Posted in Real Estate

Essential Facts You Must Understand Before Securing a Home Loan

Owning a home is one of the biggest investments that you will ever make whether you are buying a new one or building one from scratch. But still, no matter how much you save up to buy the house of your dreams, it is still impossible for you to pay for its entire cost in just one give. This is why home loans have come into the rescue for most potential home owners.

With home loans, you do not have to pay all of the money that you have saved in your entire life for the upfront cost of your home. Nevertheless, the entire process of securing a home loan can be complicated if you have no idea what you are doing. There are several factors that come into play and some things that you must know before you apply for a home loan. Here are some essential home loan facts you ought to know.

• Factors that affect your being eligible to a home loan
Calculating your EMI or equated monthly installment is the most effective means for you to determine your being eligible to a home loan. Usually, banks limit your loan amount to 40% to 50% of your income including your dearness allowance on top of your basic salary. They also take into account your credit standing. Basically, if you still have an outstanding loan, your loan amount will be decreased more. Furthermore, if you have a poor credit standing, the interest rate that you have to pay for your home loan will be increased. Simply put, if you have a good credit score, strong repayment capability, and stable income, you will have more chances of having your home loan approved. But if you have a poor credit score and only have erratic earnings, then most likely your home loan application will be disapproved. In addition, when you have a co-applicant, you will have more chances of getting your home loan application approved.

• Knowing your home loan options
Generally, banks offer two major home loan options in terms of interest and home insurance. First, you have the fixed interest loan and second, you have the floating interest loan. As the name implies, the fixed interest home loan option will have fixed interest rates that you need to pay as well as a fixed EMI via your loan tenure. On the other hand, the floating interest home loan option changes as per market conditions that lead to more EMI fluctuations. This is one of the reasons why the fixed interest home loan option has between 1 and 2.5% higher interest rate in comparison to the floating interest home loan option.

• Important things to remember about your interest rate
No matter which home loan option you choose, you still have the power to do some negotiating regarding its interest rate. Of course, the banks will always gain the upper hand of the deal; however, you can still haggle if you are a loyal bank client or have secured a savings account in this same bank. Just be sure that you have a good credit history so that you can make your negotiations easier. Also, word of advice, apply for a home loan at the end of the month. Why? Most banks have business targets, and during the last days of the month, they can be more flexible if they want to make business with you.

Posted in Real Estate

The Many Benefits of Hiring a Professional Moving Company

Moving is probably one of the most significant things to ever happen in one’s life that is filled with a whirlwind of emotions from being excited to busy to depressing to stressful. At times, things can get a bit crazy from going through your many closets and drawers and only realizing in the end that you have not opened any of them since your last move. You then proceed in figuring out which of your belongings you are bringing with you to your new residence as well as finding out the ways in which you can pack all of your belongings up.

All of these actions entail that you will be using up a lot of your time from day to night in doing all of these things just so you can finally move to your new location. And as soon as you arrive at your new residence, you then go about the process of unpacking all of your packed belongings and positioning them strategically in your new place all the while making sure that you have established yourself to be living in this new place and getting used to your new life.

Phew! Just by reading the above paragraph, surely, you are now having second thoughts if you should be pushing through with your relocation plans. Even so, the process of moving should not bring about a lot of stress on you. You can actually be more systematic in moving to another location. How is this possible, you might ask? The answer is very simple actually. You just need to hire a professional moving company. There are a number of benefits to hiring a professional moving company for your relocation plans that once you hire them, you will not think of going DIY again in moving and packing.

• Boxes: Forget wasting your time looking for the perfect sized boxes that work well for your belongings. A professional moving company will offer you a wide range of boxes that you can choose from for all of your belongings. Moreover, they also offer you with additional materials that will guarantee safe arrival for each of your belongings to your new home such as packing peanuts, tape, labels, etc.

