Luxury Real Estate Professional

With the high price of property currently it is unsurprising that so many people are instead deciding to look at let properties as a more affordable option. As a tenant however it is important to be aware of your rights, all renters have certain rights that come hand in hand with a rental property. By taking note of your rights you will be able to avoid the few unscrupulous letting agents and landlords still out there.

When you are looking at let properties, no matter what the reason it is important to realise that essentially you are paying for a service, making sure you get value for money is vital. Handing over huge amounts of money at the end of each month and still being disappointed with the situation is heart wrenching. Ultimately it is a home, and you should be happy with this home; while some may find it hard to settle into a rented house or flat, for the sake of your lifestyle it is essential that you do.

Looking at the endless internet sites and newspaper handouts advertising property to let can be a time consuming and ultimately unrewarding task. Finding a property you like then being told it has already been taken is a heartbreaking feeling, although not an uncommon one. This is when the services of a letting agent can be especially useful. Many see the use of an agency as the easy way out of this difficult task, the easy way out however will always end up costing you more.

Letting agency rates do differ dramatically, the fees can range from around twenty five to one hundred and fifty pounds. What you are paying for is not purely them finding you a property to let but all of the administrative tasks related to renting. Normally an agency will deal with producing references to the landlord, taking deposits and producing the legal documentation such as contracts. In addition, if you want a specific house or flat reserved, a holding fee will usually be charged, although this is usually put towards your first month’s rent unless you pull out of the deal.

Contracts are of especial importance; termed as the tenancy agreement in the trade it is a vital constituent in securing a property to let. The agreement is a legally binding contract between yourself and the landlord and contains information such as the length of the letting period, the cost of the rent, the date the rent is needed and both parties’ responsibilities in terms of the condition of the property. While you may not have legal advice, be sure to read the agreement carefully before you sign.

Once you have moved into the let property it is the landlord’s responsibility to ensure that gas and electricity fittings are all safe and in good working order. Under the law it is their responsibility to ensure that gas appliances are checked by a registered CORGI technician in any twelve month period. The records of these checks should also be available to you, detailing any defects or work that has been performed.

When you are settled it is important to understand he rights of the landlord in terms of entry to the property. If there is an emergency situation the landlord is allowed to enter immediately but at any other times they must give twenty four hours notice to enter the property.

Hopefully this article has gone some of the way to detailing the rights and processes involved with renting. With the advice given it should be possible to find yourself the perfect letting property and have years of blissful living.

The real estate market tends to be cyclical with some periods favoring buyers and other periods favoring sellers. As with other free markets, the pricing and availability of real estate is directly related to the forces of supply and demand. While many real estate markets in the United States are experiencing a substantial slowdown, other markets remain robust, and some even continue to grow. What makes the situation even more complicated is that even within a particular city or county, there may be some areas that are hot and others that are cold.

In regions of the country in which the real estate market is slowing, there are some things homebuyers can do to increase their chance of getting the property that they want on terms that are favorable. Below are some strategies to consider:

1. Clarify What You Want. Be sure to understand what kind of property you want (e.g. bedrooms, bathrooms, size, yard, location, etc.). Identify items that you “must have” and items that you would be willing to forego if your other priorities were met.

2. Consult Experts. You’ve no doubt heard the saying that “all real estate is local,” so arm yourself with the best information available. Consult a local real estate expert who can guide you about what communities are hot and which ones are not. Obviously, you are more likely to find deals in communities that have excess supply and limited demand than vice versa.

3. Understand Market Data. Obtaining and evaluating data can be one of the most powerful tools in your arsenal. Identify communities that you find desirable and ask your real estate agent to provide you relevant sales statistics. For example, your agent can provide you:

a. A summary of how many properties are available in communities that you deem desirable.

b. How long properties are taking to sell this month, last month, last quarter, last year, etc.

c. How many properties have sold this month, last month, last quarter, last year, etc.

d. Changes in the median and average price of properties for a community this month, last month, last quarter, last year, etc.

e. Data on the sales price to list price ratio (SP: LP). This ratio provides information about how much, on average, sellers are reducing their price.

f. Detailed data on properties that are similar to the type of property you desire (often known as “comparables” or “comps”).

4. High Inventory Communities. Identify, or ask your agent to identify, communities that appear to be particularly slow, and that have an unusually large inventory of homes. You will have a broader variety of options in these communities, and you may increase the likelihood of finding a better deal.

5. Loan Pre-Approval. Be sure to consult with your bank or mortgage broker and obtain a loan pre-approval document. This not only let’s you know how much you can afford, but it also demonstrates to sellers that you are a serious buyer and that your offer is worthy of serious consideration.

6. Seller’s Motivation. While information about why a seller is selling is usually confidential, there are situations in which the seller will allow their agent to disclose important factors regarding their personal situation. Be sure to ask your agent to inquire about any information that the seller has disclosed to his/her agent that can be conveyed to your agent. This information may help you decide on making an offer on a property and the price you wish to offer.

7. Home Inspection. A home inspection conducted by a qualified inspector can provide you valuable information about the condition of a property. Moreover, if there are items that need repair or replacement, you can use this information to modify your offer price or terms.

8. Expand Search Scope. As mentioned above, even within a particular city or county, there may be some areas that are hot and others that are not. Be sure to provided detailed information about what you want to your agent, so that he/she can provide you a variety of community options.

9. Be Patient. Time is on your side when there is excess supply and insufficient demand. Try not to “fall in love” with a house so much that you cannot be objective. It may be that multiple offers and counter-offers occur before you either get the property you want or decide to walk way from a deal. You may also want to look at more properties than you normally would, so that you are exposed to a variety of options.

While the above is not an exhaustive list of strategies, it is a good starting point of issues to consider when buying real estate, particularly in a market that favors buyers. Obtain the services of a knowledgeable Real Estate agent who can provide you with additional strategies to help you reach your real estate objectives.

Homeowners who are seeking a property appraiser often ask “How should I choose which real estate appraiser to use?” When selecting a property appraiser to use keep the following in mind:

Always make sure a property appraiser is licensed or certified by the state to perform real estate appraisals. While state licensing and/or certification isn’t always an indication of quality, it ensures that an individual is has met certain standards and been authorized to perform property appraisals. Some states do not require licensing to perform real estate appraisals. It is unwise to use the services of any professional who is not licensed or certified.

Don’t be afraid to ask an appraiser for a copy of their license. A good appraiser will readily provide this documentation. Copies of licenses are commonly requested by mortgage brokers and loan officers. Once you get a copy of their license, it’s a good idea to check with the government agency which issued the document to ensure the license is active and in good standing.

Many excellent real estate appraisers carry a professional designation. The most widely known industry designations are SRPA, SRA and MAI. These designations are issued by the Appraisal Institute. These designations demonstrate an appraiser’s commitment to continuing education and ethical standards. Oftentimes, the standards required to obtain these designations exceed those set forth by state licensing/certified requirements.

Ask the real estate appraiser what percentage of their work is performed in the neighborhood in which the property is located. Appraisers who do a lot of their work or live in a particular area often have a deep knowledge of property values in that area. Additionally, they are more likely to know how “neighborhood variables” such as school districts and fire departments affect the property values in the area.

Lastly, find out if the property appraiser has experience performing appraisals for consumers as opposed to real estate professionals. Mortgage brokers and loan officers have distinctly different needs than homeowners. An appraiser who understands the needs of homeowners is more likely to help you learn about the appraisal process and answer questions you may have along the way.

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