Posts tagged: homes

It’s interesting how rental real estate gets treated as an investment. Like Rodney Dangerfield, it gets no respect. While conventional investments like stocks and bonds get the Financial Post and the Wall Street Journal, do a search on “how to purchase real estate” and you’ll discover all kinds of no-money down schemes that seem designed to sell books and tapes instead of investment real estate. On TV there is Report on Business TV, but for real estate you’ll see flipping shows or infomercials. It strikes me as pitiful that such a solid investment vehicle gets such a bad reputation.

It is possible to buy with no money down, but it involves arranging a high ratio mortgage, and for rental property you only do that if you have equity in other properties. In other words, if you’ve got one property free and clear its relatively easy to arrange a line of credit at prime. A $100,000 property would cost about $400 per month, plus taxes and maintenance of about $200. In short, it would carry itself and give you income to pay the financing costs.

A more common method to buy income real estate is with a deposit. Usually is you can make investment property itself with less than 40% down its probably a good deal. These kinds of properties are easier to come across in stable markets.

There are lots of reasons to own investment real estate.

Reason #1 to own income real estate is because your renters buy it for you. Even if the other benefits didn’t accrue, that on it’s own justifies the investment. But the fact is, there are more benefits to buying rental property

Reason #2 is leverage. The most effective description of how leverage works comes from the book Buy, Rent, Sell, by Lionel Needleman (Needleman is not a fast talker; in fact, he’s an accomplished author and professor with many published books and articles on housing in Great Britain and Canada. His assumptions and math is a bit simplistic, and need to be tweaked for your local market, but the book is worth looking at).

He explains leverage in the following manner: John and Mary each buy a property $100,000. After a year both houses have increased 10% in value. Both buyers sell the properties and compare the profits.

John began with $100,000, and now has $110,000, which means he has earned a 10% return on his investment. Mary, on the other hand, put $10,000 down on her property, and mortgaged the balance for$90,000. When she sells she clears off the mortgage and totals everything. She also received a $10,000 profit, but since she only invested $10,000 in the income property, she’s made a 100% return on her down payment. As you may suspect, the real kicker is that while John invested in one house, kept it for a year and then sold it with a $10,000 profit, Mary acquired 10 houses, kept them one year, and then sold them for a $100,000 profit. Both started out with $100,000, but after a year John has only got $110,000 while Mary $90,000 more. The numbers are simplified in this example, but they decisively demonstrate the magic of leverage.

Reason #3 is taxes. In most tax zones costs incurred on investment real estate is comes off income. And, you can generally incur depreciation expense on the structure that in effect are paper losses that reduce the tax burden. Depreciation works like this: we know that the value of a durable item, like a structure, decreases with the years. Even if the property is maintained perfectly, an old house is not worth the same amount of money as a new house. This loss is depreciation, and you can use that depreciation loss to decrease the total tax payable.

Of course, when we invest in income property we expect that it will go up in price, and over the long run it often does. What occurs with the depreciation in that case? The tax collector was told the property fell in price through depreciation, but at the end of the process we sold at a profit. The taxman usually says that you’ve “re-captured” the depreciation and levy tax.

Re-capture is no fun. It’s like discovering that you’ve already spent the money that you intended on spending in the future.

There is a great solution. When you buy the investment you cut up the original investment between the building value and the property value. Without cheating you set the value of the land as low as possible and the structure as high as reasonable (do the math and you’ll see it pays to be reasonable on your splits). When the property goes up in price and you liquidate, you tell the taxman that you didn’t recapture any depreciation since the structure did depreciate, while the land increased in value. This profit is capital gain, and capital gain is usually taxed at lower rates than income like…rent. You depreciate the money you make when you earn it as rent, and pay tax on it when it comes from capital gain.

Owning income producing property also enables you to write off the costs of things that you might have bought anyway, from office supplies to a trip to see the property.

Reason #4 is capital gain. Capital gain doesn’t always happen, but it often does. As we’ve seen with leverage, the capital gain can be leveraged. Even better, the capital gain can, sometimes, be greater than what some folks earn in a year of work.