• Stress less: Professional movers will take charge in packing all of your boxes and stacking them safely. They will also take charge in moving them to and from the truck using the right moving equipment such as dollies and handcarts as necessary.

• Time: Since professional moving companies do this work all of the time, there is no doubt that they can get the job done in no time unlike the typical home owner, most especially the first-time movers.

• Insurance: A professional moving company is insured. This means that your belongings will be properly protected by them all throughout their being able to render their services to you. So that all of your belongings will be kept safe, they make sure to use high quality packing materials. Furthermore, since they know how important all of your belongings are to you, they make sure to choose the best traffic routes so that they will not be facing surprises along the road while transporting your boxes such as potholes and road construction that will end up damaging your things.

Posted in Real Estate

Crucial Things to Remember Before You Buy Any Piece of Land

If you are thinking of investing your money in real estate, you can start by buying some land or properties. However, you should not just buy any piece of land that you think will make you a lot of money. There are some things in particular that you need to take careful note of.

For instance, you have to be precautions in buying properties since there are now increasing cases of fraud associated with land buying where the buyer ends up losing more of their money and facing legal issues. But worry not, as long as you know what you are doing before buying any piece of land and you make sure that you do it legally, then you are all good.

Here are some crucial things to remember before you buy any piece of land.
1. Requirements: The first step to buying any piece of land is figuring out what you are looking for and what your requirements are. Start asking yourself important questions that answer what purpose you have for buying the land, what use you have for it, what are your plans for it, and what is your budget for it. You then next figure out if all of its associated costs will just fit well within your budget such as its legal proceedings, building procedure, the cost of the land, and many more. Last, make sure to ascertain if you will have plans of reselling the piece of land you have bought.

2. Right land: When buying a piece of land, you will generally be choosing between two types of land. The first type of land is one where there was once a permanent structure built on it or has one standing that has already turned dangerous but can still be redeveloped. The second type of land, on the other hand, is one that has never been touched by any structures and has not yet been developed such as lands in the countryside, forests, and so on. You have to choose either by taking into account your present requirements and plans.

3. Ways to buy land: The traditional way of buying a piece of land will be to go through the services of a real estate agent. However, with the rise of the internet, you can do your own research to know which lands are currently being put up for sale. Besides real estate agents, you can also check out lands being put into auctions. But then, auctions are done too fast, you might not have enough time to first do some research unless of course you have already been eyeing the piece of land for quite some time. You might also want to consider looking into companies that deal with gas, water, and electricity because they might have some extra lands for sale. Also, local authorities are another good source of legal lands for sale.

4. Other crucial factors you need to take into account: In order for you to acquire a piece of land legally, make sure to gather the necessary information regarding it. You should be able to check…
• If all legal titles have already been cleared off the property,
• If a reserved land is being put for sale that goes in the name of an ‘on-sale’ land,
• The history of the real estate agent, and
• All the documents that you need to proceed with the land buying.

Posted in Real Estate

Some Useful Advice for Those Planning to Start on New Residential Construction Projects

If you want to take legal ownership of a residential property, you have to be well aware of the fact that the entire process can take a long time, usually over five years, and can be very costly. For five lots or less, the cost that you will have to pay for parcel maps can amount as high as 100,000 dollars. On the other hand, you can pay more than 500,000 dollars if you need tract maps for over five lots.

The potential size and the number of lots that you can create with your residential construction project will depend on your general and zoning plan, slope, health department regulations, and biology. You also need to think about paying for the costs involved in reports and studies, regulatory fees, processing, and engineering.

The reports and studies aspect include traffic, noise, biology, soils, archeology and anthropology, storm water treatment, and approval costs. After a map is recorded and approved, there will again be additional fees that you must pay including the following but can include more:
• Retention and drainage basins
• Potential greenhouse gas studies
• School fees
• On- and off-site mitigation land
• Physical secondary access
• Parks and recreation fees
• Annual bonding fees
• Fire fees.

