees, it’s more about showing respect for different opinions, developing relationships, and identifying shared goals to establish positive public opinion so the project will gain community and government acceptance. It’s important to nurture supporters and expose the extremists.

The following 10 points should be addressed:

1) Create the vision. It’s about design, not density. Establish a vision early by connecting it to local settings and looking for ways to build partnerships. Good design attracts people.
2) Know your market. Do the homework necessary to understand the competition and the market forces that influence a project.
3) Understand the issues. All communities have a set of unique characteristics and issues that guide their decisions. It’s essential to have a good understanding of the marketplace, environment, regional influences, and financial aspects. There is no single solution.
4) Get the public benefit. Make the benefit for the city & community clear.
5) Pay attention to everyone who has a stake in the project. Have small discussion groups to get their feedback.
6) Establish trust. Do this by sharing knowledge and listening carefully. Be honest, encourage participation from everyone, stay neutral and pursue win-win goals.
7) Inform decision makers. Meet one-on-one and provide solutions to educate decision makers.
8) Use the media. Take the high road and keep the message simple. Talk about helping the community.
9) Use the unique. Incorporate the area’s physical social and historical environment into the design.
10) Be patient . Listen carefully, provide guidance, establish credibility, and let the process grow.

By using these ten points, several revitalization plans have been completed in the face of strong initial community resistance. Guided by strong visions which have been established by working with city programs launched to solicit feedback and educate everyone have had a profound effect in the success of revitalization efforts.

Implementing major public and private improvements can convert old spaces into lively gathering places for community activity.

10 Reasons to Relocate to Nashville

Real Estate. Anyone who has ever been to Nashville can attest to the fact that it is a great city. But Nashville has become known as a great place to relocate to for a variety of reasons. Not only was Nashville listed as one of the 10 best places to live and work in America, it is also home to one of the lowest costs of living in the Nation. Here are a few other reasons why Nashville is a good choice for relocation.

1. Nashville is home to an appreciating real estate market. With home values on the rise, home owners are seeing a great return on their investments. Naturally this is a great environment for real estate investors who are seeking to increase their equity.

2. Tennessee is one of only 6 American states with no personal income tax. As you can imagine this is a bit of a money saver!

3. One of the most attractive aspects of Nashville is its central location in the South. Tennessee has easy access to numerous surrounding states. Nashville is actually located within a one day drive of 50% of the U.S. population.

4. Nashville is home to a great local arts scene. There is an abundance of live theatre and cultural events that showcase the history and culture of this beautiful city. There is never a shortage of things to do or see in Nashville.

5. No list of Nashville's assets would be complete without mentioning the local music scene. This is the heart of the nation's country music scene. It is also the home of the world famous "Grande Ole Opry" which is one of America's best known and most beloved venues.

6. The Nashville area is blessed by a bounty of beautiful lakes and parks. This is truly some of the most stunning countryside in the nation. Gently rolling hills and prairies set a picturesque backdrop for the homes and properties.

7. Nashville is renowned for its friendly people. This area is home to a diverse and cultural population, it is not hard to find your place in Nashville. This is the kind of community where new residents immediately feel like they are a part of something special.

8. If you are a sports fan, Nashville is a fantastic place to live. With pro football's Tennessee Titans and the Nashville Predators of the NHL any sports fan will have their calendars full of things to do and games to see.

9. As a national focal point for relocation, Nashville has a remarkably cosmopolitan make up. This city is host to a varied blend of commerce and industry and the outlying areas are home to a thriving agricultural sector. This is also one of the reasons that Nashville is known to be one of the hottest real estate markets in the U.S.

10. What more could be said about the climate in Nashville aside from the fact that it is beautiful, year round. The average temperature in Nashville is 70 degrees! You could really wear shorts all year long.

There are numerous other reasons to consider Nashville for relocation, in fact there are simply too many to list in such a small space. Nashville has excellent employment opportunities, numerous places of worship of all denominations, and excellent health care. Maybe you should check out Nashville sooner rather than later.

