River North is a diverse neighborhood with its lively culture. The place flourishes luxe shops and eateries, with elegant and rich nightclubs and marvelous bars. The sprawling Merchandise Mart allures many purchasers and office design showrooms for starting a new business. If you have already decided to start your new home in River North, then this is the ultimate guide for finding the right apartment for you and your family. Continue reading
Category Archives: Real Estate Investing
5 Things First Time Home Buyers Need To Know
Purchasing a home can be nerve racking, especially in the event that you’re a first-time home buyer. These tips will assist you with exploring the procedure, set aside cash and keep away from basic errors. We sorted out them into four classifications:
1. Start putting something aside for an upfront installment early.
It’s not unexpected to put 20% down, yet numerous loan specialists presently grant significantly less, and first-time home purchase programs permit as meager as 3% down. In any case, putting down under 20% may mean more noteworthy costs and paying for contract security, and even a little starting portion can at present be profound. For instance, a 5% up front installment on a $200,000 home is $10,000. Continue reading
Choosing the Right Retirement Location for You
When you retire, there are probably many things that you want to do. You might even have an idea for the hobby you want to take up or a list of plans to keep you busy. You could even be thinking about moving to another location when you retire. If you and your partner want to move somewhere warmer or where there are many things to do, then you’ll need to think things through carefully. Continue reading
Long term rentals in Spain
Long term rentals in Spain is an agreement between the landlord and tenant to rent a property for either a season (12 months) renewable or for five years plus one. With the vast Meditteranean sea, Volcanic rocky lands, delicious Mediterranean cuisine, the vibrant culture and of course the beautiful sandy beaches accompanied by warm sunshine all year round. Spain is a definite holiday destination, and living in Spain is a dream come true!
Why long term rental?
The tenancy law in Spain is very lenient towards tenants. Most landlords agree to rent their houses for a year then ask the tenants to move out because tenants have the right to extend their tenancy up to five years or more from the second year of renting the same property. Long term lets are also cheaper compared to short term lets, and this makes it a good deal. Long term rental is also essential if you wish to relocate to Spain permanently. Renting on a long term gives you an excellent chance to survey the different areas in Spain, identify the places you like, check out the schools if you are a student or have school-going children and evaluate the cost of living and the job market.
If you are moving to Spain for retirement, you need to decide on your area of residence. This decision is easier after staying in different regions under different climatic conditions; as Spain experiences, all the four seasons and you want to make sure you settle in a place that is not extremely hot during the summer neither unbearably cold during winter. Staying in a long term rental apartment is the best chance you have to eliminate the different towns and the many Islands you have to choose from in Spain.
The best time to find a long term rental is during the winter since winter is a low tourist season and therefore most houses and villas are not occupied and are rented at relatively lower prices compared to the peak season. For furnished apartments, long term rentals require a two-month deposit before occupancy.
Types of long term rental housing in Spain
Depending on your location, long term rent ranges between 300 – 650 Euros per month but this rate will likely go up especially if you are looking at living in the major towns like Madrid, Barcelona, Bilbao and Palma de Mallorca to be precise. You will find housing such as:
- Apartments flats or apartamentos or pisos are trendy in Spain. Apartments are by far the most abundant type of real estate in Spain.
- Semi-detached duplex, or cassa adosadas, built in rows, and found in towns and villages. These duplex can have a communal garden with a shared pool and have two or three floors, with a garage.
- Villas, also commonly referred to as casas or chalets. Villas are detached, isolated properties, with its personal garden. Villas are rarely found in larger towns or cities but are very popular among wealthy Spaniards or ex-pats.
- Urbanizations, or urbanizaciones. Urbanizations are closed estates almost like a gated community, filled with several apartments, townhouses or villas. These gated communities also tend to be large and are often preferred for serenity, security and community.
- Country properties, or fincas, which are the typical farmhouses found in the interior parts of Spain. These properties are cheaper compared to rentals in the towns or Islands because of their location. However, country property is vast and provides an opportunity for ranching and other types of farming or if you like a lot of free space and air.