Reason #5 puts everything together by combining cash flow, leverage, and tax planning. Rental real estate generate cash flow. Initially the cash flow could be neutral or even negative, but after some time it will often becomes positive. When it does you need to pay income tax on the excess rent. The solution for that is to re-mortgage and incur additional interest cost, reducing your taxes. You also re-leverage your initial property. The next step is to take that money and buy another income property. You pay no income tax, incur more depreciation, and still earn a capital gain. Better yet, with two properties you spread the risk, and when the time comes to sell you can stretch out the timeline and sell the properties in different years to minimize tax.

It can’t be repeated enough that you need to buy income property wisely. You need to know the location and the potential tenant. Properties that are desirable and are in a desirable area stay rented. “Desirable” doesn’t have to be “mansion”, but warm, clean, dry and well priced are critical. Whether you buy a 1 bedroom apartment or a three bedroom house with a suite isn’t important.

Metrics are critical. The first is price-to-rent ratio. What that means is that you take the price, say $100,000, and divide the rent, say $1000/month, into that. In this case the result would be 100. Numbers between 75 and 175 are great, but never forget that projected capital gains and interest rates impact what numbers you go with. Low interest rates permit higher numbers, and solid capital gain projections will demand higher numbers. Over 200 is no good in almost every location unless all you need is dependable income, aren’t concerned about capital gain or don’t ever plan to sell.

Another excellent metric is the break even rate. This is the percentage of the price need for a down payment to allow the realistic rent to carry the property. The rent has to be a) market rent, not “hoped for” rent, and b) net rent, not gross rent. If the investment will carry at less than 45% down its worth looking at. Clearly, if interest rates are low the net rent will carry more, meaning the break even rate can be high. Remember that low rates don’t last forever, so unless you can lock in very long term you have to assume that the break even rate to be low in low interest rate environments, and can be higher in higher interest rate environments.

If you discover a piece of property that has a desirable price to rent ratio and a desirable break even rate (and is in a good area and isn’t a bad idea), its worth throwing the numbers onto a spreadsheet and determining the internal rate of return (a real estate investment metric that combines various income streams) and projected cash on sale. There are spreadsheets and programs that can calculate this for you, but the key is “GIGO” – garbage in, garbage out. Use correct taxes, the correct interest rates, your projections of income tax rate, and realistic estimates of capital gain and maintenance. Properties in bustling urban areas generally go up in value more than properties in rural or depressed locales. They also often have what seem to be inferior metrics – a downtown city condo could have a much worse price to rent and break even point than small house in a mill town. However, capital appreciation in a rural area is likely much riskier. Measuring mortgage pay down and tax benefits on a detailed spreadsheet let’s you fairly evaluate exactly how competing investments compare.

It would be foolish to ignore the issue of a property bubble, or crash. Buying on metrics both helps and hinders. It helps because if you are hard-nosed with break even rates and rent multipliers you wouldn’t purchase overpriced investment property (underpriced income property doesn’t really turn up in a bubble, and it doesn’t crash in value). It hinders because you can’t buy on metrics in a bubble, no matter how much you want to, because metric compliant properties don’t exist.

The other side of this is that when a market crashes there are lots of metric compliant properties, but often little mortgage financing and plenty of scared buyers and stressed sellers.

All in all, a balanced market is the optimum for purchasers, although buyers who acquire on metrics and exit the market near the peak often feel like they’ve hit the jackpot.

In many areas/ regions of this country, a homeowner, has many choices, in terms of selecting, the right, real estate agent, to serve his best interests, etc. Obviously, since for most of us, our house represents our single – largest financial asset, and this decision, may have a strong impact, on the potential results, one should take this process, extremely seriously, and take the time, and effort, to ensure, selecting the best representation, for your purposes. While, it might be possible, to effectively, train, and develop, agents, so they learn the necessary skills, etc, and, a motivated individual, via a combination of skills, and developed judgment/ wisdom, one’s basic quality of character, must be strongly considered, because while anyone might be able to handle the other needed actions, etc, only the rare person, will maintain absolute integrity, especially when an easier path, might be available. This must also include, that individually, seriously commit, to their legal and ethical responsibility, and duty, to honor, and protect, his client’s fiduciary privacy, etc. With that in mind, this article will attempt to briefly, consider, review, and discuss, some of what, this encompasses.