10 Ideas For a Quicker and Easier Sale When Selling Your House

1. NO CLUTTER. Throw out old newspapers and magazines. Pack away most of your small items like figurines and other trinkets. real estate property listings texas Store clothing that won’t be used in the near future to make closets seem roomier. Clean out the garage. Buyers like to visualize their possessions in the house and that is hard to do when the home is full of clutter.

2. Wash your windows and screens. This lets more light into the interior and dirty windows are a turn off.

3. Keep everything extra clean. Wash fingerprints and dirt from light switch plates. Clean the floors, stove, refrigerator, washer and dryer. A clean house makes a better first impression and tells buyers that the home has been well cared for.

4. Put brighter bulbs in light sockets to make rooms appear brighter, especially dark rooms. Replace any burnt-out bulbs. Turn all lights on before buyers come to view the home.

5. Make all minor repairs that you can find. Everything you don’t repair now will be revealed in the home inspection and can create a bad impression. Small problems such as sticky doors, torn screens, cracked caulking, cracked receptacle covers or a dripping faucet may seem trivial, but they'll give buyers the impression that the house isn't well maintained.

6. Shoot for good curb appeal. Cut the grass, rake any leaves, trim the bushes, and edge the walks. Put a couple of bright potted flowers near the entryway to cheer things up and get the buyers attention.

7. Patch holes in your driveway and reapply sealant, if applicable.

8. Clean dirty gutters.

9. Polish or replace your front doorknob and door numbers.

10. Get rid of smells. Clean carpeting and drapes to eliminate cooking odors, smoke, and pet smells. If carpets are old and need replacing, it is worth while to replace them. The additional price you receive for your house will most likely outweigh the expense. Open the windows. The number one turn off to a potential buyer is an unpleasant odor.

For more helpful information including seller and buyer tips, please visit http://www.bryant4homes.com

“Try On” Your New Home Before Buying

Commercial real estate property listings. It’s commonplace to try on suits, dresses, trousers or shoes before buying them. People instinctively know they need to try on clothes to be sure they fit, feel comfortable and are attractive on them. What about a home? It’s probably the most expensive purchase you’ll ever make. Isn’t it even more important to “try on” a home before you purchase it?

What on earth do I mean? Well, it’s usual to look for a home in places that are convenient to work and schools. Most folks take the daily commute into consideration when shopping for a home. Why not take the daily, weekly, and even monthly activities of family members consciously into account, too?

Case Study

I once helped a young, single woman named Wendy to find and buy her first home. She worked for Geico, was rising very nicely in the company and wanted a home of her own and the tax break home ownership affords. She asked my advice about choosing, and we had a conversation in which I mentioned many of the sorts of things I’ve said here. We made a list of what mattered to her. Then we went shopping. We looked at a lot of houses. After we came out of each one, we had a talk about how it measured up to Wendy’s list.

One of the houses we looked at belonged to the young woman who later became my daughter-in-law. It was brick, all on one level, had a fireplace in the living room, and had patio doors from the master bedroom and dining rooms to an enormous deck with a hot tub. It was beautifully decorated in a sort of “pared down Victorian” style. There was a brass bed, some wicker, lots of healthy house plants, and a few Victorian pieces of furniture that were actually old, family pieces. Silver framed family photos were clustered on top of the piano.

After we emerged from the house, Wendy started down the two steps to the car and then froze in place. She had the oddest expression on her face. I asked what was wrong, and she began to look sheepish and confessed, “That house is so pretty and so nicely decorated, I just enjoyed looking at it and didn’t give any thought to how I’d live in it. I just wanted it.”

We went back inside. Wendy still admired what had been done with the house, but decided it wasn’t right for her.

Knowing what’s important to you can save costly mistakes. The process of “trying on” a house helps you evaluate what’s important. I think you’ll find it’s worth the effort.

