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The prospect of shopping for a new construction residence can be quite daunting, but the rewards of owning a brand new home out-weight the disadvantages if you know the potential pitfalls. The following are important considerations: Overall Dollar Budget, Location, Cost Per Square Foot, Finishes, Upgrades, Parking and Delivery Date.

Overall Dollar Budget

To establish a budget for purchasing a home, you should speak with a mortgage professional prior to looking for property. In terms of your budget, keep in mind that parking is usually not included in the purchase price that is quoted by the developer. In addition, in today’s market the list price of the unit is typically not negotiable.

The best way to establish a budget is to determine how much money you will need as a down payment and how much money you will need as a down payment and how much you feel comfortable spending, based on your gross income, for monthly payments. Remember that the real estate taxes are generally included in your monthly mortgage payment and should be calculated at a minimum of 2% of the purchase price.

If your down payment is less than 20% of the purchase price, your lender will require that you purchase private mortgage insurance (PMI) – this charge will also be included in your monthly payment. Also factored into your monthly expenses are your assessments, both for the unit itself and a separate assessment for parking. And finally, add your monthly mortgage payment.

Location

Generally speaking, the higher the density of the area, the more costly the condominium or townhouse will be. Then checking out locations, you may want to consider less developed areas of the city. Such areas are typically less expensive than those in more developed areas. Note, that as density increases with new development, it is highly likely that your property will gain in value, resulting in a higher return on your investment.

Cost Per Square Foot

When purchasing new construction, the favored method of comparing value is cost per square foot. This is the method used by developers to initially price their developments. With the cost per square foot in mind, you will be able to compare different properties on an equal basis and determine whether you are purchasing at a favorable price.

Also to be considered when looking at the cost per square foot price is whether the developer has included such items as granite counter tops, marble bathrooms, and black or stainless appliances as standard features. In Chicago, prices per square foot range from $225 to as much as $1000 per square foot in the Gold Coast.

Finishes

You will need to carefully examine which finishes and appliances the developer has included in the base price versus which are considered upgrades. Note that the more expensive finishes such as granite and marble are not usually included in the base price of a one-bedroom unit.

Be sure to get a detailed list of specifications in writing from the developer, indicating the brand and model number of each appliance. Don’t be confused by the finishes and appliances that are shown in the models you see- they may not be the same as those included in the quoted price. Models are typically finished with granite and marble, undermount sinks and hardwood floor laid diagonally but such features may not be considered standard, particularly in smaller or less expensive units.

Upgrades

As you can imagine, the cost of upgrades can vary considerably. Developers commonly charge their cost plus a 20% mark-up for upgrades; others may charge even more. Try to determine the costs when you and your realtor are writing up the initial offer. By determining all costs during the contract period you reduce the chance that upgrade costs will exceed your budget.

If you keep in mind that many new construction units are not ready for occupancy for a year or two, you will understand the importance of having all upgrade costs in writing as part of the initial contract – at today’s prices rather than at costs calculated at inflated prices one or two years later.

Parking

One of the essential elements of resale value is parking. In a loft conversion or a high-rise building, parking can vary from approximately $25,000 to as much as $60,000 depending upon the level of luxury of the building and the availability of parking in the area.

Since parking spaces have dramatically increased in value, you should seriously consider purchasing a space whether or not you currently own a car. Without parking, the later sale of a unit may be more difficult than that of a comparable unit for which parking is included in the price.

Delivery Date

Although your contract will specify a delivery date, provisions in the contract will often allow the developer to deliver your unit much later than the specified date without penalty. If this is an important issue to you, you should keep in constant contact with your Realtor during the construction process as delivery dates can be delayed for as long as a year and, in rare occasions, even beyond that. You should also speak with your attorney and incorporate terms into the contract so that your interests are protected in the event this should occur.

Working With A Realtor

Purchasing a new construction residence can be a rewarding experience and a wise investment. But there are definitely nuances involved in purchasing new construction, including the track record of the developer, the number of “flippers” purchasing in the project, and the percentage of sold units.

You will be best served by using a Realtor who is familiar with new construction market, the various developers and their product. With your Realtor at hand to answer all your questions, your interests will be represented and protected in all communication with the developer.

If you rely on a real estate professional, you will spare yourself a great deal of the aggrevation associated with purchasing a new construction home and, best of all, this representation will be at no cost to you - the developer pays your Realtor’s commission.

