The Seven Mistakes to Avoid When You Sell (home loans) an Apartment Project

September 26th, 2009 admin Posted in realestate |

By Darin Garman

”How You Can Spot and Avoid the Seven Mistakes that Can Literally Ruin Your Apartment Investment - Making Sure You Make Money When You Sell an Apartment Project…Avoiding the Surprises that Can Cost Thousands of Dollars.”

Even though investing in an apartment property is becoming more and more ordinary, selling a project correctly is like finding an honest politician. Plus, when you put a property on the market at a time you think may be “the right time” you’re nevertheless subject to those SURPRISES that can cost thousands and make that “fantastic investment” a real loser. You can prevent your next sale from being a loser by avoiding the subsequent mistakes:

1. Not Putting Yourself in the Buyers Shoes.

You practically need to purchase the project over again in your mind and ask yourself , “based on the future of the location and condition of the property will a buyer find the property attractive?” If you hesitate in saying “yes” you must absolutely do more analysis as to the salability of the property and the area.

2. Not inspecting all units prior to putting the project up for sale.

Most of your apartments you are familiar with but what about the ones that you haven’t been in more than a year? Be certain that previous to selling you go through the apartments AGAIN to be confident that you (and the buyers) will not experience any surprise repairs, pets or guests. One inferior apartment might cost you thousands on the negotiating table.

3. Work only with accurate income and expense figures.

Save yourself a ton of time and money by working with realistic figures. By selling the property based on the rent you think you can get and lower expenses that you think a new manager might get just won’t cut it. Be realistic - buyers will be aggressive when the figures are actual not projected.

4. Do not sell without investigating a tax deferred exchange or contract sale.

If you have had your project for a extended time it is in your best interest to review with an expert about a tax deferred exchange or installment sale. These strategies could save you literally thousands in taxes. This ought to be the very initial thing you do prior to putting your project on the market.

5. Work with an experienced broker that will work smart and protect your interests at the same time.

The best brokers specialize in apartments and have a designation such as CCIM or SIOR. Do not work with a Realtor that has open houses on Sundays and presume them to know how to help you in a lucrative marketing campaign of a project. Prior to working with them be sure to ask how many units they have sold! Get references, ask how they will market the property and verify their track record.

6. Not examining and maintaining the project ahead of the sale. Don’t let repairs and repair work go - get it taken care of NOW. Sometimes its hard to justify some of the costs of keeping the structure(s) properly maintained but think of it this way - IF YOU DO NOT PAY FOR THE CASH NOW TO MAINTAIN YOUR PROPERTY THE BUYER WILL - IN TERMS OF DISCOUNTING THE VALUE FOR REPAIRS HE WILL HAVE TO PERFORM TO BRING IT UP TO “PAR”

7. Not factoring in sufficient vacancy and reserves. Remember you may not like it but the buyer, appraiser and banker will figure in vacancy and management costs even if you have no vacancy and if you manage the project yourself. In putting your numbers together use existing rates for vacancy and management.

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Tips on Buying Property in France

By Richard Hewitt

Buying a property in France is never an easy undertaking especially to those who are first time buyers. Lots of things have to be considered before arriving at a concrete decision as to what is the property that best suit ones needs.

Basically, the process of buying a property in France is quite straight forward, that is, if you have a clear understanding of the process involved. Always the key to a successful purchase is research and a little patience. It is imperative that you know the basic information in order to guide you in your decision.

Initial Agreement

Purchase or sale of any property raises many questions and even fear especially when you buy overseas. So just like in any other types of sales, an initial agreement is important as it sets the sale’s terms and conditions. It is a provisional or a preliminary contract that is legally binding upon the buyer and the vendor. A professional like a notary should draft this.

There are basically three types of initial contract depending on who is acting on your behalf. That is why it is highly recommended that you do a thorough research on these types before buying. And whatever type you choose, you should keep in mind that this is legally binding upon you. Make sure that you spend time analyzing the terms in details and never hesitate to ask questions if there are conditions that are not clear to you.

The goal of this contract is to concretize the agreement between the vendor and the purchaser and allow the notary to prepare the final sale of deed, so there is no need for you to pay any amount yet before signing.

Signature of Final Sale Contract

The true transfer of property takes place only at the time of the signature of the Title Deeds or also known as Acte Authentique at the office of the notary. The signing transpires once the notaire has carried out the relevant checks and searches and all the conditions are met.

If you cannot attend the contract signing, a proxy can sign but take note that on the power of attorney, your signature should appear on it and should be legalized by the French Consulate or a solicitor or a notary public in your originating country.

Planning Permissions

This should be obtained for any new construction or for refurbishing an existing building. An application for a representative can file planning permission provided a proxy is signed in that regard. Your representative can be the architect who drew up the plan, a solicitor, or the builder.

