The Property Lowdown

Property in New York? Why Not?!

noreply@blogger.com (Lou) — Sun, 16 Jan 2011 23:08:00 +0000

It is a well known fact that housing markets all over the world are depreciating in terms of their value right now. Sure, some markets are recovering but there are still problems in the global marketplace. Take the British market for example. Some Sunday newspapers offered analysis today that the prices of fuel could actually have an impact on the housing market in the long term as a result of the cost of living and inflation rising. So if this is the case then where do you go? Where can you purchase property that will hold its value? Well, New York NY apartments offer an excellent place to start looking.

I read an article recently that suggested that investment in the restaurants New York NY has to offer can provide those looking for a new start with a profitable solution to financial issues because the city is still thriving despite the economic difficulties elsewhere. If restaurants and stores can profit there then it stands to reason that property in the city is also a good investment.

A few tips though - always, always, always check out the apartments in NY City that you are planning to purchase. Some are really good investments and others are really bad so making sure that you choose the right one is a must. Similarly, make sure that you know and stick to your budget too because exceeding it can get you into financial difficulty in no time. Finally, do your homework. Hire a surveyor and make sure that you get exactly what you pay for... and moreover that you know exactly what you are paying for. This applies to any property of course but if you are investing in one that is not in your native city or even country then it is even more important to avoid nasty surprises.

There can be little doubt that investing in a slice of New York can be very lucrative but always think over your decision before committing yourself because you never know what can happen if you are unsure!

Managing Finances for First Time Buyers

noreply@blogger.com (Lou) — Thu, 27 May 2010 16:05:00 +0000

First time buyers are getting a rough deal at the moment. Everyone repeatedly tells you that it is important to take that first step onto the property ladder but how are you supposed to do that when nobody is lending? If you are one of the lucky ones that has been able to get a mortgage recently and are finally looking to buy then you should know that the complicated part is not over. It is only just beginning! Easy loans or hard loans as the case may be, are just the start.

Renting and buying are two very different things and being a homeowner is tough. Managing the financial aspect of owning a home is more complex than you may think. For example, what happens if you run out of money at the end of the month or fall short on your mortgage? Without savings, or with money tied up in long term investments, it is difficult to find what you need in a hurry. If you rent then you can always ask the landlord for a few days’ grace. You do not get that with a mortgage.

Even if you plan your finances every month down to the very last penny then you may have emergencies crop up or find that you forget an expense that cannot wait. If this is the case then there are channels for you to access. For example, you could take out one of the many payday loans available to you to make ends meet. Although some have interest rates that are better than others, they are ideal for plugging your finances up for a very short period of time. You can access online payday loans at any time of day or night. However, as most providers will tell you, you should not use payday loans as a long term solution.

In the long term, every homeowner should work on building up his or her savings to ensure that there is some cash in reserve just in case because you never know what may be around the corner. It is always advisable to have approximately six months’ expenses in reserve so illness or the loss of a job will not affect you as much as it would have done otherwise. You can absorb the impact and roll with it rather than risk losing your home.

Short term and long term solutions are both recommended reading for homeowners so take a look around sooner rather than later so you know what your options are.

The Benefits Of Choosing A Reserve Study

noreply@blogger.com (Lou) — Tue, 22 Dec 2009 01:34:00 +0000

Most homeowners will tell you that savings are absolutely essential when you have your own property because you never know what may go wrong. After all, you have all of the necessary repairs that are the results of wear and tear but then you will also have repairs that your home insurance does not cover but that are completely necessary if you want to be able to continue to live in relative comfort. All of these elements cost a fortune. As such, you can imagine the problems that you may encounter if you live in a communal building and problems arise with the structure. As such, it is recommended that all condominiums, cooperatives, townhomes and homeowners associations have a reserve study in place, such as that offered at www.crescentrs.com.