Spain is vast and deciding on where exactly is the best is sometimes tricky. The most favourable and affordable places to find long term lets are Costa Blanca, Costa Brava, Costa del Sol, Costa de la Luz, Tenerife, Ibiza, Mallorca, Lanzarote, Gran Canaria and Murcia to mention but a few.
Now before putting down your down payment or deposit, ensure you know what you are paying for. You must confirm whether the amount covers water and electricity bills or if you shall be paying these bills separately, also ask any questions you might have regarding your tenancy. Be sure your rental is either furnished or unfurnished depending on how much you are paying, also take note that houses in Spain are charged per square metre. Last but not least, visit and view your new apartment before paying and signing the contract.
Pros and Cons of Buying a Showhome
Showhomes are model forms of newly constructed homes. They’re also referred to as “show houses”, “display homes”, or “model homes”.
They’re used to display the features and living spaces of homes. The models feature modern house plans and are designed in a way that makes them possible to be sold like traditional houses.
Showhomes are connected to telephone cables, electrical cables, and active water systems.
The full furnishings, which they are frequently equipped with, help prospective buyers to easily picture what the house would look like when they move in.
People consider buying an ex-showhome a fantastic idea. It’s, however, essential to take the pros and cons into account before buying one.
Pros
Showhomes are higher in specifications than traditional homes
They often feature all possible upgrades of every equipment and house fitting. Since they were designed to attract people into buying the real home, chances are that they are designed with a higher standard and quality. From the carpets to kitchen units, lights, worktops, and other fittings, exceptional quality is oftentimes the order of the day.
A showhome contains every upgrade possible on burglar alarms, kitchen cabinets, flooring, kitchen appliances, and other fixtures including mirrors. This implies that showhomes are of a higher standard when compared to other regular homes.
Buyers have access to the full package
Buyers have the opportunity to have a glimpse of what the development looks like in its finished form. They also have access to all the furnishings used in the showhome. Duvet covers and bed linens are also included. All you have to do as a buyer is to move in with your suitcase. This is because the house has been functionally furnished with everything you’ll need for survival, comfort, and even luxury. This saves time and stress.
Buyers can inspect everything before purchasing
Being able to inspect whatever you’re purchasing is always a plus for you. Before you pay for the showhome, utilize this opportunity to your advantage. Do not hesitate to request a thorough inspection of the home because if you don’t, you’ll be left with various problems and things that need to be fixed.
Take a close look at everything including the fixtures, fittings, and floor coverings before you sign any document. Look at the rooms. What are they like? Take your time and ensure that everything is in place. This is a great advantage of buying a showhome.
Cons
Prices are on the high side
The price is always one of the most critical issues for buyers. A showhome is quite expensive, even costlier than a similar house undergoing development. This inflation is typically due to the extras and upgrades featured in the building.
Homebuilders never hesitate to add the costs of these extras to the price of the showhouse. And with an ex showhome, you have to overpay for lighting, fixtures and fittings, carpets, alarms, and more.
Take into consideration that housebuilders don’t allow bargains. They determine the price after careful consideration of all that went into production and development so that they can gain maximum profit. While bargaining, consider that you will not be able to choose your taste for the fixtures and other things as you’ll mostly be stuck with the housebuilder’s choices. This takes us to the next point.
You don’t have many choices
Since most of the fixtures have been designed according to the housebuilder’s choice, you’re left with limited options. And you’ll have to adapt to whatever has been built. This is why most people think showhomes have a terrible or tacky taste. So, if it happens to appeal to your taste, have in mind that you don’t have much room to change anything. Things are left the way they were designed.
You won’t be able to choose the kitchen or furniture. This is a deal-breaker for some people. You may give up the decision of getting one if this doesn’t work for you, too.
Showhomes are considered as secondhand
Since you won’t be the first person using the showhome, be prepared to find things not as they should be. There would be lots of damage and problems, so have it professionally inspected and scrutinized. You don’t want to have it fall apart once you move in.
Another common problem is that they may have been previously invaded and some properties may not be as they should. When you move in, you may find yourself with missing sink plugs, manuals, cooker parts, or kitchen handles.
