Real Estate

Investing in House and Land Packages: Are They Worth It?

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If you’re aspiring to be a home owner, one good thing you can do is to consider getting a land and house package in Donnybrook land estate instead of buying just a parcel of land and constructing your home from the ground up. Apart from ultimately becoming a home owner, you also enjoy several benefits in the process. Some of the benefits of making this investment are the following:

Cost Savings

The process of buying land first and then planning for building a home is expensive than getting this type of package. You’ll save yourself from paying for expenses such as zoning costs and the fees to install utility facilities in your land. Land and home packages come at a fixed cost that covers for everything that you’ll get in your property.

Minimal Maintenance

Current packages use the latest technology in the real estate market and interior design that encourages green living. That means that you don’t have to care about conducting repairs and any replacements on your property soon.

Equity

With the instability in the real estate world, having equity in a property is a good idea for any home owner. Buying this package helps you lock the rates on building materials, labour and construction. When the construction process is over, your property will be of more value than the amount you paid in the beginning.

Convenience

Building a home requires multiple contractors, which can be a stressful process for a prospective home owner. However, with a house and land package, you only deal with one individual who’s responsible for coordinating the different contractors.

These are just some of the reasons you should consider getting a land and house package when you want to get a home for yourself and your loved ones. Consult with a reliable company that deals with this type of packages for consultation and plans to start the buying and building process.

Top 3 Reasons to Consult a Lender Before Hunting for a Home

Finance

Couple talking to man in suit, going over documentsOnce you’ve taken a good look at your finances and felt for sure you can finally afford to buy a home, it’s easy to start hunting for one right away. Many first-time home buyers do the same. But it’s not a smart idea if you intend to apply for a mortgage to finance the purchase. The first thing you need to do is talk to a lender. Here are three reasons why:

You Get to Set Realistic Expectations

Few things are as disappointing as finding a home you really like and then realizing that you can’t afford it after talking to the lender. That’s why you need to speak with your bank first to find out how much loan you qualify for, how much down payment you need, the current mortgage rate in Salt Lake City, and so on. This way, you know which houses you should look at.

You Appeal More to Sellers

Most sellers aren’t too enthusiastic to negotiate if they discover you haven’t been pre-approved for a mortgage. This is especially true if you intend to buy in a hot real estate market. You need to prove that you’re serious about making the purchase. Showing that you can indeed sign the check catches their eyes, and the negotiation process goes much more smoothly.

You Learn about the Closing Fees

While you may have what you think is sufficient money for the down payment, you need to realize that there are closing fees too. You’ll need to pay points, title insurance, mortgage insurance, etc. Unless you talk to your lender first, it’s tough to get a sense of how much you’ll need to pay, and whether you have enough money in the bank to do so.

Buying your first home can be trickier than you imagine. By consulting a reliable lender, you can understand what’s involved and go through the process faster.

Home Prices in Ottawa Surge as Values Plunge in Toronto

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Home prices and sales in the Canadian capital have surged in recent months, according to industry data. The growth in the city’s residential real estate market contrasts the situation in Toronto, where the market has suffered a decline in housing sales and prices.

This means property management in Ottawa will eventually be more in demand.

Survey Says

During the second quarter of 2017, Ottawa’s housing prices rose 8.2% to $432,864, according to the Royal LePage House Price Survey. However, the increase might be because of a smaller supply of homes across the city.

The survey noted that the city’s housing inventory fell more than 20% compared to the same period in 2016. This figure represented three-year lows across Ottawa, which isn’t particularly good for buyers amid a shortage of listings. On the other hand, sellers may see this as a good opportunity to liquidate their investment. For instance, the value for a two-floor house in the city amounted to $460,277, up 10.4% year over year, while the median price for a condominium unit increased by 3.9%.

Home Sales

Data from the Ottawa Real Estate Board revealed that more homes were resold in June. More than 2,100 properties changed possession in the month, representing a 10% increase compared to almost 2,000 homes in the same month of 2016.

Sales of properties worth more than $1 million also rose, according to the data. Still, the Ottawa Real Estate Board said that properties in the city remain affordable in general. An estimated 35% of listings still amount between $300,000 and $400,000, significantly lower than the average sale price of $793,915 in Toronto.

Whether you intend to buy or sell a property, it will often be better to consult a professional so you can make an informed decision for every real estate deal. Expert opinion is also helpful when it comes to property valuations.

Determining Your New Home’s Square Footage

Architecture and Landscaping

Big Luxury House It’s a well-known fact that Americans have relatively large homes. The most recent numbers reveal that a typical single-family residence is 2,505 square feet, and that the median size is a substantial 2,306 square feet. It’s also worth noting that the average home size has been steadily increasing since the early 1980’s. Despite the slight decline in 2010, home square footage still continues to rise.