Politics play a crucial role in getting the approval from your local planning commissions, city councils, and county boards. Your being able to support or oppose the public office will have some effect on the time when your hearing will be completed. They can be completed as early as four months or can take longer as a year or a couple of years but still cost more than one million dollars. For property owners, there are three essential factors that they need to keep in mind and they must do for their new residential construction projects.

1. Entitlement and sale of the property as it is. This option costs the least; however, it has the lowest price and only requires a short time for the property to be disposed. In the most uncommon of cases, the land can have a bigger value when it does not come with its own title.

2. Be part of a long-term agreement. If a home builder takes charge in paying for the costs involved in processing a tract map, an agreement will then be made with them. This option is the most common among new residential construction projects. This can take up to a maximum of 5 years to be done. After contingencies are approved, on a periodical basis, the buyer must make sure to release deposits that are nonrefundable to the seller. Once a final or tentative map is approved, that is the time that escrow closing happens.

3. The owner takes charge of the entitlement costs. This last option is more or less the same as the second option. However, what sets the third option apart from the second option will be the fact that the owner will pay for all the expenses and will have full control of the mapping process.

The outcome of each of these three options must be well thought of by you before you finalize what option you must push through. There have been some owners who did not seek some professional advice and decided to process the map on their own and have later on found out that they do not have the financial means to take care of their lots. Thus, for any new construction project endeavors that you have in mind, be sure to get the help of a competent engineer, a smart growth design principal, and a reliable contractor.

Posted in Real Estate

Typical Features of Luxury Homes

When you mention the term ‘luxury’, to most people, what they immediately associate it to will be the price. However, anything luxurious is so much more than just the amount of money you pay for them. Take, for example, luxury homes. Until this day, you cannot find one clear-cut definition about them since there are a number of factors that come into play to considering a home luxurious.

Even so, if you are on the hunt for a good luxury home that you can stay in temporarily or buy, there are typical features that are common between them. Have all of these features combined and you can get the luxury home of your dreams. The following are some of the typical features that luxury homes have.

• Paramount location: Luxury homes are basically found in highly sought-after locations like those found overlooking the sea or on the beach. Other locations include atop a beautiful city where one can overlook the gorgeous city lights while others include secluded mountainous areas. It really all depends if you prefer having your home in an urban or in a rural setting. However, luxury homes will always be found in paramount locations that is why high-end buyers easily get attracted to them.

• High price: Though price is not the sole factor for determining the luxuriousness of a home, you cannot deny the fact that all luxury homes are priced highly. Of course, different areas will have different prices but for luxury homes, you can always expect to pay a minimum of half a million for them. The prices can even move up to tens of millions all depending on the other factors that come into play among luxury homes.

• Superb amenities: Luxury homes come with the best of the best amenities that you can basically live your life fully by living in one. With these amenities, you no longer need to get them from outside services or professionals. Most of these homes already include their own movie theaters, arcade rooms, Jacuzzis, swimming pools, spas, gyms, and their own decontamination rooms. There are even some that really come with over-the-top amenities making them easily attractive to high-end buyers with their being convenient, self-sufficient, and unique.

• Outstanding quality: From decorations, construction materials, design, finishing, to appliances, you can rest assured that each element has been selected out of utmost care and importance. All of these elements of a luxury home are made and purchased above standards so that you can really boast of them. With luxury homes, you typically see Venetian plasters, crystals, marbles, and hardwoods.

• Privacy: High-end buyers consider their homes as their private place that is why luxury homes are highly coveted because of their being highly exclusive. Some luxury homes are usually found in large secluded areas. If not, they must have tightly gated entrances, high walls, and foliage covers and some with guards to ensure that the luxury owner gets the kind of peace and privacy that they deserve and they have highly paid for.

Indeed, luxury homes have a lot of things to offer to different high-end buyers. What is most important is that as long as you have the money to buy them, then surely, you can enjoy them.