The Seattle reserve studies info that can be found on that site should give you a good idea of the major elements of a reserve study, but it is basically a budgeting tool that takes into account how much will be needed for repairs and modifications and then keeps that in mind when communal action is required. It keeps enough equity in the bank to ensure that problems can be solved quickly and easily whilst providing consistent reports to ensure that all homeowners within the complex know exactly what is going on. It is an essential tool these days because people just cannot find the kind of money often needed for major repairs at short notice.

If you are interested in finding out more about the reserve study then click here. You will find everything you need to know right there at your fingertips in no time!

Make Buying Easier With Real Estate Records

noreply@blogger.com (Lou) — Wed, 09 Dec 2009 15:55:00 +0000

Buying a house is not an easy process these days, especially given the nature of the real estate market and financial difficulties that many families are feeling. With Christmas well and truly on the way, plans for moving in the New Year may well be on the horizon. If this applies to you then you may want to examnine and use a few of the best tools on the market to help you to choose the right property and www.datascoutpro.com is a great place to start.

DataScoutPro can give you a fantastic resource that enables you to look up real estate records in Arkansas as and when you are looking for a home there. Buyers, sellers, banks, lenders and owners can all use Arkansas property records for a variety of reasons. It can provide details on residential properties, commercial properties, vacant properties and even agricultural land. As such, it can give you the advantage in trying to find the best possible property for you.

To access this valuable tool, click here. It covers the vast majority of counties and is continuously updated. There are other such tools available for other states and indeed other countries, most of which are quite similar and just as useful. However, I have to say that this is the best one I have found so far. As such, check it out and if you need something similar for use elsewhere then use this as a template to find what you are looking for.

The Credit Crunch And Property Plans

noreply@blogger.com (Lou) — Thu, 25 Sep 2008 11:09:00 +0000

So I haven't written here in a while... largely because I have just been sitting back and taking everything as the property market has seemed to have gone down and down. For many people, being approved for a mortgage is no longer an option, let alone purchasing the house of their dreams. So what now?

Credit card market collapse and mortgage company collapse has left many on the brink of poverty. In the UK, two of the high street banks have merged to avoid collapse. In the USA, it is being left up to the government to rescue the errant banks, one of which currently has $5 billion in unpaid credit card debt. Of course, the collapse of the Lehman Brothers is only expected to be the first, so what can you do?

Well, first things first, if you have any debt at all then the best thing for you to do is strive to clear it. Depending on the total debt you have, this could take quite a while but it is essential if you wish to be approved for a mortgage. If you want to invest in the near future and can be approved for a mortgage then waiting it out for a few more months could indeed see you pick up a bargain.

Wherever possible, borrow only the money you absolutely need. If home improvements can wait then make them wait. If you can pick up a cheaper home in the same area then do so. This may sound like general advice but the economy at the moment demands the use of common sense... so use it when you can!

Home Staging Tips For The Credit Crunch Seller

noreply@blogger.com (Lou) — Fri, 05 Sep 2008 00:05:00 +0000

The house market in the UK has undoubtedly fallen off in recent months as a result of the banks' reluctance to lend money in the form of mortgages. This is also true in the United States. That is not to say that they are not lending money but there are nowhere near as many opportunities to borrow as there were before. As a result, the need for house staging has really increased.

House staging is effectively dressing your home for prospectives buyer to encourage them to put an offer in for your home. However, a high nuber of people think that it is either a waste of money or too expensive for them to even consider. Neither is true. It is a proven fact that house staging can help to sell your home and also a proven fact that it is possible to stage your home on a budget. As such, the following tips should help to give you ideas to help you stage your home and sell it as quickly as possible:

* Work with what you have. Choose the best pieces of furniture in your home and showcase them. If you do this and place them well then your home can look like a showhome in minutes. Hide away the old and battered furniture and bring the newer and more stylish pieces to the fore.
* Clean your home from top to bottom, including areas that you do not think people will look. You can guarantee that people will look under the sinks, under the mat, on the skirting board and so on if you do not clean every single inch of your home. You would be surprised how much dirt will put people off!
* Use the natural light to the best effect. Invite the light into your home and the rooms will automatically look bigger than they actually are. This illusion of space will make your home more attractive.
* Give the walls a lick of paint. It is no use making your furniture sparkle if the walls are dirty and scuffed. Adding a coat of paint will cost you very little but will undoubtedly perk up your rooms.
* Declutter your home. There is nothing better to make your home look small and cramped than clutter. Decluttering your home will enable people to imagine themselves and their stuff in it and that is the biggest selling point of all!

