Posts Tagged ‘specifics’

Are you somewhat confused by all the terms that real estate agents throw around like nothing?

Well don’t worry, I can assure you that you are in good company.

Lets get a few of the basics out of the way and then we can move on to some of the specifics.

One of the first things you have to understand is that there are several components to the overall rental rate that you ultimately end up paying. There is the rent that you pay the Landlord for the use of their space, but also as a commercial Tenant you will also pay for the following items; the maintenance of the overall building, the property taxes, building insurance and management of the property. (I know, I know, it doesn’t seem fair to be paying for the management and maintenance of someone else’s property, but that’s the real world, so get used to it!)

There are basically two types of rents that you will be quoted when searching for commercial space.

They are Gross rents and Net rents. They are two separate ends of the spectrum of what is included in the rent. Gross rent is an all in rent. A true Gross rent includes all of the above mentioned expenses (Property taxes, insurance, maintenance, management, utilities etc. etc.) and any other expense that might be particular to a specific property.

Net rent is a type of rent that includes nothing extra. Net rent is simply the amount that you are paying the Landlord for the right to use their space for a specified period of time. In a single tenanted property the Tenant simply pays for all additional expenses themselves. In multi tenanted properties such as office buildings or multi tenant retail malls the Net rent is commonly accompanied by Additional rent (Also called CAM/Tax which stands for Common Area and Maintenance plus Property Taxes).

The Additional rent covers the expenses mentioned above. The Additional rent is usually an estimated amount based on the previous years operating expenses. The total expenses for the property are added up and then divided by the rentable square footage of the building. The expenses are then allocated to each tenant proportionally to the amount of space that they have of the building. So if a building has 10,000 Sq Ft of rentable space, and a tenant has 1,000 Sq Ft retail store, then they would pay 10% of the total expenses. The Additional rent is quoted on a per Sq Ft basis as well.

In different parts of the country the rents may be quoted differently. In Winnipeg the rents quoted are usually quoted as a price per square foot per year. In other parts of the country they may be quoted as price per square foot per month. When in doubt, ask.

About the Author:

Harry Logan is a Commercial Realtor with RE/MAX executives realty in Winnipeg, Manitoba, Canada. Harry represents Buyer’s & Seller’s and Landlord’s & Tenant’s in all aspects of Commercial Real Estate including the Leasing and Sales of Retail Shopping Centers, Apartment Blocks, Investment & Income Producing Property, Industrial & Warehouse Space, Office Leasing and the Sale of Businesses.

He can be reached at 204-667-SOLD (7653) or through his website at http://www.WinnipegCommercial.com

This is not intended to be Legal or Tax advice. Please discuss these ideas with a competent advisor.

Author: Harry Logan
Article Source: EzineArticles.com
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Selling your home is a big decision and requires a lot of work. Every bit of prep work you do helps you get the most return from your investment. Following are 5 tips to help with the home selling process:

1. Investigate the local housing market

Visit the large real estate sites, such as Realtor.com, to see how similar homes are priced in your neighborhood. Check your local newspaper for a listing of selling and asking prices of recently sold homes. Many newspapers will also list the length of time the homes were on the market. Use the prices for your neighborhood over the past several months as a reference point of what your home is worth.

2. Select an agent

Some home sellers opt to sell their home without an agent in an effort to save the 6% of the selling price that a broker typically collects. Don’t forget about the work involved in marketing the house and being available to show it at any time. If you decide to work with an agent, be sure to ask for referrals from friends. Make an appointment with the agent and interview him or her for the job. Ask the agent for thoughts on the selling price to ensure it is comparable to the homework you did. Be wary of agents who boast an inflated selling price. Go by what you know about the current housing market in the area and what you know about your house.

3. Educate yourself on the Commission Structure

Upon finding an agent to work with, you will need to sign a listing agreement. The listing agreement is a contract that outlines the specifics of your arrangement, such as how long you will let the agent represent your home and what the compensation will entail. Be sure to include relevant information, such as when you want the house off-limits for walk throughs.

Some agents will request an exclusive listing which means the property will not be offered in the local MLS and the listing broker will not share their commission with other brokers in the event the house is sold within a specified time frame. In this situation, you should commit to no longer than 3 months to avoid being locked into a bad situation.

Commissions can also be negotiated. For more expensive homes, agents may consider lower commissions of 4 or 5 percent (instead of the usual 6 percent). Or, in a buyer’s market, consider offering a higher commission if the agent sells the house within a certain percentage of your asking price.

4. Prepare for an Open House

Regardless of whether you are a For Sale by Owner or are working with an agent, you’ll need to ensure your home is up-to-par to show to prospective buyers. Remove clutter from every room by packing up what you won’t need in the short-term or by organizing a garage sale to thin things out. Move any unneeded furniture into storage. Paint the interior and/or exterior if it looks worn. Keep the lawn mowed and plant flowers (if it’s the right season). Fix known items, such as roof leaks.

Next, settle on an asking price. To price your home, take a look at what comparable homes are selling for in your neighborhood. Your agent should provide you with sales information as well and help you determine a strategy for pricing your home higher or lower.

5. Execute Good Timing

Research the average length of time homes are on the market in your neighborhood. Price the house according to when you need it to sell.

Your agent will provide guidance on how to respond to bids. Make sure your agent reviews the contingency clauses included with the bid. As a general rule of thumb, it’s not wise to sell your home with a contingency that the buyer must sell their home first.