“Renting Back” After Your Home Is Sold

Real estate property listings. Sometimes it’s helpful to sell your home before you really want to move. This often happens when you are having a new home built, but aren’t sure of the completion date. Is there any way you can sell your home so you’re sure of the funds available for the new purchase, but continue to live in your old home until construction of the new one is complete. Yes, there is with the renting back strategy.

Enter the Lease-Back or Rent-Back Agreement

The particulars of this strategy vary from state to state, but in the strong seller’s market we’re experiencing, buyers will often agree to let the seller stay in the home for a period of time as long as rent is paid. In a competitive situation, the buyer willing to do this will often have the winning bid even though there is another offer as high as his.

The agreement covering the situation states the length of time the seller will remain. It can be done with a specific date named or wording that allows the seller to remain up to a specific date with the possibility of her moving sooner. The amount can be a fixed figure paid out of the proceeds of settlement or a monthly amount, or a daily amount. It is usually, but not always, tied to the amount of the mortgage payment under the buyer’s new loan. Sometimes there is a deposit against damage, sometimes not. There is usually a clause saying the seller will hold the buyer harmless for any damage to himself or his property which occurs after the sale is consummated and before the seller moves.

The attorney who draws up your contract offer can create such an agreement. If you’re using online forms, you should be able to find one for this situation. If you’re working with a real estate broker, he or she can handle it for you.

An Example

I’ve recently seen a very pleasant example of this idea in action. An elderly widow contracted to have a one level condo unit built in a new community which provides all exterior maintenance. She had had hip replacement surgery and wanted to get away from the drawbacks of the home in which she’d reared her children. The home was large, had stairs and was located on a large, partially wooded lot with many mature perennials and shrubs. Both the home and garden were beautiful, but high maintenance.

Her contract to purchase required a series of deposits and a firm indication as to her source of funds well before settlement on her new condo. The widow put her home on the market. A young couple with two sons was very anxious to buy it. The situation was competitive. They made the widow an offer. She countered their original offer. She did not raise their offer price, which was slightly below her asking price. She did not believe the young couple would qualify for a larger loan. Instead, she did something rather creative.

The widow countered with a proposal that she “rent back” for a period of “up to” a certain date (a date beyond her scheduled competition date on the condo) in exchange for a modest flat sum to be paid to the buyer at settlement. The total rent back period was less than two months. The flat fee was less than the amount of the new mortgage payment for the buyers. However, since they made no payment on their new mortgage the first month, it wasn’t too far out of line. The couple really wanted the home, so they accepted the counter offer.

Another win, win situation was created. The widow only had to move one time and the young couple got a house they probably wouldn’t have in a straight bidding war. If you find yourself in a situation similar to either the widow or the young couple, perhaps you can work out a similar solution.

It's So Easy, Being Green

Article Real Estate. With oil and natural gas prices rocketing, stoking terror of long, cold and and expensive winters, a renewed interest in keeping heating costs under control has has been sparked. Homeowner's have an ignited passion in understanding energy saving methods. If you're in this boat, stuck in cold waters, here are some tips for energy saving tricks of the trade.

If you're living in a home with a furnace that's more than 20 years old, you may have already attempted the "buy a sweater" method of keeping warm. This is certainly one approach, but these days upgrading your home's conditioning system is a much better option, and will bode well for you in the here and now, and in the long term, should you decide sell your home. More and more, homebuyers are looking for homes with energy efficient systems already in place. So, think of these upgrades as a long term investment in the resale value of your home, as well a cost efficient and green alternative to your current conditioning system.

Now, with that old choker of a furnace huffin' and puffin' away, guaranteed it's not as efficient as it could be, no matter what fuel type it uses. The newer gas furnaces are mid-efficiency (78-82%) or high efficiency (89-96%). Although the higher efficiency products can cost up to $1000 more than the mid-efficiency products, extra costs will be re-couped in a couple years, as they will burn less fuel. And, you'll be the greenest frog on the block, sending less harmful emissions out into the atmosphere. "It's so easy being green", murmured Kermit, once he upgraded his furnace.

