Whether one is dreaming of a waterfront estate, mansion, or just a big house in a dream place, not everyone will invest in what they truly want, or be able to for that matter. However, there are some ways to get closer to what is dreamt of, like adding a few amenities that won’t break the bank but increase their custom homes’ values.
Many buyers today are simply working on their existing homes and turning them into custom homes. These are people who don’t really want more square footage, but want their home to be transformed into a dream or luxury home. They save a fortune doing so, and easily up the value.
The Latest and Greatest
Anyone considering this investment wants to know what the latest is when it comes to luxurious amenities.
One trend is that of having a Jacuzzi having moved to a “wet room.” What exactly is a wet room? It’s basically the same experience only faster. Instead of having to wait for a hot tub to fill or get warm enough, they can turn on jets and the water surrounds them in an instant. There may
Building a custom home is the largest purchase most people will make in their lifetime, and choosing the best custom home builder is essential to the project’s success. The role of a custom home builder is as much to advocate for the homeowner as it is to collaborate with the design team. Since homebuilding is a process that takes several months, it’s important that you the buyer feel there is trust and clear communication on the part of the builder. If you have a location and have set your budget for the project, you are ready to shop builders; read the following tips on how to find a custom home builder without losing your mind.
Consider your resources
If you have already hired a designer, they are the best asset at your disposal for beginning your search. Your design professional likely has first hand experience working with builders and will know their construction qualities, communication styles, and business reputations. You could also check with your lender or realtor, if they are familiar with the custom home market in your locale. You can contact the National Association of Home Builders for a list of qualified local builders.
Real assets of all kinds, including land, have performed well, years after the financial crisis. But managers of these assets need to know their category.
Real asset managers are different from financial brokers in many regards. Chief among them are how they understand the assets themselves, beyond performance metrics. Rare antiques and art require people who are versed in art history, for example. For people who trade in gold, an understanding of the market and global geopolitics is a requirement. A real asset manager who works in land investments is perhaps the best example of this distinction.
For investors, this might be reassuring because of the heightened degree of interest in land and property. Particularly now – more than a half-decade since the global financial crisis – land investments retain an attraction to investors for several reasons:
• Land assets outperformed securities – In the first 13 years of the 21st century, the world equity index (performance adjusted for inflation) generated an annualised return of only 0.1 per cent. Bonds did better, with an annualised return of 6.1 per cent, benefiting from a low-interest rate environment that could change soon. Real assets including land can
If you are looking to purchase land, there are several important items to consider.
What is the cost of the land? If I pay $1,000,000 for 10 acres to build a shopping center does that cost fit within my budget? Or is $500,000 the most I can pay and still have a profitable project?
Does the location work for the intended use? For example if someone is trying to build a convenience store is the site in a high traffic area? Or if someone wants to build expensive homes is the location suitable for million dollar homes or is it too close to commercial uses?
- What jurisdiction is the land located in? The City Limits? Is it in the Extra Territorial Jurisdiction (ETJ) of the City? Is it in the County? The jurisdiction that the property is located in will dictate which rules and regulations need to be followed. It might be advantageous to be in a particular jurisdiction (City A vs City B) rather than another. There may also be state and federal laws that will impact the property as well.
- If the
Becoming a homeowner represents a major life milestone. But from a financial point of view, purchasing a home is not a one-time event; it is the foundation for a variety of strategies over the course of a lifetime.
Before settling on any mortgage strategy, it is important to think through what you want financing to accomplish. As with any major financial decision, your particular circumstances and goals should shape your choices. Are you most concerned with saving money overall? Minimizing your interest expense? Securing the lowest possible monthly payment? Some buyers may want to maximize their equity – the market value of the property less the remaining mortgage – while others may have the goal of becoming debt-free by a certain age or milestone. How you weight each of these objectives will shape how you approach a mortgage. Beyond your goals, think about your circumstances. Your stage in life, your family situation and the other assets available to you may all affect your decision.
Once you have answered these questions, you can consider a variety of mortgage strategies appropriate for your goals. While there is certainly no particular age limit, upper or lower, for any of
Land is very important in real estate. When buying land to construct a house you need to consider a number of factors. Some of these factors include:
Here you need to check with the local authorities and determine the zoning ordinances. You should also find out if you are allowed to construct the type of house that you have in mind. The future is very important; therefore, you should ask whether there are plans to improve the infrastructure in the area. For example, you should enquire whether there are plans of constructing airports and shopping centers.
