Property & Real Estate Blog

The mechanics of short sales in real estate

2009-06-29T10:54:00.000-07:00

There are not many “ways out”, once you are in a tight spot as a home owner, who’s going through some financial problems and finding it hard to reimburse the debt amount to his/her lender or mortgagee. Most of the times, you are left with no other options but to withdraw from your home ownership, either by means of foreclosure or “short sale”. A short sale occurs when you sell your home (of course with the consent of the lender) to some buyer at a price that’s less than the owed amount of debt. In case of a short sale, lenders keep the money, buyers get the home and the sellers are left with … well, nothing but at least they can save themselves from dishonor and bad credit record that comes with foreclosures or bankruptcy.

Mostly, three major stakeholders are involved in a short sale, namely seller, buyer and lender. Let’s discuss the transaction one by one, from their standpoint.

Seller:
Though seller gets nothing (of a monetary value) out of “short sale”, still he/she is the one who is the most concerned. As a seller, you should keep some points in mind. First, the lender will not always absolve you of the remaining debt. Second, the credit history doesn’t really remain unmarked in case of short sale (though the bad impact is less than the foreclosure). As a seller, you must put forward a very strong case for the bank's loss mitigation department, an application providing valid reasons with documented proofs (especially if you have cited the "decline in property prices" as the reason for short sale).

Lender:
Lender is of the paramount importance in a short sale, buyers and sellers cannot proceed with the deal without the lender’s permission (In case there are more than one lenders involved, consent from both parties will be needed). Mostly lending banks permit sellers to carry on with the short sale to save all the costs and complications attached with foreclosures, but not before going through a thorough checking and verification process.

Buyer:
Homes at short sale notices are typically low-priced (not lesser than foreclosures though). But the biggest drawback in going for a piece of "short sale property" is the amount of time it can take before the deal is finalized, mainly because it's not the seller but lender who'll approve or disapprove the offer. As a buyer, it makes sense to involve a real estate agent, who has previously dealt with short sales. Short sale homes are supposed to be in better condition than the foreclosed ones, but you must hire a home inspector to do the inspection in any case.

Some guidelines for Home Inspection

2009-06-24T12:02:00.001-07:00

As a home buyer, you don't need to be reminded on how important home inspection is, before you close the deal. Isn't it quite obvious that you must confirm that walls, rooms, electrical systems or other building blocks are in satisfactory condition? For this purpose, you can find professional home inspectors who are professionally trained to carry out such inspections. They have the experience, tools and software to complete home inspection in a more thorough and accurate manner. However, if for some reasons you can't avail the services of home inspectors, you must be able to inspect yourself and spot the problems that may surface in near future, then you can ask the seller to fix them.

Interior and Structure Issues:
Take a look at rooms, kitchen, stairs, bathroom and basement area. Check out room dimensions (length, width, and height), walls, ceiling, paint, and the size of doors. In kitchen have a close look at the condition of ceiling, kitchen counters and gas pipelines. Moving to the bathroom, check for the ventilation system, bathroom plumbing, sink, hot tubs and showers. For a layperson, structural problems are the most difficult to figure out, for that start with observing the material used in foundation and construction, check wall thickness, if there's some wooden work then make sure it's not damaged by insects or fungal. Similarly if you are dealing with concrete structures, try to identify the problems like cracking.

Issues related to plumbing and Electrical Systems:
Check for the main panels, electric meter, circuit breakers, wiring, fans and other electrical components. Study the quality of wires and cables used in the wiring; also look for the security measures. Regarding plumbing, check out the water supply lines, pipe materials, valves, vents, water storage facility, also make sure sewerage system is intact.

Heating & Air conditioning Systems:
Proper heating or air conditioning systems (depending on the type of weather you have in your region) are very important. If the weather generally remains cold, pay special attention to the age and condition of heating system, fuel type, and distribution system, in addition to this you can insist on some hot water systems. Similarly, check out the air conditioning system, humidifier or system type if you are residing in warm zones.

You may want to examine home appliances, garage, or moisture and drainage indications. To cut the long story short, you are free to scrutinize just about anything, just don't start turning down all homes just because they have some minor issues, as almost all buildings have drawbacks.

Importance of Property tax and its implications

2009-06-15T11:16:00.001-07:00

Tax is a financial charge enforced on citizens (individuals, businesses, legal entities) by the state. It is one of the largest sources of Government revenues. Property tax is one of these taxes and is charged from the owners of some real estate properties like land, houses, commercial plazas or any other type of realty (Note that tax levied upon vehicles, bonds or stocks is also called property tax). Property tax is normally calculated as a percentage of the total value of property and property valuation is carried out by appraisers representing taxing authorities. Different countries have different set of rules in accordance with their own needs and objectives, UAE for instance charge no property tax (buyers and sellers have to pay a tax at the time of property transfer though).

Real estate taxes are often enforced on its owners, but property tax can also be imposed on property transfers or income coming from possession of some property. All types of real properties and property ownerships like agriculture, grazing, farm houses, industrial, tenancy, shops, homes and shops have different implications/exemptions jotted down specifically for them. Also, there are tax exemptions for special cases like old citizens or widows in many countries. The ownership tax is normally payable after one year time. Apart from generating revenues, governments may use these property taxes to curb speculative investments in real estate market. However these taxes can have some negative effects as well, for example increasing urban spread out (known as sprawl).

Land Value Tax:
Unlike Property tax that is levied upon the real estate, land value tax is a direct tax on the value of land. At present, it is imposed in Australia, Hong Kong, Denmark, etc. Lots of economists are of the opinion that Land value tax is a better option than property tax, first because it is easy to calculate and second because it can take care of some loopholes in the economic setup (e.g. discouraging land owners to hold the land for no reasons). However, it is hard to implement in countries where it is difficult to ascertain real land owner.

When talking about saving on property taxes, you can’t have a general advice as rules and regulations differ in different countries. However, by reading and understanding your local laws (especially the valuation method) you can save a considerable amount. Many taxpayers often avoid going in details or getting in dispute with taxing authorities, but you’ve got every right to know exactly what are you paying for?

Illuminating real estate bubbles and real estate corrections

2009-06-02T12:04:00.000-07:00

It’s known as a bubble but when it bursts, the after effects are definitely not pleasant (as they are when you pop a real bubble). When a real estate bubble (or housing bubble) goes off, it almost blows up the whole economy and leaves investors and property owners in distress. For instance, you purchased a property in a fast growing real estate market for 300,000 US dollars back in 2000, the real estate prices appreciated and your property price reached up to 800,000 USD in 2006, then the inevitable starts happening (known as the bubble burst) and your property price declines to a meager 250,000 USD in a matter of months. That is how devastating these housing bubbles are, and the worst thing about them is that they are hard to foresee, even if you are a veteran in economics.