Lou's Weekly Tip #5: Compare, Compare, Compare

noreply@blogger.com (Lou) — Wed, 06 Aug 2008 09:29:00 +0000

So maybe I should call these tips my monthly tips or something because I haven't had much of a chance to do them for the past month or so! I know I'm rubbish but I have a good tip for you now...

Like any financial product, you should compare different types of mortgage from different providers before committing to anything starting now. With the state of the economy in absolute disarray at the moment, there are very few good value deals to be had. Interest rates are high and the availability of mortgages is well down on that 12 months ago. However, if your finances are healthy then they are there for you.

Comparing different mortgage providers rates is obvious really because you do not want to pay any more money out than you have to. However, you should look at the various mortgages to see what types of deal you can get. There are fixed rate mortgages, variable rate mortgages, interest only mortgages, part and part mortgages... and the list goes on. Choosing the right one to suit your circumstances is essential so be aware of that and get advice if you need to.

Why UK House Prices Will Go UP Over the Next 5 Years!

noreply@blogger.com (Lou) — Wed, 23 Jul 2008 02:11:00 +0000

I was having a look around the Internet tonight and found an interesting property article by a guy called Ross Taylor. It was published on the 16th, so a week ago. I read it and it makes a lot of sense, but I'm not entirely sure that I agree with him, given the mortgage rates that are available at the moment. They price most people out of the market and NOT the house prices.

Anyway, I thought I'd post it to see what you think.

Many uninformed people may feel that the fall in UK house prices will make it easier to get on the housing ladder but in reality it is more difficult now than ever before. The reason is simple: banks do not want to secure their assets against property at the moment and therefore, in a nutshell, do not want to lend mortgages. Today, even if you had a big deposit, perfect credit and no debt you'd still pay more for your mortgage than someone with no deposit whatsoever would've done 9 months ago. Now that is absolutely scandalous!

The real killer though is the fact that no-one whatsoever is mentioning amidst all the credit crunch hype. This fact turns everything you may read in the papers on its head. This fact is that in July 2007, the government announced that 5 million new homes were required in the UK in order to meet housing demand. The drivers behind this demand were: more immigrants, more adults, more pensioners and more single-person households. Fact: housing demand is there. The other side of the coin is that since the Credit Crunch has kicked in most builders have slowed down production meaning that targets, which were already being missed, are now miles off.

Fact: housing supply is not there. Now correct me if I'm wrong, but the Credit Crunch hasn't stopped immigration. It hasn't stopped pensioners wanting to maintain their own independence in their old age. It certainly hasn't stopped divorces - if anything, it has contributed to a few. Therefore demand has continued to steam ahead whilst supply has been stopped at source. This situation will build and build like a boiling pot until such time as mortgage criteria is eased - which must inevitably happen. At this point I strongly predict that house prices will rise faster than ever before. The winners will be the investors who can move quickly, not the pub "know-it-alls" who pass comment after reading out of date hyped-up newspaper nonsense. The money-men who will have amassed huge portfolios when property was under priced will triumph. Should this occur, it is likely that the owner occupation rate in the UK will drop from 70% to nearer 60% as is the case in mainland Europe. A lot of people will make a lot of money but as a First Time Buyer with the dream of owning your own home it will be more difficult than ever to get on the ladder. It is sad to think that home ownership, the vehicle behind the economic boom of the last 15years, will now be out of reach for millions.

However, it doesn't have to be this way. Although the numbers have changed, the principles remain the same. Prospective First Time Buyers must take this chance now as the window of opportunity is going to reduce year after year as we creep towards the continental model.