Whether you’re opting for a pre-built house or asking custom home builders to build one for you, square footage is one thing you can’t ignore. A house can be too big, and there is also the tendency to go overboard.

How Big Should It Be?

The University of California’s Center on Everyday Lives of Families may provide an answer. A study the center conducted reveals which areas of a home people spend the most time in. Perhaps understanding which rooms garner the most attention may help in determining the right amount of square footage.

Observing 32 middle-class families during a four-year period, the researchers show that the average family spends the most time in the kitchen and the ‘family room’ (if there is one). Other common areas such as the living and dining rooms receive attention sparingly, if at all. These results point to the possibility that a very large home, prized for its amount of floor space, may actually have a lot of wasted floor space, given that many areas of the home are not fully utilized. Most of the time, it comes down to the use of the floor space. A big home has a lot of it, sure. But before buying/building one, make sure you can use a good amount of that space. Otherwise, you’ll be paying more for something you can’t really maximize.

On the other hand, opting for a smaller home might be economical, but it also has its drawbacks. First of all, there is little (if any, at all) room to expand. A smaller abode might be good for a single person, but not exactly fit for a family. Secondly, there’s likely a considerable lack of storage space.

Consider these factors when deciding on how much floor space your new home should have.

Building Advice for Your First Commercial Space

Architecture and Landscaping

Storages for sale A commercial space where foot traffic is high can be very lucrative. Whether you are a lessee who’s building the first store or a landlord who’s creating a space for future tenants, here are some tips on how to give the commercial space foundation a great edge:

Hire an Experienced Building Materials Supplier

Building a strong foundation for your first commercial space is important for your business. Timely construction helps you open your business doors on schedule. Efficient construction may prevent costly and avoidable repairs. With a building materials provider in your contacts, you have the peace of mind that you’re getting the ROI you’re aiming for and that you have the right tools, materials and professionals on the job.

Don’t Skimp on Commercial Space Design

The look and feel of your storefront and indoor space affect how well you can generate new leads and create loyal customers. In today’s business world, your actual store should complete your online space (website and social media accounts) to create a streamlined shopper’s experience. Hiring an experienced interior designer helps you create a great space that invites people to stay longer.

Have a Vision and Create the Space for It

If you’re planning to rent out commercial spaces, build the foundation for the type of tenants you want. If you’re targeting restaurants and cafes, meet the basic requirements for such establishments. If you’re looking for startup companies as renters, build a space that complements their needs. As a lessor, what’s important is that you have a vision of who your lessees are, and build a space that matches their needs.

Building your fist commercial space can be a challenge. Having the right supplier and design team helps you address some of the common pitfalls that plague many landlords these days.

Key Factors you should Value when Hiring a Real Estate Agent

Information Services

Real Estate Agent in AlaskaWhen it comes to selling properties, knowing how the market goes is crucial. Keep in mind that it may take some time to close a deal. You need to weigh your options to maximize your profits. The whole process can eat up most of your time.

This is one of the main reasons property investors and homeowners look for reputable real estate agents in Fairbanks. Fairbanksakhomes.com says these professionals can help you find a fair deal and do all the paperwork needed.

How do you choose the right firm to work things out? Learn some of the key factors when hiring a real estate agent:

FACTOR #1: Length of experience and property portfolio

Take some time to check your prospects’ property portfolio. This should be your basis when gauging their performance. Be familiar with their experience, as well. Ask them about the properties they sold recently — location, type of properties, and span of time.

FACTOR #2: Specialization

Just like any other profession, real estate agents also have their own specialties. You should have noticed this upon checking their portfolio. While some are dedicated to selling residential properties, others focus more on commercial real estate. However, there are some agents who claim to be “well-rounded.” And the only way to prove this is to check the statistics. For what it’s worth, hire an agent you’re most comfortable with.

FACTOR #3: Legal documents

From the consultation, they should be able to present you their business permits, brokers’ license, and other legal documents. Visit the municipal’s office to verify the authenticity of the papers they have presented.

FACTOR #4: Professional fees  

Before sealing the deal, discuss their professional fees. How much exactly do you need to pay? When do you need to settle them? Compare their rates with rates from other agents. Take note that the rates may depend on reputation and experience in the business.

FACTOR #5: Transparency

A reputable property management firm should be transparent with all their transactions. They should propose a timeline and send you reports regularly. This allows you to monitor their progress. There should be written reports for every transaction.

Keep these things in mind and you can find the right real estate agent. Again, always maximize your options.