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When you buy a Langley condominium unit or townhouse complex, there are certain things you should always consider.

The Strata:

• Monthly and annual dues – It is essential to consider that bigger strata dues are not entirely a bad thing. A condo complex with a good budget for security and maintenance can give you lots of benefits and it may entail you savings. Strata’s that have lower maintenance fees have limited capacity to secure and maintain the premises. This could result in costly repairs down the road.

• Find out if the complex is self-managed or professionally-managed. Professionally managed condo units are generally a wiser option. Owner handled complexes may not have the proficiency to correctly project maintenance expenditure and resources accordingly. Higher maintenance dues will normally turn out to be more cost efficient in the long run. In this way you can avoid more costly repairs that result from inadequate maintenance

• It would also be to your advantage if you could make sure that they have sufficient contingency account. Having ample financial buffer is advantageous as it can protect you from unforeseen problems. This can also shield you from the shock of large financial levies in the event of such problems.

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• Check if the condominium association has any outstanding legal concerns. It is always wise to do a little investigation so that you know what you are getting into.

• Ask for a copy the minutes of past board meetings. Look for signs of forthcoming expenditures. See if there are recurring issues or controversies. Assess the issues and determine if these have a direct impact on you.

The regulations:

• Find out the rules and regulations that govern your home. Are you amenable with them? Will your lifestyle fit well with their rules and regulations?

• Are pets allowed? If so, what types, what size and how many? If you have pets, make sure to clear this up before purchasing your new home.

• Are there limitations about particular activities or noise levels? If you are a car enthusiast you might want to make sure your new home doesn’t have rules that restrict you from working on your car outside your unit.

• Are there restrictions about long term guests? If you expect frequent guests that stay for long periods you might want to check if the strata have rules covering this.

• What areas of your unit is your responsibility and what areas are common responsibilities? If you plan to do major interior renovation work you should check with your strata first. It’s always best to make sure before buying than to assume that everything will be alright.

• Find out if the unit can be leased. If so, check the number of units currently owner occupied as opposed to the number that are being rented. This is a vital concern that can affect the resale value of your home. It can also possibly affect your quality of living. It is usually better to have owner residents as neighbors.

Not considering these factors carefully might lead you to end up with a less than ideal home purchase.

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While the North American housing market experiences a lull, a lot of savvy investors are discovering that there are big profits to be made if they search hard enough. The Scarborough real estate sector is the perfect starting point for all those beginning to invest in the market place, as the city’s housing prices have decreased significantly within the last couple of years.

A lot of folks who have spare cash flow are now thinking about getting into market place and acquiring a house in Scarborough ready for when prices within the market inevitably rise again. But how do you know what to search for in a Scarborough real estate investment? Within this article we’ll talk about the major factors your Scarborough real estate agent will recommend that you consider when putting capital inside a local real estate investment.

The first and most crucial consideration for those who are looking to invest their capital within the Scarborough real estate market would be to pick a location in which there are a number of businesses operating on a daily basis. Buying property inside a vibrant area of town will ensure that you’ll always have interested tenants, as there are going to be jobs for them to go to should they decide on that location as their home. Those renting properties will normally pay an added premium for houses that are located close to the downtown core of the city, as there are far more amenities and more job opportunities. So the location you choose ought to be within a short driving distance, no more than a 10 minute drive, from the town center. This will likely make your residence a leading alternative for all those searching to rent properties inside the area. And you’ll never have to worry too much about going a few months devoid of rent checks going into you bank account, as you should have a steady stream of clients thinking about renting your house.

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The second consideration for all those looking to invest inside the Scarborough real estate market through a broker is to review all of the choices, not just the most aesthetic, as a potentially lucrative investment might be identified by people that look at the big picture. Some may locate a home that appears downtrodden and in a state of disrepair and refuse to even go inside to look at the property’s features. As an investor, you have to look at the hidden potential of the home instead of viewing the home in its current state. Older homes within the town are more likely to be in poor structural shape, even so they’re also the most likely to be in prime real estate locations. Those who take a birds-eye view of their real estate investment possibilities could find that it’s more financially salient to invest in a home with potential than to shell out hundreds of thousands of dollars extra to purchase a newer house that’s already in the best condition to rent to tenants.

