Archive for Buying an Appartment

The Easy Way to Assess Property Value

April 15, 2009 at 10:27 am · Filed under Basics of Real Estate, Buy a Property?, Buying Real Estate, Buying an Appartment, Buying and renting low priced homes, Key to Real Estate Success, buy sell home

The notion that assessing a property to arrive at good decisions is difficult is globally ubiquitous in the minds of property-investor starters. It’s not that hard actually if you just know how to compare logically and if you practice prudence in your judgment particularly in giving percentages in the process of rectifying/adjusting the differences of the comparables’ features.

Though there are a lot of books that teach how to assess and select a good property to invest to, these starters usually, after reading such books, still end up investing their money on the wrong property because of rush decisions and of not thinking that there might be more properties out there with the same or more superior features offered at much lower prices. I’m not saying that they should go from one state to another state just to look for such property but what I would advise them to do is to look around first in the neighborhood for other properties with same features and try to compare their prices before buying the said property. It’s that simple.

A lot of them tend to forget immediately what they have read and make some rush wrong decisions inadvertently. Why? Because instead of trying to look around first and give themselves more time to think before buying it, they let themselves fall in the pit holes prepared by agents just to be able to convince them and make a sale. Right there and then they will decide to buy it without even canvassing by just taking a look around in that area for other offers. As a result, they will just realize later that they have become a victim of overpricing after knowing that there are more properties in the neighborhood with superior features offered at much lower prices.

Now, let’s go to the basics of comparing properties and what are they. These are the price, location, physical attributes and of course, the improvements and land developments if there are any.

Location should be based on the kind and condition of its fronting road, potential of the whole property and the activity in the vicinity.

Physical attributes are characteristics of the land such as the lot’s dimensions, size, shape, elevation and topography.

Land developments are developments introduced on the land such as landscape, perimeter fence, driveways and pathways, and swimming pool. Improvements are buildings whether residential, commercial or industrial depending on the kind of property you’re considering but just make it sure that it conforms to the property’s HBU and the neighborhood’s prevailing structures as well.

When you compare properties, you have to make sure that you’re comparing the same types of properties that are located within the same neighborhood. It’s a rule that you compare only same classification/type of properties.

In comparing you have to assign percentages to the differences of the properties’ locations and physical attributes by evaluating which is more superior. If your subject property is inferior, you have to deduct a certain percentage of the price of the comparable but if it’s more superior then you have to add. How much percentage you will add or deduct will depend on your observation of the extent of superiority or inferiority of your subject property to that of the other property or comparable.

On improvements, you should determine the areas of each property’s building(s) and cost grades, and their corresponding ages for you to be able to get their depreciated building values. It’s the same thing with land developments but then you have to determine which property has developments that are more attractive to you and the others as well.

These are the nitty-gritty of direct comparison method. Simplified for you to easily imbibe and adopt if you want to avoid the pit hole. However, it’s your prudence in judgment that matters for you to make good decisions. Bear also in mind that if you don’t use your common sense even if you know how to compare properties, you are sure to fall in that pit. So, be meticulous and be cautious . . . and you’re sure you will end up with a good property to invest to.

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Home Improvement Tips: Bathroom Renovations

February 5, 2009 at 4:24 pm · Filed under Best Way to Find Deals, Buying Real Estate, Buying an Appartment, Overcome the Seller's Objections, buy sell home

One of the most popular areas of a house to renovate is the bathroom. There are many different ways to renovate a bathroom, from small surface changes to completely gutting the room. With some forethought and elbow grease, there are renovating techniques the do-it-yourselfer can accomplish, while saving money at the same time.



The first rule in any renovation is to start with a budget, and stick to it. After a budget is set, one must decide on how serious of a project the renovation will be. Surface alterations can be done fairly quickly and cheaply, while rearranging the layout of the bathroom, such as moving the toilet to a new location, will be more labor intensive, and require a contractor to move plumbing lines. A complete tear out is the most difficult, as well as money and time consuming, but is sometimes necessary if several years of moisture has begun to rot the bathroom’s wooden framework.



Hopefully moisture hasn’t penetrated the bathroom’s joists and studs, but it’s quite possible that drywall will have to be replaced. Today there is moisture resistant drywall called greenboard. If a wall is being replaced inside of the shower, a cement backerboard must be used that moisture cannot penetrate.




Many bathroom renovations revolve around the shower or tub. For the do-it-yourselfer, installing a prefabricated shower enclosure or tub is possible. The other option is a tiled shower or tub, which involves building a frame from scratch, and is best left to a professional carpenter. Though prefab showers were once fairly basic, today there are a variety of styles, colors and textures from which to choose. The units can come in one solid piece, to minimize assembly, and also panels if the complete unit can’t fit through the bathroom door (which is the case with many older homes).