Real estate bubbles (or any other type of financial bubble) are not just detrimental once they start to come apart, they are equally damaging to the overall economy even during the course of their build up. A rapid increase in the prices of real estate properties sounds good, and some investors might be able to go home with huge profits, but when we look at overall effects, we come to an conclusion that housing bubbles should be avoided (or at least curtailed by the regulatory bodies) at all costs. First because the abnormal hikes in property prices are based on shaky grounds and second because they are always followed by a very inconsiderate decline in price (known as real estate or housing market correction), which leaves many property owners with negative equity.

Real estate bubbles are normally dubbed as real estate booms, because it’s hard to distinguish between a “bubble” and a “boom”. However, a careful comparison of property prices and relevant economic factors can provide us with a pretty clear picture of what’s going on in the market.

Real Estate Corrections:
Real estate Corrections are quite the opposite of "Real estate bubble", in fact real estate market correction starts right after the burst of real estate bubble. It is the time when prices tumble and take a nose dive, if the sharp rises in real estate prices correspond to "real estate bubble"; it's the sharp decline in property prices that characterize "real estate correction". This correction in price is bound to happen once the real estate prices have reached the peak, though these corrections are not abrupt and it can last some years. Sometimes the prices can be reduced to the half of what they were at the peak of "Real Estate Bubble".

How beneficial is Home Warranty

2009-05-25T12:50:00.001-07:00

By the name of it, many people misinterpret home warranty as some warranty that covers everything (including interior, house structure and even paint). In reality home warranty is merely an insurance for your home appliances (still, not that bad? The home appliances include fans, air conditions, heaters, oven, washing machines and other domestic devices. Home warranty mostly comes into the consideration at the time of sale, though it has no real implications, a home warranty from the seller or real estate agent can add to your peace of mind as a home buyer. Just because the name is heard mostly at the time of sale, it doesn't mean you can't have one for the houses you are living in for years.

As in the case of warranties, the home warranty issuing company is responsible for repairing or replacing the appliance that stops functioning properly. Of course, they have some charges that you must pay on yearly basis just like and other insurance, plus you have to pay a small fee every time you avail their services.

Pros & Cons:
As stated earlier, a home warranty doesn't cover everything; hence you are not freed from all the worries or uncertainties that turn up at the time of home purchase. Still, a good home warranty can provide you with considerable assurance because it may cover heating systems, plumbing or electrical systems along with all the major appliances. In addition to that, home warranty will be perceived as a bonus for buyer when you put your home for sale. Coming to the negative aspects, home warranty works only in case of normal deterioration (wear and tear), your claim will be rejected if the problem was caused by inadequate use or maintenance. If the company (the one providing the warranty) rejects your claim, there's hardly anything you can do, similarly you can't force them to replace some appliance even if it's breaking down every other day.

Some Advise:
First, home warranty is not necessary, it's specifically meant for those who find it extremely irksome to go through repairing or maintenance work on their own. If you have purchased a newly built house, and all the appliances, cooling or plumbing systems are in good shape then home warranty is an unnecessary burden that you should avoid. When you are convinced that you can benefit by having home warranty, you should choose the best service provider after reasonable research. Read the terms and conditions carefully, specially the part that tells what's protected under the warranty and what's not. Moreover, chew on the possible circumstances where your claim can be rejected.

Different types of real estate investments

2009-05-19T08:45:00.000-07:00

Real estate investments are of various types; you can single out any of them according to your requirements. Generally, you should consider following points when choosing one of them.

• How much capital do you have?
• Are you interested in short-term investment or long-term investment?
• A careful review of advantages and disadvantages

Coming back to our topic i.e. different types of real estate investments, following are some basic types of investment.

Rental Properties:
This is the most basic and probably the most commonly used method, you purchase a property, find some renter and rent it out after agreeing upon a fix amount of monthly rent. All expenses like maintenance, tax, mortgage payments lies on you (the landlord), while you secure a regular cash flow coming from the monthly rent payments. Not only that, but you can also benefit from property prices going up in the meantime. You can rent all types of properties, be it the residential, commercial or vacation rentals.

Advantages:
As mentioned earlier, you will be getting a regular stream of income while keeping the possession of property rights, therefore you can benefit from the increase in property value as well.

Disadvantages:
In case you are not able to get some reasonable tenants straight away, you are stuck with your investment, which is supposed to be a large one. Also, the irksome chores of maintenance or dealing with troublesome occupants can prove to be a little too much for some landlords.

Property Flipping:
Property flipping is most common in real estate markets going through significant growth. In these markets (where property prices are soaring), you can purchase a property and put it up for sale straight away, because the prices are rapidly increasing, you should be able to make profit instantaneously. More experienced investors also go through some renovations in the property (known as fix and flip) to secure maximum profits.

Advantages:
This type of property trade (buying and quickly selling) is not recommended for rookies, as it involves quite a number of complications. However, lots of experienced and shrewd investors have managed to make quick money, by just flipping the properties in booming markets.

Disadvantages:
An unsuccessful attempt at property flipping (where you fail to flip the property to another buyer or the price goes down instead of rising) can prove to be disastrous. Stay away from this type unless you are sure of your foreseeing skills.

Indirect Investment (Investing through REIT):
If you are short of capital (not enough to purchase a property on your own); you must be looking for an alternate that’s easy on your pocket. Investing in “Real Estate Investment Trusts” or real estate investment groups is one such alternative. Real Estate Investment Trusts (REIT) or groups are corporations, they invest in real estate and you can purchase the shares (quite similar to mutual funds).

Advantages:
This is easily the most liquid form of real estate investment as these securities can be sold anytime like stocks. You don’t require substantial funds to invest and the profits are often higher than normal stocks.

Disadvantages:
Just like mutual fund, you need to have a basic understanding of the market before you invest into REIT. Another negative aspect is that normally the growth rate in share values or dividend is minimal.

What rights do you have as a buyer in real estate purchase?

2009-04-27T07:41:00.001-07:00

When stepping into a real estate transaction as a buyer, you have some rights to start with, and because it involves a very considerable amount, you should make the most of them. Most real estate buyers are quite uninformed about their privileges. Even if you engage some real estate agent to deal on your behalf, you cannot afford to be in dark about these rights.

Information & Inspection:
Property buyer has the right to get hold on all the information about property; similarly he/she can inspect (or hire some house inspector to examine) the house condition and look over into the issues like how much repair work is considered necessary? Does it has all the necessities like clean water or electricity, how old is the building or what sort of material is used in construction? House owner cannot object or refuse these inspections in any case. Also, you can opt to double check all the information provided by the seller for your own satisfaction.