As your Scarborough agent will tell you, to become a profitable investor, it’s imperative that you understand that the real estate market is prone to short term price volatility. Housing rates can rise and fall rapidly inside the current marketplace. And that’s why investors are encouraged to think about their properties as a long term addition to their portfolio. By taking a long-term approach, the savvy investor can overcome short-term losses in the value of the home by awaiting the next upswing within the market place. The value of real estate tends to rise faster than the rate of inflation so home values will almost certainly increase given enough time to ride out periods of deflation within the local or national economy.

Yet another aspect of investing inside the Scarborough real estate market place your agent will ask you to think about is your knowledge of the duties and responsibilities as a landlord. You’ll be required to provide tenants with in depth rental agreements which stipulate conditions related to matters such as insurance, security and rental rates in addition to being responsible for answering tenants’ concerns about the house before they move in. Do you have the requisite details to complete these duties? Ahead of buying a property, you might want to seek advice from the services of a legal expert that has experience within the real estate sector. Professionals within the area will be in a position to provide you with information about what is needed on your part to fulfill your role as a landlord with complete professionalism.

With the wide array of resources accessible, both on the web and through expert real estate organizations, you should find yourself in a good position to make a pragmatic choice regarding your real estate investment by way of a Scarborough based broker. But before you sign any ownership documents, be sure you’re fully prepared to commit your time to making the investment profitable. 

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Louisville foreclosures can be a very shrewd investment for homebuyers as most sell well below current market conditions. Lenders who foreclose on and repossess homes would rather not be in the home selling business, and are often motivated sellers. However, if you’re thinking of saving money by buying a foreclosure in Louisville, let the buyer beware as the money you save upfront could very easily evaporate if you don’t do your homework.

On average, Louisville foreclosures sell for 20 percent or less than similar homes in the same neighborhood. The mortgage crisis here and elsewhere has created a huge inventory of foreclosed homes for buyers to select from, but many of these Louisville homes for sale are distressed properties that will need much more than cosmetic measures to make them livable. Foreclosed homes are usually sold as is and unless you’re a contractor or home inspector, you could miss very serious structural flaws that could transform your great deal into a great money pit.

Before signing any documents to buy a Louisville foreclosure, it is absolutely in your best interest to hire a licensed home inspector. Sometimes an owner will vandalize a home going into foreclosure in ways that may or may not be easy to see in an attempt to strike back at the foreclosing lender. This small extra expense could save you tens of thousands of dollars, because once you sign a purchase agreement, those liabilities become yours.

Next, if you’re buying a Louisville foreclosure it is a very good idea to hire a real estate attorney to ensure there are no secondary liens or claims on the home. Some buyers may view this as an unnecessary expense when the whole idea is to save money, but an ounce of prevention is worth much more than a pound of cure under these circumstances. If you buy a foreclosure with liens that the lender has failed to disclose, this is another case where those liabilities become yours.

Also, be aware that some Louisville foreclosure deals are no deals at all. While some lenders may be motivated to cut deals on foreclosed homes just to rid themselves of the liabilities, other lenders may be tough negotiators, depending on how much is owed on the property, and how interested they think a prospective buyer may be in one of their properties. Make sure to do your homework and look up how much the previous owner paid for the home when they bought it, and know how long the home has been vacant before contacting the lender. This information is very likely to determine your interest in the home and your offer.

Thai condominium market – developers need to consider the law

There is some confusion over the law for foreign purchase in Thailand. Most developers and government officials agree that foreigners can buy up to 49% of the units in any one particular condominium building. However, the law used to limit foreign ownership at 40%, and this was increased to 49% on a 5 year basis. This 5 year period has now expired and so legally the limit should revert back to 40%. However, most people are still working on the 49% rule, meaning that many new condominium units perhaps are being sold to foreigners illegally.