There are a wide variety of flooring options for bathrooms, but steer clear of wood floors which will warp from the humidity. Ceramic tiles are the most popular choice for bathroom flooring, as it’s completely waterproof when sealed properly. There are also almost limitless combinations of shapes, sizes and colors combinations of tiles and grout that will fit all tastes. All floors must be level before laying down tile, which can be easily achieved by mixing a self leveling compound that is then spread across the floor, evening out any inconsistencies.



A new sink or vanity can spruce up a bathroom as well. There are many popular styles, such as wall mounted sinks, pedestal sinks, and vessel sinks that are fairly easy to install. It’s often possible to use the current sink piping to reconnect to an updated sink which can drastically change a bathroom’s appearance.



Some of the most effective updating can also be the easiest to do. Changing all the hardware, such as drawer pulls, faucet handles, and shower heads, can make a great impact, especially when they are all pulled together with the same materials, such as stainless steel, bronze, or brushed nickel. The cheapest home improvement choice of them all- paint- can also give a bathroom a new feel. Ditching a bland, frameless mirror for a new, large one with a funky frame is also an easy fix.



Sometimes the cost of new bathroom features is the priciest part of a renovation, but looking beyond big box stores can save cash. The local craigslist may have a treasure being thrown out by another remodeler with a different taste. Ebay can work the same way. Buying discontinued tiles is another good money saving technique, but remember to pick up extras to replace damaged tiles in the future.



Most remodeling techniques can be learned, but a contractor may be necessary to deal with new electrical or plumbing lines- it will be worth the money for it to be done correctly, and they will follow building codes properly. Getting referrals from trustworthy friends is always advisable when looking for a good and efficient contractor.

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What to Look for in an Apartment

January 29, 2009 at 11:30 am · Filed under Buying an Appartment

Finding an apartment to rent is a very time consuming and important venture. It may seem like a daunting task at first, but if one takes the time to become educated on the apartment options, the experience will be a lot more enjoyable. Too many people fail to inspect apartments thoroughly, and have a clear idea of what they want. As a result, the apartment shopping experience can often be disheartening. Looking for certain key elements in an apartment can make yield higher satisfaction.



When looking for an apartment, it is always best to have an idea of what you want. Figuring out certain price ranges before you start looking at apartments will save you a lot of time. Also, take into account what type of apartment you would be interested in. How many bedrooms and indoor square footage an apartment has is very important to most people. Also, try to get at least some kind of idea of what kind of neighborhood you are looking for. When searching for an apartment, you want something that will fit your needs.



Also think about the location. Location is very important because of schools, jobs, and neighbors. Some apartments may seem very alluring, but are located in inconvenient places, or in bad neighborhoods. Some neighborhoods have excessive noise and high crime rates. Better apartments will be far removed from these unpleasant elements. Sadly, the more expensive apartments are usually the apartments in better locations. This is an unavoidable fact, and should therefore be taken into consideration when searching for an apartment. Don’t let prices scare you into renting an apartment in a bad neighborhood.



Consider the owner and manager of the apartments. Find out if they have good reputations. The best managers are there for their tenants, and are always willing to help. The best owners charge a fair rent and avoid raising rent. Some of the best owners will offer the best deals on appliances and services. When visiting an apartment, don’t be afraid to ask tenants what they think about the landlord and owner. If all of the reviews are positive, then you may have found the apartment for you.



Look for apartments that have similar neighbors. If you are a bachelor, then you might enjoy having neighbors who are single. If you have kids, then it is always a great idea to look for a family-oriented apartment complex. If you live near people with similar backgrounds, you are more likely to form friendships, endure fewer conflicts, and have a more fulfilling living experience.



Finally, consider the appearance of the apartment. Some apartments look lackluster and seem dirty and unappealing. A good owner will take pride in his or her apartment complex. The best apartment complexes have nice landscaping, paint jobs, trees, and many other appealing elements. Most people want to be proud of where they live. Looking for a well run, appealing apartment is always a great idea.



There are many qualities to look for in an apartment. Consider location, cost, and the reputation of the manager and owner. Don’t be fooled by cheap apartments, or special deals. Having a clear idea of what you are looking for, and how you will get it will make your apartment search not only more effective, but also more enjoyable.

