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Jumat, 10 Desember 2010
How to Determine Home Building Costs
Determining home building costs can be a difficult thing for anybody to do. There are so many factors that go into home building costs that it can often times be a task in itself to even come up with an estimate. But if you know what factors go into home building costs, you will then be able to better estimate your total price.
The first thing to do when trying to estimate home building costs is to find similar houses in the area. Find a home in the same area that has the overall look and size of one that you want to build. By doing this you will then be able to get an overall estimate in no time at all. For example, if the home you are looking at is selling for $200,000, and the cost of the land is $20,000, you then know that the construction of the home cost approximately $180,000. Of course this is not an exact science, but by following this basic rule you will be able to get an estimate of the home building costs.
Home building costs are often times based on features on the interior of the home as well. By simply comparing the exterior size, you will only be able to get a rough estimate. For example, one home may have a completely finished basement, where as the other does not. Even though this may not seem like a big deal, you could be dealing with thousands of dollars.
Also, when figuring out home building costs, keep in mind that there may be a cost overrun. Proper planning can usually make up for this, but just to be safe you may want to put away about 10% in order to ensure that you have the money to cover any overrun.
Every year, home building costs usually increase about 3 to 6%. This is due in part to the cost of land, as well as the cost of labor and materials. You should plan for this in advance as well.
Home building costs can often times be very difficult to pinpoint. By being precise and detail oriented in the planning stages, you will be able to come up with an excellent estimate on your home building costs.
The first thing to do when trying to estimate home building costs is to find similar houses in the area. Find a home in the same area that has the overall look and size of one that you want to build. By doing this you will then be able to get an overall estimate in no time at all. For example, if the home you are looking at is selling for $200,000, and the cost of the land is $20,000, you then know that the construction of the home cost approximately $180,000. Of course this is not an exact science, but by following this basic rule you will be able to get an estimate of the home building costs.
Home building costs are often times based on features on the interior of the home as well. By simply comparing the exterior size, you will only be able to get a rough estimate. For example, one home may have a completely finished basement, where as the other does not. Even though this may not seem like a big deal, you could be dealing with thousands of dollars.
Also, when figuring out home building costs, keep in mind that there may be a cost overrun. Proper planning can usually make up for this, but just to be safe you may want to put away about 10% in order to ensure that you have the money to cover any overrun.
Every year, home building costs usually increase about 3 to 6%. This is due in part to the cost of land, as well as the cost of labor and materials. You should plan for this in advance as well.
Home building costs can often times be very difficult to pinpoint. By being precise and detail oriented in the planning stages, you will be able to come up with an excellent estimate on your home building costs.
Don't Rely Excessively On Appraisals
Getting an appraisal on a home is a fundamental aspect of making a purchase. While appraisals are certainly helpful, you should not put too much stock in them.
Don't Rely Excessively On Appraisals
An appraisal is a valuation of a property by an independent appraiser. The appraiser does an evaluation of the home, considers the home in comparison to others of comparable type and so on. Once completed, the appraiser then issues a written appraisal value of the home. Many homebuyers make the assumption the appraisal is the true value of the home both now and in the future. This can be a dangerous assumption.
First, appraisals are limited by something known as a moment in time. The appraisal done today, may not be entirely relevant a month or two later. If a property has been on the market for a few months, the appraisal may not reflect a slowing market. This, in turn, means the appraised value is actually higher than the current market will support. Homebuyers run into problems when this occurs because they put too much value on the appraisal. A seller will often list the home below the appraised amount and homebuyers will think they are getting a deal. In reality, they are not and may actually be paying more than a new appraisal would support. The older the appraisal, the less value you should put into it.
Most homebuyers assume an appraiser inspects the home for defects and discounts the value of the home accordingly. This is not really the case. An appraiser is not really doing a critical home inspection. In fact, the appraiser contract and/or report usually contains a long disclaimer whereby the appraiser covers his derriere by noting he assumes the property is in good condition and isn't liable if it is not. Obviously, that should scare you. This, of course, is why you should insist on a home inspection for any property you make an offer on.
An appraisal is a solid part of the equation when considering a home purchase. It is not, however, the piece de resistance when valuing the property.
Don't Rely Excessively On Appraisals
An appraisal is a valuation of a property by an independent appraiser. The appraiser does an evaluation of the home, considers the home in comparison to others of comparable type and so on. Once completed, the appraiser then issues a written appraisal value of the home. Many homebuyers make the assumption the appraisal is the true value of the home both now and in the future. This can be a dangerous assumption.
First, appraisals are limited by something known as a moment in time. The appraisal done today, may not be entirely relevant a month or two later. If a property has been on the market for a few months, the appraisal may not reflect a slowing market. This, in turn, means the appraised value is actually higher than the current market will support. Homebuyers run into problems when this occurs because they put too much value on the appraisal. A seller will often list the home below the appraised amount and homebuyers will think they are getting a deal. In reality, they are not and may actually be paying more than a new appraisal would support. The older the appraisal, the less value you should put into it.