1. What are some of an agent’s fiduciary responsibilities?: Real estate agents, are, legally and ethically, bound, to honor and protect, his client’s financial information, and anything, which might affect, and impact, their potential results! For example, while the homeowner, might have personal reasons, which might direct him, towards needing to sell his house, such as financial reversals, etc, letting potential home buyers, know these, might result in these individuals, seeking better terms, including lower offers, etc. In addition, for example, if, your client, has already committed to purchasing a new home, and selling the existing one, is needed, for completing that transaction, disclosing this confidential information, potentially, might be detrimental to your client. Since real estate agents, get paid on a commission – basis, and only are compensated, after a successful transaction, some might be tempted to take some short – cuts, and might disclose certain information, believing it may, create offers. Understand, doing so, is neither legal or ethical, but, the reality is, it is sometimes, done, anyway!

2. Integrity and disclosure: One must balance their allegiance to their client, with their legal obligation, to disclose any material issues/ faults, which might affect any potential buyer! No one should proceed, with anything less than absolute integrity, while balancing this, with the duties and responsibilities, he owes, to his client.

Carefully select the real estate agent, you will hire, based on many factors, but, listen carefully, and closely examine, the individual’s essential quality of character! You owe it, to yourself, to receive the finest representation!

When, someone, decides, he’s ready, and prepared, to invest in real estate, for investment purposes, he must do his homework, and know/ understand, his options, in terms of investing in these types of properties. While investment real estate, often, is a superb investment, this is only the case, when the property is the correct one, and a well – considered, evaluation is done, and one is properly prepared, to consider the best way, to fund these purchases. The process must begin with, doing a thorough, financial analysis, and feasibility study, to consider, revenue flow, costs/ expenditures, and, whether, the purchase, makes sense. Once, this is carefully done and performed, one must consider, how he will fund the transaction. With that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, 4 possible options, to fund commercial real estate purchases.

1. Conventional loans: Begin your analysis, and review, by considering conventional loans, and whether, this way, makes sense, for you, and your needs/ requirements! A conventional/ traditional loan, generally offered, by a bank, or other lending institution, requires significant collateral, and other assurances, to qualify. It also requires a down – payment, often, approximately, 25%. One’s overall, credit rating, must be, at a level, which will generate the finest offers, etc.

2. Get funds from contacts/ investors, etc: Sometimes, the best course, is to seek partners, or shareholders, in order to get the necessary funding. Doing so, often, reduces your personal risk, but, also limits the upper – end, possibility! In addition, it requires, putting together, a legally, drawn – up, agreement, etc. This is often, attractive, when one doesn’t have the personal funds, or can’t put together, the necessary, down – payment.

3. Combination: Sometimes, the best course of action, for someone, may be using some sort of combination, of the two methods, listed above. Perhaps, using a conventional approach, for much of the funding, and attracting investors, to, either minimize risk, or create the ability to have the necessary degree of reserves, associated with managing these types of properties, might makes sense, to some.

4. Partnership; limited partnership; corporation; Real Estate Investment Trust (REIT): If you don’t want to, or are unable to do this, on your own, a partnership, limited partnership, or corporation, might make the most sense. However, if you aren’t prepared for quality analysis of choosing the right property, or would rather, be more diversified, a Real Estate Investment Property (or, REIT), might make sense, because, if you select, the right, General Partner, and experienced, expert advisers, you will be able to invest in real estate, in a similar manner, to investing in a Mutual Fund.

If you want to invest in investment real estate, do so, wisely, and be prepared, for making the wisest, possible decisions! Understanding, financing options, etc, positions you, to make the best decision, for you!

Ghana’s property market is a direct reflection of the state of the West African nation itself in that it is emerging, developing, has immense potential but is restricted by serious fundamental issues relating to issues such as poor land title registration transparency and lack of affordable home financing solutions locally.

The best approach to take with Ghana is to line up all the negatives, knock them down with proof that the government and additional external bodies and agencies are tackling these issues head on and then identify the amazing potential available in Ghana for property investors from 2007 onwards…in this way an investor can determine whether 2007 is the year for them to begin their due diligence in Ghana for long term capital appreciating investment opportunities.

Current Issues Facing Ghana’s Property Market

The current issues facing Ghana’s property market include the fact that those buying resale land and property often buy litigation rather than land title because there is no decent system in place for the registration of title deeds and transfers and because the conveyancing system lacks transparency.

