There are many reasons to consider buying a property. You might want somewhere to live that you can call your own? Perhaps you see real estate or owning a property as a status symbol. Maybe you’re just trying to collect assets? Regardless of your priority needs, any purchase worth as much as a property must be considered a financial investment. That means you must assess the risks of loss, and research to determine the potential growth or increased worth.

There are many steps you need to take before you can finally pick up the keys and let yourself in. Each of those steps might be a factor in your final decision or your reason for buying the property you chose. They might also be a reason for changing your mind too!

Time

The first consideration is time. How long do you have before you need to complete the sale? If you’re not in a rush, then you might decide to save up as much cash as possible before property hunting. The more you have upfront, the less you have to borrow. This increases the profit you can make on your property investment because you are not being charged as much interest on a smaller loan.

If you don’t have much time, then you need to find the money to cover the cost of the property. There are many other costs involved with buying real estate too. The legal costs and survey costs are just some of the expenses you need to cover up front. There are likely to be taxes, and you might incur moving fees if you plan to live in your new property. If you can spare more time, you can save more to cover each of these costs.

Financing

Financing your purchase is easy if you have a great credit rating. In fact, there are many mortgage lenders that are desperate to lend to people that have a good rating. Buy-to-let mortgages are plentiful too. If you have a substantial deposit, you might be eligible for a mortgage product that is low interest. If you’re not quite so financially ‘viable’, then financing in this way can become expensive.

Many ‘millennials’ are finding it necessary to approach the bank of mom and dad to fund the deposit. As salaries for this age group are quite low, it is essential to find quite a significant deposit. The deposit is the sum that is outstanding after the mortgage has paid for the property. The lender will expect to see that you have that outstanding amount (usually a minimum of ten percent of the purchase price) before paying the loan out.

If you are planning to become a property investor or a landlord, you might be able to develop a relationship with a business investor in this sector. This will become a legally binding business relationship in many cases. There will be responsibilities and obligations that you will need to meet. This is not usually the right option if you’re trying to buy a home.

Other Options For Raising Cash

You might already have a home that you need to sell first. This puts you in a ‘chain’ and can be difficult to coordinate. However, selling your current property may release a lot of equity so that you can buy another home. You don’t need to limit yourself to selling property to raise money for a deposit or purchase. Anything you don’t need could be sold privately or through an agent to help you raise more cash.

Your employer might also help you out with a loan or an advance. Usually, loans must be declared on your mortgage application. This might not appear favorably to any lender. Why not take some overtime, or ask for a pay rise? Changing jobs or taking a second job can also help you to raise the cash you need.

Sharing ownership of the property can also help you out financially. Legally, you are both responsible for mortgage repayments. If one of you stops paying for any reason, the other must cover the entire bill in most cases. Speak to your lawyer about this kind of arrangement and the potential consequences of non-payment.

Searching For The Right Property

Once the money is agreed, you can start searching for a property within your budget. You might already have some idea of the type of property you want. However, if you’re willing to be flexible, you might be able to secure a place with the most important requirements. You might be looking for four bedrooms, but your first choice of neighborhood means that is not affordable. You would need to reduce the bedrooms or pick a different community.

If you’re investing in property, you don’t need to restrict yourself to your local neighborhood at all. You could purchase overseas in areas that are up-and-coming. A big property search service like the one at http://rumahdijual.com/properti-dijual could help you to find something affordable. Of course, after the exchange rate, you might find you can afford incredible properties. Maybe large houses or mansions are affordable for you when you look overseas.

Whether you buy here or further afield, the purpose of your purchase must be clear in your mind. Consider your lifestyle and how the property you choose might affect that. If you’re buying as an investment, then a great deal of research on the community is essential. Look at sales data and the demographic of the region. Determine the type of person that will be interested in your property so you can strategize your marketing efforts.

Houses

Buying houses might be a little easier than other types of property. Land boundaries and rights to that plot are usually much simpler too. It’s unlikely you’ll be sharing any part of the property with others. This can make it easier to sell on when you’re ready. Of course, houses can be subdivided. You can rent out individual rooms or convert the property into flats.

Often, houses appeal to families. If you purchase a property that needs a little care and attention, you might be able to do the work then sell it on to a family in need of a good quality property. Alternatively, why not rent it out? Properties of multiple occupancies tend to net more profit and a higher rent in total, though.

Apartments

Apartments in the city can be very attractive to career driven singles and couples. However, the location of the property can drive the prices up. Nobody likes commuting, so many apartments are purchased or rented for mid-week living close to work. This means that you could tap into this market with your next property investment.

There are several things to consider though. There will be fees or rent to pay for the communal areas when you buy a property in a block. Empty apartments are rarely exempt. Access will be required periodically by the building owner. This could be for maintenance and testing of the block safety facilities like fire alarms. Ultimately, you have no land that is your own. The value of the bricks, therefore, may not appreciate as much as you would like.