Most homebuyers assume an appraiser inspects the home for defects and discounts the value of the home accordingly. This is not really the case. An appraiser is not really doing a critical home inspection. In fact, the appraiser contract and/or report usually contains a long disclaimer whereby the appraiser covers his derriere by noting he assumes the property is in good condition and isn't liable if it is not. Obviously, that should scare you. This, of course, is why you should insist on a home inspection for any property you make an offer on.
An appraisal is a solid part of the equation when considering a home purchase. It is not, however, the piece de resistance when valuing the property.
Alternative Housing
Why alternative housing? To save money, to travel, to live creatively - there are many reasons why people choose to live in tents, RVs, cabins, underground homes, rental rooms and anything else that's less common than the houses, condos and apartments that most people call home. Below are some of these housing options, and their advantages.
Alternative Housing That Moves
Camping at a hot springs area, we sat around the campfire one night with several young men living in the desert in their old converted school bus. It cost them nothing to park it in the desert (on BLM land you have to move every two weeks, though), bathed for free in hot spring tubs that were as nice as those in nearby expensive resorts, and played guitar around the fire each night. Not such a bad life.
In Arizona there are whole communities that spring up each winter, full of people living in their RVs. Advantages of RV housing are obvious, and include moving with the seasons, trying out different places, and not paying property taxes. I've talked to people living in Rvs that cost $200,000 and ones that cost $600, so the selection of accommodations is varied, to say the least.
My wife and I lived for almost a month in our conversion van as we traveled from Arizona to Florida and then to Michigan. Advantages of a van include better mileage than an RV, and being inconspicuous. We found that could park and sleep almost anywhere.
Other Alternative Housing
In most areas where rents are high, renting rooms has become common. This makes sense for single people. Just pay a set amount each month or week, and (if it includes utilities) you have a predictable and lower cost of living. I rented out rooms in my own home for years, and even put carpet and lighting in a shed so I could get $50 per week for it in summer.
A friend of mine lived in a shack he built for $3,000 on a small piece of land he bought for $7,000. Eventually he ran into problems with the county because he had no occupancy permit. Apparently you can't live on your own land in the woods if your home is too small. However, you can camp on it, so a $2,000 used RV parked on your land makes for a cheap and legal housing alternative.
Some people live on houseboats and avoid paying property taxes. Some live in the jungle near the beaches in Hawaii, so they can afford to be in paradise. I know people who lived in a basement while slowly building the house above for cash. People live in cabins built in the national forest wilderness, moving every few years as they are discovered. Truly, your imagination is the only limit to your alternative housing options.
Alternative Housing That Moves
Camping at a hot springs area, we sat around the campfire one night with several young men living in the desert in their old converted school bus. It cost them nothing to park it in the desert (on BLM land you have to move every two weeks, though), bathed for free in hot spring tubs that were as nice as those in nearby expensive resorts, and played guitar around the fire each night. Not such a bad life.
In Arizona there are whole communities that spring up each winter, full of people living in their RVs. Advantages of RV housing are obvious, and include moving with the seasons, trying out different places, and not paying property taxes. I've talked to people living in Rvs that cost $200,000 and ones that cost $600, so the selection of accommodations is varied, to say the least.
My wife and I lived for almost a month in our conversion van as we traveled from Arizona to Florida and then to Michigan. Advantages of a van include better mileage than an RV, and being inconspicuous. We found that could park and sleep almost anywhere.
Other Alternative Housing
In most areas where rents are high, renting rooms has become common. This makes sense for single people. Just pay a set amount each month or week, and (if it includes utilities) you have a predictable and lower cost of living. I rented out rooms in my own home for years, and even put carpet and lighting in a shed so I could get $50 per week for it in summer.
A friend of mine lived in a shack he built for $3,000 on a small piece of land he bought for $7,000. Eventually he ran into problems with the county because he had no occupancy permit. Apparently you can't live on your own land in the woods if your home is too small. However, you can camp on it, so a $2,000 used RV parked on your land makes for a cheap and legal housing alternative.
Some people live on houseboats and avoid paying property taxes. Some live in the jungle near the beaches in Hawaii, so they can afford to be in paradise. I know people who lived in a basement while slowly building the house above for cash. People live in cabins built in the national forest wilderness, moving every few years as they are discovered. Truly, your imagination is the only limit to your alternative housing options.
The Rising Appeal of Malta
Malta, the beautiful Mediterranean island that basks in up to 300 days of sunshine a year is proving more and more popular with those in search of a low tax country with an attractive property market.