About The Author

Sheldon Salnick is a Realtor with Rubloff Residential Properties. He has worked with new construction buyers for the last 13 years and has represented over $200 million in new construction. For more information or guidance in the purchase of a new construction home, townhome or condominium, he can be reached him at mailto:SSalnick@Rubloff.com SSalnick@Rubloff.com or SheldonChicago.com” target=”_new www.SheldonChicago.com.

Determining the “why” or the “goal” in property investing is probably the least thought of consideration when signing a contract. However goal-setting means setting measurable goals. If you can’t track your progress, what good is setting goals? What is the purpose of purchasing property? Is it to help fund retirement, residual cash flow, or perhaps to buy a property for the children while they study then to sell in the future?

Deciding whether to buy a property strong on capital growth or high rental return has always been the long time debate. This is where your goals are essential. If you are younger, then perhaps you may be a little more assertive in your investing and choose growth over rental return, but if you are nearing retirement, then you may need a regular income that will provide you continue to meet the needs of your current lifestyle.

Once you have decided what your plan for investing in real estate is, you then need to put a plan into action to help you achieve those goals. Your plan should be comprehensive and should outline what type of properties you would like to invest in, where, and how much you can afford. A good point is not to over extend beyond what you can afford. In saying that however, you may be able to afford a property sooner than you think. Simply consult a lending institution or mortgage broker to see how much money you can afford to borrow.

After spending many years in real estate management in Australia, my advice to potential investors is to invest in a product that has high demand. The last thing you need is a property that is vacant for many months a year.

When sourcing these high demand areas, always consider properties that are close to amenities, you should think like a tenant. Ask yourself “If I was a tenant moving into this potential property, would I like to travel half and hour to buy a bottle of milk?” Just because the price is low, does not mean it is a wise investment. It may be very difficult to find a tenant because it is too far from many amenities.

Here are some considerations to think about when making an investment property purchase.

1. What type of property is it? Is it a house, apartment etc.

2. How far is it from the local business area?

3. What is the location to schools and universities？

4. What are the attractions to the area?

5. What major companies are nearby? Is it near a manufacturing plant?

6. How far is it to a local hospital?

These are just a few of the points you need to consider when buying an investment property. It is a known fact that when buying real estate, you must always consider location, location, location.

Many people think that McDonalds is in the hamburger industry, but it is little known that they are in the real estate industry just selling hamburgers. McDonalds would not be as successful as they are if it they were a miles away from everything. We buy McDonalds because of the convenience or the location they are in, not because they sell the best hamburger. It is the same for buying an investment property. What is the convenience factor?

Buying investment properties in larger more developed cities is a positive. Capital growth in these areas usually increases, simply because of the supply and demand of available space. But like any investment always do your research.

So when determining to invest in real estate, always know the reason to why you are investing, when you have this reason in mind, you will always look at the investment with a purpose. If you only intend to hold onto a property for a short period or a long period of time, it must always be in line with your goals for property investing.

Murray is consults with premier-capital.com premier-capital.com Established in 1988, Premier Capital Group’s dedication to client satisfaction has allowed it to become one of the largest and most respected international real estate companies in Asia. With offices throughout China and selected countries including Australia, Canada, New Zealand, United States, France, Spain, Singapore and Thailand, we are bound to have an investment property that will suit your property investing requirements.

Private property sales are becoming increasingly common as people try and save money on estate agents’ commissions.

In this article we have outlined the private property sales process to help you understand the different steps involved.

Step 1: Valuing your Property

A property valuation is necessary whether your selling privately or using an agent so that you know what is a reasonable asking price for your home.

You can do this by looking to see what other similar properties in your area have sold for recently or by asking a qualified surveyor to make a valuation for you.

Step 2: Marketing Your Property

If you are looking to sell your property privately you might want to think about advertising on some of the private property sales websites.

Step 3: Viewings

If you sell your property privately, prospective buyers will contact you directly to arrange to come and see your home. Make sure that it is clean and tidy before viewings and don’t be afraid to ask your visitors for feedback.

Step 4: Offer

If you are selling your property privately, then you will need to negotiate any offers that are made. Once you have accepted an offer you and the buyer need to instruct a solicitor to sort out the conveyancing. This is where your solicitor prepares the draft contract and necessary paperwork and the buyer’s solicitor looks over contract, contacts land registry, begins searches.

Step 5: Exchange of Contracts

Once a completion date has been agreed, both parties sign the contract and the buyer gives you a deposit.