For You, Your Portfolio, Or Business?

Once you’ve considered all of the above, you’re probably ready to make the final decision about the purpose of your purchase. Are you buying a home for yourself? If so, how long do you intend to live there? If the property is a forever home, do you intend to leave it to the kids as an inheritance, or sell it to fund your later-life care?

Perhaps this property will be part of a big portfolio you intend to develop over time? Maybe it’s the first one! Are you going to rent it out, or do it up and sell it on? Perhaps you’ll sit on it for a few years and wait for the value to go up? How will you start to reap a return on your investment in the meantime?

If you’re buying for business, then you need to consider the purpose of the property or the land it sits upon. You might be keen to develop the area. This might include demolition and rebuilding. Or maybe you’re converting or renovating the buildings on the land? Check the legal and planning restrictions on the real estate before buying.

The Process Of Buying

Buying a property takes a long time. Once you’ve found the one you want, you put in an offer to the vendor. They might go away for a few days to consider your offer. Even if it is agreed, you then need to find legal representation and finalize your financing. Surveys and checks can take weeks. If anything is found that your lender doesn’t like, you might have to start a new application with another lender.

At any point, the sale can fall through. There may be delays with other purchases and sales in the chain. Until the keys are in your hand, nothing is certain. It can be a bit of a waiting game. Of course, once the property is yours, it may be a long wait to see any return on your investment. Are you ready to buy a property?

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Today’s media tells us that you haven’t really ‘grown up’ or ‘made it’ until you own your own home. So a lot of people only tend to rent temporarily until they have the finances, right? Or wrong. There are tons of advantages to renting your home instead of actually buying it. Here are 11 reasons why.

1. It’s cheaper

Upfront rental fees and deposits may seem a little pricey, but they’re way cheaper than all the hundreds of thousands of dollars it costs to buy a home. If you want to do things the best way, then get your savings stacked away so you have exactly what you need for that very moment. Most rentals will require the first month’s rent upfront, along with a deposit. If when your lease is over, and you plan on leaving, you will only get that deposit back if you leave the place in the mint condition it was in originally. But if for example, you punched a hole in the wall, your tenant has the right to keep your deposit to cover the costs of damage.

2. Buying and selling a home is difficult for everyone

Whether you’re trying to buy a new home or sell an old one, it’s a lot more complicated than just signing a piece of paper. Homes are usually on the market for around four weeks, and almost half of the sellers end up reducing their asking price at least once.

3. There are options for roommates

Getting some roommates is always a great option if you’re looking to share the costs of your living expenses with someone. To have another person to split all the bills with is just ideal. Whereas owning a home, one person is responsible for the big bill at the end of the month. So if you have a rather flaky roomie that is always late on rent, you’ll have to figure out a way of making up the difference. But when renting, apartment complexes are used to working with multiple tenants in one location, so they are able to offer you options for individual leases instead.

4. You have time to repair your credit

A bad credit score will make the chances of buying a home extremely difficult, so all those irresponsible days back in college will come back to bite you in the behind. If this refers to you, then it will be a lot easier to rent rather than buy. You will also be able to take the time paying all your loans off without feeling under the mighty pressure like you would, trying to buy.

5. You can be flexible

Owning a mortgage ties you down. It means deciding on a location that you want to stay in for at least a few years. If you know you can be the indecisive type, are you sure you’re able to settle for that long? You won’t be able to just pick up and move because you got bored of looking at the same tree every day, or when you get that job opportunity you’ve been pining after.

6. Property taxes are pricey

A lot of homeowners don’t realise the costs that arise when owning a home. Bills like insurance, maintenance, and property taxes all combine into this ridiculous amount that is very intimidating. The other issue with this is taxes can rise, for no reason whatsoever, and there’s nothing you can do about it. Rentals, on the other hand, are consistent through the duration of the lease.

7. Maintenance issues are not your problem

Not everyone is blessed with the handyman gene, so for homeowners, you usually end up having to pay a big sum of money for a professional service to come in and repair or replace whatever problem you have. But if you go with a hdb room rental, all you have to do is pick up the phone and call the property manager, and they’ll have someone come in and sort out the issue.

8. You have more access to amenities

Sure, peace and quiet is always a nice option to have in a home. Living in the countryside, with only the friendly neighbour next door to disturb you with their homemade peach pie. But let’s face it, there will be plenty of things that you’re missing out on too. When you rent, you’re part of a community which gives you access to things, like the wifi, the pool, or even that gorgeous park with the perfect green grass.

9. You just don’t have the finances

If your income can be pretty irregular sometimes, whether you’re a new small business owner or work as a freelancer, renting would be a more stable option to take. You don’t want to be in over your head, and it’s very easy for that to happen when buying, so rent until you truly know your circumstances.