The fact that the island is such a popular choice with those seeking to live offshore, those looking to reduce their business and personal taxation burden and even those wishing to retire to the sun means that the real estate market in Malta is a hive of activity and property prices are moving up a gear.
All of these factors make the market ripe for real estate investors and mean that more and more people are profiting from property in Malta.
As stated the country is also an attractive low tax haven – all those who achieve residency on the island are only subject to 15% income tax on anything they remit to the island and anyone who purchases property in Malta can get residency and thereby potentially reduce their taxation burden.
The capital an individual uses to purchase their Malta home is not taxed and inheritance tax does not exist in Malta which means more people annually want to move to the island which means that more people annually demand real estate to buy or rent in Malta which gives a potential property investor a large potential customer base to work with
Malta is also a popular choice for those looking for a low tax haven in which to establish their business which means that there is also a strong demand for commercial property in Malta – opening up the range of market opportunities available to a potential real estate investor.
In terms of the range of properties available to purchase in Malta they range from stunning villa properties complete with private pools that are ideal for letting out to the busy tourism market for at least 9 months of the year. There are also a range of town properties from apartments and town houses that can be rented out short term and then sold on for maximum gains in the medium to long term. Of course, as mentioned there are also a lot of commercial property prospects available to an investor in Malta as well from buying and leasing office space to buying into warehouses and retail properties.
The key to successfully profiting from any property market is the appeal of that market and the appeal of the real estate sector in Malta is not only at an all time high it is intensifying creating an ideal environment for an investor looking for an overseas real estate investment opportunity.
The fact that the island is such a popular choice with those seeking to live offshore, those looking to reduce their business and personal taxation burden and even those wishing to retire to the sun means that the real estate market in Malta is a hive of activity and property prices are moving up a gear.
All of these factors make the market ripe for real estate investors and mean that more and more people are profiting from property in Malta.
As stated the country is also an attractive low tax haven – all those who achieve residency on the island are only subject to 15% income tax on anything they remit to the island and anyone who purchases property in Malta can get residency and thereby potentially reduce their taxation burden.
The capital an individual uses to purchase their Malta home is not taxed and inheritance tax does not exist in Malta which means more people annually want to move to the island which means that more people annually demand real estate to buy or rent in Malta which gives a potential property investor a large potential customer base to work with
Malta is also a popular choice for those looking for a low tax haven in which to establish their business which means that there is also a strong demand for commercial property in Malta – opening up the range of market opportunities available to a potential real estate investor.
In terms of the range of properties available to purchase in Malta they range from stunning villa properties complete with private pools that are ideal for letting out to the busy tourism market for at least 9 months of the year. There are also a range of town properties from apartments and town houses that can be rented out short term and then sold on for maximum gains in the medium to long term. Of course, as mentioned there are also a lot of commercial property prospects available to an investor in Malta as well from buying and leasing office space to buying into warehouses and retail properties.
The key to successfully profiting from any property market is the appeal of that market and the appeal of the real estate sector in Malta is not only at an all time high it is intensifying creating an ideal environment for an investor looking for an overseas real estate investment opportunity.
The Benefits of a Real Estate Directory to Visitors
When you need a telephone number, where do you turn? If you're like most people, you flip open the Yellow Pages – the telephone directory. Directories are so much a part of our everyday lives that we take their presence for granted. The building directory helps you find the right office or apartment. The employee directory will help you find the right person in the right department. A film directory helps you find the movie that you're looking for by title, subject, actors, director or producer.
One of today's most popular 'search engines' started life as a directory – and still is. Yahoo! has one of the most comprehensive directories of web sites online. But when you're looking for specific information, especially regional information, it pays to turn to a specialty directory to help you find what you want. An online real estate directory is the best place to turn when you're looking for a information about buying, selling, inspecting and improving property.
What is a real estate directory?
Like most web directories, a real estate directory is a listing of web sites indexed and organized to make things easier to find. Depending on the real estate directory, the listings available will be indexed according to region, agent, type of property or price – and often all of the above. Other sections will be clearly labeled as well – a comprehensive real estate directory offers more than just properties for sale. You'll find listings for appraisers, inspectors, home improvement sites, contractors – almost anything that has to do with real estate.
Why a real estate directory?
Unlike a single realtor site, a real estate directory will cover listings from many different sources, which gives you the widest possible variety of listings to search through. A trip through a real estate directory will give you a good feel for the general market conditions in the region where you plan to buy – and make it easier for you to find a realtor who is listing the properties that you want to buy. After all, why deal with a realtor who specializes in luxury condos when you're looking for a two-bedroom bungalow on the lake?
While traditional search engines are a good place to start looking for home listings, you'll often have to drill down through several pages to get past the listings for home mortgage companies, a few dozen single realtors, several realty listing sites that only lead to more realty listing sites – in other words, all the flotsam that floats to the top of the search engines. By going directly to a real estate directory, you'll cut out the sifting through pages of unrelated info and get straight to what you're looking for – an indexed directory of current real estate listings that makes it easy to find the homes you want to buy.