In addition to this the level of tourism growth in Ghana is not sufficient for the tourism economy to become an attractive sector for foreign direct investment at the moment. Furthermore there are problems in the main cities with homelessness and even those with a desire to own their own homes and who have a decent salary with which to afford a home loan have limited and restricted access to mortgages in Ghana.

Efforts Underway to Improve the Real Estate Marketplace in Ghana

The current government in Ghana inherited the situation as detailed above but are 100% focused on changing these issues and developing a nation of middle income home owners. To that end they have started numerous programs and schemes such as a program to attract greater foreign direct investment. The government is also working in partnership with the likes of Canada Mortgage and Housing Corporation and Development International Desjardins to develop regulatory reforms in the mortgage market and they have brought American based Broad Cove Partners Inc in which is an emerging market financial advisory firm and which is now developing a new USD 30 million long term property finance facility to assist with affordable housing and mortgage finance in Ghana.

In 2007 a new program to register every house on every street in Ghana will get underway to begin solving the land title issues and on the tourism side of things the Ghana Tourist Board has been active under the Acting Executive Director Martin Mireku. So far Mr. Mireku has brought Delta Airlines and North American Airlines to Ghana with multiple direct flights between Accra (the capital of Ghana) and the likes of New York every week and there is a strong campaign underway for these airlines and other international tourism representatives with interests in Ghana to promote the attractiveness and potential of the nation to the wider world.

A property investor looking at whether Ghana is a viable option for portfolio expansion purposes needs to understand that every issue that exists to restrict the attractiveness of the property market in Ghana is being addressed by the government or external agencies and that this proves their intense commitment to the improvement of their nation, the boosting of their economy, the raising of living standards of its people and the establishment of a sustainable source of foreign direct investment into the likes of tourism and real estate.

The Tourism Potential in Ghana

Tourism in Ghana currently contributes up to 8.5% of GDP and employs around 6.9% of the entire nation’s workforce; going forward it is predicted that the travel and tourism sector will grow by about 4.9 – 5% annually from 2007, but for the Ghanaian government that is not enough. In a bid to raise the profile of the country they have brought in international airlines as stated, they have also liberalised their aviation policy as a result and ongoing they are determined that this sector will boost the economy in a sustainable way over the long term.

An investor needs to understand that when tourism comes in earnest to Ghana there will be multiple layers of opportunity because it is a nation rich in natural wonders, delights and beauty from untouched and pristine beaches to an interior full of exotic and amazing wildlife in abundance, and there are just not the facilities for international travellers to experience and enjoy such delights safely and in comfort.

This represents huge investment opportunity…

Local Affordable Housing

The other area an investor can examine from 2007 onwards is the issue of the supply of affordable housing to Ghanaians. In recent years there has been a trend of rural to urban flow of migration and the trouble with this flow is that it has been strong and is sustained and there is just not enough housing to accommodate all those arriving and looking for work. As a result there is a homelessness problem developing in some of the more densely populated areas of the country and those with property assets available to let have been exploiting those requiring housing and demanding up to 3 years rent in advance.

In a bid to solve this problem the government has announced incentives for constructors to build affordable local housing starting in 2007 – and for the next five years as part of the National Housing Programme 20,000 new homes will be built in Ghana annually. Naturally enough investment in this sector is still required and those with a social conscience who want to actively participate in something that will return them a profit whilst benefiting a nation restricted by poverty should look at how they can get involved.

In conclusion, while there are true emerging market problems affecting the property market and the investment potential from real estate in Ghana at the moment, everything is being done that can be done to positively address and solve these problems. The most important factor to keep in mind therefore is that Ghana knows it has potential and is doing all it can to achieve this potential…and an investor seeking massive opportunity, low start up costs and huge long term potential for growth could well find that 2007 is the year for them to explore Ghana.

Calculus has many real world uses and applications in the physical sciences, computer science, economics, business, and medicine. I will briefly touch upon some of these uses and applications in the real estate industry.

