Land banking

Banking into a land by identifying its worth well in advance is the key to great investment. Developers today buy land in remote areas and at low prices but the land value sprawls due to urban development and the re-sale value aggrandizes.

Land value can also augment due to development of residential building on an arid land. In this case the land gets distributed amongst several hands and the profit gets appreciated.

Application of farming on dry land makes it fertile and a fruitful land can give bounteous profits when the crop is harvested. Thus farming is another way of initializing land banking.

Price hike is subject to inflation. When the market graph moves upward, the real estate prices also climb a hill.

The concept of land banking is beneficial for the local landlords as well as the developers. The landlords sell a plot at profitable margins though it does not have an esteemed worth whilst the developer develops it in a way that it benefits the developer as well.

A starter house

The first home that you buy takes a lot of effort though it might not correlate with your dream home. A starter home can be described as a place that costs less and probably is smaller in size taking into account the affordability. When the finances are low and yet one needs to procure a house, they can opt for a starter house.

The advantage of starter house is that its maintenance charges are reduced and every month you would not be burdened with heavy bills. It can be bought as an investment at low price and sold when the market prices rise.

At the start of ones career it is difficult to make a decision whether you should invest in a house that you always wanted but is out of your budget or buy a temporary house until your finances are secured. It is a complicated decision that needs to be given immense time.

If one needs to restructure and re-model the starter house after buying it such that the costs can augment then it may not serve the purpose. If you are residing in a house for temporary purpose then spending on renovation may not be a wise decision. Thus when checking into a starter house, check for the minute details so that you do not have to over-spend.

Starter house may not be fruitful for an expanding family. As the house is small, accommodating many members would be difficult. On a long term basis it would be advisable to opt for a better place that can satiate all your needs while a starter house is appropriate for short term basis.

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Real estate developer

A real estate developer starts building an asset from scratch. Right from procuring the land to establishing a property is on the shoulders of the developer. The developer is assisted by engineers and architects to make the dream a reality. A land is modified to generate revenue from it. If certain requirements that attract the customer to the property are not met with, all the efforts and money may get wasted.

The developer helps increase the land value. But there are several factors that augment the land worth. The location should be such that it tempts the buyers to acquire the property. Facilities like market and connectivity with other areas are important and on the basis of this, the value ascends hence before purchasing the land these daggers should be taken care of.

The amenities that are attached with the property also matter. The furnishings, accessories, etc. helps in price appreciation. The developer takes care that the costs are managed well. A plan to accommodate the construction cost within the desired budget is under the developer’s supervision.

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Is there a right time to buy property?

The best time to buy a property is when the market descends and the home loan procedure becomes less stringent. The property market dwindles and it is difficult to know when the prices will soar or come down. If the prices fall immediately after you have invested, you are at loss. Hence it is important to understand the market with the help of a broker or builder and only then invest.

One can verify the per square feet rate with the adjacent property before taking a decision in haste. A new property may galvanize the buyer to a great extent and it may look exactly like the dream house and in this excitement the buyer fails to compare the rates with other similar properties. It is always wise to look into different properties before finalizing one. Chances are that the second or third property that you analyze could be better than the first.

Home is where one longs to go at the end of the day. It is a place that solely belongs to the owner and if one decides to spend a long time in that particular house, one should think twice whether the house fulfils their needs and then invest.

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Online Real Estate

Internet as a medium to buy and sell property has been beneficial as it gives a host of options to choose from. You may acquire your dream property with just a click.

One can type the details like location, budget, size and amenities and find a home of their convenience. The sellers mention their contact numbers for negotiations and approval.

Also one can view the property as pictures are uploaded for better understanding. It saves time as you do not have to physically map different places. Once you find the place you are looking for, then you can go to that place and have a look.

One more advantage of online dealings is that it saves money. The broker takes some amount of commission from either the buyer or seller and this can be avoided if one uploads their property on the internet.

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Careers in Real estate

As the demand for real estate aggrandizes, employment opportunities also increase. More and more people have started investing on real estate. New products are launched each day and a huge amount of manpower is required for its functioning.

Civil engineers and architects are required to draft a plan and actualize the whole concept. They design on the basis of several factors like budget and space available. They build a product such that it suits the needs of any buyer and at the same time look appealing.

A financing expert is hired to make sure that the expenditure does not exceed the expectation and every penny is put to good use.

The land developers can transform a barren land into profitable business. They decide the kind of property that needs to be built on a particular area so that the land is rendered useful.

Several workers are lined for the project, who put the bricks in place. The technical staff takes care of minute details to verify the progress of the project. The facility management team ensures that all the requirements are met with and takes good care of the building once it’s developed.

Sales and marketing professionals are appointed who generate back the money invested along with profits. They bring potential customers who would like to invest in a property.

Then there are brokers and counselors who guide the clients and provide erudite about real estate so that they can spend the right amount of money.

Customer executives or hospitality management is another field that is dependent on real estate. Thus real estate generates employment opportunities in numerous fields.

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Negotiating Fixtures

Fixtures are attachments that are connected to a particular property and can be taken away by the seller before selling the property to a buyer. Thus fixtures always lead to disputes if not discussed before signing the contract.

While designing a space there are certain areas that are created specifically for a particular amenity or appliance and if this space is left void, the space cannot be used for load other essentials.