Finally, the best real estate directory doesn't stop with providing listings of homes for sale like many realtor sites do. You'll find listings for web sites that tell you how to prepare your home for sale, how to put your home on the market, which home improvements offer the most ROI (return on investment, of course), mortgage and loan companies and so much more.
One of today's most popular 'search engines' started life as a directory – and still is. Yahoo! has one of the most comprehensive directories of web sites online. But when you're looking for specific information, especially regional information, it pays to turn to a specialty directory to help you find what you want. An online real estate directory is the best place to turn when you're looking for a information about buying, selling, inspecting and improving property.
What is a real estate directory?
Like most web directories, a real estate directory is a listing of web sites indexed and organized to make things easier to find. Depending on the real estate directory, the listings available will be indexed according to region, agent, type of property or price – and often all of the above. Other sections will be clearly labeled as well – a comprehensive real estate directory offers more than just properties for sale. You'll find listings for appraisers, inspectors, home improvement sites, contractors – almost anything that has to do with real estate.
Why a real estate directory?
Unlike a single realtor site, a real estate directory will cover listings from many different sources, which gives you the widest possible variety of listings to search through. A trip through a real estate directory will give you a good feel for the general market conditions in the region where you plan to buy – and make it easier for you to find a realtor who is listing the properties that you want to buy. After all, why deal with a realtor who specializes in luxury condos when you're looking for a two-bedroom bungalow on the lake?
While traditional search engines are a good place to start looking for home listings, you'll often have to drill down through several pages to get past the listings for home mortgage companies, a few dozen single realtors, several realty listing sites that only lead to more realty listing sites – in other words, all the flotsam that floats to the top of the search engines. By going directly to a real estate directory, you'll cut out the sifting through pages of unrelated info and get straight to what you're looking for – an indexed directory of current real estate listings that makes it easy to find the homes you want to buy.
Finally, the best real estate directory doesn't stop with providing listings of homes for sale like many realtor sites do. You'll find listings for web sites that tell you how to prepare your home for sale, how to put your home on the market, which home improvements offer the most ROI (return on investment, of course), mortgage and loan companies and so much more.
Increase Appeal to Sell Your Home in Tampa Real Estate
Selling your home in Tampa real estate needs some factors to work on and to improve. Of course, you want to make potentials buyers be attracted to your home.
There are some tips that this article will give you in order to make your home appealing enough to gain lots of potential buyers and soon you will have the best deal ever.
You have to look or view your home or you can ask a trusted person and appoint that person to approach your door and see things that you may not notice. Do you home need to be repainted, do you need to replace your door, do the doorbell still working, are the faucets working well, are the railings safe, these are few of the things that you should look up to since it can help any interested buyers to decide whether they'll be interested or not.
Impression is very important, so you have to check out your home and do improvements in order to gain good impressions. A clean and neat exterior can make potential buyers feel that you have maintained your home and it is in good condition.
Windows should also be clean, so you have to make sure to clean it all up or hire window-washing service to make sure that the windows are efficiently clean and free from cobwebs and debris.
In order to add home exterior decoration that can make a home appealing is by planting flowers and hanging potted plants. Make sure to clean the gutter and mow the lawn in order to make sure that your yard is appealing enough for buyers and visitors. If you can't do the work, you can hire professional lawn service which will help you treat unhealthy grass. <
If you have kids, you have to make sure that their toys are properly stored and do not let it left hanging in your yard or inside your home.
If you have pets, you also have to make sure that they are in their proper places and never let them roam around your home, especially when potential buyers will come to visit. Not all people love pet, so you have to be careful.
You have to make sure as well that the house number of your home is visible enough in order for potential buyers to easily locate your home. Of course, if you want to sell your home, you will advertise your home for sale by making flyers, you can also use the internet. In making flyers, you have to put all the details about your home and put a photo of your home in the flyers.
Working wit real estate agent can be helpful as well, but make sure to have the right one. Take time to find the one that has the right skills and experiences in order to make sure that he/she can help you out in selling your home in Tampa real estate quickly.
There are some tips that this article will give you in order to make your home appealing enough to gain lots of potential buyers and soon you will have the best deal ever.
You have to look or view your home or you can ask a trusted person and appoint that person to approach your door and see things that you may not notice. Do you home need to be repainted, do you need to replace your door, do the doorbell still working, are the faucets working well, are the railings safe, these are few of the things that you should look up to since it can help any interested buyers to decide whether they'll be interested or not.
Impression is very important, so you have to check out your home and do improvements in order to gain good impressions. A clean and neat exterior can make potential buyers feel that you have maintained your home and it is in good condition.