10. Upkeep is less expensive

If you own your own home, you can forget about chilling out in your garden, basking in the sun. That big backyard of yours needs to be mowed… Again. The hedges need to be trimmed. The weeds need removing. Let alone the gutter! – That storm last week really made a mess of things, you’re going to have to unclog it before everything seeps into your garage. Renters, on the other hand, don’t need to lift a finger.

11. There’s better security

Most rental apartments will have a high source of security around the area, which will all be included in your agreement. This is a particularly good benefit when a single individual comes along, because they may feel slightly nervous, especially if they’re a first-time renter. Knowing that the area is secure and being watched at all times will make you feel a lot more at ease. If you were a homeowner that wanted to find a neighbourhood with these perks, you can expect to pay a lot of money for all the extra safety precautions.

So as you can see, there are tons of advantages and benefits of renting rather than buying. So get weighing up your options and figure out what works best for you.

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Buying a home is one of the most monumental moments of any adult’s life. It is the chance for a new start, to take control of your lifestyle and independence, and have the opportunity to start a family with the one you love. On the flip side, buying a house can be the most stressful, time-consuming and costly affairs of your life.

We all know about the major costs of purchasing a property, with the deposit and the mortgage, as well as forking out for furniture for your new home at the top of the list. But there are some unforeseen costs which nobody tells you about until you are already part-way through the process, today we are going to take a look at these hidden costs. It might make you have to rethink whether you can afford to put an offer on the house right now. If you are worried about the down payment on a house, you can always check out this article to let you know how much you should pay.

Attorney’s Fees

The first kicker when it comes to buying a house is the attorney’s fees. You will have already searched for a home, gone for viewings, put an offer in and been accepted before these charges become apparent. It all depends on where you go. There are tonnes of lawyers to go to when you are looking to buy a property, and the fees are relatively standard. However, you can still shop around to find the lowest cost if you like, however, sometimes the lower price is reflected in the service you receive. Consider asking friends and family who they chose and work from there. You may find that the result is a little more pricey, but if you can work with a company that is trustworthy, it is worth the extra cash.

Home Buyer’s Report

When you apply for a mortgage, the lender will ask you to complete a home buyer’s report to check the house for any faults and damage. If the home you are looking to purchase fails the report, the house cannot legally be sold, and you will have to find something else. Although it is an annoyance, it’s in your best interests to have this because it prevents you from buying a damaged property and having to pay out for repairs.

Repairs

If the home buyer’s report passes but comes back with a few minor faults, these are extra costs you will have to consider once you move in. You may have to replace the boiler, make sure windows are double glazed, or tile the roof, which will add to your expenses.

If you don’t opt for a full survey to be carried out, once you move into the property you may be faced with repairs that you weren’t aware of previously. For this reason, it is recommended to get a full survey on any house over 100 years old. If not, you can opt for a slightly less in-depth survey which will still give you information about the inside of the property.

Stamp Duty

Stamp Duty is one of those niggling little costs that only creep up when you receive your contract. Stamp Duty is land tax, which everyone has to pay on their property upon purchase. The tax will range depending on the size and location of the house but is worked out as a percentage of the value of your home. You can calculate it here.

Home Insurance

Home Insurance must be put into place from the data you exchange contracts, meaning that even if you don;t move in on your exchange date, you are already paying home insurance on your property. Paying for your home insurance ahead of moving in is a minor annoyance, however, is essential to secure the safety of your home.

Temporary Accommodation

If you aren’t lucky enough to be living with parents or friends as you go through the moving process, you must think about the cost of your current accommodation. Whether that be your current mortgage or rent, it can eat away at your savings.

Storage Costs

Many people like to start building a collection of items for when they move into a home. You could be beginning to stock up on furniture, appliances, kitchen utensils or towels- but you will need somewhere to store them all. Hiring out a storage unit is a great way to relieve the stress of moving everything from one property to the next, because it will all be in one single location ready to go. However, if you face unforeseen difficulties with your purchase which slow down the process, such as probate or environmental issues, you may have to hire out the unit for a longer period.

Moving Costs

Finally, the day has come where you’ve got the keys to your new home, and you can begin to move everything in. Unless you or a family member have a van you can borrow, you may have to fork out for a moving truck or rent a van for a couple of days to move everything into your home. It can be a long process, but once you have settled, it’s worth it. Shop around to find the best value hire companies in your area.

Random House Costs

Once you’ve moved into your new property, you will be faced with some bills. You will have a few different costs to think about when setting up your home. First up, electricity, gas, and water. Usually, when you take on a property from its previous owner, you can simply transfer the existing setup to yourself- freeing up some time trying to hunt for a new deal. You can, of course, set up your own, and this will involve comparing companies and packages with what suits you. The same goes for broadband, tv, and phones. You may want to set up a package deal with all of these thing included at a discounted rate. It’s up to your personal preference and needs.