You should contact the authority in the area and obtain a natural hazard disclosure. The disclosure will tell if the land is ideal for building. As rule of thumb you should stay away from a land that is prone to natural hazards.
When determining the natural hazards in the area you should also find the elevation of the land. If the land is located near a hill you should determine the chances of the land moving. Remember that the slab of your house can easily crack if the land is unstable.
When it comes to investing your hard earned cash into a home, you have two options. You can buy an existing property, maybe do some renovations to make it your own, or you can build your own custom home based on your unique needs and requirements.
For many people the building process is a long and daunting one, often one they don’t want to go through, but with the right builder by your side, a custom home provides you with a range of benefits you wouldn’t ordinarily get when it comes to buying an existing property and changing it accordingly. In fact buying an existing property and making changes will cost you more in the long run than building your own.
The first benefit to a custom home is that you get to enjoy a unique design that has been drawn specifically for you based on what you like and your particular family needs. You aren’t restricted by an exiting design or by a chosen design based on area, you can create your own space, working alongside an architect who will incorporate what you feel is important to create your dream home for you to enjoy
WHAT IS AN EASEMENT?
Easements are one of those seldom thought-of items that when they do rear their ugly head can be a source of frustration and even litigation. The right of a third party-a person or entity-to access and/or use land that you own for a specific purpose, easements come in many varieties of scale and impact. Some are minor, such as a neighbor needing part of your driveway in order to gain entry to his yard; others, falling under the term “easement appurtenant,” could be as potentially disruptive as a beach access road or path open to the public crossing over your property.
Among the most common property easements are those held by utilities and the Department of Transportation. Such easements allow power companies to install and maintain towers and power lines and entitle the DOT to expand a road and replace water pipes as the need arises. Property owners can still utilize this portion of the land as long as their use does not impede the easement holder’s ability to use its easement. Erecting a non-permanent fixture such as a fence is permissible, while putting in a garage or other
You’ve looked high and low and you can’t find a place you want to call home. So you decide maybe you’ll just have the perfect home built for you on a piece of property that you have either found or already own. When it comes time to finance the project, you can’t just take out a traditional mortgage. Instead, you need to obtain what are known as construction loans. The steps to obtaining these funds are a little more difficult than a traditional mortgage is.
Getting Construction Loans
When you buy a home, you put some money forward as a down payment and the bank uses the property as collateral on the note. However, if you are obtaining funds to build a home, there is no building in existence for your lender to use a collateral. In order to get one of these loans, you will have to have some sort of banking history. There are also special guidelines, that vary from lender to lender, that govern how these funds are released.
In one of the first steps in getting the funds to build your own home, you will need to present the project’s “story.”
You may have plans to sell your house for many reasons such as moving to another city for better prospects, promotion, to start a family with your high school sweetheart who lives in another city, inherited property making one of the houses redundant, etc. In all these cases, you may want to sell your house fast, in the least possible time. Home buyers make a quick cash offer and help you realize your dreams.
Cash for home companies are the best alternatives to the traditional real estate agencies; as dealing with traditional realtors proved to be time consuming. Real estate agencies do not buy your house directly; they only list your property online or office, so that the prospective customers may show interest in your house. However, this takes a long time, firstly, for prospects to show interest in your house, you need to get everything fixed. The property you have inherited or the property you have been living so far that you looking to sell may have structural problems such as leaking roofs, stained walls, foreclosure, regulatory issues, etc.
Sell your House Easily to Cash for Home Companies:
Cash for home companies offer the
Let’s face it! Every homeowner wants the best deal when they finally decide to sell their home. It’s every homeowner’s dream to see a bidding war ensue. Unfortunately, most homeowners end up settling for average or even below-average offers according to most real estate experts. What most home sellers fail to recognize is; getting a great deal isn’t a matter of luck, timing or even location. It has more to do with being equipped with the right knowledge concerning the psychology of a home buyer and showcasing the value to your home. Let’s get right into it and discuss the secrets to selling your home for more than the asking price.
1. Ask for less to get more
This is by far one of the best-kept secrets of selling a home for more than the asking price. Although this strategy appears to be counterproductive at first glance, it works wonders by creating the necessary attention required to create a fierce bidding war. It’s worth noting that bidding wars are created when there are multiple willing buyers and to get multiple willing buyers, the price has to be very attractive i.e. lower than the going market rate.
Nothing is more disappointing to a homeowner than when their property sits on the market without receiving any offer. This can be a worrying situation. However, worrying too much is not going to fix a thing. Rather, it is all about finding the solution to that problem.
