Saturday, November 17, 2018

Tips for Taking Steps into Property

Photo by David McBee from Pexels

If you’re looking to buy and sell property to make a profit, there are going to be some
vital steps that you must follow. The property market is a good way to make some
money, but it can be both difficult to navigate and stressful to deal with. But preparation
is key; if you’re organized going into a purchase or a sale, then you can get it done
with relative comfort. Here are some tips for which will help you at different stages.

First of all, making sure you have your affairs in order will put you on the right path.
There is a lot of legal frameworks which goes into the buying and selling of a property,
and you will want to know that the people you are dealing with are right for you. For
example, employing a firm which specializes in fixed price conveyancing will take
away a lot of the stress attached to the cost and preparation of documents to meet
legal criteria. If you plan to be regularly buying and selling, informing the companies
you are working with of that plan might just help you build relationships up so that
over time your operation becomes smoother.

When getting involved in real estate for profit, you will want to make sure that you are
getting into the area that is best for you. We have talked here about buying and selling
but there are other opportunities in the property sector that might better suit your
abilities and the level of commitment you can afford. Buy to let is one example of using
your current funds to get further into the housing market while also allowing you to
create a regular income instead of a one-off hit. These are decisions that you will
have to be confident in before committing to getting involved in real estate.


Photo by energepic.com from Pexels

Finally, be prepared for the potential financial layout. One of the biggest mistakes you
can make is not to work out the cost of maintenance and refurbishing any property
you plan to buy and then sell or let. As discussed in this Forbes article, other costs
can put you into financial difficulty when buying your house so make sure to take them
into account and do an effect survey before buying. The last thing you want is to have
the keys to the property only to find that the windows need to be improved or that a
roof needs replacing.

Getting into the real estate business can be a worthwhile venture, there is plenty of
money to be made so long as you are organized going in and understand the risks that
are involved. Speak to other investors or even attend talks from property magnates to
see what advice you can pick up before commiting to your first purchase.

Thursday, November 15, 2018

10 Must-Read Global Real Estate Tips For First-Time Investors

Are you interested in purchasing real estate for the first time? If so, there
are plenty of options available to you! No matter what type of property you are
interested in, we have some property investment tips to help you get started:


1. Learn about ownership rights The first thing you need to do is get to grips with ownership. This depends on where
in the world you are investing. Take Hong Kong as an example. The state owns all
land in the city, with the only exception being the grounds of the Anglican Cathedral.
The Hong Kong government issues Government Leases to landowners.

2. Seek expert assistance throughout the entire process The process of acquiring real estate can often be complex, which is why hiring a real
estate investment advisor comes highly recommended. They will be able to
oversee the entire process, from the provisional agreement to the keys being handed
over.

3. Choosing the right finance It is important that you finance the purchase of the property in a manner that is
best suited to your situation. The vast majority of investors acquire a mortgage from
the bank to fund the purchase. However, you may be entitled to better options
depending on where you are based and your status. A first home owners grant
may be an option in countries like Australia.

4. Factor in the transaction costs of buying and selling real estate  One of the biggest mistakes you can make is underestimating the costs associated
with property investment. Don’t overlook transaction expenses, such as stamp duty.
You also have legal fees and estate agent’s fees to consider too.

5. Know what taxes are payable Next, determine what taxes you are going to be subject too. Property tax and
profits tax need to be looked into.

6. Buy insurance Consider insurance options that are going to protect your investment, such as
buildings insurance, which offers a payout in the event that the property is damaged
by the likes of a fire or a flood.

7. Apply for a mortgage early Apply for a mortgage early to avoid disappointment, and make sure you have the
right documentation before applying. Expats, in particular, require a considerable
amount of documentation in most countries.

8. Assess the letting market What is demand like for the area you are considering? What types of properties
are people after? Will the property require a lot of adjustment before it is ready for
people to rent?

9. Rental yields Determine the rental yields for the area you are thinking about. Make sure you
consider properties of a similar style and size to the ones you are considering.

10. Legality Make sure you adhere to all legislation that is in place. It is time to brush up on
your understanding of the law!

No matter where in the world you are planning to invest in real estate for the first
time, the tips above should assist you!

Thursday, November 1, 2018

Getting Involved in Real Estate for Profit


If you’re looking for a wise financial investment to make, real estate could prove to
be the best option for you! Investing in real estate gives you a reliable source of
financial security. If you are an employed individual, you never know when you might
be made redundant or lose your job - having savings from a sold property or having
a steady income from letting a property out can help tide you over until you find a
new position. If you are self-employed or run your own business and are going
through a rough patch with little profit, you can also benefit from this. So, let’s take
a moment to look at both buy to sell and buy to let real estate.

Buy-to-Sell Basics

Buying to sell is perhaps the simplest way to get involved in real estate. You quite
literally buy a property at a low price and sell it on at a higher price, consequently
making a profit in the process. People are paying record amounts of money for
good quality properties at the moment, so you might as well cash in on the trend
while people are willing to cough up a lot of cash!

Buy-to-Let Basics

Buy to let real estate helps to secure a monthly income. If you have used a
mortgage to purchase the property, rent payments from tenants can help to clear
the mortgage. If you charge a little extra per month, you can have a little extra in
your pocket. If you purchase a property outright, everything that you bring in will
be pure profit.

Refurbishing

When you first get your hands on a property, you may want to consider refurbishing
it or renovating it. This will help it to stand out on the market, which is extremely
important, regardless of whether you intend to buy or let. The best way to determine
how to outshine other properties in the area is to conduct viewings of other properties
being sold or let nearby. An estate agent will help you to do this, or they will be able
to inform you of what other properties have that your property needs to match or
exceed. You can then carry out the recommended renovations and increase your
asking price or rental price. Common renovations that you might want to consider
can include loft conversions or extensions (which provide your property with an
extra room), installing skylights (which flood spaces with natural light), sprucing
up the kitchen, adding a conservatory, or adding a garage (where people can
safely store their vehicles and reduce their insurance premiums).