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There’s no doubt that the idea of adding to your business costs is rarely a popular idea. When you’re so focused on seeing through each month and generating a profit, it can feel like every debit you have to make to your business accounts is a huge drain. So being told that you need to think about employee healthcare coverage? That’s probably not the most welcome of statements.

The truth is, however, that the health of your employees is vitally important to your business. Without a healthy staff, you’re going to suffer from chronic problems and a huge loss of productivity caused by sick days and absences. Investing in how healthy your employees are is an investment in the future of your business – so if you try and think of it like that, it might be easier to handle the loss to your finances.

Should you make the decision to invest in healthcare coverage, this gives birth to many additional decisions you have to make. What type of coverage should you offer? What is important to prioritize in the coverages? What exclusions can you expect?

All important decisions that are worthy of your time, but for the moment, let’s focus on a more macro level. While general healthcare coverage is great, you’re also going to need to think about using business senses to give your employees the best healthcare they need. And that’s ‘business senses’ in a very literal way…

Sight

A general healthcare policy might not cover employee vision and sight health. Why do you need this area covered?

• Poor eyesight can cause headaches and fatigue, meaning your employees won’t be at their best.
• If someone is struggling to see properly, they are less likely to be able to spot errors in fine print – which could cost your business substantially.

So it’s always worthwhile to check out business vision insurance rates if your policy doesn’t cover eye and sight costs as standard.

Hearing

If you have an older workforce, then natural degeneration in hearing is an area you need to focus on. It’s also a priority if you work in an industry that involves employees being exposed to loud noises, such as construction.

• If you don’t provide the correct sound-blocking technology for employees, then you could be vulnerable to a future lawsuit. Doing this and offering proper healthcare to ensure the measures you have taken are effective is a perfect way of covering yourself for the future.
• Older employees have a lot to offer in terms of experience. Don’t allow them to be left behind by not being able to hear in meetings or struggling with phone calls.

Try and find a policy that covers not only regular hearing checks, but anything that offers assistance with the cost of a hearing aid.

Taste

If there is anything you can do to ensure your employees are eating a healthy diet, then it’s a great investment. Not only will they be healthier in general, but it also means fewer claims on your company policy.

• While staff can bring their own if they choose, try and encourage healthy eating habits through avoiding sugary drinks and snacks in any vending machines.
• Offer free fruit and vegetable snacks to the office on a regular basis.

By focus on the above areas, you can be confident of a comprehensive coverage for your employees health – benefiting your business in the long run as well!

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Finances are very crucial to business organizations. They are basically the main reason organizations are in business. Firms invest their resources and through their operations and product offerings, they aim to recoup as much finances as possible. To be able to tell their financial position after all this, businesses have to account for every penny invested into the business as well as funds earned from the products and services rendered. Initially, firms would rely on excel sheets for their accounting processes. Different columns would be created for funds invested into the business and another for funds generated from the business operations. The figures had to be entered manually of course and the firm’s bottom-line generated manually as well. This method was error prone and as a result, it could not be relied upon to give the best financial position of a firm at a given time. Accounting software were invented specifically for this purpose. Using these software, and particularly QuickBooks, businesses are now able to manage their finances in a stress-free manner. This post about QuickBooks explains in detail why every small business needs QuickBooks for its business operations.

1. QuickBooks provides real-time financial insights into a firm.

QuickBooks has an online version known as QuickBooks Online that allows firms to access their financial data and information online and in real-time from their PCs and mobile devices. You, therefore, don’t have to be at the office for you to access your company’s finances. This ensures that you can go about your business remotely and this goes a long way to help you save time. This online visibility gives you secure access to information such as profits and losses, incomes and expenses at a given time. Other activities that have been made possible with this online feature is the management of payrolls as well as sending invoices. Impressive isn’t it?

2. Minimizes accounting errors.

The use of excel spreadsheets for business operations results in a lot of errors. Misplaced figures and data entry errors can put the entire bookkeeping process into disarray and this makes the financial position arrived at using excel sheets false and misleading. QuickBooks feature a level of automation whereby financial information is fed directly from your bank and other financial institutions. QuickBooks is also quick to identify mistakes early in the bookkeeping process and this helps the concerned parties to correct them early in advance.

3. Filing your taxes is easy.

Filing tax returns was a labor-intensive process that small businesses had to go through way back before QuickBooks was invented. Firms had to rifle through its paper records to find receipts and invoices needed for filing the returns. This process has been made easier with QuickBooks whereby you get to update your tax figures in real time every time you upload financial records into the system. This takes place throughout the year and when the time comes to file your returns, you are able to do it in a very short time.

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