Conclusion
In all you do, always try to balance the pros and cons of every decision. Showhomes are a fantastic choice because they have upgraded features. They are also a reasonable option because you can inspect thoroughly and quickly move in without having to go through much stress. It is, however, important that you consider the cons, too.
Because showhomes are usually second-hand, they may lack the quality you would expect of a new home. Things may fall apart and some essential tools may be missing. You have limited options when it comes to choosing your style and interior designs, so you need to take all of these into consideration.
If you’re trying to get a showhome, remember that housebuilders hardly give room for much bargaining and you might have to fix quite a lot of home fixtures once you move in. Take this into consideration before making a purchase.
Finally, these model homes are known for their exquisite taste and luxurious features. But don’t be too charmed by these attractions as there’s more to these than you see. Focus on the quality of what you’re paying for and the price you’ll be paying for it.
Why Purchasing A New Home With Green Add-ons Or Energy-efficient Features Is Beneficial
When you hear the term “green home,” does a green-colored house come to mind? Or perhaps, a house out in the bush with lots of greenery in the yard? For some it does, but that’s not what it means. A green home is an eco-friendly house. That’s a house constructed to save energy and water, as well as recycle anything that can be recycled.
Why you should buy or build a green home
– It’s the future!
Ecological homes are in vogue. Many governments are adopting policies that favor preserving the environment and including them in their laws on house construction.
Home builders are also more aware of climate change as well. So more and more green homes are coming up with the old ways of house construction being left behind.
– It’s great for your wallet
Apart from caring for the environment, building or buying a green home makes financial sense because it has greater value than that of regular houses.
Ecological houses run on energy-efficient appliances and are built to save electricity in every way possible, which translates to lots of savings for the homeowners in the long run.
Building a green home also includes the use of recycled material which often costs less, and in that way, more money is saved. For example, you can use recycled material to fence the home or build long-lasting furniture. Green homes save the environment by cutting down on waste.
– The benefits extend to your garden
Eco-homes incorporate green landscaping in their design. Green landscaping is where you plant flora in your garden that will help you save money, energy, and time. These plants should also reduce waste and pollution in your home.
A great way to incorporate green landscaping into your home is by growing plants that are native to your area. Native plants take less water, energy, and time to maintain and will flourish, adding to the beauty of your home. The trick is to avoid invasive native plants that will choke out other plants and destroy the greenery of the area.
You can also use plants to shade your home and cut down on house cooling costs. Just plant deciduous trees on the side of the home that gets the most sun. In places that do not get a lot of water, planting drought-resistant plants is another great way to cut down on water use.
Turn your home into a green home
For people that already own a home, you don’t have to sell or move to go green, you can renovate your house and turn it into an energy-saving home. It’s a gradual process that will upgrade your home, add its value, as well as allow you to do your part to preserve the environment.
Ways you can make your house ecologically friendly
– Turn to energy-efficient appliances
Many old appliances, such as clothes dryers, washers and fridges, consume a lot of power and are not environmentally-friendly. So, start by replacing all older appliances in your house with modern appliances that are energy star certified.
There are other benefits to these. For example, some states or localities give rebates for recycling and buying energy-efficient appliances.
A simple move like replacing your incandescent bulbs with energy-saving LED bulbs does not take much.
You can also save energy by insulating your home. That will ensure no heat is lost from the house cutting down on heating costs. A home building expert can help you insulate your home by using foam spraying insulation or installing energy-efficient windows.
– Shift to water-efficient home appliances
You can also purchase appliances that cut down on water use. For example, some washing machines are made to use less water.
Installing a water recycling plant in your plumbing can ensure no water is wasted from the home and any recycled water can be used to irrigate your garden
– Use ecological fuel source
It’s also time to move from fossil fuel energy to green energy. That means shifting to fuel sources that do not destroy the earth when being produced and also do not release harmful emissions into the environment. Here, there are many options but one that stands out is solar energy.
The sun is always there, and it’s a great source of free energy. Solar panels can help heat your water and your home and even offer an extra option for electricity. If you generate surplus electricity from your solar panels, you can also sell it to power companies in some areas.