There are buyers who buy a house because of these prominent fixtures that make the house worthwhile but when these amenities go missing it can infuriate the buyer. For example if the house has a well equipped bathroom which is elegantly furnished it may please the buyer. But while moving into the place the buyer finds that all these amenities have been pulled out. In such a scenario the seller can argue that these amenities come under fixtures hence the seller has the right to take it with him/her.

Hence it is advisable to discuss every piece of furniture or attachment before buying the house. The contract should include the fixtures along with the property and before signing the agreement, one should see to it that all their demands are mentioned in it.

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Furnished and Unfurnished apartments

A trend that has been suffixing the real estate market is the presence of fully furnished rental apartments. The idea clicks with rented apartments but when one owns the flat, he/she prefers designing it according to the personal needs.

Fully furnished apartments are a good option for businessmen who commute frequently or for a student who needs a house for some period of time. When one wishes to live alone in an unknown city, it is always better to rent a furnished apartment. The apartments are well equipped with basic amenities to suit the daily needs.

Not only the furnishings are taken care of but also the interiors are designed artistically by professionals. This gives the apartment a refreshing look that you may not be able to conceptualize. Also the tedious job of scrutinizing through numerous shops for furniture can be avoided and it also helps save your time.

It is preferable to live in a furnished apartment when you have the tendency of changing spaces as you do not have to carry the furniture’s along.

The con of these apartments is that it lacks the personalized touch. The owner restricts the tenant from renovating the apartment hence one has to accept the design the way it is. The second drawback is that the rent is much more than the unfurnished apartment and the third drawback is that it may not suffix all your needs as there are chances of some appliances missing.

Unfurnished apartments are a better option when you wish to stay for a long term or permanently while furnished apartments are ideal for a short stay.

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Investing in Real Estate

The real estate market is highly dependent on the consumer needs and fluctuates with the market trend. A buyer invests taking into consideration ones budget and does not wish to over sprawl their money. Hence the agent should first find the client expectation and then forward the proposal.

The market is affected by the wavering demand and supply. With the boom in IT industry, the real estate market gained fast pace and more people started investing in properties.

Also the real estate market offers variety of services that were not available formerly. Specialized buildings with exquisite infrastructure, malls that furnishes customer needs, amenities that allow a luxurious stay are all incorporated in these buildings.

With abundant choices in hand, real estate seems like an incredible investing option.

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The art of Landscaping

Landscaping is the artful conception of an area of land that makes it look exquisite. A change in some aspects of the land is implemented after careful scrutiny. One requires analytical skills to characterize these changes.

A landscaper needs to have knowledge of science which will teach him/her to plant the right seed with the right chemicals. He/she has to be an engineer who can build large constructions and terrains that blend with the natural environment and create an enormous space.

Architectural skills along with knowledge of horticulture helps in assembling a phenomenal structure. Landscaping blends the natural environment with artificial constructions. Care is taken that it does not hamper the existing panorama.

Landscaping is also conducted when the land requires restructuring or when it is dilapidated. It can make a barren land flourish by adding the adequate amenities.

Water fountains, artificial pools and lawns, blooming tress and flowers are some of the aspects of landscaping that add to its glory. Hence the architecture needs to have the expertise to actualize the plan.

Landscaping is a healthy option as it can welcome flocks of insects and birds towards the flora that keeps the rivers and streams sturdy.

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Tenancy Agreement

The tenancy agreement is signed between the tenant and the landlord and is mandatory if one does not wish to enter into a legal dispute. The agreement gives privileges to both the parties and is drafted in accordance to their needs.

The agreement should include the names of the individuals involved, the property address, the period for which the contract is valid, the appropriate rent and the ancillary services that come along with the apartment.

A written agreement is more reliable and safe than an oral agreement. It gives you a confirmation that can be presented as a proof. For implementing any changes, the contract can be amended if both parties agree to terms.

Paying of the bills generally fall into the owners shoulder but it is advisable to discuss it in advance. The Rental law defined by the government specifies all the clauses and draws the picture in transparent language. The Maharashtra Rent Control Bill, 1999 was passed with amendments by both the Legislative Council and the Legislative Assembly and discusses the above points.

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The 72hour Clause

A contingency clause that gives the seller an added advantage to sell his/her property according to the best offer put forward is known as the 72 hour clause. According to the clause if a buyer accepts a proposal given by a seller, but during the same period a new buyer bequeaths a better offer so the buyer has the right to accept the new offer if the first buyer is unable to complete all the procedures within a stipulated amount of time.

The term 72hour can be misleading as it is negotiable and can be changed according to buyer or sellers convenience. This clause can also be referred to as release clause or right of first refusal clause.

The second offer can be considered as the backup offer and the seller keeps the buyer well informed about his/her backup plan. The seller can notify the buyer about this escape clause and the buyer needs to fulfill all the requirements within this period in order to acquire the property.

It is a risk that the buyer accepts after signing the contract and the clause can be modified or deleted if the buyer wishes to.

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Life Estate

A land possessed by an individual until his/her death is known as Life estate and the owner is known as a life tenant.

A life estate is the right to use and possess a property during life. A life estate can only be revoked by the life tenant in writing but it cannot be transferred to their heirs. When the life tenant dies the life estate expires and the fee owners own the land free and clear of the life estate. Also if the Life tenant transfers the property by will, this will remains fixed and cannot be changed.

A right of occupancy is similar however the use of the property is only while the individual is actually occupying the property. Once the owner leaves the property can be sold to another individual or given for charity.

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Source: wiki.answers.com