Maintenance

If you are intending to let a property out, you need to remember that you will
become a landlord and that becoming a landlord comes hand in hand with a whole
lot of responsibility. Not only will you need to ensure that the property is up to
scratch when a tenant moves in, but you will need to maintain it for the entire
time they are living there too! Of course, certain responsibilities such as cleaning
will fall upon the tenant. But if something breaks or needs replacing, it will be
up to you to rectify the situation. Make sure that your tenants can get in touch
with you should they need and arrange regular checks to ensure that they are
keeping the property in ship shape at all times! It’s a good idea to always meet
your tenants before allowing them to move in. This will give you a better chance
of finding someone who will avoid destroying or damaging your property.

These, of course, are just the basics of getting involved in real estate. You are likely
to have to learn a whole lot more along the way. But hopefully, the above information
will help you to get started in the right direction!

Monday, October 22, 2018

How To Get Over Your Fear Of Investing


Here's the thing. If you want to get rich relatively quickly, then investing your money
is the way to go. From investing in real-estate to trading on the stock market, there
are opportunities available to you that will grow your wealth at an exponential rate.

However…

Many of us don't invest our money because of fear! We are afraid of stock market
crashes. We are afraid of making bad investment choices. And ultimately, we are
afraid of losing money, despite the opportunity of riches. And that's fair. You don't
want to end up in the poor house, after all! Still, if you do have goals in mind,
such as early retirement and/or a comfortable nest egg for you and your family,
then it's worth getting over your fears of investing.

To help you, focus on the following.


Educate yourself

You don't want to invest money blindly. Mistakes can be made, but this can be
mitigated. If you educate yourself on the investment types available to you, then
you reduce your chances of making a blunderous error. So, read books on
investing, especially any Dummy Guides you can find for beginner investors. Read
strategy guides on investment types you aren't sure about, such as those related
to online CFD trading. Speak to realtors if you're interested in property investing.
And use the demo tools available on most trading sites to get a handle on what
is involved with stocks and shares. The more you do to educate yourself, the
less fearful you will be when you decide where to invest your money.

Start small

Particularly when you're considering trading avenues, you don't have to put down
a lot of money at the outset. Use any money you have spare (not savings or
anything budgeted for your family needs), and put down an amount you are
comfortable with. While you do stand a chance of making a bad investment, you also
stand a chance of making it big. You won't know unless you take that important first step.
Whatever happens, you will still gain experience to help you become a more confident
investor down the line.

Speak to a financial advisor

Especially when starting out on your investment journey, the services of a
financial advisor will be invaluable. They will give you clear and impartial investment
advice, talking through investment options with you. They will build up a
financial plan with you, and point you to the right places to meet your goals.
Consider it a form of hand-holding. Rather than going it alone, they will be there
to allay your fears, answer any questions you have, and guide you into wise
decisions.


Final word

It's natural to fear investing; you don't want to bankrupt yourself, after all! However,
by educating yourself, seeking help, and by starting small, you should be able
to reduce your fears and gain courage on your investment journey. Let us know
what you think, and if you have managed to conquer your fears of investing,
be sure to let us know how you did it, for the benefit of our readers.

The Millionaire Mindset Difference




There’s a huge difference between how millionaires think about money, but even
more so in how they think about their time.

The most significant differences are that they take absolute responsibility for themselves
and the results of their life, they create their own luck, and appreciate the payoff
associated with delayed gratification.


TAKE RESPONSIBILITY
In terms of taking absolute responsibility for the results of their life, many people
have sloping shoulders where they prefer to blame external factors from the
government to their childhood - living in a disempowered state of blame, rather
than the more empowered state of responsibility.

Now, the term responsibility can have a negative connotation in that it can feel
burdensome, but if you look at the true meaning of the word it comes down to
the “ability to respond” - see, if you are blaming all the time then you are limiting
your ability to respond to your situation, as it is only when you take full
responsibility for the results you generate that you can change your life.

There’s an idea within psychology that E+R=O, meaning event + response = outcome.  
This is a formula those with the millionaire mindset understand, as we cannot
control the events in our life or other people’s reactions, yet we can control our
response which ultimately determines the outcome.

CREATE YOUR OWN LUCK
Many people are hoping for something to happen to them, for instance, they might
go to accident and injury lawyers with a view to getting compensation after
suffering an accident, and whilst it’s worth claiming for the compensation you
deserve - some people project their hopes of financial abundance onto things
such as lottery tickets, lawsuits and prize draws - in the hope they will be lucky
and win a fortune.

Millionaires, on the other hand know that we ultimately create our own luck.  They
live by the mantra of “the more I do the luckier I get” and in this way, they create
their own luck.


DELAYED GRATIFICATION
Millionaire’s understand the value of delayed gratification.  Most people, today,
operate from a paradigm of consumption and instant reward.  

There’s a saying that successful entrepreneurs are willing to do what others aren’t
willing to do, today, so that they can do what others aren’t able to do tomorrow.  
Meaning, they might work incredibly hard on their business for five years - and
not take a holiday - but, once they have developed this asset they are then in
the position to travel all year around, to some of the most exotic and affluent places
in the world.

study relating to marshmallows; in a nutshell, a child was placed in front of a
table with a marshmallow on a plate.  He was told that if he waited, then he
would get two marshmallows - whereas if he ate it, then he wouldn’t get any
more.

The study followed the children into adulthood and there was a vast difference
between those that did eat the marshmallow (instant gratification) and those that
waited (delayed gratification).