Step 6: Completion

The completion of the sale is where the buyer pays the seller through solicitors and ownership is transferred.

propertyforme.co.uk Property for me.co.ukis a private sales site covering the whole of the UK designed to help you save money in estate agents commission fees.

Costa Rica is beautiful place, with scenic landscapes, lush rain forest and wonderful beaches. Costa Ricans are a friendly people and together with its welcoming beauty, the country offers an open invitation to tourists all over the world. Costa Rica’s mesmerizing charm captivates tourists who return year after year. Many of these people buy property in Costa Rica and have made this enchanting place their home.

If you wish to buy Property in Costa Rica you are making a very sound decision. Costa Rican property is part of a demand driven market where the climate is great, the place is safe and its beauty unparalleled. Moreover the property is affordable as compared to beach areas of America and the cost of living is low. All these factors contribute in making buying property in Costa Rica a profitable proposition.

Costa Rica Properties are easy to acquire as the government policies are very relaxed and for titled properties, the laws are applied equally to Costa Ricans and foreigners who buy properties in Costa Rica. It is the most opportune time to invest in Costa Rica Real Estate as the property market is witnessing a boom.

Tropisphere Real Estate of Costa Rica offers titled as well as concession properties in Nicoya Peninsula, Costa Rica. We provide beautiful properties at attractive prices. Your investment in this friendly international community is a lucrative option and a sound decision. Our focus areas are Montezuma, Malpais, Tambor and Santa Teresa.

We have a vast and varied property list to offer to our customers that range from Beach Front Homes for Sale, Beach House Rental to luxury villas and resorts. Choose your dream home and indulge in the luxuries that life has to offer.

Tropisphere is a real estate company in Costa Rica and is the only realtor in Costa Rica that donates 10% of its sales commissions to local community projects. These projects include schools and wildlife conservation organizations. We work closely with an excellent team of professionals such as lawyers, topographers, and vacation home management services to offer our clients an all inclusive service of buying as well as development of the client’s property.

Tropisphere offers you the best of properties in Costa Rica that are perfect for your dream home. Visit the site www.tropisphere.com and get more details about property in Costa Rica, and book your appointment today!

Geoff is well know author who writes about real estate property in costa rica. He not only only realtor in Costa Rica that donates 10% of all our sales commissions to local community projects such as schools and wildlife conservation organizations here in Costa Rica. For more information please visit tropisphere.com Tropisphere.com.

OK: Here is the situation, your home is going on the market and you are wondering what to keep around for the showing and what to remove. It’s a pretty standard concern and much of the time people incorrectly assess what stays and what goes. The simple fact of the matter is that you are moving anyway, why not take the opportunity to get some stuff packed and ready to go. Remember that there does not have to be a lot of stuff in the home for it to show properly.

What is required for a home to show to it’s full potential? Well, the major pieces of furniture are essential. There is nothing worse than selling a home with no furniture in it at all. It becomes harder for buyers to imagine what furniture will look like in the home. What can go is all of the little things that we tend to collect in our homes. Go through each room and find the things that you do not use daily. You would be amazed at how the removal of these things can open up a home. Essentially a home simply needs enough furniture to give buyers an idea of the available space.

Another mistake that many people make is thinking that their personal items like pictures and curios help to make the home “warm and inviting.” This is not so. In fact, this makes it more difficult for viewers to feel at home. They are trying to imagine themselves and their family living in the home, pictures of someone else’s family can very easily get in the way of this.

The best way to eliminate these items is to get an early start on your packing. If you have purchased another home already then move your belongings over there, or to a storage unit. Of course you can start to organize your packed items in the garage, but be careful to do this in an organized manner as the garage is still part of the home and will likely be “poked through” like the other rooms.

Katie Lancelot is a professional and experienced Jacksonville, FL Realtor For elite service is the purchase or sale of lancelotscastles.com” target=”_blank Florida homes & condos,

lancelotscastles.com/contact.php” target=”_blank contact Katie soon or visit Lancelot’s Castles at lancelotscastles.com lancelotscastles.com

I have always wondered if loan officers prejudge people based on how they dress. You know if you show up with holes in your jeans- they might give you a hard time sort of thing. Well, in this recent report from the Federal Reserve Board of 8,850 lenders covering 30.2 million home loan applications the goal was to look at patterns in high priced lending. The report reveals some interesting and startling tendencies.

