Top Five Tips For Successful Property Buying Abroad How To Become A Commercial Real Estate Expert In Your Own Backyard How Can I Find A Property Conveyancer Why Use A Realtor Buy To Let Rental Property
As the amount of people looking to own a home abroad continues to increase, we have a quick look at some of the best top tips for successfully buying a property abroad.
Seek advice – Speak to both the locals in the area and the other ex-pats before you commit to anything, you can learn a lot from other people’s experiences. Also seek professional advice along the way from a reliable company which specialises in buying properties abroad.
Shop Around – In every part of the buying process, make sure that you shop around for everything; finding the house, finding the estate agent, seeking international mortgage advice, the local taxes, the solicitor etc. Always make sure that similar sized houses within the local market are being sold for around the same price range. Take your time and ensure you’ve covered every part of the buying process.
In-depth Research – Ensure that you fully research the area abroad which you want to buy in. Buying a property abroad is a serious commitment both in terms of your time and your finances and so it is important that you are fully aware of what you are getting yourself into. Obtain the maximum information possible about every aspect of the buying process and also all the local information which you will need including aspects such as how the local medical services and insurance work, whether there are schools in the area, how to set up a bank account etc.
Ask – Whether you are buying a home in the UK or abroad you need to continually question every part of the process. These questions can range from questioning yourself about your reasons for moving and how much you can afford to spend to questioning the professionals, such as mortgage advisers, local lawyers and local people. This is the only way to make sure that you make 100% informed decisions.
Many people may not realize you can literally become a commercial real estate insider just by working in your own local community. There is a wealth of opportunity for those who are motivated and wanting to make a difference, not only in their own lives, but in the lives of people in the community as well.
You do not have to travel across the United States or around the world to find money making properties that will financially take care of you for the rest of your life. It simply takes two things in order to become a real estate insider: knowledge of your community’s real estate opportunities and a steady increase in your own education.
What makes a real estate insider?
A real estate insider knows the ins and outs of the real estate market in his or her own area of interest. This interest could be in office complexes, strip malls, large apartment complexes, medical buildings, and various other income producing properties The commercial real estate insider recognizes trends, the value of property, changes in values before they happen, all zoning laws and regulations, and infrastructural changes that can drastically affect the values of land on or around the new development.
The commercial real estate insider also knows the city decision makers. He or she knows with whom to speak in order to get information, advice, notice regarding changes in the zoning laws or regulations, and to stay ahead of the real estate market.
How do you become a commercial real estate insider?
To start, you should understand that a large part of commercial real estate is dealing with the officials and decision makers of the city or county because they are the ones who decide zoning and use for every piece of property within the city’s or county’s boundaries. They plan for future growth, and attempt to create a balance among both residential and commercial properties so that the community does not grow too quickly or become unbalanced.
Due to the fact that the city officials are so important to your ability to develop, renovate, and otherwise do what you want to a property, it is crucial that you get to know these people and create a rapport. You also need to know what is occurring in your community regarding real estate at all times. Zoning often changes; there may be new regulations or codes regarding the zoning, or the intended use could be limited to only a few uses that will hinder your intended project. All these things can greatly affect your dealings with a specific property, and how you pick and choose your opportunities.
A good way to meet these important officials, as well as learn about the real estate market in your community, is to attend zoning and planning meetings at your local Chamber of Commerce or courthouse. It is there that you can meet face to face the people who will influence your future as a commercial real estate insider. Introduce yourself as a real estate investor, and give them your card. Ask intelligent questions regarding real estate in your community.
Eventually, after building a rapport with these influential people, ask if you could meet with them to discuss a certain project, or something in which you could use more information or advice. You should always come to these meetings prepared with your questions typed so you stay on task and topic. Show that you appreciate their time, knowledge and expertise.
It is a great idea to ask for a few more introductions to people they know who may be able to help you. Always send a thank-you note that briefly reviews your discussion, what advice you used and how it will or has helped you. When you show appreciation for their advice, they are more likely to help you in the future, or share information of which others may not be privy. You will begin to make excellent contacts and learn key elements regarding your specific market. This is how you become a commercial real estate insider.
Beyond meeting the people who make the big decisions regarding the use of property in your community, you must know the laws and regulations regarding the various types of zoning. Zoning labels may differ from city to city, as do building criteria, the size of lots, building and fire codes, and limitations. You must study these rules and regulations so you know what you can and cannot do to a property. As these rules and regulations often change, it is important that you listen and take solid notes at all zoning and planning meetings, and other important real estate related meetings you might attend.
