Sunday, August 26, 2012

Are You a First Time Buyer Looking for a Home?

If you're planning on buying your very home, you better make up your mind quickly as the housing industry at the current time is pretty low - you could say it's settled at the basement due to the economic slowdown which followed the massive recession.

Due to the lack of jobs and various other financial crises, many people have put their homes for sale on the market so that they would get some cash and settle down in smaller homes. Of course, this doesn't seem like the right thing to do, but if you want a cheap home, this is the only way to do it.

Are you buying your first home?

Well, if at all this is the first time you're buying a home or are involved in the process of buying a home; the entire process may seem overwhelming. However, there's nothing to worry about as there isn't a lot that you need to know.

First and foremost you're going to need the cash, so if you don't already have it sitting in your bank account you should go ahead and get yourself a loan as these processes usually take a few days you should plan in advance.

But before you get the cash ready, you would need to pick a home right? Therefore, go ahead and choose a good realtor - a person who knows their job and has the desired experience in the city you plan to buy a home.

When you hire a professional realtor you'd have all the help you need on your side. They'd go through all the houses that are up on the market and pick out ones that match your budget and other priorities. Therefore, the final list that they come up with includes houses that you'd be truly interested in.

As already mentioned, you're going to need to get the cash ready, so speak to your bank and find out what formalities you need to complete in order to get your loan approved. Note that you could approach any bank and it need not be your regular bank. So, look out for the best rate of interest and you're all good.

Have a professional inspect the home

Once you've shortlisted a few homes, make sure that you hire a professional to look up the house. They would go through all the rooms and let you know of any flaws that may be present. Therefore, by doing this you would be saving yourself on repair costs as you won't end up buying a house that's literally broken down!

Sunday, August 19, 2012

Building Reports Have an Effect

Building Reports are starting to have a marked effect on the outcome of a sale, as more traditional homes come on to the market. This makes the clause that is included in your Sale & Purchase Agreement all the more important.

The building report clause used by a buyer usually refers to the buyer being satisfied with the general condition of the building and any other buildings on the property, their weather tightness and structural integrity.

There are a number of reports that have been used by buyers to get, what may be considered cosmetic issues, fixed by the seller.The seller has the option of whether they get these fixed, or have their solicitor tell the buyers solicitor that they are not part of the building report in the agreement.

The broken tiles in the bathroom, the textured ceiling in the lounge, the paint flaking on a couple of window sills, the cracks in the concrete driveway, the worn edges of wall paper... are a few examples.

Building reports were initially intended to have buyers get a house or building that had no "building" issues, was structurally sound and had been "built properly". In other words, they had all their legal issues met, they had been built to the required standards, and had inspections completed to show this, And clauses are in every Sale and Purchase Agreement for the protection and use of both groups involved. Their benefit however, may be to only one of those groups.

There have been agreements written and purchasers settled where sellers have reluctantly agreed to fix this, and fix that, because they did not want to create an issue that could cause the buyer to change their mind. They have become quite offended when the buyers solicitor informs their solicitor that they want the seller to fix the tiles in the bathroom, and to repaint the window sills and fix up the driveway!

The point being that they are quite aware of the fact that their home is not new, that their home has been lived in for 25 years, that their home has suffered some wear and tear over that time - and they would expect buyers to understand this.

So sellers have the option of whether they want to accept the buyers fix this and fix that request then they could either insert a building report clause that states they will get this fixed and get that fixed, or stop giving in to the initial clause in the agreement and tell this to their solicitor so as well.

Sunday, August 12, 2012

Manhattan Real Estate Market

The New York City housing market lives up to its hype. Glamorous apartments that move quickly mean buyers and renters alike must act aggressively if they see a unit they love. From penthouses to studios, apartments in the NYC "housing" market are usually either condominiums to cooperatives. The key difference is that a condominium is real property, whereas a cooperative is personal property, meaning shares in stock of the company running the building. Those seeking a more free-standing "house" style may consider townhouses and brownstones.

Buyers should obtain a pre-qualification letter for mortgage from the bank to see the highest range of inventory, as sellers can stipulate only pre-qualified buyers be shown their properties.. Buyers also need to be able to verify funds and three years of work history. Both buyers and renters should have on record this year's pay stubs. In their search, renters will find there is an income requirement. Leasing companies and cooperatives can require an income that is anywhere from 20 to 50 times the monthly rent. If you are interested in purchasing, renting or selling NYC real estate, some of the best experienced sales professionals can be found at Wald Real Estate, a full service brokerage specializing in the Manhattan location.

As of 2012, the median sales price for a Manhattan apartment is approximately $1 million. According to the New York Times, the average rental price in Manhattan for 2012 was approximately $3400 per month. These numbers show the market on an upward trend. After a few down years, Manhattan real estate is thriving, and agents are hustling to keep up with demand. 2012 brought the highest rate of sales in over four years. But these hungry buyers and renters are seeing fewer units on the market in comparison. With this decrease in inventory of available apartments, the Manhattan real estate market this year is seeing the lowest inventory in over seven years. Foreign buyers are also seeing the appeal in investing in the Manhattan real estate market, adding to the competition for apartments and townhouses.