Look at the current UK property market as if it was a big clothes shop. Would you buy the fashions when they were priced at their peak, or would you wait until the sale was on? Well the sale is well and truly on at the moment. Find yourself a bargain and wait for the day when house prices go up and beyond anyone's wildest expectations. That day may be a lot closer than you think.

Uncommon Advice

Article Source: http://EzineArticles.com/?expert=Ross_Taylor

Lou's Weekly Tip #4: Research The History Of Your Property

noreply@blogger.com (Lou) — Thu, 26 Jun 2008 19:43:00 +0000

One thing that many people forget to do when they look at a new property, whether it is a new family/second home or an investment property, is do their research on the property's history. It is imperative that you do because you never know what may have been in place of the house in the past.

I got the inspiration for this tip from my mother-in-law. Her home is subsiding at the moment because it was built on a drained marsh. It was built in the 1940s so the methods of draining old marshes and pits were not as advanced as they are now. Technology has a lot to answer for! However, you wouldn't know there was a marsh there if you looked at any of the other home in the area. There are only one or two that are subsiding. It may be that other homes have been underpinned or otherwise stabilised, but that does not take away from the fact that all buyers should investigate the land and other factors that could determine how good the investment would be in the future.

This is just one example of what factors may affect the sale. In some countries this is covered because sellers are legally obliged to disclose such information. However, if you are investing in property abroad then it may be a little more difficult. This is why the Internet can be a very handy tool in property investment!

Protect Your Investment With Cheap Home Insurance

noreply@blogger.com (Lou) — Tue, 10 Jun 2008 15:13:00 +0000

Cheap home insurance is a major product on the financial market today. Gone are the days when only the affluent could afford home contents insurance. Today, various forms of home insurance are indeed available for all, regardless of income and class. You could actually wind up paying just a few pence for your peace of mind every month. This is largely thanks to the offers that make cheap home insurance just that!

There really is no excuse not to look into cheap home insurance. There are hundreds of providers of home contents insurance within the UK alone and the majority of the currently have various offers on in an attempt to attract those individuals that do not have insurance and actively denounce it as a waste of money. Of course, the offers are also designed to lure people that have chosen different providers to them upon renewal, but new business can be extremely lucrative for the customer, as well as giving the average homeowner or tenant peace of mind for the duration of the policy.

Relevant offers that actually apply to cheap home insurance include cash back offers, matching cheaper quotes that you get elsewhere on a like for like basis and various introductory rates, amongst others of course. There are similar offers available on most insurance products these days, including car insurance, but offers on home insurance are often more publicised.

The best of the offers out there is probably the matching of a competitor’s quote for home contents insurance that has similar features to the more expensive quote given by the provider in question. This is essentially what on a like for like basis means. You can get everything you want in one little package as a result of this offer. This can save you over a hundred pounds and get you the provider you want as well as the cheap home insurance to suit you.

Lou's Weekly Tip #3: Double Check Your Finances

noreply@blogger.com (Lou) — Mon, 09 Jun 2008 15:32:00 +0000

Financing any property investment can be difficult. As a result of the credit crunch, lenders are restricting their lending and refusing to give a mortgage to even financially sound individuals if they feel there may be problems in the future.

As such, it is important to double check your finances if you are thinking of investing in property. With house prices crashing, there has never been a better time to invest if you are financially sound. However, with the economy predicted to get worse in the near future, you should only invest if you know that new property will not cause problems for you into the future.

Caution is a principle to value at the moment.

An Obituary To The 100 Percent Mortgage

noreply@blogger.com (Lou) — Wed, 04 Jun 2008 22:46:00 +0000

I recently wrote an article for Associated Content that might be of interest to you if you are interested in property, and particularly buying your own home. It reads as an obituary because there are now no providers in the UK offering the 100 percent mortgage. This is obviously a major blow for first time buyers everywhere.