With oil furnaces, there are again, much more efficient products on the market as of late. But, a oil furnace does need to partner with a good chimney, and so this may be an additional cost to keep in mind

Take note, it's still the case that electric heat is more expensive than oil and gas, although a smart combination of central woodstove heat, supplemented by electric heat can be cost efficient.

Let it Flow: Change Your Filters!

Whether disposable or washable, all forced-air heating/cooling systems use filters. And, these filters need to be maintained and changed. Some filters require monthly changes while other last up to three months, and much depends on the conditions within your home. A dirty filter will restrict air flow and with clogged filters you're blocking heat that would otherwise be keeping you toasty warm. Do yourself a favor and keep on top of the regular changing of your heat filters. This is a pretty easy way to boost your energy efficiency and cut costs.

Pump it up: Install a Heat Pump

Air source heat pumps are the most common and they are generally used with a back-up heating system. In terms of function a heat pump works by extracting heat from the outside and bringing it in, (in heat mode), and by removing heat from the inside of the house and releasing it outside. ( in cooling mode).

The king of heat pumps, though, are ground and watersource, or geothermal. And while the initial investment may be great, the saving will be substantial in the long run. These pumps will use 25-50% less energy than conventional conditioning systems.

At the end of the day, another simple method to help with soaring heat bills, is to keep an eye on the set temperature levels in your house, What is normally described as room temperature is around 68 Fahrenheit (20 degrees celsius). Of course, only you can decide where to set the dial. But, if you'd rather avoid the " put on a sweater" method of winter energy conservation, you might consider investing in an improved conditioning system that'll bring you warmth today, and will be a smart investment in the re-sale value of your home.

Don't Sell Your Property Without It

For most people, the prospect of selling their home can be positively daunting. First of all, there are usually plenty of things to do just to get it ready for the market. Besides the traditional clean-up, paint-up, fix-up chores that invariably wind up costing more than you planned, there are always the overriding concerns about how much the market will bear and how much you will eventually wind up selling it for.

Will you get your asking price, or will you have to drop your price to make the deal? After all, your home is a major investment, no doubt a rather large one, so when it comes to selling it you want to get your highest possible return. Yet in spite of everyone's desire to get the top dollar for their property, most people are extremely unsure as to how to go about getting it. However, some savvy sellers have long known a little financial technique that has helped them to get top dollar for their property. In fact, on some rare occasions, they have even sold their properties for more than they were worth using this powerful financing tool. Although that might be the exception rather than the rule, you can certainly use this technique to get the most money possible when selling your property.

Seller carry-back, or take-back financing, has proven to be a surefire technique for closing deals. Even though most people do not think about when it comes to selling a property, they really should consider using it. According to the Federal Reserve, there are currently over 100 Billion dollars of seller carry-back (seller take-back) loans in existence. By any standard, that is a lot of money. But most importantly, it is also a very clear indication that more people are starting to use seller take-back financing techniques because it offers many financial benefits to both sellers and buyers. Basically, seller take-back financing is a relatively simple concept. A seller-take back loan is created when a property is sold and the seller performs like a lender by assisting in financing all or part of the total transaction. In effect, the seller is actually lending the buyer a certain amount of money toward the purchase price, while a traditional mortgage company usually funds the balance of the purchase price. A seller take-back loan is secured with the property. The loan then becomes the primary mortgage and is fully secured by the property. In most seller take-back financing transactions, the buyer repays the seller with interest in accordance to mutually agreed terms over a period of time. Usually, the terms call for the buyer to send the payments, consisting of principal and interest, on a monthly basis. This is advantageous because it creates a steady monthly cash flow for the note holder. And if the note holder decides to cash out, he or she can always sell the note for a lump sum cash payment.

Regardless of market conditions, seller take-back financing makes sound financial sense; whereas, it provides both buyer and seller with flexible financing options, makes the property easier to sell at higher price and shortens the sales cycle. It also has the added advantage of being an excellent investment that generates a steady cash flow and high return. If you ever need immediate cash, you can always sell the note through our office. If you are planning to sell a property, then consider the many benefits of seller take-back financing.