Windows should also be clean, so you have to make sure to clean it all up or hire window-washing service to make sure that the windows are efficiently clean and free from cobwebs and debris.
In order to add home exterior decoration that can make a home appealing is by planting flowers and hanging potted plants. Make sure to clean the gutter and mow the lawn in order to make sure that your yard is appealing enough for buyers and visitors. If you can't do the work, you can hire professional lawn service which will help you treat unhealthy grass. <
If you have kids, you have to make sure that their toys are properly stored and do not let it left hanging in your yard or inside your home.
If you have pets, you also have to make sure that they are in their proper places and never let them roam around your home, especially when potential buyers will come to visit. Not all people love pet, so you have to be careful.
You have to make sure as well that the house number of your home is visible enough in order for potential buyers to easily locate your home. Of course, if you want to sell your home, you will advertise your home for sale by making flyers, you can also use the internet. In making flyers, you have to put all the details about your home and put a photo of your home in the flyers.
Working wit real estate agent can be helpful as well, but make sure to have the right one. Take time to find the one that has the right skills and experiences in order to make sure that he/she can help you out in selling your home in Tampa real estate quickly.
Bahrain's Real Estate Market Hot on the Heals of Dubai
The popularity and success of the real estate market in Dubai is well documented; but in sharp contrast Bahrain - which is one of the Middle Eastern property markets with the greatest potential - is little known and often overlooked.
Bahrain has a small but well establish luxury real estate market; and recent changes to legislation allowing for foreign freehold ownership of property within certain real estate developments in Bahrain has created a surge of investor and consumer interest in the kingdom.
The kingdom of Bahrain has long been home to a large expatriate community, with expats mainly heralding from the UK, Europe and the US. Expatriates living in Bahrain generally enjoy an incredibly high standard of living, substantial tax free income and an inimitably luxury lifestyle - and the type of accommodation they seek has become the iconic style of real estate now for sale to foreign purchasers. Indeed, the real estate developments where foreign freehold ownership of title is allowed in Bahrain epitomize quality and opulence.
In recent years Bahrain has been working hard to diversify its economy away from oil by focusing on five main business areas; namely business & financial services, tourism, information technology, healthcare & education and telecommunications. As a result many more multinational companies have established bases and headquarters in the kingdom which have created more employment opportunities and in turn attracted more international executives and their families to Bahrain.
This influx of foreign residents to the kingdom of Bahrain has resulted in a thriving rental real estate sector which has further helped to underpin an already incredibly successful economy. Recently Bahraini officials began to realize the potential of the real estate sector if they allowed for foreign freehold ownership, and this led to legislative and constitutional changes and the officials have been rewarded for their foresight by the creation of an incredibly popular and successful property market.
It's a fact that many of the expats living in Bahrain are now taking full advantage of their right to own freehold title to real estate. It is also a fact that there is still an increasing requirement for quality accommodation to let out in Bahrain and this is pushing rental rates sky high. Both of these facts mean that real estate investors have a property market ripe for exploration in Bahrain with immediate income achievable from the rental sector and the release and realization of capital appreciation easy to achieve with a market hungry for completed resale property.
Therefore real estate investors looking for a market with more room for expansion than Dubai has, a market as equally popular with expatriates as Dubai is and a market offering property as magnificent as Dubai does need look no further than Bahrain.
Bahrain has a small but well establish luxury real estate market; and recent changes to legislation allowing for foreign freehold ownership of property within certain real estate developments in Bahrain has created a surge of investor and consumer interest in the kingdom.
The kingdom of Bahrain has long been home to a large expatriate community, with expats mainly heralding from the UK, Europe and the US. Expatriates living in Bahrain generally enjoy an incredibly high standard of living, substantial tax free income and an inimitably luxury lifestyle - and the type of accommodation they seek has become the iconic style of real estate now for sale to foreign purchasers. Indeed, the real estate developments where foreign freehold ownership of title is allowed in Bahrain epitomize quality and opulence.
In recent years Bahrain has been working hard to diversify its economy away from oil by focusing on five main business areas; namely business & financial services, tourism, information technology, healthcare & education and telecommunications. As a result many more multinational companies have established bases and headquarters in the kingdom which have created more employment opportunities and in turn attracted more international executives and their families to Bahrain.
This influx of foreign residents to the kingdom of Bahrain has resulted in a thriving rental real estate sector which has further helped to underpin an already incredibly successful economy. Recently Bahraini officials began to realize the potential of the real estate sector if they allowed for foreign freehold ownership, and this led to legislative and constitutional changes and the officials have been rewarded for their foresight by the creation of an incredibly popular and successful property market.
It's a fact that many of the expats living in Bahrain are now taking full advantage of their right to own freehold title to real estate. It is also a fact that there is still an increasing requirement for quality accommodation to let out in Bahrain and this is pushing rental rates sky high. Both of these facts mean that real estate investors have a property market ripe for exploration in Bahrain with immediate income achievable from the rental sector and the release and realization of capital appreciation easy to achieve with a market hungry for completed resale property.