No inequity:
Myth is that property owners (or sellers) have the right to turn down any buyer who's interested in their property on any grounds. These rejections are normally on discriminatory basis and some of the well known reasons are race, religion, marital status, or color … the truth however is that no real estate agent or property seller has the right to demonstrate any such injustice. There are laws like "Fair Housing Act" or "Rehabilitation Act of 1973" to prevent all types of discrimination in United States.

Privileges regarding financial matters:
First of all, you are free to choose the funding option of your own liking; seller cannot press you to go for some specific source. When you go to a lender, he/she is obliged to present all terms and conditions without any ambiguity to the borrower (declared in "Federal Consumer Credit Protection Act"). As in the case of house inspection, you can hire the services of some attorney to look into the terms of loans and advise.

Buying Agreement:
The form of buying/binding agreements varies, but in general it is a written agreement signed by both parties, if some mortgagee is also involved then the paper work is supposed to be a little more complicated. Another noteworthy authority that buyer has is the "cooling off" period that is a span of some days, during which you can drop your decision and cancel the deal for any reason.

These are just some of the rights and privileges that you retain as a property buyer, for an all-inclusive list, you should consult some real estate attorney in your area.

Locations and neighborhood, Important factors in property valuation

2009-04-13T09:51:00.001-07:00

What's the single most important factor in property valuation? Well, the answer has been repeated many times by real estate gurus (emphasized with the help of a phrase that makes it way in every article related to property location i.e. "location, location, location"), still no harm in reminding ourselves of this important element once again. If you have been involved in any decision regarding purchase or sale of real estate, you must be aware of the importance that location and neighborhood has in these decisions. In all types of properties including residential properties, shops, land or farmhouses, every single party is concerned about its surroundings.

So, what's an ideal location? The answer depends mostly on your own requirements but there are some general points to mull over when deciding the price of a property.

Residential Property:
Residential properties should ideally be located in some urban areas with availability of all basic necessities like electricity, clean water, gas, etc. Amenities like schools, hospitals or shopping malls in the vicinity are a plus. If you are buying the property for renting purpose, then you must look into the demand of houses in that specific area. Some undesirable place/ people in the neighborhood may also raise eyebrows. And while it's good to have a residential property in the inner-city (not outer reaches), buying a house at an overly crowded road or congested shopping mall can backfire because of noise and all the hustle.

Commercial Property:
Quite obviously, a commercial property should be located at some swarming place. Transportation and parking facilities are other things to look at. If you already have some business in mind, you can see if the place attracts your potential customers (e.g. targeted age group or income class) for your business, also make sure that you are not going for a place where plenty of other businesses are already offering the exact products or services. If the property needs lots of renovation before it can be utilized then keep those expenditures in mind when settling on a price.

Crime rate is another important factor for both residential and commercial properties. Investors who are looking for long term investment can earn huge profits by investing in some area going through major development works or infrastructure programs. Buying a piece of property in this area when the work has just begun will be comparatively inexpensive, hence offering huge profit margin. Apart from these basic rules, you should consider your personal likes and dislikes about the neighborhood when finalizing deal for some property purchase.

How important is real estate education & training to thrive in the field

2009-04-07T12:04:00.000-07:00

Going into real estate business is mostly a matter of choice; you don't need to obtain some particular degree or go through specific educational programs. Especially in past, realtors have started and succeeded without any prior education, learning through their experiences or fellow real estate experts as they progress, but that was past. Now days, you cannot think too little of proper education even in this field, when more and more specialists are taking over the key positions in real estate sector; the impact of education has become more significant than ever.

It's not only the case when you are applying for a job at some company, even if you are willing to start on your own; you need to educate yourself on continuous basis, whether through conventional means (college, online courses) or other sources (books, magazines or articles). Getting hold of most up to date information is crucial, irrespective of your area, be it construction, appraisals, land surveying or running a real estate agency.

Real Estate & Economics:
Knowledge of economics comes handy when determining future prices or other real estate trends. You must have sufficient comprehension of the law of demand (buyers, owners or users in case of real estate) and supply (sellers, developers and agents). You should also be familiar with the economic factors that will/can affect real estate prices, you are supposed to know the answers to basic questions like what's going to happen when demand of homes surpass supply or vice versa?

Real Estate Finance:
Most real estate professionals start their careers from this line of work. If you are looking to join this field, you should equip yourself with the knowledge on how mortgage works, and know-how of other commercial or non-commercial lenders as well. You must be able to guide your customers (after listening to their requirements and limitations) to the most appropriate source.

Law & Regulations:
All real estate transactions and activities have a specific set of laws and regulations set down for them. These laws cover all the major areas like buying and selling, construction, tenancy, commercial properties, quitclaim deeds, financing and foreclosures. A real estate professional should be well versed with at least the basic ones.

Marketing & IT:
Real estate marketing is slightly different from traditional marketing. You cannot go around marketing all "for-sale homes or properties" one by one because of the costs attached. All you can do is to work on establishing your brand name as an authentic real estate agent. Like all other sectors, internet boom has also alleviated the field of real estate marketing. Ignoring the cutting edge technologies this medium provides can cause serious damage to your growth. That is why good proficiency in using internet as a marketing tool is very important for anyone who is looking to excel in real estate marketing.

Hard money and bridge loans for real estate

2009-03-30T12:43:00.000-07:00

Although the hard moneylenders were largely affected when real estate industry crashed in the 80’s, recent credit crunch has brought more business to this sector. People who are in need of loans are turning towards hard money loans after the financing by traditional lenders and banks has come to a halt. The casualness and irresponsibility of these banks and lenders when giving out loans in the past has hit them hard and they are going through a severe liquidity crisis. With this serious drop in supply for finances, hard moneylenders are seen as a reasonable alternative. People and businesses are short of funds, and naturally they have to go for the best substitute available. A hard money loan comes as a last resort in such situations.

Characteristics of a hard money loan:
Hard money loan goes by the principles of mortgage; the distinguishing characteristics are the interest rate and the time consumed in approval. A loan application can take quite some time before getting through all the procedures and verification process that are part of a bank policy. Whereas hard money loans are issued normally by private lenders (though you can find many commercial hard money lenders as well) in relatively short time at higher interest rates and lower loan to value (LTV) ratio. The interest rate or loan to value ratio is not fixed and it keeps changing with the ups and down of real estate market. Hard money loans are often for short period of time (also known as bridge loans) that means the correct quick-sale valuation of the property is vital for the lenders.

