Category: Property Management

Problems With a Property Following Purchase

First, you have to be sure that the seller gave a sort of warranty and guarantee. This have to be on document. Otherwise, you’ll have a hard time proving it.

Should there be a strong proof of the said warranty, then you can have the seller liable for the undisclosed problems.

Fraud is another thing which you can have the seller accountable for. Under this instance, misrepresentations or omissions are committed with the intent of not allowing the buyer know of the flaws. There is a clear intention of hiding imperfections such that the buyer is made to believe that the house being sold is in either excellent or very good condition when in fact there are problems or defects.

Structural defects are the most common defects that are hidden through seller frauds. But be aware that some sellers might also be knowledgeable of the kinds of materials declared in the documents when in fact those are not actually the compositions or the types used. Omissions are considered fraud because of the similar intent of not disclosing a known problem.

To make it fair and square with sellers, they are not always liable when problems are discovered after the house …

Common Property Frauds

  • Executing the purchase and follow up activities
    Make sure your builder sticks to the possession date that he has promised because often builders delay when they do not find buyers or their resources dry up leading to no money left for completing the project. Getting possession of your house as soon as possible has several benefits, one being the tax benefits that kick in after possession. The period prior to the possession date has a different tax treatment as pre-construction period.¬†Once you get possession of your house, the builder is responsible for maintenance of the building for a period of 18 months after the Occupancy Certificate (OC) is given. By the end of the 18 months, the builder will initiate the formation and registration of the society, which will elect its representatives and take over the management of the society from then on. Once the society is formed, telephone and electricity bills will be given in your name. Hence, it’s important to ensure the society is formed within the stipulated time.
  • Deliberate Delays:
    Even though the builder may have a handful of successful projects, it is important to ensure that the builder lives up to his promises in the

Buy Overseas Property Safely

Get help from a financial specialist

Sort out your financial preferences that would help you allot a suitable budget to purchase the property. Get a provisional mortgage if you have plans to borrow money apart from what you plan to pay from your pocket. Ask your financial specialist to suggest a long term repayment plan that would be feasible for you as the lending criteria and the borrowing costs may change during those years.

Hire a foreign exchange specialist

If you borrow money overseas, but earn at home, you have to make sure that the rate fluctuations would not affect the value of your property. The difference in the value of currencies could take the property out of your hands as it goes beyond your budget. Discuss with a foreign exchange specialist and understand your risks and have a proper contingency plan to handle unpleasant situations.

Double-check the agent credentials

Apart from hiring an independent lawyer, choose a professional overseas real estate agent to assist you through the process. Place your focus on the agency rather than the property you want to buy. Question them in all possible ways to make sure the company or the agent is potentially the …

Buy New Property

The Facilities

Modern new properties come with a variety of facilities which directly determine how valuable they are. These amenities include pavilions, studios, gymnasiums, Laundromat, pools, groves, avenues, ponds, fitness galleries, jogging trails and spas among many others. The facilities that a property has determine its value and just how convenient it will be for you or the target market. Now-a-days people are paying more attention to luxury options when it comes to a property. It makes it important to choose something that will be most appealing.

Surrounding Property Value

Before buying a property, it helps to also consider the value of other properties in the same area or location. The worth of the neighboring houses can help you in putting an estimated value to the property. You however must consider the available facilities and factors such as the view that can be enjoyed from one property to the other to make a good estimate. New amenities can affect the value of the property. When you check around, you will also get to know about shared challenges or problems among the properties.

Market Timing

It is among the most important. It is of great importance to time the property buying …

Determine the True Worth of a Commercial Property

“Market value is what’s typically meant when referring to a property’s value and is the value used for loan underwriting purposes.” Market value is used to estimate the amount of money the fully developed project will bring in (upon its completion) when it comes time to sell it or rent out its individual units. There is an organization called the Appraisal Foundation where much more information can be found on market valuation of commercial properties.

“Investment value refers to the value to a specific investor, based on that investor’s requirements, tax rate, and financing.” Or in other words the amount of money that a particular investor would pay for the property in question, upon its completion. Different people have different goals when it comes to investing their money. Therefore the investment value of a specific commercial construction property can vary from one investor to another.

Other types of factors that make up the total worth of commercial property include: insurable value, assessed value, liquidation value, and replacement value. There is also the cost approach; or a value that is determined upon what it would cost to replace that particular building in accordance with the value of the land. There is …

Off Plan Property

Developers often market their properties this way because it provides the funds necessary to do the construction. Also, many banks won’t loan money to developers without at least 70% of the available units pre-sold.

Everyone wants a good deal so how this becomes a good deal for the apartment buyer is that the purchase is often discounted. Assuming the property market is stable or grows, this often means that the value of your off the plan apartment is worth more at completion than you paid for it. You have to admit, this is a good thing. Also, you usually get some say as to the fittings for the bathroom and kitchen, floor coverings, and colors which you wouldn’t have if you waited to make the purchase after the building was completed.

On the downside is that the actual construction can take a few years to complete depending on the size of the project. It’s also possible that the market value of your apartment could even go down. But, again, the upside is that you are buying at a cheaper price than you normally would and you also have several years to continue saving for the day your beautiful, luxury apartment

Factors to Consider When Getting a Property Management System for Your Hotel

It should be easy to use

The best kind of technology is that which is absolutely easy to use. The longer it takes for you to wrap your head around the system, the more quickly you’ll get fed up of it. Besides, hotels are famous for their high turnover rates, and the software is likely to be used by young executives and experts alike. The system should be such that it requires minimum training for people to get comfortable with it.

It should be mobile compatible

Gone are the days when technology was restricted to personal computers attached to a desk. This is the 21st century and unless your technological solution can literally walk with you, it’s useless for all intents and purposes.

Any PMS you consider should be able to connect and send information to mobile devices. It should be able to communicate with you no matter where you are and what device you are using, including mobile phones, laptops, tablets, and personal computers. Not only does this promote operational efficiency, your staff will also be able to deliver great guest service on the go.

It should be easy to integrate

The PMS you select should have APIs that …

Property Management Companies

The first thing that you should get to know is whether the company is licensed and recognized by the right body. You need to ensure that you get to know what kind of properties they manage and then get references. You should never move on with the deal if the company does not want or is not able to give you the necessary documentation. When you see the documentation, then you can comfortably say that their operations are legitimate.

You should also get to know the following things about the company:

  • How they set and collect rent
  • How maintenance and repairs are handled?
  • If property inspections are done
  • Retention and marketing of tenants
  • How the tenant and owner funds are handled?
  • How they do tenant screening.

The other things that you should talk to them about include:

  • Their management fees
  • The management contract

The above should be done to about three companies that you may have shortlisted before you can hire them. You should remain vigilant and don’t settle for the first company that you come across regardless of how good they seem to be. There is really no harm in talking to other companies. Talking to others confirms that …