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The Easy Way to Assess Property Value

December 7, 2008 at 2:32 pm · Filed under Basics of Real Estate, Buy a Property?, Buying Real Estate, Buying an Appartment, buy sell home

The notion that assessing a property to arrive at good decisions is difficult is globally ubiquitous in the minds of property-investor starters. It’s not that hard actually if you just know how to compare logically and if you practice prudence in your judgment particularly in giving percentages in the process of rectifying/adjusting the differences of the comparables’ features.



Though there are a lot of books that teach how to assess and select a good property to invest to, these starters usually, after reading such books, still end up investing their money on the wrong property because of rush decisions and of not thinking that there might be more properties out there with the same or more superior features offered at much lower prices. I’m not saying that they should go from one state to another state just to look for such property but what I would advise them to do is to look around first in the neighborhood for other properties with same features and try to compare their prices before buying the said property. It’s that simple.



A lot of them tend to forget immediately what they have read and make some rush wrong decisions inadvertently. Why? Because instead of trying to look around first and give themselves more time to think before buying it, they let themselves fall in the pit holes prepared by agents just to be able to convince them and make a sale. Right there and then they will decide to buy it without even canvassing by just taking a look around in that area for other offers. As a result, they will just realize later that they have become a victim of overpricing after knowing that there are more properties in the neighborhood with superior features offered at much lower prices.



Now, let’s go to the basics of comparing properties and what are they. These are the price, location, physical attributes and of course, the improvements and land developments if there are any.



Location should be based on the kind and condition of its fronting road, potential of the whole property and the activity in the vicinity.



Physical attributes are characteristics of the land such as the lot’s dimensions, size, shape, elevation and topography.



Land developments are developments introduced on the land such as landscape, perimeter fence, driveways and pathways, and swimming pool. Improvements are buildings whether residential, commercial or industrial depending on the kind of property you’re considering but just make it sure that it conforms to the property’s HBU and the neighborhood’s prevailing structures as well.



When you compare properties, you have to make sure that you’re comparing the same types of properties that are located within the same neighborhood. It’s a rule that you compare only same classification/type of properties.



In comparing you have to assign percentages to the differences of the properties’ locations and physical attributes by evaluating which is more superior. If your subject property is inferior, you have to deduct a certain percentage of the price of the comparable but if it’s more superior then you have to add. How much percentage you will add or deduct will depend on your observation of the extent of superiority or inferiority of your subject property to that of the other property or comparable.



On improvements, you should determine the areas of each property’s building(s) and cost grades, and their corresponding ages for you to be able to get their depreciated building values. It’s the same thing with land developments but then you have to determine which property has developments that are more attractive to you and the others as well.



These are the nitty-gritty of direct comparison method. Simplified for you to easily imbibe and adopt if you want to avoid the pit hole. However, it’s your prudence in judgment that matters for you to make good decisions. Bear also in mind that if you don’t use your common sense even if you know how to compare properties, you are sure to fall in that pit. So, be meticulous and be cautious . . . and you’re sure you will end up with a good property to invest to.

Leave a Comment

Buy Home – Foreclosure Houses

November 28, 2008 at 12:48 pm · Filed under Buy a Property?, Buying Real Estate, Buying an Appartment, Foreclosure 'Short–Sales', Foreclosure Problem, Foreclosure Property, buy sell home ·Tagged , ,

Many people are flocking to the foreclosure home market. In it, you are able to buy homes that are quite inexpensive, fix them up, and sell them for a profit or use them for yourself. There are a few good reasons that foreclosure houses are great for people that are looking for their first property. It is much easier to get one of these homes mortgaged than any other home.

The price is the big drawing feature of these homes. Be on the lookout for foreclosed homes in your area. You can save thousands of dollars by purchasing foreclosure houses instead of more traditional properties. There is a good chance that you will find more than one home in your area that is discounted up to half of the actual market value.

In addition to the great price that you can get up front on foreclosure houses, they are also great investment properties. If you buy a foreclosed home as your first property, and pay it off in 15 or 30 years, you will have made quite the profit. When you go to resell the house you will be able to sell it for thousands more than what you paid for it initially. And all you have to do to take advantage of this profit is simply live in your house, and make the payments.

Foreclosure houses are also good properties to look into because there is a large selection available all over the country. Regardless of where you live, you will never have any problem finding foreclosure houses in your area. This means that when you are picking out your first home that you will not be restricted in the least bit. All you have to do is locate the foreclosure houses in your area, and then go through all of them to decide that one best suits your needs.

Dont discount foreclosed homes just because they may be real fixer-uppers. If you make sure the home will suit your needs, who cares if its not the palace you invisioned? Your first home hardly ever is your last home. Chances are that if you are buying your first home that you have other things to purchase as well. This can really free up a lot of cash and let you buy more appliances and other things of that nature that you need.

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