Therefore real estate investors looking for a market with more room for expansion than Dubai has, a market as equally popular with expatriates as Dubai is and a market offering property as magnificent as Dubai does need look no further than Bahrain.
Deciding on a Price for Your Home
When it comes time to put your house on the market, pricing can make or break your sale. If you overprice your home, you risk watching it languish on the market, but under-pricing it means minimizing your investment. The starting point for pricing should be based on recent sales in the neighborhood, not on personal attachment. Regardless of what you think your home is worth, the pricing should be based on market value - this is why it's important to find a good real estate agent who is familiar with the area. He or she will start by looking at what other comparable houses in your area have sold for. This is called a comparative market analysis (CMA).
Another important consideration is the market. To be safe you want to allow yourself enough wiggle room to come down in negotiations, but if it's a buyers' market you will have to do more to make your home stand out. Pricing your home below the competition should ensure multiple offers, thus driving up the selling price. Other tactics include being flexible around financing options and offering incentives. In any case, you want to price your home low enough that you will get traffic through - the first three weeks are important. If the house sits longer than three weeks perspective buyers may assume something's wrong with it.
In a seller's market it's safe to add 10 per cent to the last comparable sale in your neighborhood and in a balanced market you may aim to add an amount based on the last comparable sale plus the average market increase calculated over the time since that sale.
Remember, pricing your house is as much an art as it is a science. In the end the price is important, but marketing and staging your home plays a vital role as well. A good realtor can guide you through this process and help you get the best price for your house.
Another important consideration is the market. To be safe you want to allow yourself enough wiggle room to come down in negotiations, but if it's a buyers' market you will have to do more to make your home stand out. Pricing your home below the competition should ensure multiple offers, thus driving up the selling price. Other tactics include being flexible around financing options and offering incentives. In any case, you want to price your home low enough that you will get traffic through - the first three weeks are important. If the house sits longer than three weeks perspective buyers may assume something's wrong with it.
In a seller's market it's safe to add 10 per cent to the last comparable sale in your neighborhood and in a balanced market you may aim to add an amount based on the last comparable sale plus the average market increase calculated over the time since that sale.
Remember, pricing your house is as much an art as it is a science. In the end the price is important, but marketing and staging your home plays a vital role as well. A good realtor can guide you through this process and help you get the best price for your house.
Calculating Costs
If you been in the real estate investing business, or more specifically been flipping real estate, for more than a few days, you've inevitably gotten an email that reads something like this:
"Investor's Dream. This property will go QUICK.
- Property Address: 1234 Main Street
- Asking Price: $100,000 (Add or subtract zeros!)
- After Repair Value: $150,000
- Repairs: $15,000
- Profit: $35,000
- Details: Needs paint, carpet, tile, new kitchen, update bathroom, some roof damage.
- Tenant occupied. Need to evict!"
STOP! Before you read on… Take a guess at what you think the "real" profit's going to be on this real estate investment…
If you haven't ever gotten an email or fax broadcast like this, then rest assured, you will! I'm about to probably tick off all of the late night infomercials and pitchmen out there! Sure, I understand that when you've got 30 minutes (or 90 minutes, for that matter), that you've to sell what's sexy… not what's real!
Now it's my turn to expose the real deal on real estate investing! This goes for flipping real estate itself (i.e. properties) or simply flipping the contract (also known as assigning the contract). When you're flipping real estate, you need to be able to calculate the "real" bottom line and if your assigning the contract, you need to know your numbers so you don't get blacklisted from investors! This one piece of information will keep you from getting into trouble because of any "real estate bubble"!
Purchase Costs
Here goes… Have you EVER purchased and sold a piece of real estate for FREE? If you're not sure what the answer is… It's an emphatic NO... You are going to have costs to buy, costs to hold and costs to sell. This holds true even if you are buying a property for all cash. (Think title fees, attorney's fees, recording fees, etc.)
If you're not getting a mortgage, your purchase costs are obviously much lower, but nonetheless, there are costs associated with any real estate transaction. Plus, more than likely, if you're relatively new, you're probably not paying all cash for property anyways. You're probably going to be using a hard money investor for your initial real estate investing financing! <
For a quick calculation, you can estimate anywhere between 3% - 5% for closing costs to just acquire the property. That's 3%-5% of the purchase price.
Holding Costs
How much is it going to cost you each and every day to own this piece of real estate? See, if you're making money in real estate, you'd better believe that there are a lot of other people that are going to expect to get paid and they get paid in the form of mortgage interest, property taxes, utilities, property insurance, etc. Each of these is an expense each and every day that you own the property. Here's an example… A hard money loan on a bread and butter type piece of real estate might run you 15%. Let's say you got the property for $100,000. Every month, you are paying $1250 in interest alone. Let's say that taxes and insurance are another $200/month and then utilities at $100. Right there, the property is costing you $1550/month – or roughly $50/day. See, why it's important to know your not only your holding costs on a real estate investment, but also how long it's going to be on the market before you can flip the property.
