Real Estate Investments - Things you must not do when deciding on an investment property
Real estate is an art as well as a science. Once you have learned how to choose investments wisely, you must learn how to become wealthy as the result of real estate ownership. Luckily, you don’t have to discover the process by guesswork. There is a proven system to follow to not only invest, but to get rich off your investments.
For the home seller, deciding to sell a home is an exciting choice. It may also feel like a big decision, but don’t worry, you’re not alone. ForSaleByOwner is here to help decide if conditions are right to sell. Whether you have questions about market conditions, pricing your home or your motivation to sell, we’ve got you covered.
Here’s some of the ways ForSaleByOwner.com helps Sellers
Do-It-Yourself Comparative Market Analysis
Determine Your Asking Price
Preparing the listing
Free Listing Services to help you get started
Get marketing tie-ins with MLS, REDFIN, HomeFinder, Realtor.com, Zillow and Trulia
Negotiate like a pro and reach a sale price that achieves your bottom line goal
Help with the CLOSING!
Pay 0% Real Estate Commissions on ForSaleByOwner.com!
Why wait? It’s easy to join, easy to set-up, and most importantly, it works. Click here to try 14-Day Free Trial on Home Real Estate Listing Service. Start Now at ForSaleByOwner.com!
Here’s some of the ways ForSaleByOwner.com helps Sellers
Do-It-Yourself Comparative Market Analysis
Determine Your Asking Price
Preparing the listing
Free Listing Services to help you get started
Get marketing tie-ins with MLS, REDFIN, HomeFinder, Realtor.com, Zillow and Trulia
Negotiate like a pro and reach a sale price that achieves your bottom line goal
Help with the CLOSING!
Pay 0% Real Estate Commissions on ForSaleByOwner.com!
Why wait? It’s easy to join, easy to set-up, and most importantly, it works. Click here to try 14-Day Free Trial on Home Real Estate Listing Service. Start Now at ForSaleByOwner.com!
Home sellers save an average of $14,000 on their home sale using ForSaleByOwner. With interactive tools and guides, marketing exposure to millions of buyers and services that help you photograph and price your home, selling isn’t just easier than trying to share the shower, it’s easier than you think. List your home for sale on ForSaleByOwner. If you’re buying or selling real estate, you owe it to yourself to click here!
Things you must not do when deciding on an investment property
What you are REALLY purchasing when you buy any property, and why keeping this in mind is essential when making any commitment
The surest way to evaluate a neighborhood for investment potential – your profits depend on it
Methods for determining the value of a property in which you plan to invest
Methods for determining the value of a property in which you plan to invest
Key requirements for success in the field of real estate
The 3 things behaviors you must perfect when backing your real estate plans
Why real estate as a get rich quick scheme simply doesn’t work
Factors to intelligent investing
Factors to intelligent investing
Factors to consider when deciding where to buy a real estate investment property
The key variable in determining whether you invest in a particular city or area Click here for more details.
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or Thinking about buying a second home? Whether you’re looking for an investment property, a getaway, or a place to eventually retire, plan to take these seven important steps.
One: Decide Whether a Second Home Makes Financial Sense
Whether or not you consider yourself an investor, you no doubt want your second house purchase to be a sound financial move. Yet many second-home owners complain that the house — including not just the purchase price, but ongoing expenses — ended up costing more than they’d ever imagined. You’ll want to tally up your likely expenses, factoring in any extra costs based on the fact that you won’t be there every day (such as hiring a management company and the relatively high cost of hazard insurance). Then you’ll need to build up your cash reserve, and, if you plan on renting out the property, determine how much you can expect from rental income (it’s often not enough to cover your monthly costs).
Whether or not you consider yourself an investor, you no doubt want your second house purchase to be a sound financial move. Yet many second-home owners complain that the house — including not just the purchase price, but ongoing expenses — ended up costing more than they’d ever imagined. You’ll want to tally up your likely expenses, factoring in any extra costs based on the fact that you won’t be there every day (such as hiring a management company and the relatively high cost of hazard insurance). Then you’ll need to build up your cash reserve, and, if you plan on renting out the property, determine how much you can expect from rental income (it’s often not enough to cover your monthly costs).
Two: Decide Where, and What Type of Home You’ll Buy
A home in a badly chosen location won’t serve anyone’s goals — an investor can’t resell or rent it, a vacationer won’t enjoy it, and a future retiree may have to pick up and move again. You’ll need to rely on both market research and your own personal preferences. Look into factors like the strength of the local economy, trends in house resale values, convenience and amenities, property tax rates, the quality of local schools and medical care, and more.
A home in a badly chosen location won’t serve anyone’s goals — an investor can’t resell or rent it, a vacationer won’t enjoy it, and a future retiree may have to pick up and move again. You’ll need to rely on both market research and your own personal preferences. Look into factors like the strength of the local economy, trends in house resale values, convenience and amenities, property tax rates, the quality of local schools and medical care, and more.
The type of home you buy is similarly important. The costs and demands of owning a single-family home are different from those of owning a condominium, townhouse, or co-op. Which type serves you best will depend on factors such as cost, location, and upkeep. For example, condos, townhouses, and co-ops typically require less maintenance, since the areas of the property outside your unit are governed and maintained by a community association (of which you’ll be a member). However, you’ll pay for that maintenance in the form of monthly fees and special assessments.