Some tips for the borrowers and lenders:
As a borrower, you need some extra efforts to convince hard money lenders (these extra efforts are compensated by their fast approval time, once they are convinced), a hard money lender will believe you more if you are ready to put your cash into the deal as well. This is why they emphasize on low LTV ratio more than your previous credit score when compared to traditional lenders. Along with the advantage of their availability in even hard financial times, they are a much better option when you need quick finance. Being a lender, you should be extremely careful when determining the current value of property. Over estimation or wrong valuation can cause you serious loss in case of default. Also borrowers should try to reach hard moneylenders themselves, without bringing too many agents and brokers in between, as it will save them lots of upfront costs and expenses.

Financing options for real estate buying

2009-03-25T08:42:00.001-07:00

Buying a home is probably the biggest purchase (and maybe the biggest dream as well) a common man makes in his life. Having your own home is seen as a milestone in anybody's life. However it is not so easy for most of the middle class families and it may cost a good percentage of their lifetime savings. Same is the case with real estate investors, many times they see a piece of property that comes as an extremely good investment opportunity but few investors have that much cash in hand all the time. The bottom line is that you need some modes of finance, if you are going to buy some residential or commercial property. Following are some commonly used (and some not very common) options.

Mortgage loans:
When you are in need of buying a property and not having funds for that, you will go for the loans. In this case the lender will be an investor, who is giving out this loan as an investment (known as ownership investment). These investors need to have some security that they will get returns on investment or at least the amount they are investing. When you pledge your home as a security to your lender, it is called a mortgage. The lender now has a claim on the property, and in case you are not able to pay back in future, he has the option to sell the property in auction (foreclosures). Mortgage is the most common source of finance for most real estate buyers and investors. You can chose between fixed rate mortgage and adjustable rate mortgage, there's a third type as well that combines the advantages of both fixed and adjustable rate mortgages (called blended rate mortgage).

Government housing schemes:
Governments, in order to facilitate their citizens, offer housing schemes for middle or lower class people. Also there are some organizations or local government bodies offering housing finance. These loans are not valid for investment purposes, but if you are looking to purchase a home for your own use, you must look into these schemes. If you are eligible for such loans, the rates will be much lower than commercial loans. These schemes vary from state to state or country-to-country, in United Estates some well-known schemes are VA loans or FHA loans.

Family or your credit cards:
Borrowing from your family or friends is another good option. Unlike commercial lenders, they will be much more cooperative (depending on your relations). In most cases you don’t have to pledge your property or some other assets as a security. On a side note, for lenders lending to their friends or families, there's nothing wrong in making a written agreement. Credit cards are not a good long-term financing option, but it can be helpful when you need relatively small amount for down payment or monthly installments.

Home finance and home mortgage options in Pakistan

2009-02-09T03:11:00.000-08:00

Pakistan, like many countries worldwide, is booming in the property sector. The prices are only escalating. Investors are targeting places like Karachi, Lahore, Multan and Islamabad for property due to the prices valuing at million US$. In fact, a house like Gulberg with just one kanal is sold for US$200,000, with an increase by $300,000 for a two-kanal house, and the like. The property prices, compared to what they were 5 years back, have more than tripled. People are holding the properties for the price to move up even higher in future. But will the price balloon puncture in the near future?

Many people are entering into the market with buying properties. Investments are being made in projects that would take a few years for development. On the city outskirts, many housing complexes are forthcoming; the houses valued in lakhs. Still, people are not interested in selling them off. This is because is a selling pressure is seen, the prices will deflate and there will be a sharp correction in property prices. Instead, people are opting for loans to enter the property market, but since the interest rates on these loans are high, and people are holding, and not selling the properties, there have been many cases of defaults. This is a major concern.

For buying a hew house, you need to make many decisions. Loan is the biggest decision here. Most people cannot finance a new house upfront so they invariably rely on loans from various financial institutions. The officer in charge of the loan will require you to bring various supporting documents to ensure that you have the ability to pay back the loan amount. A credit check is always done before extending a loan.

This credit check is a credit report that enabled the lender to have an idea of how well or otherwise you have been performing when it comes to clearing your debts in time. If there had been some general reason for the inability to pay the past loans, like leaving a job or falling sick, some companies do help you get your credit report back on the normal terms, and they extend you the loan. The approvals of loans take quite some time.

Most banks and other financial institutions ensure that you are able to render the loan repayment to them when the time comes. The loan officers will explain in details regarding some unfamiliar things that you might come across. In case of a mortgage, the contract is a long-term one between you and the lender, usually a bank, and the repayment must take place in an agreed period of time. In this case, the bank can exercise their right to take away the home from you if you are unable to pay back the loan. They can’t ask you to follow instructions set by them to maintain the house, but can claim the house as theirs incase of default. So this is an obligation between you and the bank that you will render the loan repayment well in time. The loan officers are always willing to do their bit to make sure that you get the best deal in business.

Home finance and home loans in UAE

2009-02-02T02:42:00.001-08:00

Along with the growth in the Real Estate market, Dubai has experienced simultaneous growth in its home finance sector in the past three years. According to a recent study by EFG-Hermes the current outstanding loans stands at Dh 11.5 billion. It is estimated by the Egyptian investment bank that the UAE housing finance sector will grow by Dh 14bn in 2007, Dh 18bn in the year 2008, the growth is estimated to be Dh18bn in 2009 as well and Dh 14bn and Dh 17bn in the years 2010 and 2011 respectively. These figures have been derived based on an expected population compound annual growth rate of about three percent.

The most dominant forces in the Emirates’ home finance market are Amlak and Tamweel. They account for over 35 and 25 percentage of the industry respectively.

The Real Estate boom of the emirate has left the world spell bound, EFG-Hermes predicts that the total growth in the Real Estate should exceed the figure of Dh419bn in the years between 2008 and 2011. It has also been said that Dh 64bn will be funded through credit. The national bank of Dubai has tied up with Dubai properties for the sole purpose of finance apartments which are bought in tower ‘H’. Tower ‘H’ is a primary tower for residential purposes at Business Bay in the project of the executive Towers. This tie up of the national bank of Dubai and Dubai properties, is more than welcome, as this tie up will ensure easy financing terms for the people who are aspiring to buy apartments in tower ‘H’. These easy schemes will mean that people will be able t finance their dream homes with no obligations of interest repayment. In this case the loan is made available for 85 percent of the property price of a sum of 4 million AED, whichever is lower. This loan is provided for a period of 20 years. Dubai’s Islamic bank (DIB) and Al Islami home finance are also witnessing high demands from the retail customers.