Sub prime lending has broadened. Ten years ago there was a relatively limited selection of products available. Ten years ago if a borrower didn’t meet the underwriting criteria they didn’t get the loan. Those criteria were: type of loan, amount borrowed, term of the loan, occupancy, quality of collateral, etc. It was simple: did you make enough to pay the loan back and the amount you got was usually a fixed percentage of the value of the property. Pretty cut and dried.

But the market changed and began to grow. From 1994-2005 the non prime market has grown from $35 billion to $600 billion.

Today with lots of different loan products available (over 50) lenders are pricing loans more on risk factors such as creditworthiness or ability or willingness to document creditworthiness or income. This has led to some interesting lending patterns. It also has greatly expanded homeownership opportunities. Obviously borrowers in this category pay more based on the risk factor. It seems to me that it also presents more of an opportunity for abuse.

In a nutshell now applicants who fall into the “subprime” category, rather than being turned down simply pay a higher rate. What this report shows in rather dramatic fashion is that black and Hispanic borrowers are more likely and Asian borrowers less likely to obtain loans that cost more than non Hispanic whites pay.

To me the report begs the questions: Do these applicants have the time, information and experience to do some comparison shopping?

Have these borrowers been led to this market because of race?

Once they have entered the market is there adequate competition for all products?

The report shows in no uncertain terms that many less sophisticated borrowers pay more for their mortgage. Indeed a high price to pay for not doing some homework.

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Do you have the mind set for real estate investing?

Do you have the mindset to be a successful real estate investor? May sound like a strange question now, but when the heat is on and you need to close a great deal it will be the difference between failing and succeeding. Sometimes you may be busy in your life and trying to fit in other things like real estate investing can be challenging. A good tip is to set aside certain time blocks in your day to get your required tasks done.
Preplanning what you intend to do for the week is an excellent way to ensure you stay on target.

Now it doesn’t only apply to closing a good real estate investing deal, but also to how you go about find a deal as well. Also being aware of the team of people you need around you as well. If you are always switched on and in state, the chances of you working better with the people around you and also tuning in to the opportunities that go past you will be greatly increased.

I have spoken in a previous article about using your brain to help you. When you do this, you will have the right mind set and be in state. You will eliminate fear and procrastination that will hold you back, and slow you down from achieving your goals.

What I do is ask myself how can I do this? If any doubts appear I say to myself I can do this, I will succeed. Remember “it can be done”. I read these four words from Mike Litman and it is a powerful thing to say to you at times of crisis.

It Can Be Done. Saying these words to yourself over and over will put you in the right mind set to become a successful real estate property investor as well as other things in your life. Try practicing this daily, I find it really helps me with real estate investing and I am sure it will help you as well.

To your investing success,

Leo Love
therealestateinvester.com www.therealestateinvester.com
PS If any of your family or friends is interested please pass this on to them.

I am an experienced and passionate investor. I buy typical mum and dad type houses that give me cash flow and capital growth. My website offers helpful tips and ideas for any type of investor to help you with your wealth creation. Using my site will help to prevent you falling into the traps the inexperienced investors do. therealestateinvester.com therealestateinvester.com

For many people saving a down payment to qualify for a mortgage can be a financial hurdle not easily overcome. If saving for a down payment is preventing you from your dream of homeownership, an 80/20 mortgage could be right for you.

The mortgage industry is extremely competitive and lenders now have to offer new types of loan packages in order to remain competitive. This is great for homeowners that may have had trouble qualifying for mortgage loans in the past; financing for many homebuyers is available today that simply was not ten years ago. No money down financing is available to just about anyone today. There are loan packages available for nearly any financial situation and credit rating. Your financial situation will determine how much you will pay for the financing and what terms are available to you.

If your credit is bad or you neglect to structure you loan properly, you could be required to pay Private Mortgage Insurance. Mortgage lenders often require Private Mortgage Insurance to protect themselves from losses due to foreclosure. This insurance premium does nothing to protect the homeowner and can add hundreds of dollars to your monthly mortgage payment amount.

To avoid paying for Private Mortgage Insurance many homeowners use 80/20 mortgage loans. An 80/20 mortgage is actually two loans, one for 80% of the purchase price and another for the remaining 20%. These loans often come from two separate lenders which will require the borrower to make two separate monthly payments.

There are risks for borrowers that finance their home purchases with 100% mortgage financing. The main risk is that you have very little equity in your home; if the value of homes in your neighborhood declines you will owe your lender more than your property is worth. You can learn more about your mortgage options, including common mistakes to avoid by registering for a free mortgage guidebook.