The bottom line
When all is said and done, the issue of climate change can no longer be ignored. Investing in a green home now will save you from spending more than you should on one in the future. If you already own a house, it’s a good idea to start turning to green solutions and appliances. At the very least, it will add value to your home, and at best, you will be doing your part to preserve the environment.
Brief Guidelines about Investment in Property
Property investment can prove to be a highly lucrative business if done properly. Property investment prominently involves purchasing off-plan property or investing in them. The purchasing is with the incentive of enhancing it and selling it out or leasing it in order to gain a high return. Property investment is a complex process and there is no one size fits it all. So, you have to grab a true understanding of the real estate market around. Here are a few tips that will help you in flourishing your property investments. So, read out the following property investment advice to widen your vision.
- Do a complete investigation of the area: Before investing in any property make sure what is future and present the tenant demand of the property. When accessing an area following categories will work well so choose the ones that have the maximum of these fundamentals. Tourism growth, shops, Transport links, Schools, Investments, Employments.
- Before buying any property, do make sure that it is worth your time energy and cost. Calculate the overall turnout cost and do make sure that in addition to your investment it payoff your time and energy.
- You can consider hotel rooms and holiday resort investments for the short-term investment. These investments replicate the buy-to-let phenomena very well, also the short term tenants are the responsibility of the hotels all you have to do is invest and wait for the payback time.
- Never spend your money on the exorbitant property investment advice courses. So, stay away from those high priced courses that says real estate secrets because there are no secrets, you can learn everything from simple google search.
- Do not go alone for the property investment that will complicate the simple process rather you should opt for a team that includes Mortgage broker, solicitor, source (company or individual), mentor (this can be formal or informal) and repair person or builder. Also, ask for referrals for selecting following teams.
- You have to keep looking for more options even if you have one accepted. Well, it does not take much time for the property to fell so; you should have a second option prepared.
- You should go for a letting agent opinion in your investments.
- Do not restrict yourself to the local areas in consequence of which you may lose some best investments.
- In the property investment keep the mantra of double the cost and triple the time in mind, as it will help you deal with any sudden complications that you have not considered before.
- Do not rush toward the high yield property as the offer may not seem much excited to you one the cost is being transferred in your account. Therefore, one property investment advice I would give is that you should never compromise your fundamentals for high yields.
- Use different bank account for the property investments that will prevent all hassles.
- Every year you should re-evaluate the property investments that will help you in understanding where you stand.
- One last thing, which you should do from the start, is to plan your exit. You should have a full plan that acknowledges your exit.
How to prepare before buying a short sale property?
Real estate investors take an interest in buying properties offered on short sales because they sniff a good deal. However, one must be careful to decide about buying short sales property because the transaction might not as simple as purchasing any typical home, especially concluding a pre-closure within 30 days or earlier can be quite challenging. Most importantly, one must understand that to succeed in acquiring a property on a short sale, the lender must agree to accept a discounted payoff for releasing an existing mortgage. If a seller lists a property for short sales, it shows the seller’s willingness to sell the property at a discounted price, but it does not mean that it has the concurrence of the lender, which the lender must confirm separately. Continue reading
Why Are Condos The Thing Now?
Have you been thinking about moving into a condo after seeing your friend’s new two-bedroom condo view of the city? You need more information before making such a huge decision. “Why are condos the thing now?” you wonder.
Selling Points of Condominiums:
- Amenities
- Location
- Price
- Health and Wellness
Modern condos are more prominent with extra square footage than the modest space of the older condo. Modern condos are the new family home with buyers and renters looking for a spacious three-bedroom unit.
Floor to ceiling windows overlooking the city skyline is where you want to be as you sip a glass of wine and watch the sunset. Along with more modern space, condo residents wish to have a view–something that older condos did not offer.
Builders are incorporating conveniences such as walking trails, playgrounds for children, commons areas, and gardens for the owners to enjoy. Condos are also being constructed to fit families with sizable layouts. Some of the floor plans may include individual quarters to accommodate a nanny, mother-in-law, or guests.
Some condos are built according to the buyer’s needs. They are also being constructed to withstand weather conditions such as tornadoes or hurricanes.