Selling Costs
Here's the third part of the real estate investing puzzle. When you want to turn around and sell this piece of real estate, it's going to cost you yet again! Are you going to use a real estate agent and pay a commission or 3-4-5% or even more? On $150,000, that's anywhere from $4500 to $7500 chopped of the top. Then, you can figure 1-2% in closing fees.
If you can remember this… and apply what you've just learned to each and every real estate deal that you do, you'll be safe flipping real estate in any market. You see, if it's a hot market, you can calculate less time for holding cost. But, in a slower market, make your offer based on 6 months or 9 months of holding costs. It's really simple math! And real estate really is a numbers game…
"Investor's Dream. This property will go QUICK.
- Property Address: 1234 Main Street
- Asking Price: $100,000 (Add or subtract zeros!)
- After Repair Value: $150,000
- Repairs: $15,000
- Profit: $35,000
- Details: Needs paint, carpet, tile, new kitchen, update bathroom, some roof damage.
- Tenant occupied. Need to evict!"
STOP! Before you read on… Take a guess at what you think the "real" profit's going to be on this real estate investment…
If you haven't ever gotten an email or fax broadcast like this, then rest assured, you will! I'm about to probably tick off all of the late night infomercials and pitchmen out there! Sure, I understand that when you've got 30 minutes (or 90 minutes, for that matter), that you've to sell what's sexy… not what's real!
Now it's my turn to expose the real deal on real estate investing! This goes for flipping real estate itself (i.e. properties) or simply flipping the contract (also known as assigning the contract). When you're flipping real estate, you need to be able to calculate the "real" bottom line and if your assigning the contract, you need to know your numbers so you don't get blacklisted from investors! This one piece of information will keep you from getting into trouble because of any "real estate bubble"!
Purchase Costs
Here goes… Have you EVER purchased and sold a piece of real estate for FREE? If you're not sure what the answer is… It's an emphatic NO... You are going to have costs to buy, costs to hold and costs to sell. This holds true even if you are buying a property for all cash. (Think title fees, attorney's fees, recording fees, etc.)
If you're not getting a mortgage, your purchase costs are obviously much lower, but nonetheless, there are costs associated with any real estate transaction. Plus, more than likely, if you're relatively new, you're probably not paying all cash for property anyways. You're probably going to be using a hard money investor for your initial real estate investing financing! <
For a quick calculation, you can estimate anywhere between 3% - 5% for closing costs to just acquire the property. That's 3%-5% of the purchase price.
Holding Costs
How much is it going to cost you each and every day to own this piece of real estate? See, if you're making money in real estate, you'd better believe that there are a lot of other people that are going to expect to get paid and they get paid in the form of mortgage interest, property taxes, utilities, property insurance, etc. Each of these is an expense each and every day that you own the property. Here's an example… A hard money loan on a bread and butter type piece of real estate might run you 15%. Let's say you got the property for $100,000. Every month, you are paying $1250 in interest alone. Let's say that taxes and insurance are another $200/month and then utilities at $100. Right there, the property is costing you $1550/month – or roughly $50/day. See, why it's important to know your not only your holding costs on a real estate investment, but also how long it's going to be on the market before you can flip the property.
Selling Costs
Here's the third part of the real estate investing puzzle. When you want to turn around and sell this piece of real estate, it's going to cost you yet again! Are you going to use a real estate agent and pay a commission or 3-4-5% or even more? On $150,000, that's anywhere from $4500 to $7500 chopped of the top. Then, you can figure 1-2% in closing fees.
If you can remember this… and apply what you've just learned to each and every real estate deal that you do, you'll be safe flipping real estate in any market. You see, if it's a hot market, you can calculate less time for holding cost. But, in a slower market, make your offer based on 6 months or 9 months of holding costs. It's really simple math! And real estate really is a numbers game…
Getting The Best Deal When Buying Real Estate
You're ready to buy a house or maybe you're just considering it. There is a good chance you're wondering if the decline in housing prices has bottomed or perhaps has a little more ways to go. Industry analysts are predicting that in most of the country we will see an uptrend within the real estate market this upcoming spring. What does that mean as a buyer? It means your time is limited.
The deals available today will not last much longer. That information comes right from the experts. These experts include analysts and season professionals that consistently monitor the real estate market. The burst of the housing bubble is on its last leg and the market is due for a solid return. Whether you're interested in profiting or investing, you are running short on time. Fortunately the internet has come a long way and can assist you in making sure you are getting the best possible deal. By this I don't simply mean the information contained in this article. I mean the information this article will lead you to.