Your goal is to know your market inside and out so you can make decisions based on the changes in the market before anyone else even knows they are coming. You do this by recognizing certain points, such as an increase in vacancies of commercial property, or an increase in the median home price, or how the new mall planned to be developed in one year is going to greatly affect the land values around it.
In addition to understanding your own market, you should be reading the newspaper, trade journals, commercial real estate books, attending seminars, and speaking with others in your area who are involved with real estate so that you are constantly increasing your knowledge. It is with this constant training that you will learn strategy, finance, information about private lending, how to find deals, how to present offers, what markets are hot, new opportunities in the area others are not aware of, and many other tools and strategies that will keep you ahead of the rest.
To be a real estate insider, you must always be on your game. Make those contacts. Ask pertinent questions. Learn everything you can about your business, and act on this information. You will find yourself finding opportunities that you did not know existed, and you will become a commercial real estate insider sooner than you would think!
What is Conveyancing? – The term ‘Conveyancing’ refers to all the legal and administrative work associated with transferring the ownership of land or buildings from one owner to another. Generally conveyancer or solicitor performs the process of property conveyancing; and conveyancing involves the transfer of property ownership from one party to another. Conveyancer or solicitor should be licensed holder.
Find a Licensed Conveyancer: – To find a licensed conveyancer that specializes in real estate property conveyancing in Australia, search under terms such as “online conveyancing services” or “conveyancing Australia”. Rapid Conveyancing.com offers an online conveyancing solution for anyone planning to buy or sell residential property in Australia. You will find all the online conveyancing advice you need on rapidconveyancing.com. You can get an online conveyancing quote also.
When you start the conveyancing process: – The conveyancing process starts after an offer has been made and accepted for a property, and solicitors’ details have been exchanged by the two parties. If you are buying property privately the conveyancing process begins with your lawyer or conveyancer examining the contract for sale prepared by the vendor’s representative. Your contract should keep these details:
1. Property address – Compete and Proper address should mention clearly.
2. Names of the parties – Real Name should appear of your and seller.
3. Selling price – Price of selling on which both parties agreed.
4. Terms and conditions – Terms and conditioned must clear declared and agreed both parties.
5. Timing of settlement – when you take possession of the house.
Your legal conveyancer is responsible for checking the details of the contract, ensuring it contains nothing detrimental to the purchase or intended use of the property, e.g. zoning conditions or title restrictions.
One of the major trends in real estate currently is people attempting to sell their homes via the process known as FSBO. Usually this is because of the idea that they will save thousands of dollars in commissions. Unfortunately this is really not the case. What is left out of these advertisements for FSBO is the fact that those thousands of saved commission dollars are usually used up and exceeded by completing the tasks that are seen to by a realtor. A realtor is a professional home seller. ask yourself this: if you needed to have a cavity filled would you go see an electrician? No? Then why would you allow a non-professional to sell your most valuable asset?
Realtors provide services that are not only designed to ease your home sale but services that are designed to specifically protect your investment. One of the most valuable things that a real estate agent can provide is marketing. Unlike selling by yourself, a realtor has access to a huge variety of advertising mediums. Typically the front lines of which is an already established web presence. In addition to listing your home on the local MLS, an agent will have a personal site that is designed to showcase their listings. This is where most homes for sale are first viewed by prospective buyers. Additional marketing is usually done through newspapers and other print media as well as a variety of flyers and info sheets that are available 24/7.
Another aspect of home marketing where a realtors comes in handy is in the relationships they retain with other real estate professionals. A realtor will put much effort into marketing a home to other local realtors in order to best reach the buying market. Home selling is really all about positive exposure for the home in question and only a realtor can provide that degree of exposure. There is a reason that a large percentage of FSBO’s eventually end up listing with a realtor in order to get the coverage and price they deserve.
Condotel Investments in the Philippines, Buy to Let rental properties are now being preferred to failing Pension Plans as more and more Filipinos and Overseas Property Investors look to the future and retirement.
20 Dollars a day for 6 years will buy you a Studio Condotel unit in the Philippines with a projected ROI through rentals of some 500 dollars per month after 3 years. With preconstruction property appreciating at some 20-30% per annum not only does the Real Estate Appreciation look good but the rental income is in excess of what many Pension Plans offer for the same or similar investment.
With many Overseas Filipinos and Offshore Property Investors looking to start saving for retirement, the Philippines with its comparative low cost of real estate yet high rates of Hotel Accommodations, make the Condotel investment an extremely attractive investment proposition.