A planning permission application should include the identification details of the applicant, as well as the land on which there are plans to erect a building, the plot of land’s location map, and the layout plans.

Tax

Taxes and costs are always associated with buying property in France. And these should be considered when planning your investment. Usually there are high taxes for a start, which include income, property, residential taxes, wealth and capital gains. Keep in mind that tax in France is rather high and there are penalties for late payers, so you should check your French tax return for the deadline.

French Inheritance Law

It is important that you know the inheritance law in France because it may be different from your originating country. If you have a property in France, French Succession Law will govern this. Children automatically inherit part of their parents’ estate but there is a limit to how much may be left by Will to non-blood relatives.

These are just a few of the information that you should know to guide you in buying property in France. Before you purchase one, be sure what you are buying.

Take your time and consider all the factors and gather all the information you need that can help you in your decision-making. Remember that as a buyer, you should take responsibility for the condition of the items you purchase so you should inspect them before you purchase.

Seeking legal advice is the best thing that you can do in order to know all the details that come with buying a property in France. Impulsive buying can never do you any good, so be in total control.

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Great Hotels of Dehradun

By Dave Southern

Dehradun is the home of luxurious hotels that host corporate individuals and leisure travelers. These showcase world-class amenities and excellent services.

Welcome to the city of Dehradun and enjoy your visit to its luxurious hotels that suit your every need! They cater both to local and foreign travelers with Dehraduns hospitality and unique cultural attributes. These are comfortable homes away from homes!

Young and romantic couples can come to these hotels for a relaxing getaway from the hustle and bustle of city life, wherever in the world they come. A lot of fun activities here in the city such as shopping, hiking, horse back riding and all the stuff will fill your day with great amusement. These hotels have advantage in terms of location, being located at the heart of Dehradun, making them more accessible for every worthwhile stay.

These hotels and the city itself are not just meant for leisure. It means business, too! These hotels answer to the needs of corporate individuals and groups through their first class, spacious banquet halls, meeting rooms, well equipped with audio-visual requisites and multi-media computers.

There are a lot of activities to be enjoyed in these hotels. These would add to the joy and excitement that Dehradun could bring to its visitors. Some hotels offer gymnastic lessons, therapeutic Indian massage, spiritual classes and special yoga activity to rejuvenate both body and soul. You can also participate horseback riding, trekking, cycling, golfing and fishing to end the day with great delight and renewed energy.

These hotels present their first class amenities to their valued guests, be it local or tourist. Most hotels provide complimentary breakfast for those who are in the suites and luxury rooms. Twenty-four hour room service is well provided in all these hotels. Some have special access ramp for physically handicapped individuals. Others may include: doctors on call, baby sitting on hire, safe deposits, currency exchange counters and business service.

The Madhuban is a 3-star hotel in Dehradun. Its magnificent overview provides different prices for varying categories. Feel the breath-taking beauty of nature here as it features a huge, relaxing, open-air garden, 1,000 kinds of plants and a joggers trail. Its multi-cuisine restaurant serves delectable, hygienically prepared dishes along with its well-stocked bar. It provides low internet rates and full equipped with modern amenities that every hotel of this class can offer. It is conveniently located at 97 Rajpur Road, Dehradun.

The Pacific is a 4-star luxury hotel. This exceeds every expectation, Dehraduns best home away from home! Its elegant, well-appointed standard rooms and suites are fully air conditioned and equipped with all the modern room facilities such as TV with satellite connection, mini bar, electric kettles, smoke detectors, wireless internet connection and multi-line direct dial telephone. The in-house restaurant prepares delectable vegetarian and non-vegetarian dishes like Indian, Chinese, Continental delicacies such as the spicy Tandoori stuff.

Its spacious conference hall can accommodate up to 400 persons and is equipped with audiovisual equipments and other prerequisites for successful meetings and conferences. It is only 20 kilometers away from the Grant Airport, accessible by taxi or any car to reach any destination without hassle. The hotel is conveniently located at 19 Subhash Road, Dehradun (Uttarakhand), India.

The Hotel Doon Castle is a nice place to stay. The staff is friendly and welcoming, and the services are exceeding the guests expectations. This is conveniently located at Patel Nagar, Niranjanpur, Saharanpur Road, (opposite of Telephone Exchange of nr Lal Pul), Dehradun, India.

Hotel Mj Residency is a comfortable place to stay in Dehradun though a bit expensive. The staff is very welcoming and the service is excellent and quick. Its restaurant offers a wide variety of hygienic and tasty food. This is located at 54 Haridwar Road (Uttaranchal) - Dehradun 248 001.

For more information on Dehradun City Services and Dehradun Academicsplease visit our website.

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