Do’s and Don’ts in Looking for the Right Real Estate Property

Photo: XH Land

In choosing a property you have to be at least a few notches wiser than the real estate agent selling you the property. If you’re not, chances are, you might get played at not just with the price, but also with the quality and authenticity of the deal at hand. Here are the Do’s and Don’ts – buying property tips for your dream house:

• Does some background check if you are looking to buy a house. It won’t hurt to know the history of the property, you might end up digging up some horror stories of death and murder alongside its walls. Well, I’m just playing safe here; I don’t want to bump into any ghosts in the middle of the night when I’m off to get my midnight snack. It’s really up to you.

• Do ask advice from your friends or neighboring properties because they might know something the real estate seller is not telling you.

• Do consider the place and neighborhood of your house because if there is an emergency you might not have any neighbors go to at all.

• Don’t just buy a house you’ve seen while you haven’t seen the rest in your list.• Don’t buy a house right away that’s too pricey, stick to a certain budget and do more research to find the house with the worthy price for you.

• Don’t forget to check ahead and secure the contract for the land ownership when you have bought the property.Well, these are all my advices and opinion for all of you in buying property. Just know what you want and see if it satisfies what you’re looking for. Happy land hunting!

Beware of Bogus Property Ads

Just as many as there are people moving to California everyday, there are also equally the number of scammers ready to take on their prey. Just because I’m new here doesn’t mean I would have to fall for them. I am strongly campaigning against them and there are many ways on how to spot a bogus ad and protect yourself from financial risk and manipulation.  Below are buying property tips to protect you from scams.

• Real Estate ads that offer too good to be true property deals. While there are good buys, properties that totally defy the market trend should raise a red flag. If you think you’ve got the best catch, check if such a good deal is legitimate.

• To be told that the property may not be viewed or visited is such a phony. Agents (the real ones) are the ones who will really be interested to show you around for a greater chance to seal the deal.

• If money is being discussed upfront without any solid proof that the property will be yours (and that you haven’t even seen it) – this situation must be avoided. Chances are, once the money is sent, you’ll never hear from that scammer again.

• If the seller (or scammer) constantly tells you that the owner is overseas and this is the sole reason why you cannot see the place, at this point you should consider buying another property. Odds are the seller/scammer has no idea who owns the property or doesn’t even know if it is up for sale.

What you can do

• Take time to really visit and inspect the property. If he is the owner or knows the owner, it shouldn’t be so hard to come in and check the area. A drive-by should be a no-no, because frankly, anyone can do a drive-by and claim that the certain property is theirs.

• If the property is on another area or country, ask someone you trust to check on the place and make inquiries about the property’s ownership. If legitimate though, check local laws as well to avoid any inconvenience from the local government.

• If there are other modes of payment applicable, do not opt for money wire transfer.

• Government and real estate developers’ websites can offer information about their properties and contact details if you need further assistance.

• Keep a record of all transactions and communication between you and the seller. This can serve proof of ownership and will protect you from issues in the future. Make sure the seller signs all pertinent documents.

• If you have been conned, take note of the person and all the transactions that happened between the two of you so it will be easier to check on his modus.

Scammers are really everywhere, and especially in real estate business where transactions are dealt with in large amounts – and the risks are huge as well. It is always best to deal with legitimate service providers and sellers. With matters of money, it is always better not to rush things off. With this, you will be spared the headache and cost implications when legal matters set in.

The Apprentice, Tips In Buying Properties

Photo: Janet Mcafee

In my quest to be the next Donald Trump – again, minus the hairpiece, the tabloid news and divorce settlement – I’d like to explore more on buying property, and these are what I have learned so far (Yes, I’m doing my homework now, as any self-respecting billionaire-would be ).

• Long term. Before you even buy a property for lease, think long-term and project how long you will be keeping it. Real estate experts say that the longer you intend to keep the property, you should be ready for repairs, maintenance and upkeep that is sure to come.

In 20 years, you might have to shell out cash for major repairs like piping, and maybe even a new roof. IF you are planning to keep it with you for a shorter time, just make sure you are still able to sell it at a higher value that also covers the minor or other repairs and upkeeps you have done.

• Study the market and learn some real estate strategies. Even with trends almost always saying that real estate value appreciates, times may change and your property might suddenly decrease or lose its value in 10 years or maybe even sooner. Make sure you have earned enough to cover for that as well.

Study your options and strategies well to make sure you have all your bases covered.

• Ownership. If you feel you don’t want a Trump Tower in your hands, small investors may opt to have long-term ownership instead. This would ensure steady income for the long haul and can be a good source of supplemental income. It is already a good deal to earn a steady income from a small investment if you are not keen in venturing it out and conquering the world (or the air, for skyscrapers that is).

• Increase your clout to get great deals. Your network of friends, relatives and professional contacts can lead you to properties that are about to be sold. Check local ads to see which ones can be a good buy and is a good potential for long-term real estate investment.

Once you get your hands on in real estate, investor meetings and networking can help point you to other good finds.

It’s good to note that if you are going to handle properties, read – “assets” – then you should get other ‘assets’ in good shape as well. Have your bank accounts and credit cards in good standing so you can get better deals on loans and property purchases. Foreclosure is that last you would want to hear from your bank. Let them know that you are able to manage your finances well that you acquiring assets can be profitable to them as well.

I know I still have to study a whole lot more, and make them work for me as hard as I can before I get close to the same level as The Donald (okay, maybe not that close).

Watching re-runs of the Celebrity Apprentice might help (hey, did I mention him again?), but I know ‘real life’ experience can teach me all I need to learn.