They have recently launched solutions that aim to meet the requirements of retail customers. These customers include both the UAE nationals and expatriates who are keen on buying property in the UAE freehold property market.

In response to this high demand of the people, DIB has announced the launch of Mobile Mortgage Advisors. They are a team of mortgage sales expert who will be providing valuable consultancy at the customers door step.

Al Islami finance has launched finance solution products such as the “forward Ijarah” and “Ijarah”. Through the “Advanced Eligibility Process” customers get a right to choose their finance limit without first having to choose the property. The Dubai Islamic bank caters to the needs of a diverse customer profile. Also the al Islami home finance provides up to 90 percent finance and a maximum tenure of loan repayment of 25 years depending on the eligibility of their customers.

Using the art of home staging to sell your home quickly

2009-01-26T23:39:00.001-08:00

Home staging or property styling is the process of setting up your home for sale. It can be done by cleaning, decorating, painting, or just going through some maintenance work. Home staging is a time-tested method that enables property owners to sell their home quickly (and that too at higher prices). Although there are real estate agents and interior designers who will do it for you, you can also do it yourself without much of a problem. You just have to work towards making your home more appealing and more likable. People are now starting to realize the importance of property staging. Individual sellers, now commonly use home staging that was once a technique used by real estate agents only.

Maintenance work:
Don’t leave basic maintenance work for new buyers. Normally they are looking to get a house that is readily available to shift into. They are already tired of going through the hectic task of property search; a home clearly asking for maintenance work is an immediate turn off. Also, some maintenance work can cover the normal wear and tear signs as well.

Outlook and doorway:
When the potential buyer arrives at your home, he’ll most probably make his mind in first few minutes. First impression contributes a lot towards the final decision of approval or rejection. You need to spend most of your time on improving the outlook and entrance of your home. The buyer should feel at home, the moment he/she arrives at the house. If the first feelings are negative, then there’s hardly anything a splendid drawing room or a very elegant dining room can change afterwards.

Cleaning & Decorating:
Cleaning will not cost you anything, but a clean and tidy look will definitely increase the property price. Painting (whitewash) can do wonders, and it doesn’t cost a lot as well. You maybe familiar with some messy bedrooms or thinking that those cartoon characters painted on wall by your children are really cute, but all of this stuff is going to give the visiting buyer an uncomfortable feeling. Remove your family pictures or personal belongings from the shelves; remember you need to make them feel at home. They shouldn’t feel like violating someone else privacy.

Furniture & Accessories:
This is a must for newly built homes, which are not occupied as yet. Rent the furniture or carpets to make it look like a home. Adjust the furniture wisely; smart furniture arrangements can make a room look bigger and more open. Design rooms to express their use, like bedroom, study room or dining room. This will make the decision making a lot easier for the buyer.

The cities to go for when investing in Pakistan real estate

2009-01-21T03:20:00.000-08:00

During the last three years, Pakistan real estate market has witnessed both extremes. Back in 2005, when economy was showing some signs of stability and investor's money started to pour in, real estate prices rose to an astonishing 400% in some parts of Pakistan. But as it was expected, the bubble didn't last for long, with Pakistan going through some political turmoil and economy kind of crashing, 40 - 50 percent cuts in property prices has become a norm in recent days. Then there have been problems like troublesome tenants or local builders using low quality material in buildings. Although clouded with all these problems, Pakistan real estate market still posses a great deal for investors. First the prices have dropped down abnormally and once the economy gets back on the track, they will start rising rapidly. Pakistan real estate market has got a real growth potential and it is far from being mature. The price boom in the past changed many people's fortune; they turned into millionaires overnight as their property prices increased multiple times. It may seem a bit too risky to invest right now, but low prices and high risk can turn into huge yields in coming days. If you want to invest in Pakistan real estate, go for some piece of property in these major cities.

Islamabad:
Islamabad (country's capital) is easily the most organized city of Pakistan in terms of planning and infrastructure. This relatively young city was carefully located and built during 1960, with the most popular summer resort of Pakistan "Muree" at just an hour drive; it offers some great residential and investment opportunities. Some of the major developments going on in Islamabad are “The Centaurus”, Grand Hyatt Hotel, Stock Exchange Towers and Platinum Square.

Karachi:
Capital of the province Sindh, Karachi is the largest city of Pakistan (also the world's second largest city in terms of population). Karachi has got a large business port and most vibrant economy (regarded as the most business friendly city in Pakistan by World Bank) compared to any other city of Pakistan. With an ever-increasing population, Karachi has always had a high demand of residential units. Notable development projects in construction phase are Sofitel Hotel Tower & Mall, IT Tower, Financial Towers and Dolmen City.

Lahore:
Capital of the province Punjab, Lahore is also known as the "heart of Pakistan". Lahore is the second largest city of Pakistan and it is going through a non-stop outwards expansion, several housing projects like Bahria Town, Lake City and Eden Villas are under construction at the outskirts of Lahore. Some great investment opportunities exist in projects like Software Technology Park, Pace Circle and Expo Center Tower.

Sialkot:
Sialkot is famous all over the world because of its sport equipment and surgical instruments exports. It ranks among the top cities of Pakistan in terms of per capita income. Prices are still reasonably low when compared to other major cities of Pakistan, which will pick up soon as investors have already started to take notice of Sialkot real estate.

Lake City Lahore - Luxurious Residential Project

2009-01-11T22:46:00.000-08:00

13 km from Lahore at Raiwind road, construction work is in progress, the project is Lahore Lake City and it promises to provide some real luxurious residential and commercial facilities. When completed, it will accommodate an estimated 1.5 million people. Comprising of Bella Vista and Bella Verde, it offers 1 Kanal and 2 Kanal plots, largest Golf resort in Pakistan, shopping malls, business centers, artificial lakes (the project is actually named after these lakes) and much more. Let's look into some highlights of this dream project.

The names behind the project:
A project as big and as classy as Lahore Lake City requires some big names to make it happen. The names behind Lahore Lake City include Lake City Holdings, the Meinhardt Group (Strategic Partners in Site planning), Eden Builders (will be focusing on Eden thematic villas), Habib Rafiq Limited (Developers behind Phase I of Bella Vista), Zaamin developers & Ashai design corporation (architectural and construction work on villas). The residential villas are designed by Zaamin, Meinhardt, Nayyar Ali Dada (the famous architect who designed Al-Hamra art complex and later Al-Hamra open air theatre), Wasif Ali and Isbah Hassan.