Everyone knows that you always get the best price on something when it is auctioned. People only pay what they believe is a fair value and that value is limited to what available buyers offer. When shopping for your new home wouldn't you like to bid on it rather than simply pay what someone is asking? The internet will allow you as well as anyone else interested the ability to bid freely on the open market without any fees attached. Online auctions have become so popular for most everything else and homes are now finding their way to the auction world.
Many people and banks have enormous amounts of properties they need to get rid of and quickly. When this happens they need to auction them off even if it means taking a hefty loss. In order to reach a sizable enough crowds they are now turning to the internet in attempt to improve their ability to reach a slightly higher selling price than if sold locally.
These properties cost you nothing to view, bid on, and many even pay your closing costs to improve their selling value. Real estate is being sold for fractions of what it is worth right now all over the internet. It really wont hurt to look for yourself. Don't miss out on such a great opportunity that can only take a couple minutes of your time.
Visit USA Property Auctions for auction style listings of real estate. Article written and distributed by Steve Cancel at Secure Link - Michigan Web Marketing. www.sunbrave.com for a common sense approach to mastering real estate investing FREE DVD
The deals available today will not last much longer. That information comes right from the experts. These experts include analysts and season professionals that consistently monitor the real estate market. The burst of the housing bubble is on its last leg and the market is due for a solid return. Whether you're interested in profiting or investing, you are running short on time. Fortunately the internet has come a long way and can assist you in making sure you are getting the best possible deal. By this I don't simply mean the information contained in this article. I mean the information this article will lead you to.
Everyone knows that you always get the best price on something when it is auctioned. People only pay what they believe is a fair value and that value is limited to what available buyers offer. When shopping for your new home wouldn't you like to bid on it rather than simply pay what someone is asking? The internet will allow you as well as anyone else interested the ability to bid freely on the open market without any fees attached. Online auctions have become so popular for most everything else and homes are now finding their way to the auction world.
Many people and banks have enormous amounts of properties they need to get rid of and quickly. When this happens they need to auction them off even if it means taking a hefty loss. In order to reach a sizable enough crowds they are now turning to the internet in attempt to improve their ability to reach a slightly higher selling price than if sold locally.
These properties cost you nothing to view, bid on, and many even pay your closing costs to improve their selling value. Real estate is being sold for fractions of what it is worth right now all over the internet. It really wont hurt to look for yourself. Don't miss out on such a great opportunity that can only take a couple minutes of your time.
Visit USA Property Auctions for auction style listings of real estate. Article written and distributed by Steve Cancel at Secure Link - Michigan Web Marketing. www.sunbrave.com for a common sense approach to mastering real estate investing FREE DVD
Deciding on a Price for Your Home
When it comes time to put your house on the market, pricing can make or break your sale. If you overprice your home, you risk watching it languish on the market, but under-pricing it means minimizing your investment. The starting point for pricing should be based on recent sales in the neighborhood, not on personal attachment. Regardless of what you think your home is worth, the pricing should be based on market value - this is why it's important to find a good real estate agent who is familiar with the area. He or she will start by looking at what other comparable houses in your area have sold for. This is called a comparative market analysis (CMA).
Another important consideration is the market. To be safe you want to allow yourself enough wiggle room to come down in negotiations, but if it's a buyers' market you will have to do more to make your home stand out. Pricing your home below the competition should ensure multiple offers, thus driving up the selling price. Other tactics include being flexible around financing options and offering incentives. In any case, you want to price your home low enough that you will get traffic through - the first three weeks are important. If the house sits longer than three weeks perspective buyers may assume something's wrong with it.
In a seller's market it's safe to add 10 per cent to the last comparable sale in your neighborhood and in a balanced market you may aim to add an amount based on the last comparable sale plus the average market increase calculated over the time since that sale.
Remember, pricing your house is as much an art as it is a science. In the end the price is important, but marketing and staging your home plays a vital role as well. A good realtor can guide you through this process and help you get the best price for your house.
Another important consideration is the market. To be safe you want to allow yourself enough wiggle room to come down in negotiations, but if it's a buyers' market you will have to do more to make your home stand out. Pricing your home below the competition should ensure multiple offers, thus driving up the selling price. Other tactics include being flexible around financing options and offering incentives. In any case, you want to price your home low enough that you will get traffic through - the first three weeks are important. If the house sits longer than three weeks perspective buyers may assume something's wrong with it.
In a seller's market it's safe to add 10 per cent to the last comparable sale in your neighborhood and in a balanced market you may aim to add an amount based on the last comparable sale plus the average market increase calculated over the time since that sale.
Remember, pricing your house is as much an art as it is a science. In the end the price is important, but marketing and staging your home plays a vital role as well. A good realtor can guide you through this process and help you get the best price for your house.
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