You can read the article at Credit Crunch Kills 100 Percent Mortgage.

Lou's Weekly Tip #2: Demand Breeds Contempt!

noreply@blogger.com (Lou) — Mon, 02 Jun 2008 01:12:00 +0000

Hi all - back with another tip! This one also applies to property investment abroad and ties in nicely with the last tip!

If you are planning on investing in property abroad any time soon then you might want to consider exactly where you will purchase a home. The area is absolutely everything because too many areas are now well and truly over developed. Some time ago, for example, there was a great demand for property in Spain. As such, developers went in and built apartment block after apartment block in the Costa del Sol and other similar locations. At the time this was perfect and fit right in with the demand, but now times have changed. Now those areas are seriously in decline.

There have been hundreds of properties on the market in Spain for some time now and very few of them have sold. As such, the investments that people made over there are now down the drain. This is why it is worth spending a little time checking out certain areas and developments before you invest. Nobody knows what the future holds but if you choose your development carefully then you can protect your own interests into the future.

Lou's Weekly Tip #1: If You Want Something Doing, Do It Yourself!

noreply@blogger.com (Lou) — Sat, 24 May 2008 15:22:00 +0000

Welcome to my weekly tip! This is the first of many (hopefully) tips about how you can use property to make money and build up your personal nest egg for the future, even during the economically dark days that we find ourselves in now! I will be posting these tips every weekend so check back for more in the coming weeks!

Tip #1 - If you want something doing then do it yourself!

Too many people that buy property abroad do not check out their investments in advance. They may not have laid eyes on their new property until the paperwork is signed, sealed and delivered, by which time it is too late to fix any problems, dispute the price or make any demands of the previous owners if there is something amisss.

ALWAYS check out the property abroad you plan to buy before putting in an offer. Remember that it is your money and should be of benefit to you in the future rather than a major headache that you wish you'd never made the effort to get in the first place!

A Brief Intro To Your Property Investment Options

noreply@blogger.com (Lou) — Mon, 12 May 2008 02:34:00 +0000

2008 has thus far been a real problem for the property market. The value of property has been decreasing left, right and centre as a direct result of the impact that the 2007 subprime crisis in the US has had on the rest of the world. So where does that leave you if you want to invest in property?

Well, that depends on you!

Property investment is a little more risky than it has been in the past, and it is definitely harder to make property work for you than it has been in the last decade or so, but it is possible to still make money from it. For example, the buy to let market is booming purely and simply because very few individuals and families alike can afford to get on the property market. However, the profitability of buy to let property largely depends on whether you would have to take a mortgage out to purchase the property or not.

A second area of property investment that you may want to consider is that located abroad. There are a number of booming areas that are currently being developed. Obviously certain locations, such as the Costa del Sol and Majorca in Spain, are now considered to be overdeveloped, but there are areas in Italy, Croatia, Bulgaria and other European countries that are relatively underdeveloped and well worth looking at.

Before committing to anything though, it is definitely worth looking at how much you can afford to invest in any form of major property investment. After all, investment is all about enhancing your finances. What is the point if it is going to drag you down?

The Lowdown On Property

noreply@blogger.com (Lou) — Thu, 08 May 2008 02:29:00 +0000

Hello and welcome to The Property Lowdown!

This blog is certainly an adventure in a different direction for me! I've been interested in property for some time now. I get to write about it for other people on a fairly regular basis, and I've read plenty on the property industry as well. However, it has only been since the subprime crash last year that I have begun to think about property and property investment in a whole new light.

My husband and I have been looking to buy our own home in the near future, but we now have no idea where we want to live. We are both of the opinion that the UK has changed a lot and is not necessarily the most suitable place to raise a family. As such, we began to look into the property market elsewhere as both an investment and maybe a place to live. From these investigations we have found out a lot that could help us and help others as well, hence why I'm writing here now.

Stay tuned for hints, tips and information about property investment and interesting new developments at home and abroad. I hope you enjoy the ride because I have no doubt that we will. Until next time...