Let’s start by using some examples of calculus in speculative real estate development (i.e.: new home construction). Logically, a new home builder wants to turn a profit after the completion of each home in a new home community. This builder will also need to be able to maintain (hopefully) a positive cash flow during the construction process of each home, or each phase of home development. There are many factors that go into calculating a profit. For example, we already know the formula for profit is: P = R – C, which is, the profit (P) is equal to the revenue (R) minus the cost (C). Although this primary formula is very simple, there are many variables that can factor in to this formula. For example, under cost (C), there are many different variables of cost, such as the cost of building materials, costs of labor, holding costs of real estate before purchase, utility costs, and insurance premium costs during the construction phase. These are a few of the many costs to factor in to the above mentioned formula. Under revenue (R), one could include variables such as the base selling price of the home, additional upgrades or add-ons to the home (security system, surround sound system, granite countertops, etc). Just plugging in all of these different variables in and of itself can be a daunting task. However, this becomes further complicated if the rate of change is not linear, requiring us to adjust our calculations because the rate of change of one or all of these variables is in the shape of a curve (i.e.: exponential rate of change)? This is one area where calculus comes into play.

Let’s say, last month we sold 50 homes with an average selling price of $500,000. Not taking other factors into consideration, our revenue (R) is price ($500,000) times x (50 homes sold) which equal $25,000,000. Let’s consider that the total cost to build all 50 homes was $23,500,000; therefore the profit (P) is 25,000,000 – $23,500,000 which equals $1,500,000. Now, knowing these figures, your boss has asked you to maximize profits for following month. How do you do this? What price can you set?

As a simple example of this, let’s first calculate the marginal profit in terms of x of building a home in a new residential community. We know that revenue (R) is equal to the demand equation (p) times the units sold (x). We write the equation as

R = px.

Suppose we have determined that the demand equation for selling a home in this community is

p = $1,000,000 – x/10.

At $1,000,000 you know you will not sell any homes. Now, the cost equation (C) is

$300,000 + $18,000x ($175,000 in fixed materials costs and $10,000 per house sold + $125,000 in fixed labor costs and $8,000 per house).

From this we can calculate the marginal profit in terms of x (units sold), then use the marginal profit to calculate the price we should charge to maximize profits. So, the revenue is

R = px = ($1,000,000 – x/10) * (x) = $1,000,000x – x^2/10.

Therefore, the profit is

P = R – C = ($1,000,000x – x^2/10) – ($300,000 + $18,000x) = 982,000x – (x^2/10) – $300,000.

From this we can calculate the marginal profit by taking the derivative of the profit

dP/dx = 982,000 – (x/5)

To calculate the maximum profit, we set the marginal profit equal to zero and solve

982,000 – (x/5) = 0

x = 4910000.

We plug x back into the demand function and get the following:

p = $1,000,000 – (4910000)/10 = $509,000.

So, the price we should set to gain the maximum profit for each house we sell should be $509,000. The following month you sell 50 more homes with the new pricing structure, and net a profit increase of $450,000 from the previous month. Great job!

Now, for the next month your boss asks you, the community developer, to find a way to cut costs on home construction. From before you know that the cost equation (C) was:

$300,000 + $18,000x ($175,000 in fixed materials costs and $10,000 per house sold + $125,000 in fixed labor costs and $8,000 per house).

After, shrewd negotiations with your building suppliers, you were able to reduce the fixed materials costs down to $150,000 and $9,000 per house, and lower your labor costs to $110,000 and $7,000 per house. As a result your cost equation (C) has changed to

C = $260,000 + $16,000x.

Because of these changes, you will need to recalculate the base profit

P = R – C = ($1,000,000x – x^2/10) – ($260,000 + $16,000x) = 984,000x – (x^2/10) – $260,000.

From this we can calculate the new marginal profit by taking the derivative of the new profit calculated

dP/dx = 984,000 – (x/5).

To calculate the maximum profit, we set the marginal profit equal to zero and solve

984,000 – (x/5) = 0

x = 4920000.

We plug x back into the demand function and get the following:

p = $1,000,000 – (4920000)/10 = $508,000.

So, the price we should set to gain the new maximum profit for each house we sell should be $508,000. Now, even though we lower the selling price from $509,000 to $508,000, and we still sell 50 units like the previous two months, our profit has still increased because we cut costs to the tune of $140,000. We can find this out by calculating the difference between the first P = R – C and the second P = R – C which contains the new cost equation.