As a buyer, do you have a kitchen design in mind for your new place? Talking to the contractor about your idea may land you your dream kitchen. For some families, the kitchen is a focal point and is built to suit the needs for entertaining, relaxation, and more.
One of the biggest trends in newer condos is an unfitted kitchen, according to New Home Source. With wanting a sleek and modern home, renters and buyers are looking for a kitchen with hidden appliances, center islands, and open shelving.
Buyers and renters want an up to date, modern home with custom colors, floors, and ceilings. Yes, a customized ceiling. The days are gone where the space overhead is wasted. Your ceiling may now come with accents, textures, and custom colors.
Are you a remote worker and need an office at home? Newer condos are built with smart-home technology. Maybe you need to get out of the house while you work. Buyers are looking at condos that offer community centers with WiFi or a co-working space.
With the popularity of condos growing, so does the demand for eco-friendly materials in the fabrication of these homes. Some of the eco-friendly ways builders are making condos green are through lighting, appliances, and the paint used.
LED light bulbs are installed along with Energy Star appliances in greener condos. Another green living component to condos is the use of flooring without adhesives. Bamboo flooring is one such popular material for greener living.
Community rooftop gardens are also favored in green living—-rooftop gardens aid in insulating the roof during the colder months. Garden patios cool the air during the warmer months.
Builders are using high-efficiency heating, cooling, and ventilation in the condos. Low flow faucets and toilets assist in energy efficiency. The walls of the home are eco-friendly, using materials made with recycled content.
You can find both small and large floor plans. Are you an empty-nester that wants a sewing room and a guest room for when the grandkids visit? Or are you a newly married couple starting a family? Present-day condos have a layout to suit your needs.
More and more millennials are becoming caregivers, and as a first-time home buyer, they are looking to have a mother-in-law suite to fit the needs of the parent(s). The needs stretch from a mini-apartment on the main floor to a single bedroom chamber.
Another major selling point for the millennial buyer or renter is a condo that focuses on fitness and health. Condo residents are turning to mind, body, and soul wellness near home. Some of the ways they are getting these benefits are through amenities like a gym, feng shui gardens, and massage rooms.
Location is a must when renting or buying a condo for owners. They want a modern home near their children’s school, close to a hospital, or near public transportation.
Sense of community and safety are high on the list for a renter or buyer. Morning coffee on a rooftop patio with your neighbor sounds like your cup of tea? Or a smile from a neighbor as you enter the elevator. These are a few ways that the community of condo living appeals to others just like you.
More buyers and renters are looking at the condo as a first family home instead of the usual land and home package.
Condo vs. House:
- Condos are cost-effective and less than a house to purchase.
- Exterior maintenance and repairs are someone else’s problems, which is ideal for the busy person.
- House owners and renters have to travel for most amenities, whereas a condo has it all on the grounds.
Owning isn’t quite for you yet? Here are a few tips to follow as a renter.
Condo Renting Tips:
- List out what you want and need in a home.
- Meet with your realtor about your list.
- Find out what your renter’s responsibilities are versus the owner’s responsibilities.
- Visit the address more than once and at off times as well. The environment will be different after work than before work or on the weekends.
- Discuss what your monthly rent will cover, and know what your other fees are for and how much.
Whether buying or renting, check out the top condos in your area. No matter what age or stage of life you are in, there is a condo design trend happening out there for you.
Top Factors to Consider Before You Hire a Real Estate Agent
Buying or selling a home is a challenging task which would require the services of a real estate agent. If you end up finding a reliable estate agent to carry out the entire process, it is highly likely that you are going to get a great deal in the shortest possible time and at affordable money.
Here are the top factors mentioned which you should consider before you hire a real estate agent.
- Experience
The first most important factor is the experience which a real estate agent has for the relevant buying or selling process. You won’t necessarily have to consider the number of years an agent has been providing his services for. Instead, you should have a look at his past projects to see whether he can deliver what he claims or not. If the agent you hire has great working experience, he would also have a huge network to help you both in buying the house you desire and selling your house at a fair price.
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