Neighborhoods within Manhattan that are seeing increasing activity in sales are midtown west and the Upper West Side. Increased rental demand has been seen in downtown neighborhoods like Gramercy, Flatiron and Chelsea. The Upper East Side as well as the East and West Villages are also holding steady demand.

Demand for a neighborhood reflects the total personal value which buyers and renters place on a neighborhood. Some people like to be closer to major subway hubs, while others want to be closer to entertainment and nightlife. Still others seek a quiet repose near the city's parks or on tree-lined streets. Manhattan offers a style of living for everyone. For inquiries into which neighborhood best suits you, contact one of the savvy agents at Stephen P. Wald, a highly-recommended, full-service real estate brokerage specializing in the Manhattan real estate market.

Sunday, August 5, 2012

Buying Homes and Renovating to Add Value

The local news just announced that home buyers are still in the bird seat. Many owners have held onto their properties waiting for the market to change, but the promised upswing is still nowhere in sight. Today, house hunters are looking for values, but may be disappointed when they discover aging homes which were built for families one or two generations ago. There are still many great values available, but they may not be exactly want shoppers envisioned. Smart home buyers choose to look past what presently exists and imagine the new house that they can create through renovations.

Some savvy investors are now buying homes and reinventing them. At first glance a 1950's three bedroom, two-story house may appear outdated and obsolete, however a few interior and exterior improvements can transform it into a modern residence that won't stay on the market very long. These refinished homes often have the look and feel of new construction, but costs less and are located in areas where new homes may be difficult to find.

Homes often look dated due to interior surfaces that have faded or gone out of style. Wall paper, linoleum, and paneling can make a room look and feel dilapidated. Tearing up the old carpet or replacing linoleum with wooden and stone tile floors has an almost magical affect. Consider adding natural stone, glass, or ceramic mosaic tiles around kitchen islands, entryways and mantles to add a fresh, contemporary look.

Older homes are notorious for lack of storage space and bedrooms. Renovated basements and attics may be an easy way to increase both bedrooms and storage without major room additions. The slanted walls in the attic can often be used for storage or kept as is to add character to the rooms.

If light is a problem, adding a sunroom or a skylight can brighten things up. Home buyers are also smart to assess the old windows and replace them with energy efficient ones. If the rooms feel small, vaulted ceilings can open up crowded rooms and make them feel open and expansive.

Modern exterior improvements like siding and a wooden deck will instantly improve the house's curb appeal. Many of these whole house renovations take a high level of expertise, and are more than weekend projects. Home buyers, who know what they want, can try making the improvements themselves or look for renovators that specialize in reinventing these older properties.

Wednesday, August 1, 2012

Why Buy a House or Property in Worcester?

Worcester is a superb location and there are many reasons to buy a house or property in Worcester's residential areas, whether it's to live in yourself or as a property investment.

Worcester is located just over 25 miles south of Birmingham (the second largest city in the UK) the beautiful river and canal side historic city of Worcester offers a wide and varied lifestyle with its many bars and restaurants to the idyllic 12th century cathedral. The city's location and elegant Tudor and Georgian architecture make the city one of the top tourist destinations in the UK attracting over 2.5 million visitors per year. The compact city centre is largely pedestrianised and offers more than 100 places to eat and drink from top-flight restaurants, cafes pubs or modern coffee shops.

As the birth place of the famous English composer Edward Elgar Worcester boasts a wealth of historic culture and comes through the ages to the modern day with the new multi million pound city centre library, history and customer centre for the general public and the students of the UK's fastest growing University.

Sports fans are not left out with horse racing at Pitchcroft, football at St Georges Lane, and home to the Aviva Premiership rugby team The Worcester Warriors.

Worcester has an excellent employment base with a selection of company headquarters in the City including Worcester Bosch, Leigh and Perrins makers of the famous Worcester sauce, Cosworth Technology, Carnaud Metalbox (the largest packaging manufacturer in the world), Quinetic, Brintons and Worcester Porcelain.

To the East of the Worcester is where you will find Warndon Villages, with its thriving local community, good local schools, supermarkets, pubs, state of the art hospital and fast food establishments such as Subway and Pizza Hut. Warndon Villages is divided into a number of distinct "villages", The Harleys, The Lyppards, The Berkeleys and The Meadows, each with their own subdivisions. Warndon is becoming the family's choice of area to purchase one of the 4500 homes that currently occupy the area.

Commuters also enjoy easy access to Birmingham in the north and Cheltenham in the South via junctions 6 and 7 of the M5, which is situated just one mile from Warndon Villages. Worcester also has two railway stations, Worcester Foregate Street and Worcester Shrub Hill. Both of the Worcester train stations frequently serve Birmingham, London and nearby towns and cities. Birmingham International Airport is approximately 45 minutes by road.

Michael Tuck Estate Agents in Worcester opened in 1998 and is regarded as the number one longest established estate agent in Worcester. Our highly trained, motivated and local staff will cater for your every need. Choosing the longest established agent with many years local experience will make all the difference to your house sale or purchase.