1st P = R – C = ($1,000,000x – x^2/10) – ($300,000 + $18,000x) = 982,000x – (x^2/10) – $300,000 = 48,799,750

2nd P = R – C = ($1,000,000x – x^2/10) – ($260,000 + $16,000x) = 984,000x – (x^2/10) – $260,000 = 48,939,750

Taking the second profit minus the first profit, you can see a difference (increase) of $140,000 in profit. So, by cutting costs on home construction, you are able to make the company even more profitable.

Let’s recap. By simply applying the demand function, marginal profit, and maximum profit from calculus, and nothing else, you were able to help your company increase its monthly profit from the ABC Home Community project by hundreds of thousands of dollars. By a little negotiation with your building suppliers and labor leaders, you were able to lower your costs, and by a simple readjustment of the cost equation (C), you could quickly see that by cutting costs, you increased profits yet again, even after adjusting your maximum profit by lowering your selling price by $1,000 per unit. This is an example of the wonder of calculus when applied to real world problems.

If you are looking to buy a holiday or second home or invest in Romania, Transylvania or at the Black Sea and you are a foreign citizen/investor, there are few aspects you should know about the procedure an the costs for the acquisition of Romanian land or Romanian houses.

After 2012, foreign citizens EU citizens (non-Romanian) may purchase a home or apartment in Romania may freely buy and sell any Romanian property, without restrictions. Along with the sell price for the property, buying real estate in Romania has other costs associated with it.

If you have chosen to collaborate with a Romanian real estate agent/ broker you can expect to have an additional commission of approximately 2-4% of the price of the property. The local tax will be 2-4% of the price of the property. The signing of a contract must be witnessed by a public notary who submits it for certification by the Land Registry in charge of real estate records. The fees for the Romanian public notary is about 0.5-1% of the purchase price. You will also have to pay fees to the Land Registry (“Cartea Funciara”) to register the Transfer Deed. The Romanian Land Registry Fee for a purchase of a property will vary from 1-3% according to the length of time that the seller had owned the property and the property’s value.

The Romanian law on property states that Citizens of EU member states, legal persons incorporated in the EU member states and stateless people domiciled in an EU member state can purchase land in Romania only if the land is used for secondary residences or for secondary headquarters after a 5 (five) years term from the accession of Romania to the EU (starting with January 1st, 2012); only for the agricultural land and forest land 7 (seven) years term from the accession of Romania to the EU ( starting with January 1st, 2014).

But for the Citizens, legal persons and stateless people not from a EU member state, the Romanian legal system establishes that they can purchase land in Romania, under the conditions of international treaties between Romania and the states of origin on these persons, under a reciprocity basis.

In our point of view, a prudent investor will hire a Romanian lawyer/ a Romanian Law Office, who will liaise closely with the notary on the verification of the title, obtaining the Land Registry excerpt and the drafting of the agreement for the transfer of ownership of the real estate. This means that the Romanian lawyer will be solely acting for and is responsible to his or her client, whereas the notary will not have the same degree of responsibility to the purchaser.

Under Romanian law there are three basic rights to land and buildings such as right of ownership; usage rights as lease, usufruct, superficies; concession right. The principle of contractual liberty represents the key core of the property law in Romania.

Sometimes, an investor/purchaser can opt for closing a pre-sale agreement, by which the seller undertakes to transfer ownership to the buyer at a certain date in exchange for an agreed consideration. The content of the pre-sale contract will stipulate all commercial and legal conditions for the transfer of ownership, as conditions precedent to the final transfer of ownership. The closing of such pre-contract for purchase does not means the transfer over the property, but the stipulate binding obligations for the parties, in regard to, as example, damages or penalties set out in them, if the seller refuses to sign the final notarized deed of transfer at the agreed deadline.

The closing of the pre-sale agreement is to protect the investor/buyer from any possible purchase to other buyers and to matters regarding the fixed price and duration of a future purchase. In our point of view, it is a must that the pre-sale agreement to be concluded at a Public Notary and clearly stipulate the sale price and other clauses regarding duration of future purchase. In this case, it can be enforced in court on the buyer’s request as a deed to transfer ownership.

A sale agreement signed in Romania, according to the Romanian legislation will mandatory stipulate: obligations of the parties for the fulfillment of the sale contract, delivery and quality conditions of goods and/or services, terms, payment methods and payment guarantees, payment instruments and price insurance, contractual risk, as well as method of solving eventual litigations arising from the contract. Other required elements include the full name and identification details of the parties (for legal entities) and name of the person signing the contract (representing a legal entity).