Amenities & Features:
The plan of Lake City Lahore includes almost all the facilities and amenities needed to live a modern yet healthy lifestyle. The city will be having its own grid station, telephone exchange, post office, hospital, medical complex and fire station. An 18 holes golf course which will spread on 214 acres, concert hall, cineplex, tennis courts, basketball courts, country club and many other facilities will cater to its resident’s sports and recreational needs. Medical complex, health clubs, therapy clinics and martial art centre will be there to assist the people of every age in living a healthy life. Shopping malls, offices, business centre, auditorium, and executive offices are under construction to facilitate the businesses.

Lahore Lake City was launched in 2005 and the initial news and advertisements got the attention of many. Since then the project lacks a bit in publicity department, which has added to the investor’s confusion on its present status and progress. Investors are also concerned about its prices, which they claim are on a higher side, given the present condition of Pakistan’s economy, which is going through a recession now days. However, Lake City Lahore still remains a very good option for long term investing and overseas Pakistanis, who are looking to come back and settle down in Pakistan.

The role and hiring of your real estate Attorney

2008-12-28T23:57:00.000-08:00

Unless you are some real “guru” in real estate business, you need to consult a real estate attorney before you get into a real estate transaction or agreement. Generally speaking, an attorney is a person who acts on behalf of another person; similarly a real estate attorney is someone with enough qualification and license to work as an attorney on behalf of his/her clients in real estate matters. It depends on them if they choose to deal only in real estate cases or real estate is just one of their many areas of expertise.

Let’s have a brief look on real estate attorney’s role and how they can be helpful in your real estate dealings.

Buying and selling homes:
When buying and selling houses, a real estate attorney can assist you in legal framework, closing, insurance, tax and other legal matters. Buying or selling a home is not one of those routine sale & purchase deals; you go through in everyday life. With big amounts and huge interest of both parties involved, this transaction demands a lot of professional approach and expertise to deal with.

Landlord and Tenancy Issues:
What are your rights & obligations as a tenant, as a landlord, as subtenant? What sort of legal protections are there regarding rent increase, eviction or maintenance? If you are not well equipped with this information then consulting some real estate attorney will save you from heaps of troubles and disputes later on.

Construction related issues:
No need to hire a real estate attorney every time you start some maintenance work, but when constructing home or some commercial building, you need services of attorney for construction contract, contractor license or disputes arising from the construction work.

Other Areas of assistance:
Real estate attorney helps his/her clients in transactions including mortgage, foreclosures, condos, negotiations or any other dealings related to real estate. Going through legal documentation like deed preparation is almost impossible without their help. You maybe an expert in hitting bull’s eye when it comes to picking your investment venture but it is always useful to indulge your real estate attorney when going in any type of agreement.

Hiring of a Real Estate Attorney:
The purpose of hiring a real estate attorney is to save you from doing costly mistakes, so there is no point trying to save money by looking for one with minimum fees. You will be getting what you pay for, so try to search for an experienced attorney with reasonable fees but more importantly good experience. Attorney should not necessarily be limited to real estate cases but some past experience in real estate matters is must. Also, remember that attorney is supposed to help you in legal matters; his/her advice on other real estate stuff is not always unassailable.

Property Foreclosures explained for beginners

2008-12-22T23:40:00.000-08:00

When individuals or businesses are not able to make full payment whilst buying some property, they may pledge that property to the lender as a security for the loan. In case the debtor (mortgagor) defaults, lender may seek compensation by means of foreclosure. Foreclosure is the forced sale of property in a public auction under court orders. Court orders are not compulsory in statutory foreclosure, where mortgagee is entitled to put the property on auction without having court order.

Foreclosure procedure is simple. As soon as the borrower defaults on payments, lender will have a notice (Notice of Default) issued against borrower to let him know that he/she maybe facing a foreclosure of the property if the loan is not reinstated. Borrower is provided with some time, known as grace period.

Owners can sell the property themselves during this grace period or they can arrange for funds to reimburse the debt. Real estate investors are often in hunt of properties in pre-foreclosure phase, knowing that owner is out of time and options and he/she will be looking to sell the property as soon as possible. Normally they will sell the property at a very reasonable price which is still more than what they will get if the property is sold by lender through auction. Another advantage of selling the property during this grace period is that owner can avoid having a foreclosure in his/her credit history.

If the owner was not able to repay the default amount during the grace period, a public auction will take place. When you are going to bid on some property in foreclosure, you must do some basic research work. After determining the property’s market price, carefully decide on what should be your limit to bid. Getting the help of some professional agent can also help if you are going into property auctions for the very first time.

Although foreclosures provide investors with some opportunities to make profit, they are never welcomed by owners or even lenders. As an owner you should try to use any alternative other than foreclosure to save your credit history from getting negative ratings. Always keep in touch with lender if you are going through some financial crisis and let him know that you expect it to be over soon. Normally lenders are also not willing to go through foreclosure; ideally both parties should sit together, evaluate the situation, weigh up different options and make some arrangements to relieve both parties.

Dubai – the number one choice for property investment

2008-11-24T03:57:00.000-08:00

In the real estate industry, Dubai is seen as a prime target for investment purposes. In fact, real estates in Dubai have consistently grown at 20% annually, compared to other places where constant fluctuations are the order of the day. Even otherwise, the tradition of re-selling makes investment in real estates in Dubai a tempting offer. Dubai is such a place where people find the placidity of a desert, and the flurry associated with packed places. With all the technology and infrastructure at its disposal, Dubai has turned out to be a big commercial hub. In fact the areas in the Middle East are the best in business. The climate of Dubai is tropical, and a rare combination of the older and the newer generation can be found here.

Investment opportunities in Dubai are many, a few among them being reservations, exchanges, properties, and managing these properties. In fact, when it comes to properties, the various options available are holiday homes, commercial towers, residential properties, and many other opportunities for investment purpose. With the newest facilities, the living standard at Dubai is the highest compared to the rest of the world.

You can invest in Dubai’s real estate even though you may not ordinarily reside in the United Arab Emirates. Overseas buyers are finding it very easy to buy residential properties in Dubai. Due to the fact that Dubai excels when it comes to the tourism industry, many people are benefiting from the many incredible opportunities for investment available in Dubai. In fact, the booming tourism industry is a primary reason for the popularity of Dubai. Apart from the rental earnings from properties let out, you can buy properties for your private purposes as well. But before considering the purchase of properties in Dubai, get to know a few facts.

First, visit Dubai to get a clear idea of what is there on offer. Just going by someone’s recommendation will not help, and you will need to evaluate things yourself. Besides, this will increase your awareness about the lifestyle in Dubai which is very important. So make sure that you visit Dubai personally before investing in real estate here.