Beth Collingz, International Marketing Director for PLC Global, a company specializing in Condo Hotel Sales and Investments in the Philippines for the Lancaster Brand of Condotels, said that many new investors are looking to replace failed pension plans and other future saving schemes with a solid investment in Real Estate.
“Many of my clients are looking for investments that will give them an income for retirement as an alternative to traditional private pension plans that have failed. Personally, I have always regarded Pension Plans as a glorified ‘Pyramid Scheme’. Most company pension plans are insufficient as are Government Pensions. Bank rates for Savings accounts are at record lows. Savvy investors are now looking for a more solid investment with potential for monthly income. Condotels in the Philippines fit the bill”
This potential, high rates of rental returns from Condotel Investments, currently from 8% up to 16% per annum, opens up a huge market not traditionally looked at by Real Estate Agents and Brokers whom all so often run around like headless chickens looking for normal residential profile “buyers” without looking at the by far bigger picture of investments, investing and retirement.
“We look at Condotels as pure investments. Not primarily as Real Estate. If you look at the Condo Hotel market as investing for future income, and think outside of the box, it is plain to see that Condotels are not only real estate investments but more importantly income generating property. Think of Condotels as a Managed Pension Plan. After all, Condotel units are fully managed property. The owner of the property does not have the hassle of renting out the unit and contend with all the normal pit falls of being an amateur land lord. This is taken care of by the Condo Hotel Management” said Collingz.
“One of my clients from Chicago, just purchased 4 Studio Condotel Suites at Lancaster – The Atrium Manila which is currently in preconstruction sales. His plan is to retire in the Philippines in 2012, live in one of the Suites and receive the Condotel rental income on the other three. His outlay for the purchase is only around 85 Dollars a day for 6 years by opting to purchase on a 6 year no prequalification, no down payment, no interest payment plan. Even before completing payment for the units, he will be receiving some $1,500 a month in rental income in additional to any Government or Private Company Pension Plan. Better yet, the rental income is in tune with inflation and buying on preconstruction terms gives real estate appreciation of some 60-80% over 3 years. As Hotel Rates increase yearly, so does the rental income”
Foreign Nationals are legally allowed to purchase as much as 40% of the total number of condominium units on the market at any given time. Overseas Filipinos and more and more foreigners are now emerging as a market for condotel units. Many or our clients are coming from different countries like South Korea, Australia, United Kingdom, Saudi Arabia and other parts of the Middle East,” Collingz said.
Lancaster – The Atrium Tower II [which is the second Tower adjacent to the existing “Sold Out” Tower I] is now accepting Reservations for Studio, One, Two & Three Bedroom Suites adopting International Standard Escrow Trust Account “Buyer Safe” Easy Secure Payment Plans… with 6 year interest free payment terms or up to 12 year “In-House” financing available, full condo ownership, no management costs for Condotel Suites and minimum monthly maintenance fees – “You really should take a moment to look at this Philippine Condotel Investment Opportunity” enthused Collingz.
All units at the Lancaster Suites have kitchen facilities. The standard unit price provides for the suite to be finished but not fully furnished. Included in the current price are the interior finishing’s such as tiled & fitted bathrooms, bedrooms with simulated wood plank flooring, living and dining area tiled floorings and lower kitchen cabinets/work tops installed. A complete optional extra interior fit-out package including appliances will be available towards the time the units are closer to being completed towards the latter part of 2009. Monthly condo dues are currently around 80 pesos/square meter of the unit floor area/month..
The Lancaster Atrium Suites are now available on the very affordable and competitive New Payment Plan that provides for Suites to be purchased on a No Interest No Down Payment basis with 67% of the payment payable over 60 equal consecutive monthly installments without interest and the 33% balance payable upon turnover of the unit or to be paid over an additional 5 years from turnover through our hassle free no prequalification “In-House” Finance Plans…
The current selling price [effective March 1, 2007] for the Lancaster Manila Atrium Tower A Tax Exempt Studio Units is Pesos 75,888 or $1,615.00 per sqm. The One Bedroom, Two and Three Bedroom Suites are priced at Pesos 84,994.56 or $1,808.80 per sqm including Government Taxes [R-Vat 12%]. Units may be purchased on a Six Year No Interest Charge Term of payment or longer term “In-House” financing plans. Turnover of units for Tower A will be from December 2009/2010
All payments will be made to the Lancaster Suites Manila Atrium Tower A Equitable PCI Bank Escrow Trust Account. It is anticipated, given the track record on sales of Tower I Units that property appreciation for initial buyers of Tower A Atrium Units will be at least 60-70% on turnover of units.
PLC International Marketing Networks.
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