Our team of romanian lawyers offer a wide variety of legal services in the real estate law http://www.lawyersinromania.com

We are a full-service real estate company offering the most comprehensive real estate services available in the market, and we go the extra mile to assist our clients on a daily basis. We work tirelessly on your behalf to make your next buying or selling experience a pleasant and successful one.

Our services include working with both buyers and sellers in a wide array of markets including residential, commercial, land, and other related property types.

Our company is dedicated to serving your every real estate needs. We are committed to providing a superior level of service in order to ensure a smooth and beneficial outcome to each and every transaction.

Buying
Selling
Renting
Financing
Investing

Our team maintain exceptional knowledge of the local markets, outstanding negotiating skills, and the experience necessary to give you the service you deserve. Professionalism, dedication, and knowledge make us the perfect choice when selecting a realtor.

We provide outstanding exposure to your property through both traditional means of advertising while maintaining a comprehensive approach using today’s modern techniques including web advertising.

We will work with you to find your ideal home by using a wide array of resources and we will make sure all your buying needs are met.

we will utilise our outstanding negotiating skills in order for you to receive the best possible price for your new property. We look forward to serving all your buying needs.

Buying or selling your home will be an enjoyable and rewarding experience when you work with Kargil Properties and their innovative and effective methods for generating successful results quickly and efficiently.

A Commitment to Excellence
Our Firm’s philosophy is simple – we understand and care about people who ask for our real estate service. We make a commitment to your entire family. We find homes for families – homes and neighbourhoods that meet our clients’ dreams and desires. We sell homes for families at the highest fair market value possible. That’s the reason our clients return again and again.

If you would like to consider us to fulfil your real estate needs, please fill out the following form below. This will help us to understand your specific real estate needs.

Office Address:
Kargil Properties
Lane Number 5, New Airport Rd,
Viman Darshan, Pune,
Maharashtra 411014

Open 7 days a week from 10:00 am to 8:00 pm

Owner And Director Of Kargil Properties:Mr. Sanat Thakur is an Ex- Army person, Motivational Speaker, NLP certified Trainer& Life coach, Successful Entrepreneur.

Is there any red-blooded male living who has not thought aat least once of packing it all in and going off to the South Seas? Well, this might be your chance, particularly if you happen to have about two million US to invest in a new business. The popular private resort, Shangri-La Beach Cottages on Muri Beach, Rarotonga, Cook Islands, South Pacific, is now for sale (Feb 2006), as the owner is considering retirement.

The Cook Islands are located in the heart of Polynesia in the South Pacific. They lie about 700 miles west of Tahiti and about 1000 miles east of Samoa and Tonga. Hawaii is about 2500 miles north, New Zealand about 1800 miles to the southwest. The climate is tropical, similar to that of Hawaii and Tahiti. Tourism is a year ’round industry. Rarotonga is the largest of the 15 islands in the Cooks and the main administrative centre.

The population of the Cooks is about 15,000, with about 9,000 living on Rarotonga. The main island has banks, ATM machines and dozens of restaurants, shops and markets. There is a modern telephone and international communications system with internet and e-mail access. Everyone speaks English, which is the official language, along with Cook Islands Maori. It is a stable self-governing democracy in free association with New Zealand and a member of the British Commonwealth. The people are very friendly, with a vibrant local culture of dance, music and crafts. There is a low crime rate.

There is a large international airport that handles wide-body jets. There are about 17 flights a week, which connect Rarotonga with New Zealand, Los Angeles, Tahiti and Fiji. Onward connections to Australia and Europe are well-timed. The main carrier is the well-regarded Air New Zealand and Pacific Blue—the low-cost carrier associated with Virgin Blue—now serves the Cooks from Australia and New Zealand.

Visitor numbers to the Cooks have grown from about 40,000 a decade ago to about 80,000 a year more recently. Projections show it reaching about 100,000 in the next few years. From the 1970s until about the late 1990s the only way to market Cook Islands’ accommodations overseas was through “wholesalers” and travel agents. These middlemen collectively take about 30-35% of what the guests pay to stay at an accommodation. In the last several years the internet and e-mail have opened up new ways of marketing accommodations overseas and Shangri-La has been in the forefront of this more lucrative “direct-booking only” system.