Three: Look into the Tax Implications
Second-home owners need to worry about both property taxes (which vary by state and locality) and, if renting out the place, income tax. Though taxes are inevitably a burden, a little advance planning during the house-hunting process can save you thousands of dollars a year. For example, sometimes buying a home just over a town’s border can significantly trim your annual property tax bill. And if you’re renting out a vacation property, the amount of days you yourself spend there can make a difference in how much you’ll owe in income tax.
Second-home owners need to worry about both property taxes (which vary by state and locality) and, if renting out the place, income tax. Though taxes are inevitably a burden, a little advance planning during the house-hunting process can save you thousands of dollars a year. For example, sometimes buying a home just over a town’s border can significantly trim your annual property tax bill. And if you’re renting out a vacation property, the amount of days you yourself spend there can make a difference in how much you’ll owe in income tax.
Four: Come up With Short-Term Cash and Long-Term Financing
Most people pay for their home with a combination of a down payment and a loan for the remaining amount. The higher your down payment, the lower the loan, and the more house you can therefore afford. In order to come up with down payment cash (which should be at least 20% of the purchase price), you may need to get creative. Using the equity in your primary home, borrowing against a life insurance policy, or refinancing your car are among the possibilities.
Most people pay for their home with a combination of a down payment and a loan for the remaining amount. The higher your down payment, the lower the loan, and the more house you can therefore afford. In order to come up with down payment cash (which should be at least 20% of the purchase price), you may need to get creative. Using the equity in your primary home, borrowing against a life insurance policy, or refinancing your car are among the possibilities.
Most buyers will also need to get a home loan to help with the rest of the financing. Shop around: By reviewing the various mortgage options and sample payment schedules and factoring in your own short- and long-term goals, you should be able to find a mortgage that suits you.
Five: Consider Nontraditional Financing Methods
One unique way to help finance your second home is to tap the “Bank of Family and Friends.” Borrowing from parents, siblings, or close friends lets you keep the tens of thousands of dollars in interest you’ll pay over the life of your mortgage loan within your circle, rather than handing it over to a bank.
One unique way to help finance your second home is to tap the “Bank of Family and Friends.” Borrowing from parents, siblings, or close friends lets you keep the tens of thousands of dollars in interest you’ll pay over the life of your mortgage loan within your circle, rather than handing it over to a bank.
Another money-saving approach is to partner with another purchaser; for example; sharing a vacation home in the sun. Shared ownership is a growing trend — but not one to rush into lightly. You’ll want to start by determining whether co-ownership with a particular person is likely to work. Then draft a written agreement to spell out how ongoing costs will be split and deal with other potential sources of contention, such as what happens if one of you wants out after a few years or if one of you dies.
Six: If You’ll Be a Landlord, Be Prepared
Some second-home owners plan to rent out their properties long-term with the idea of eventually turning a profit (rental properties usually take some years to make money). Others just want to rent out their property periodically as a means to offset expenses. Either way, you’re taking on the role of a landlord, which means more than just following your instincts. Finding good tenants or trustworthy vacation renters, understanding and preparing leases or short-term agreements, and dealing with ongoing management and repairs are just a few of the practical and legal issues involved. Also, the obligations of managing a long-term rental are quite different from those of a periodic rental.
Some second-home owners plan to rent out their properties long-term with the idea of eventually turning a profit (rental properties usually take some years to make money). Others just want to rent out their property periodically as a means to offset expenses. Either way, you’re taking on the role of a landlord, which means more than just following your instincts. Finding good tenants or trustworthy vacation renters, understanding and preparing leases or short-term agreements, and dealing with ongoing management and repairs are just a few of the practical and legal issues involved. Also, the obligations of managing a long-term rental are quite different from those of a periodic rental.
Seven: Take Steps to Protect Your Second Home
Protecting your property starts before you buy and continues long afterwards. For example, you’ll want to get a proper home inspection prior to purchasing, so as to deal with some repair issues up front and get a sense of what other repairs may be looming.
Protecting your property starts before you buy and continues long afterwards. For example, you’ll want to get a proper home inspection prior to purchasing, so as to deal with some repair issues up front and get a sense of what other repairs may be looming.
You may need to purchase title insurance — typically required by the lender — in case problems such as past ownership or debt claims on the property surface after the purchase.
Your lender will also require that you carry hazard insurance, to protect your property against damage from such causes as theft, fire, flooding, or windstorms. The cost of insurance for second homes is usually higher than for first homes, since you won’t be there as much. You will probably want to add liability insurance, covering you and members of your household for accidental injuries to your visitors. (Together, hazard plus liability insurance add up to the standard homeowners’ insurance package.) Taking these protective steps will guard not only your home, but your peace of mind.
The Westwood Park Estate location is a Lagos perfect investment area with over 500% investment increase quarterly. The estate is proposed to be finished to a high spec quality ambiance, street light, green area with naturally dry land throughout.
The Westwood Park Estate is situated behind The Novare Lekki Mall in Sangotedo (Shoprite) and many other fantastic estates, with great environment, lovely atmosphere.
The Estate features many facilities that will suit both investment and domestic living. Totally FREE FROM OMO ONILE wahala. Local community, schools and business district and more. Get surrounded by the stunning views opening around and enjoy the relaxed atmosphere of the place.
Surround yourself with the stunning views opening around and enjoy the relaxed atmosphere of the location.Business Districts and Schools are within walking distance from Westwood Park Estate. No worries about your kids! Proposed Schools are 5 minutes’ walk away as well as business locations!
Close to recreational facilities and shopping malls.
Access to good roads and electricity.
Selling at a Promo price of N5,000,000 per plot
Call 0803 314 7891 for more inquires.
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