The concern of mortgage in Dubai also needs to be understood. It is very much possible to mortgage in Dubai even though you may not be a UAE resident. Barclays, HSBC and other international banks take care of these issues, but ensure to have a look at the restrictions imposed. But given that the situation of mortgaging has only improved, this cannot pose much of a problem.

There is another aspect that needs consideration, which is renting properties in Dubai. Emaar has recently banned short term lets on properties in order to keep down the bottlenecks to the development of those properties. However, this is applicably only to properties of Emaar, and short term means a period of less than half a year. So if you are considering buying properties for rental purpose, then by avoiding properties of Emaar, you will surely get good deals!

It has thus become clear that investment in Dubai is really a great opportunity and should never be looked down upon.

Internet - An unavoidable source for real estate buying and selling

2008-11-17T04:04:00.000-08:00

Internet has altered the world in an amazing way. With more than 200% growth rate in last 5 years, numbers of internet users keep increasing enormously. More and more people have started to use internet as a medium of interacting with other people, buying and selling online. Internet market has grown to a huge stature. We are living in the era of e-commerce, where over 200$ billions were spent last year on shopping online. These figures reflect on the importance of internet for buying or selling any product or service, though we will focus on buying and selling real estate properties in this article.

Accessibility:
New technologies are emerging continuously to make internet accessibility a lot easier, faster and convenient. You can access internet from your home through dial-up, connect to the internet anywhere using Wi-Fi devices, and even operate from your mobile phone to access World Wide Web. This accessibility enables you to browse through several property buying and selling services available at internet, anytime from anywhere.

Description & Images:
Property sellers often provide images of their properties along with descriptions. You can read description and take a look at property image to have an idea of how the actual property looks like. There’s no need to visit a number of properties personally before you decide to buy one. Internet brings the images on your monitors, so that you can have a quick look at hundreds of properties without going to the location yourself, which saves both, traveling expenditures and time.

Easy on the pocket:
Another encouraging aspect of using internet for buying or selling real estate is its low cost. You can avoid much expenditure by using internet. Apart from saving the traveling cost, buyers can save a good deal by comparing prices and picking out the best one. Sellers can benefit from internet by posting their property for sale online and reaching out directly to interested buyers, eliminating the need of agents and their hefty charges.

Time Factor:
Internet allows you to buy, sell or market your property at any time. You do not need to wait for business days or working hours to communicate with agents, buyers or sellers. As soon as you decide to buy, sell or invest in real estate, get online and start browsing through various available options. Free real estate directories like www.bayut.com, can get you started in no time.

Development Locations:
If you want to visualize the exact location of some future development project before investing in it, you can have a look at road maps or satellite views provided with descriptions. You can have an overview of its surroundings and roads leading to that particular development, making it easier to evaluate the property price.

Tips for beginners in Real Estate investment

2008-11-10T21:37:00.000-08:00

You should think over some points if you are considering becoming a Real Estate investor because it might help you to decide whether you could fail or succeed at investing in Real Estate.

The most important thing which you should think about when you are considering becoming a Real Estate investor is whether you can afford it. It is very expensive to invest in Real Estate and you need to understand your budget completely before you think of venturing into Real Estate investing. You might think of taking a Real Estate loan and then investing in Real Estate, but before you do that, make sure you can pay back the Real Estate loan. It is a huge commitment to invest in Real Estate and you have to be sure before you begin whether you can afford to do it.

First figure out exactly why you wish to invest in Real Estate. If you want to invest for your family, first check out the formalities and papers of the land such as the road connectivity, water, electricity and you should also find out how close the estate is to shops, schools, etc. Take a walk through the interiors of the house which you are thinking of investing in to ensure that there are no repairs of any fault which are necessary.

If you want to invest in property for the reason of selling it in the future, it is important that you do quite a bit of research on the estate concerned. Calculate how much appreciation the land is likely to go through and also see which areas will bring you the most amount of profit. All this is very necessary to ensure that you do not buy property which will not be in demand later on.

You should also make sure that you select the right Real Estate agent before you start thinking of investing in Real Estate. The Real Estate agent you choose should have sound market knowledge and he should also be well aware of the current trend in the Real Estate market. Since the bargain you strike on the Real Estate investment rests mostly on the knowledge of the market the Real Estate agent has, make sure that he is dependable. You might end up with a bad bargain and consequent problems if you choose a bad Real Estate agent. Thus, it cannot be stressed enough that you have to be careful when choosing a Real Estate agent.

Most people who wish to invest in Real Estate make mistakes because they rush into it without taking everything into consideration. Do not let other parties or your Real Estate agent pressure you into investing too soon.

Buying a Real Estate property is just like buying a business. You should pay attention to the state of the market for the land you will wish to sell, the past history of that land, the nature of the area where your property is located, and how much the property costs, and what kind of financing you will need.

Property Comparison - Should a property be rented or bought?

2008-11-10T03:25:00.000-08:00

Factors to be considered:

TIME

Renting: Renting the house should be considered if you are a frequent traveler and you are sure that you won’t stay in the house for more than a couple of years. Due to the overhead expenditures involved, buying the house for a shorter time makes a bad financial deal.

Buying: As opposed to renting the house, buying a house is good if you wish to reside in it for the long term. In fact, if you consider a longer time, remember that property value only appreciates with time which makes it a good option. The costs that you will have to incur can easily be spread to several years which you will be spending in the house.

SAVINGS

Renting: If you don’t have enough savings accumulated through various sources, it’s better for you to opt for renting of the house.

Buying: Earlier, people could buy houses on mortgage at a down payment of even less than 20%, but the mortgage companies have become very strict with these issues now. So more savings are needed for buying the house. In a way, this is beneficial to the homeowners as most of the time, due to lighter control; they assume too much risk and run into a debt trap.

CASH INFLOWS AND OUTFLOWS

Renting: If your income is unstable, you can opt for renting the house. The rent, obviously, is dependent on many factors like the locality of the property and the terms of the landlord. Also, during the term of your stay, the rent can be increased several times. A primary reason behind renting is that if the rent is less than 2/3rd of the monthly expenses, then you can use the remaining money for other investment or work purposes.

Buying: Mortgaging ensures that you can make the payment as long as the loan continues, or opt for a loan refinance. If you opt for buying a house, you are always certain about how much money you have to pay regularly. The overhead expenditures are: mortgage payments in a month, insurance of homeowners, property tax, and various other expenses. On an average, about a third of your income will be spent on the house expenses and taxes. However, a mortgage will not be given to you if the housing expenses cover more than 40% of your income. You may quit paying the mortgage companies, but the housing overheads will always remain as long as you are the homeowner.