Restrict the buyer’s contingencies within a specified amount of time. For example, if the sale is contingent upon the home passing an inspection, then get the inspection scheduled within 7 to 10 days of an accepted bid. As far as the closing date is concerned, ensure the buyer commits to a reasonable date, such as 45 to 60 days from acceptance.

Hilary Basile is a writer for MyGuidesUSA.com at http://www.myguidesusa.com, you will find valuable tips and resources for handling life’s major events. Whether you’re planning a wedding, buying your first home, anxiously awaiting the birth of a child, contending with a divorce, searching for a new job, or planning for your retirement, you’ll find answers to your questions at MyGuidesUSA.com.

Find tips and resources for buying and selling a home at http://buyingandsellingahome.myguidesusa.com

Author: Hilary Basile
Article Source: EzineArticles.com
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Every one of us dreams of owning our own home. Some of us want the really extravagant homes complete with all the amenities that most people did not think were possible to fit in a house. There are also people who are content with living in simple houses in the city or in the suburbs as long as they are safe and protected with their loved ones. Whatever our dream house is, we all work hard to be able to buy it.

Home buying is a complicated process that needs thought and consideration. Home buying takes more than just shelling out the dollars you worked hard for and getting the house you want to buy. It starts several steps before and ends several steps after that.

One thing you have to consider in home buying is the amount you plan to shell out. For sure, you have to save up for your dream house. But, you also have to spend for other things than shelter. You have to make sure that you have clothes to wear and food to eat, too. You also have to buy medicines just in case someone in your family gets sick. It is, therefore, crucial that you think very well on where to allocate your income and savings when home buying. You have to consider the amount of the house you are planning to buy, because clearly, you cannot spend all your savings for home buying alone. It is also important that you do not become impulsive when home buying. Shop around for houses that are just as beautiful or ideal but cheaper. If you can haggle or negotiate with the realtor to bring down the price of the house, then do so and be charming.

In home buying, you also have to consider what kind of house you want to buy. For sure, you will be happy if you get the house of your dreams. But it takes more than just what you picture in your imagination. You have to go with the specifics. Consider the people that will live in that house. Are you a newly-married couple that plans to start a family? Do you have kids already? Are you living with adults? You also have to think about what you really need in a house when home buying. Do you really need a swimming pool or an indoor basketball court? If you cannot afford these, then maybe you should just go for a cheaper house that is near a clubhouse. If you have found a house, inspect it very carefully. It may look beautiful outside, but it may no longer be durable or may not be safe. It may also have a bad history. If you think that your savings will not be enough, then looking for a loan is also a step you have to go through when home buying. There are countless of lenders out there but you must be able to choose the best lender especially the ones which do not put too much interest in your loan. You have to make sure that you are protected especially from foreclosure.

Home buying is a tedious process. But once you have done all the right things, then there is no stopping you from enjoying your new home-indeed, the fruit of your labor.

For more information please visit : http://www.patrollremax.com/

Author: Chanvit Phupook
Article Source: EzineArticles.com
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Buying a property off plan indicates that you are purchasing something that has not yet been constructed. You are procuring it “off the plan” – the builder or draftsman’s chart.
If you’re trying to get your hands on an off plan apartment either for the purpose of residing in or simply investment. You also must do your investigating in advance. So what makes this a good investment and what should you investigate prior to getting started? Let’s find out.

Apartment Off Plan UK : Buying Off Plan: Reasons This Option Should Stay on the Table

Selling a piece of property off plan is always appealing to the person putting the property up. Because the deal is made even ahead of things leaving the blueprint stage, it can make it simpler to gain financing. This financial improvement on the seller’s end is handed down to you, the purchaser, in the shape of a lower cost than you’d be expecting to pay for a finished project.

Yet another benefit with an off plan apartment investment is that you should also discover financing to be less intricate. You are able to put down a deposit on the real estate and not have to fret over investing any more money into it before the construction is complete.

Off Plan UK : Making A Quick Profit

An off plan investment offers investors who are considering getting into the market a grand opportunity for quick financial returns. You should make more revenue than the off plan expense you spent once your investment is ready for renters. You may also purchase a property with a down payment then put it back up on the market for someone else to buy before making a single payment.

Apartment Off Plan : Doing Your Homework with Off Plan

While purchasing off plan has the potential of being a lucrative undertaking, you must ensure that you recognize the specifics concerning the property. First of all, be sure that the developer is reputable and trustworthy. When doing intercontinental transactions (by the way, many prospects are out of the country), it’s more important than ever to be familiar with who you’re dealing with prior to committing yourself to any investment via a binding contract or relinquishing your personal funds

Becoming Knowledgeable Concerning Your Property

Since you can’t see the finished apartment ahead of time, make sure you are aware of any relevant details, such as construction materials and features or amenities that are important to you. Some supplementary dynamics that you’ll need to be aware of with an apartment include elevators (as needed), parking issues, pet rules, and so forth.

The amount of time this will all take should also be clear in your mind. Putting up a new development can take a year or two, depending on the size of the project and the work force employed

Selecting the Area

Where the apartment is set up is also significant.
Determine whatever you can about the area, district, and the city as a whole. Does it include a picturesque view (the answer will change a lot within a development or construction)? Is it close to public transportation or a freeway? Accessibility is important, but how noisy the railroads and highways are is also worth consideration. Weigh into the equation the quality of education and neighborhood security. You need to know all these things no matter whether you’re just buying the apartment to resell or whether you plan to reside there.

The correct off plan apartment can be a real smart grab—as long as you’re willing to do some investigating beforehand.