For the rest of this article, let’s assume that the law is actually  49% (as is the common belief). I recently visited a very nice, luxury condominium in the Sukhumvit area. It is a low rise 8 story building, which is the maximum height that the law allows for given the width of the access road into the premises. Each unit in this deluxe new condominium project has 4 bedrooms and measures 300 sq.m. All I can say is that it is a stunning building, very classy. However, it also commands a very high price tag, with each unit being sold at over 40,000,000 Baht.

The developer had this concept of a deluxe condominium, where all owners are affluent and wealthy individuals. However, the developer has now hit a problem. They have sold 49%, the full foreign quota, to foreign buyers, but they have sold only about 10% of the remaining 51% to Thai Nationals, some of which were associates of the developer. The problem the developer faces now is that they cannot find enough wealthy Thai nationals to buy the remaining units, meaning that they are stuck with them. As a developer, this represents a very large percentage of the profits of this development.

Thai law prohibits non-Thai nationals from owning land, so condominiums are the obvious alternative for foreign investors. However, if you are a Thai National, then you could buy a very large house for 40,000,000 Baht, so why would you spend that much on a 300 sq.m. condominium unit?

Because of this, there are a number of new condominium buildings in Bangkok targeting the high end market, that have sold-out the foreign quota and now are struggling to sell large and expensive units to Thais.

There aren’t that many Thais in Bangkok that could or would choose to buy a 40,000,000 + Baht condominium unit. If you did some research, you would discover that new condominium projects offering small studio, 1 and 2 bedroom units are selling like hot cakes and most of the buyers are Thai Nationals.

Here’s a thought, perhaps a developer who wanted to build a luxury Grade A condominium with only large and expensive units should consider building another condominium in an adjacent land plot, with small units, and register both areas as 1 condominium (like Tower 1 and Tower 2, but branded as two separate entities). That way, they could attract more Thais to purchase smaller units and the luxury units sell to wealthy foreign investors. Perhaps they could separate both buildings with a wall and have separate access points too, just a thought.

Or perhaps the Government could reconsider the 49% foreign ownership limit. The law has in the past allowed up to 100% foreign ownership of units in any one condominium building, but this was back when the economy was crashing and extra stimulation in the economy was required.

So, why 49% now? Well, technically as the owner of a condominium unit, you also own part of the voting rights of the building and part of the land. So, in theory if there was more than 50% foreign ownership in a condominium, there would be more than 50% ownership of the land. So what does this mean, that the foreign owners could collaborate together, outvote the Thai owners and sell the Land? Well no, the Condominium Act 2522 requires unanimous voting of all 100% of co-owners to demolish a condominium building. It also requires 75% co-owner approval to sell common area land of the condominium. So the real question is, should the government reconsider this 49% rule, after all it is really hurting some developers.

Author: Neil Simmons, a Director of Ideal Homes Real Estate Co. Ltd. Tel: (02) 714 3832-3 www.property-bangkok.net

If you are looking for the best Texas real estate school, you may get overwhelmed with the wide array of choices available to you. If you keep in mind a couple of things, you can easily take much pain out of the proceedings. In order to start working as a real estate agent in Texas, it is legally mandatory for you to obtain appropriate license first. And, to obtain the license, you have to appear in an examination. You cannot pass this exam unless you have a good understanding of real estate market and the state and Federal laws pertaining to such business. Pursuing short-term Texas real estate courses can be a great help for you in this regard. Following are some of the factors that you must take into your careful consideration before you sign up for an Austin real estate school.   

Go For A Well-Established School The first thing that you have to do is to make sure that the school you are considering joining has been in business for several years. It can be very risky to join a new school because their courses are quite often not written by recognized authors. New schools may not provide you the best training you deserve. Therefore, your best bet is to join a school that is offering Austin real estate classes for over 20 years. An established school knows the regulations in the Texas real estate market and the kind of changes occurred during these years. They can provide you a much deeper insight not only into the past and present of the real estate market in Texas but also into its future.   

