Real Estate Info

When buying a house through auction there are many things to keep in mind before starting the process. The first thing to look at is the price of the house and secondly the purpose for which you are buying the house. You might want to buy the house for living in it, for renting it out or for reselling it. Well all these three reasons demand you to look for certain qualities in the house that would definitely help you easily reach any of these goals. Firstly if you are interested in living in the house, then you should inspect for the following. See what the amenities you are having in the neighborhood that your family might need and what kind of community you will be going to live in. Then also look at the price tag, jumping for an auctioned house is of no use, if you think the price is too high. Also try to have at least one detailed visit of the house to see what repairs the house has to be done on and how will these repairs be financed? On contrary if you want to rent out or sell the house later, then look at the immediate repair expenses against the rental cash inflow you will have and compare it with the investment you are going to put into that house. After this ascertaining, you can now look at the other things to worry about. See the budget availability you have. Always be sure how are you going to finance your home buy through the auction. Always keep in mind that auction can spin out of control so always set a price tag at the max you are willing to pay for the house. Once you have ascertained this, now you can go with the bidding. One last thing to consider at this stage is the resale value or an exit strategy. There are times when people just jump into a house buy but they don’t realize that it is very important to get out of it, if they buy it a very higher price. People get emotional especially during the auctions; in competition tend to over pay then the actual price. Never get carried away and use your EQ (Emotional Quotient) intelligently. Lastly it is very good to have a background check (if possible) of the people taking part in the auction proceedings. This will help you know firstly, what kind of buyers are interested in the home. It will also let you have a glimpse of why these people might be interested in buying the house, because by knowing that you will be able to know what kind of attractions the house has for sellers. For example, if majority of the participants in the auction are real estate investors, then you should know that the house is a good bargain for reselling. On the other hand, if majority of the buyers are ordinary people trying to get a home for there living, then the home is offering different attractions. This will also let you have an advance know how on what kind of competition you might face at the auction.

Source:-
Dubai Property

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When you hold an FROR (First right of refusal) on a real estate property (or any other asset for that matter), it basically means the current owner of the property is obligated to offer you the property (to purchase) whenever he/she decides to sell the property. In case the owner sidesteps the person holding First right of refusal, and sell it to another buyer, the FROR holder can take them to court for reparation.

To understand how FROR works, let’s have a look at this example. Mr. A owns an apartment and rents it out to Mr. B. After living there for some months, Mr. B develops an interest in purchasing that apartment, for some reasons the transaction cannot take place straight away. However, Mr. B asks for an FROR agreement and Mr. A agrees. Now, once the agreement is signed by Mr. A, he is now restricted to offer this apartment to Mr. B before he finalizes the deal with any other party. For example, when he’s approached by a third party with an offer of say, $450,000 USD, and he is willing to accept, he must first contact Mr. B and make an offer for him to buy this apartment for the same amount ($450,000). It is only after Mr. B refuses to buy, when Mr. A will be free to sell the property to the third party. Remember, Mr. A can not ask for a better price, he must offer the property to Mr. B for the same price, which was being offered to him by the third party.

Question is why a seller in his /her right mindset would agree on presenting someone with an FROR contract. Answer is, because it doesn’t really hurt the seller in anyway. However, there are some minor plus and minuses attached to this contract. For example, seller can ask for a small amount as a fee for an FROR contract, also such contract may add a little value to the property. Coming to the negative side, real estate agents are reluctant to deal with such properties, in case the holder of FROR accepts the offer and make a purchase; the agent will be deprived of any commission whatsoever. However, the best thing about First right of refusal is that it doesn’t have some predefined clauses or terms, seller and buyers are free to negotiate and jot down their own specific conditions.

There are some modified versions of FROR as well, one of them is Right of First Offer, in which seller has to approach the holder before putting the property on sale.

Buying a vocational property (also known as Second Home) can be a handy investment, for it can serve two purposes. First, it saves you plenty of expenditures when you are visiting that place in holidays, second you can rent it out to visitors on temporary basis and enjoy good monthly income when you are not using it. What’s more? You can turn it (or some part of it) into a restaurant or a shop if it is located at a place that gets plenty of visitors, during the course of a year. In short, owing or investing in a vocational property can be advantageous in many ways, but only if you choose the right location and pay attention to details. 

First, you need to make your mind on what will be the primary purpose of this property? Would you be using this place a lot, as a vocation spot? Will it serve mainly as a place away from home and the normal hectic life? Or, the sole purpose of this purchase is getting income? Ideally, if you are going to buy a vocation property, it should be intended (and able) to serve both purposes, so that you’ll be able to derive some value from this investment, in any case.

Location:

Whatever your intended future usage of vacation property is, the location is going to play an important role. Being a vocation property, it is supposed to be at a less crowded area, away from the normal hustle and bustle of urban cities. It can be a small hill station (especially if you are looking for a vocation property in South Asian countries like India & Pakistan), a cottage at some beach or a farmhouse in some peaceful vicinity. You should make a choice after considering both, your inclination and the investment viewpoint. Also, keep in mind the travel factor.

Price:

Prices depend mostly on the popularity of area and the number of visitors it get. The availability of the basic necessities like electricity, gas, clean drinking water or the facilities like internet access and security, also matter. If you can foresee some place getting more tourists in the future (for example a new road is under construction, which will make it more convenient to reach there), you can expect significant hikes in near future. Generally, the closer some vacation spot is to a big city, the higher its land and properties will be priced.

Types of Vacation Property ownerships:

You can own a vocation property in more than one ways, in accordance with your budget and usage. For example “timeshare”, where more than one party use the property for a prearranged, fixed period. You can use it personally or rent it out for the time period allotted to you. You can also go for fractional ownership, where you actually own a fraction of property (in contrast with timeshare, where you are entitled to “use” the property for only 1 – 2 weeks in a year).

You must have heard about those real estate investors, who purchased some property at extremely low prices, in a relatively lackluster real estate market. Then for some reasons the property prices soared and the property owners earned huge profits in no time. They are some lucky guys? Aren’t they? But before you start envying them for being the fortune’s favorite, let’s get your facts straight. The fact of the matter is that it is the market analysis and foreseeing capability that makes the difference, more than luck or fortune. Real estate market plays an important role in the process of property valuation, even more than the property itself. Therefore, next time when you are about to invest in some residential or commercial property, spending some time in evaluating the market can make huge difference.

An overview of the market and economy:

Have a close look at the ongoing situation of real estate market; do you see a bullish or bearish trend? Do you think this trend is going to continue in coming days or there are some signs of change? The overall economy has a direct effect on real estate as well, if there is economic growth in some regions, real estate prices are supposed to grow as more and more people and businesses will step in to take advantage of the growing economy. If you can retain a residential or commercial property or even some vacant land in this region, it can bring huge yields. Projecting a bullish or bearish trend is not an easy task unless you have got the drift of economic ups and down. However, you can take help from some experts (though, they might get it wrong as well).

Vacancy rate, Rentals, Prices:

If you are looking for short term investment, where you wouldn’t have to wait for longer period before you start earning, then look for these indicators. Vacancy rate of a real estate market is obtained by dividing the unoccupied units to the total units available in the market. You can have an idea of the existing property prices and the possibility of rise or decline in rentals or property prices, in near future. A significant change in mortgage rate can also boost or reduce sales.  

You should also check for the infrastructure and development work going on in the real estate market and adjoining areas, in particular if some big companies have recently entered or left the market.