To get your free mortgage guidebook visit RefiAdvisor.com using the link below.

Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of “

Interest Only Mortgage Rate

According to this plan, you have to pay a fixed rate of interest on a mortgage for a specified period of time. Let us say you have agreed upon an interest rate only mortgage loan for a period of 7 years. In this case, you only need to pay the fixed interest on your loan for this period. After the expiry of this period, your remaining debt is converted into a long term mortgage loan, which you have to clear off over the remaining period by paying the interest and the principal amount. The new interest does not remain fixed but is determined by the interest rate current in the market. It may also be noted that when you agree upon the interest only rate, you also agree to pay a certain percentage of margin amount to the future rate of interest after the fixed period is over. Moreover this margin remains constant for the remaining term of the loan, while the interest rate may vary according to the market trends. To explain it by an example, consider a situation where you have agreed to a margin amount of 2.25%.

After the expiry of the fixed interest only period, the current market rate of interest is 2.50%. In such a situation, you will have to pay 2.25% 2.50%, or in other words, 4.75% interest till the current interest remains in force. Interest only mortgage is more suitable for young professionals such as lawyers, architects, doctors and so on, for these are the people whose present income level, though low, is expected to rise substantially in the near future. Once the income rises, they will be in a better position to make larger repayments consisting of interest, margin percentage and principal. Property investors, too, find the interest only mortgage rate attractive because they expect a faster capital appreciation in property.

Adjustable Rate Mortgage

The other popular mortgage rate is adjustable rate mortgage also known by the acronym ARM. In this scheme the rate is not fixed. The interest rate changes according to the market trends. Obviously this rate continues to fluctuate over the period of time and is suitable for those borrowers who are not sensitive to the rate variations. They stand to gain when the interest rate goes down and lose when it goes up. The monthly repayment installments during the low rate period are substantially reduced. The informed borrowers make the best of the adjustable mortgage rate offers. For example, they opt for this plan when they need a mortgage loan for a short period. They can avail of sizeable loan amounts due to the lower mortgage rates.

Fixed Rate Mortgage

The third type of mortgage rate is fixed rate mortgage. According to this plan, the borrower can opt for a fixed rate for a certain period of loan term or even the entire loan term. Fixed rate mortgages are the most popular option for most of the borrowers and almost 75% of the home mortgages are at the fixed mortgage rates. The biggest advantage of this option is that the borrower becomes mentally prepared to pay the same mortgage rate and his heart beat is not affected by the ever changing interest rates. He budgets his finances according to the rates fixed. He gains when the rates rise and does not lose his peace of mind when they fall because he has mentally prepared himself for that. Another advantage of fixed mortgage rate is that it is simpler to understand than the adjustable rate which may contain many finer terms and conditions such as initial rates margins, adjustment intervals. There may also be a plethora of other technical details, which may confound the first time borrower.

creditloan.com/MortgageLoan.html Mortgage Rates If you are looking for a mortgage, you can choose between the interest only mortgage rate plans, the adjustable rate mortgage plans, and the fixed rate mortgage plans.

If you already have a home mortgage, refinancing your mortgage could make financial sense depending on what you want to accomplish. Most people refinance to lower their interest rate, get cash out of their home, or to get a combination of both.

If interest rates have gone down since you last financed your home, even a small drop in your mortgage interest rate could trim down your monthly payment and save you big money over time.

If you’ve been paying on your mortgage for awhile, you can most likely get cash out of your home. Equity has probably built up in your home because of rising property values and because of you making monthly mortgage payments.

By refinancing your mortgage at a lower rate, you could potentially get cash out of your home, reduce your monthly payment, or reduce the length of your loan. By discussing your options and financial goals with several mortgage lenders you’ll know whether refinancing will pay for you.

Getting several rate quotes is the first step in the refinancing process. It involves giving a lender your basic information regarding your debt, income, and assets. With this information, lenders can get an idea of the best loan package at the lowest rate they can offer you, all of this is usually done at no cost.

These initial rate quotes help you get the lowest rate in the following way:

By comparing each lenders interest rates, closing costs, and processing fees, you’ll be able to determine which lender has the lowest total costs for refinancing. You’ll then be able to negotiate even further with this information. A good mortgage lender is there to help you find the best loan deal, and give you personalized service from application to closing. Make sure to ask plenty of questions before you decide which lender has the best refinancing deal for you.

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