Is The School Duly Recognized?Before you sign up for specific Texas real estate courses, it is also important for you to make sure that the school offering those courses is duly recognized from national and state authorities, such as the Texas Real Estate Educators Association. You may also like to look into the kind of awards the school has won. For example, if they have won the prestigious Pinnacle award, it means they are one of the best real estate schools not only in Texas but also in the United States.  Qualifications Of The Instructors    While you are doing your research, you should also take some time to see if the instructors are well qualified and have thorough experience. Has the school written their own curriculum or they use some outside resources for this purpose? In either case, make sure that the curriculum has been designed by well-recognized authors. Some schools simply use the national publications. That is the reason why their curriculums are often not up to date with the latest changes and developments in Texas. On the other hand, the Texas real estate school that prepares its own curriculum is more likely to accommodate those changes very quickly in their curriculum.

Overall, you will not find any difficulty in choosing the best Texas real estate courses if you keep the above things in mind.

Thai condominium market – developers need to consider the law

 

There is some confusion over the law for foreign purchase in Thailand. Most developers and government officials agree that foreigners can buy up to 49% of the units in any one particular condominium building. However, the law used to limit foreign ownership at 40%, and this was increased to 49% on a 5 year basis. This 5 year period has now expired and so legally the limit should revert back to 40%. However, most people are still working on the 49% rule, meaning that many new condominium units perhaps are being sold to foreigners illegally.

 

For the rest of this article, let’s assume that the law is actually  49% (as is the common belief). I recently visited a very nice, luxury condominium in the Sukhumvit area. It is a low rise 8 story building, which is the maximum height that the law allows for given the width of the access road into the premises. Each unit in this deluxe new condominium project has 4 bedrooms and measures 300 sq.m. All I can say is that it is a stunning building, very classy. However, it also commands a very high price tag, with each unit being sold at over 40,000,000 Baht.

 

The developer had this concept of a deluxe condominium, where all owners are affluent and wealthy individuals. However, the developer has now hit a problem. They have sold 49%, the full foreign quota, to foreign buyers, but they have sold only about 10% of the remaining 51% to Thai Nationals, some of which were associates of the developer. The problem the developer faces now is that they cannot find enough wealthy Thai nationals to buy the remaining units, meaning that they are stuck with them. As a developer, this represents a very large percentage of the profits of this development.

 

Thai law prohibits non-Thai nationals from owning land, so condominiums are the obvious alternative for foreign investors. However, if you are a Thai National, then you could buy a very large house for 40,000,000 Baht, so why would you spend that much on a 300 sq.m. condominium unit?

 

Because of this, there are a number of new condominium buildings in Bangkok targeting the high end market, that have sold-out the foreign quota and now are struggling to sell large and expensive units to Thais.

 

There aren’t that many Thais in Bangkok that could or would choose to buy a 40,000,000 + Baht condominium unit. If you did some research, you would discover that new condominium projects offering small studio, 1 and 2 bedroom units are selling like hot cakes and most of the buyers are Thai Nationals.

 

Here’s a thought, perhaps a developer who wanted to build a luxury Grade A condominium with only large and expensive units should consider building another condominium in an adjacent land plot, with small units, and register both areas as 1 condominium (like Tower 1 and Tower 2, but branded as two separate entities). That way, they could attract more Thais to purchase smaller units and the luxury units sell to wealthy foreign investors. Perhaps they could separate both buildings with a wall and have separate access points too, just a thought.

 

Or perhaps the Government could reconsider the 49% foreign ownership limit. The law has in the past allowed up to 100% foreign ownership of units in any one condominium building, but this was back when the economy was crashing and extra stimulation in the economy was required.

 

So, why 49% now? Well, technically as the owner of a condominium unit, you also own part of the voting rights of the building and part of the land. So, in theory if there was more than 50% foreign ownership in a condominium, there would be more than 50% ownership of the land. So what does this mean, that the foreign owners could collaborate together, outvote the Thai owners and sell the Land? Well no, the Condominium Act 2522 requires unanimous voting of all 100% of co-owners to demolish a condominium building. It also requires 75% co-owner approval to sell common area land of the condominium. So the real question is, should the government reconsider this 49% rule, after all it is really hurting some developers.

 

Author: Neil Simmons, a Director of Ideal Homes Real Estate Co. Ltd. Tel: (02) 714 3832-3 www.property-bangkok.net