| Real Estate Purchase Off the plan real estate purchases It refers to properties that have yet to be built or is in the process of been built. At this stage of the building cycle the product is not completed yet except for building plans and drawings. There may sometimes even be slight changes to the plans, the purchaser however cannot rescind the contract because of it. Any short fall in floor area not exceeding a certain percentage (5%) would still bind the purchaser. There will be a warranty period normally for a year after completion for any rectification of defects. Beyond that time limit; upon hand over of the property, the vendor is no longer liable. In an up market where property prices are rising and the lead time is long (3 years), the purchaser stands to gain as capital appreciation would increase the value of the property by the time it is completed. Real Estate bought from the secondary market The secondary market refers to the resale of completed properties. The final product can be seen and inspected and it is sold as it is. It can be reasonably new or many years old and the purchaser takes upon himself any repairs once the property is transacted. Flips Purchasing for the sole intention of reselling the property is known as flipping. It could be done in the primary market (off the plan) or the secondary market and normally involves a quick turnover. The property is sold even before the title to the property is transfer and is made in favor of the third party buyer. In the case of the primary market, the speculator puts a deposit for the property and pays nothing till the date of completion. In the mean time the property is put on sale in the open market and any third party buyer will be re-registered with the developer upon completion of the resale transaction. Fixer up As the name implies, old and run down properties are purchase for fixing up before resale. The property is renovated to make it comfortable and inviting, it may mean a coat of paint and some touching up. In more drastic cases a complete refurbishing is done. Due to the condition of the fixer up property, it will command a deep discount as not many homeowners have the time nor knowledge in fixing it up. There are many ways the value of the property can be improved, below are just some of the things people do: a. Landscaping b. Addition of rooms and space c. Facade change to reflect contemporary design d. Facilities; swimming pool, patio, tool shed, green house e. Interior design _________________________________________ Do You Want to Increase the Value of Your Property for Resale, Reappraisal for a Mortgage, or Simply to Increase Your Net Worth? 197 Ways to Improve the Curb Appeal of Any House Higher Perceived Value = Higher Selling Price _______________________________________________________ INSTANTLY DOWNLOAD Breath taking pictures of Landscaping Ideas that will INSPIRE YOU to get started Immediately. |
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