TAXES

Renting: In case you go for renting of a house, you have almost nil tax liability, as all that burden falls on the landlord. You can consult your tax advisor for more details on this matter.

Buying: In case you are an owner by virtue of buying the house, you will have to pay the property tax as a tax liability. You, however, have an option to deduct the taxes from the interest paid on mortgage. Upon selling a house, a capital gain tax exclusion of $500,000 is made available to a married couple, and in case of an individual, it is $250,000.

General factors which affect the buyers and sellers in property market

2008-10-31T04:45:00.000-07:00

For Real Estate investment in foreign countries, Dubai is a leading preference of people. Geographically, it takes merely six hours to reach Dubai from Germany. This trip would land you on one of the most progressive land of the world. The annual economic growth of Dubai is about 6%-8% with a budget surplus of close to 50%. Besides, the newest technologies and the brilliant infrastructure, with great architecture, make Dubai a leading Real Estate investment sector. Dubai can boost to be the biggest place in the world for this respect.

• Age
Like wine, which only gets better with time, properties in Dubai also appreciate with time. The demand for older properties exceeds that of the newer ones. At many places, there is potentially an excess of supply over demand, and even where such is not the case, the supply is of a nature which allows the purchasers, and also those who do so for letting out, to be in a significantly stronger position.

• Rate of interest
Increase in the rates of interest has hugely affected the new buyers and those who are not yet fully into the Real Estate market, but for the experienced players in this respect, the increasing interest rates has not been of a big impact. In respect to the money that is borrowed, the higher rates of interest reduce the profit only by a small margin.

• Stock market
The volatility, which is a characteristic feature of the stock market, also has a bearing on the Real Estate market. The confidence of the investor in Real Estate can be ruined due to the huge swings that the market always experiences. For those who are professionally into the Real Estate business, they may understand that in the long run, equilibrium will prevail and if they have done their bit of research before buying the property, they will not lose a huge amount due to negative stock market trends in the short run. When the stock market fell the last time, many people decided to buy properties in view of the lower prices in the short term, and this volatility is also a reason why many people prefer to keep a second house as an investment rather than a holiday home. Here, it must again be mentioned that the price is also based on how old the property is. The older it is, the better price can a seller bargain for, as the prices only get better with time.

• Confidence
The decision of people to buy or sell properties is largely dependent on the investor’s confidence. A trend has emerged over time that people buy a new house before selling an older one, and this trend is here to stay. However, of late some fixed prices have emerged and this poses a threat for sellers to sell at a price they want to. This can reverse the trend mentioned above. The coming couple of months are crucial as it will bring about a clear picture as to what lies in the future.

Tips for renting your property overseas

2008-10-23T20:24:00.000-07:00

For most people who wish to rent property overseas, language problem is a major difficulty, followed by non-evaluation of market conditions, and no access to details of the overseas deal. So to get the property overseas, a lot of research and analysis is required before banking on one project. The services of a broker or any other agent will be very beneficial here. Even a reputed Real Estate firm will help solve all your difficulties and guide you in the selection process of the best deal available. Some helpful points:

1. If you are considering a property for letting out, select a rectangular or a square room, since other shapes make the room look much smaller. A good living room is what tenants usually look for, even if it means a marginally smaller bedroom.

2. Selecting the right agent or a Real Estate firm is the key here. If you consider an agent who has a lot of contacts and a great presence in the field, he will give you the best returns. You can also look out the newspapers for a list of prospective tenants. If the letting out is for holiday purposes, make sure that the agent has an attractive website to get the tourists’ attention.

3. Never underestimate the importance of interior designing. A tenant can make up his mind to opt for the property just by merely looking at what lies inside the house. In fact, a good interior design can fetch high rentals. Most promoters overlook the interior designing bit. You can very well go for a proper interior designer to give the house the look that you want, or a look that would attract people. A 3-piece suite should be selected. Besides, comfortable larger suites should also be preferred. But don’t overdo it to such an extent that it looks fake. Also, stay miles away from narrow or low-back sofas since they are pretty uncomfortable. Once this is taken care of, click great pictures for uploading on the website. This will give your property an edge over others.

4. For getting still higher rent, investment in parking space would be a very good idea, mainly in huge cities. But be cautious about this aspect as parking may not be such an attractive option as far as holiday resorts are concerned. But for long-term tenants, a parking space is always welcome as it reduces the burden of parking.

5. When buying a property overseas, make sure not to buy from a site meant exclusively for professionals owning more than 25 units. If there are many vacant units, there will be a huge increase in supply which will invariably bring down the rental that you would like to ask for. The Irish investors, who have properties held in Spain, are experiencing difficulties for such things as no company would actively participate in letting out since the owners do not reside in that country.

Changing trends of property marketing & importance of online marketing

2008-10-09T05:06:00.000-07:00

Irrespective of whether you wish to have a home for investment or residential purposes, listings of Real Estates is a primary requirement. This information can easily be found in newspapers and on the net. In fact, the latter has only assumed greater significance since the internet revolution has been made. Newspapers have turned out to be a time-consuming affair now. When it comes to newspapers, you will be required to read all the listings mentioned, shortlist the options which look good to you, jot down important points like the quotations and contact information on a piece of paper, call them up to get the details or make a call to the local broker to look into the matter after a fixing of appointment. This, of course, is a tedious job. A greater disadvantage of newspapers is that since the listings are published weekly, you may very well get to know that the deal that attracted you the most has already been finalized. So you will need to consult a local broker to know the proper status. In fact, a broker’s services can rarely be done away with since he has all the technical know-how of dealings in properties. At times of confusion, he can be your friend, philosopher and guide, and will help you get the best deal in the market.

Whereas, listing of Real Estate on the internet is a cakewalk. The websites, unlike the newspapers, are updated on a daily or alternative day’s basis, or at the most, two times a week. The new listings are immediately sent to the internet publishers which is an added advantage. So internet is invariably a better option as compared to other mediums. Internet, which is nowadays the most preferred medium for deals on Real Estates, is also preferred due to the ease and hassle-free use that it offers. An exhausted individual may find it convenient to search for a good deal by just a few clicks rather than personally having to visit various homes which you can buy. Also, online fixing of appointments is done. All the research work and various other activities can be taken care of on the internet, without having to move out from the comfort of your house.

For internet marketing, you need to have a website. Yes, there is an option to post all the details regarding a property at some of the online websites, but it is often recommended that you must have your own website for internet marketing purposes. This is mainly because people prefer buying from websites meant exclusively for that particular listing.

So it must have been clear by now that by not taking advantage of the internet for listings of Real Estates, you are foregoing a huge opportunity. So grab this opportunity now before you realize that it’s too late.