The solution is to identify the cause of your home sitting on the market for so long. Is there anything wrong with the home? Is it something you have done, or haven’t done that is affecting the home on the market? You should be worrying about how to fix all this and dig deeper to learn the real reason for the home sitting on the market for so long. To help you crack the code, here are some reasons that could prevent your home from selling.
The listing photos are not appealing
Most of the potential home buyers will go through the listing pictures of the home before they can decide to view the house physically. That is why photography is a vital aspect that enhances the first impression of the home. You might find it helpful to hire a professional photographer. Ideally, go for a real estate
When talking about luxury real estate homes cost above five hundred thousand dollars, which is not pocket change and not affordable to the middle or lower class of homeowners. If you want to sell your home you want to make sure that it makes a lasting impression on the potential buyer. There is a saying that “your first impression is always the last.” What this basically means is that when you take one look at the home something inside tells you if you want to look at the home or skip it and move on to another home.
To help a potential buyer want to look at the home inside usually the first thing that they notice is the appearance of the yard, often referred to as curb appeal. This does not mean that you have to have a curb in front of your home because most of these luxury real estate homes do not have curb but a long drive to their front door. In this situation you would improve the value of the home by using gardens, landscapes, lighting, architectural symmetry, and
There are times you think you are incompetent doing some things that are not your field or expertise. On this venture you come to prove something to yourself. Selling a property is crucial but if done with proper documentation, legitimacy, good faith and consent of both parties buyer and seller, transaction will complete in due time.
In my own venture, it took around ten months more or less to sell a house and lot of the transfer of property from parents to heirs of a clean title. You can seek the assistance of a broker, a lawyer, or a realty firm, among others, to help you with the processing of papers. Each office takes two, three or a month to stamp approval or release.
In the process of documentation, you need a set of photocopies of applications, receipts, affidavits, claim stubs, and other certificates. Label them in safe folders and keep in a bag so any time an office requires a copy, you have one available. Should a file be lost, certified true copies could be sought from the proper government offices.
Here are three steps from Attorney Glicerio Alarkon Jr. (San Beda College of
Reverse mortgages are seen as a way for seniors to tap into their current homes as a source of income. By drawing from the equity they already have, they can pay off bills, make improvements to their current residence, or even take a well-earned vacation. There is one option that most do not even consider: using a reverse mortgage for the purchase of a newer property.
Understanding a Home Equity Conversion Mortgage
In order to see how using a reverse mortgage for purchase of a newer property works, you first must understand the Home Equity Conversion Mortgage (HECM). The HECM is still relatively new, but it provides a way for those who are 62 years or older to borrow against the value of the home. With approval, the borrower gains access to funds without having to make monthly payments. Repayment of the loan does not occur until the borrower either passes away or sells the property.
This loan is not an option for everyone. In fact, the guidelines stipulate a minimum age of 62 years old. The borrower must also either own their home outright or have a large amount of equity built up.
Because of the crash millions of home owners were now upside down on their home mortgage making them ineligible for a new home loan. To add to the damage many home owners had adjustable mortgage rates (ARMS) loans that were going to reset to a higher interest rate causing a payment to sometimes triple.
Many home owners were now unable to make their monthly mortgage payment or owed much more on their home loans than what their house was worth.
The Home Affordable Refinance Program (HARP) is a relief program for people who continued to make their payments even though their homes where under water. Because their homes were worth less than what they owed they often encountered difficulties with trying to refinance their loans. Typical loan standards would usually not allow a new home refinance unless the house was worth more than the amount of the loan being received.
The HARP program helps to enable a new home loan if the applicant owes more than what their house was worth. A few key guidelines include the loan be owned or guaranteed by Freddie Mac or Fannie May and sold on or before May 31,
Seniors, 65 years or older, who own their home may be able to get the equity out of their residence without selling it. Home Equity Conversion Mortgages, or HECM, allows you to tap into what your home is worth and still be able to live in the residence. There are a couple of different types of reverse loan options. The one you choose will determine how your loan is disbursed.
Line of Credit
This first type of Home Equity Conversion Mortgages is a line of credit. Instead of getting a lump sum single disbursement, many borrowers choose to open a line of credit. This allows them to access funds as they need them. In order to get the money, the borrower has to submit a written request to the company servicing the loan.
One of the best things about this is that the line of credit can grow over time. It doesn’t earn interest. Instead, the line of credit takes into account that the home appreciates in value and that the borrower has grown yet another year older.
Single Disbursement Lump Sum
Not everyone is interested in having to present a written request