With its continuing popularity assured by excellent reviews in Lonely Planet, Frommers, South Pacific Handbook and travel websites such as Trip Advisor and Lonely Planet Thorn Tree, as well as word-of-mouth by their loyal guests, Shangri-La has been able to avoid the high cost of working through wholesalers and travel agents. By only taking direct bookings they have kept their rates 35% to 50% below comparable properties and also have a higher net return per night. This has been one of the keys to their success as an ongoing business. Their goal has always been to provide deluxe accommodation at a moderate price. They do seem to be succeeding at this and as one former guest succinctly put it on the internet: “Shangri-La provides the best bang for the buck on the island!”

Shangri-La is a small private resort that occupies a prime beachfront section directly on beautiful Muri Beach, considered the nicest beach on Rarotonga. There are twelve deluxe cottages, a large swimming pool, office and owner’s deluxe beachfront two-story home. Five of the cottages are partial lagoon-view and seven are garden cottages. This large property is 4544 sq. m., about 1.12 acres.

Although there are resorts and accommodations all around Rarotonga, Muri Beach is considered the top vacation spot. There are four little islets in the crystal-clear lagoon and the best snorkeling on the island starts adjacent to Shangri-La. Several of the top island restaurants are in walking distance, as are shops, vehicle rentals, the Internet Cafe, the Sailing Club and lagoon tours. All island tours stop at the Shangri-La entrance on the main road.

The Shangri-La is next to the best snorkeling area on Rarotonga and they have complimentary snorkeling gear for all guests. The kayaks are very popular with the guests, as there are four islets within a few minutes’ paddle of us. There are sunloungers adjacent to the beach, under a large almond tree and a nearby beach shower. The entire property is fully-fenced, except for the beachfront of course. The large parking area can hold ten cars, or six cars and eight motorbikes and is rarely filled to capacity. There is room for a couple of rental cars and motorscoooters if you desire to get into vehicle rentals for guests. The local bus also stops at the driveway entrance. Tropical plants abound on the property, including trees such as banana, papaya, mango, coconut palms and breadfruit and flowers such as hibiscus, gardenia, jasmine, bougainvillea and alamander. A large lawn fronts all the cottages on the T-shaped property.

There are several local law firms that handle commercial matters and it is recommended that prospective purchasers consider engaging a local firm to help assist them in the purchase of any local business.

No one connected to this article in any way has any connection whatsoever with the owner of Shangri-La and/or its agents and the content herein is provided solely for informational and educational purposes to the general public.

With the country’s declining real estate market, a home seller can easily sell a house if they lower the price. But for others who can’t afford to lower their asking price, it is best to find other ways to make their home more attractive.

Real estate agents are familiar with the trends in the industry. They are also very knowledgeable about selling homes and choosing the right homes. For this reason, we have come up with a list of house selling tips from successful real estate agents.

Make The House Stand Out From The Competition

It is very important for the property to attract potential buyers. Home sellers should consider custom designs or adding a few design touches, such as improving the landscape, or updating the roof and windows. These simple touches can have significant impact in improving the home’s aesthetics. It is important to avoid over-improving the house. For instance, renovating the bathroom and kitchen may not always pay.

Clean The Clutter

Before listing the property in the market, it is crucial to first clean the clutter from the home. Clutter will turn off potential buyers because they cannot picture themselves living in the house. As a tip, consider removing a few unnecessary furniture pieces to make the space look bigger. You should also keep family pictures and other personal items into storage so that potential buyers can imagine themselves staying in the house.

Staging the house is very important. You may want to hire a professional for the job. This may cost additional expense but it will be worth it. Real estate agents believe that a professional stager can make the home more attractive and salable.

The Price Is Right

No matter how you stage your house or how much space you renovated, it is very important to price the property appropriately. An agent can help you determine the right price for your property. You can also hire a property appraiser for the job. It doesn’t matter whether you are offering the lowest price in the neighborhood, especially if your home is very appealing and if you have made significant improvements to your home. It is important, however, that the listing price will not be so far-fetched with the other comparable homes in the market.

Selling a house in a slow real estate market will require patience and perseverance. Make sure that the house is in good condition and hire a credible agent to help you sell the house faster. Following these tips will help increase your chances of getting a good deal for your property.