7 Stars' Homes You Wish You Owned

OPRAH WINFREY'S PROMISED LAND

WILL SMITH'S ADOBE

REESE WITHERSPOON'S CALIFORNIA DREAM HOME

GEORGE CLOONEY'S ESCAPE

TONY HAWK'S PLAYGROUND

JERRY SEINFELD'S TELLURIDE HOME

ALPH LAUREN'S ISLAND RETREAT

Provisions to Include in a Land Sale Contract

A land sale contract should include these five provisions:

·         Purchase Price

·         Property Description

·         Payment Terms

·         Easements

Purchase Price

It is the most important provision to include in a land scale contract. This should include the down payment as well as the total purchase price. If either the buyer or seller tries to default on the contract, they can take it to court.

Property Description

The land sale contract should include complete description along with “Legal Description” of the property.  Legal descriptions contain surveyor language that describes the exact location of a parcel of land.

Payment Terms

This section should specify how often payments should be made, the total number of payments, the start and stop dates and the amount of each installment. It should also include interest rates and late fees.

Obligations of the Parties

The land contract should set forth the duties and responsibilities of each side. It must specify the obligations of both the buyer and the seller. This avoids misunderstandings.

Finding Good Building Land

Finding the perfect building land is difficult. You may find some land in the city but plenty in the rural side but that may not work for you, depending on your amenity demands. In real estate you need to buy an actual building land. If the land you buy is not for building then it’s useless and a huge financial risk. Have the land checked out properly before you buy it. Here are few tips in doing so.

Is all the land for Building?

You just can’t build on any land you see. Every land is not suitable for building on. Some lands are for hunting, recreational activities, sloppy, unfit soil nature, and many other factors that make building on it unfeasible. Looking at the land and guessing doesn’t work here; you need professional opinion of the land in order to decide if building on it would be a good idea or even safe to do.

What will a professional do?

A land can be subjected to feasibility study before building. A professional will gather information about the land and make a determination as to the difficulty of building there. In some cases it’s possible to build while in others it’s not as cost of construction will be too high to deal with. Take advice on a land your interested in from a county (or city) planning department, an engineer, and your builder, as well as a good real estate agent.

Got the building permit?

You need to get the building permit where you want to build. If you are denied then it means you can’t build there for example: you are denied a building permit when you are trying to build a commercial building in a residential area.

What factors are looked in while making a Decision?

Many factors affect a decision regarding building land like zoning, the quality of the land, enough space for building etc. Get all the factors straight so that you won’t have any trouble in building and getting a building permit.

Is Buildable Land Always More Expensive?

Location is the most important issue when it comes to land. A piece of real estate that's in a prime location is going to cost a lot more than a piece of land in an uninhabitable land. Both may be buildable and have the same size. It’s always about the location that matters. 

The Many Reasons to Build a House

Your built your choice

Many houses are not built according to buyers specifications. When you decided to buy a house that’s on a real estate market, then you are giving in on your choices and making concessions with your house resolution.  Building, however is a great way to meet your house tailored needs and make it as you need and like. This is one of the greatest new building home incentives that’s getting popular.

Location

Another factor that affects the building incentive than buying is the location. A house that is perfect in size and structure might not be at a desired location. If it is in the right location then it might not be missing out essential amenities. For this reason building can be an excellent alternative. Choose the right location that best meets your demands and then build a house of your style and aesthetic.

    

Increasing Property value

By building you are not only creating a new piece of real estate that will be more modern and current, but you are also increasing property value for the homes around you. Building a home is a better economic investment. It is also one of the top new builder home incentives.

Necessary Upgrades

An existing piece of property requires additional upgrades in order to meet your needs and interests. However if you built a home, you can save the money by not having to upgrade according to latest trends and styles.

Tips for New Homeowners

Here are some final tips to make life as a new homeowner more secure.

Saving

Many unexpected expenses arise such as getting a roof fixed, buying a new water heater or even fixing window glass. For all this you need money. Right after the homeowner ship start an emergency fund or save in the bank so that you don’t get off guard at time of need.

·         Regular maintenance

Perform regular maintenance of the house. Take excellent care of the house as you have put huge amount of money in it. Fix and mend the broken things before they damage too much.

·         Housing Market

There is absolutely no reason to check the housing market if you don’t want to sell the house. You have just bought a house, live in it for few solid years before making the selling decision.

·         Don’t sell your home for your retirement

Continue to save the maximum in your retirement savings accounts each year. If you want to look at your home as a source of wealth in retirement, consider that once you've paid off your mortgage, the money that you were spending on monthly payments can be used to fund some of your living and medical expenses in retirement.

Terms to include in a Tenancy agreement

 A contract between a tenant and a landlord is called a tenancy agreement. It lets the person (renter) to live in a property for as long as he/she pays the rent and follow the rules. Tenancy agreement is a set of legal terms and conditions. If you have a tenancy agreement, it should include:

·         the names of all people (tenant, landlord and third party) involved

·         the rental price and method of its paid

·         information on how and when the rent will be reviewed

·         the deposit amount and how it will be protected

·         when the deposit can be fully or partly withheld (eg to repair damage you’ve caused)

·         the property address

·         the start and end date of the tenancy

·         any tenant or landlord obligations

·         which bills you’re responsible for

·         It can also include information on:

·         whether the tenancy can be ended early and how this can be done

·         who’s responsible for minor repairs

·         whether the property can be let to someone else (sublet) or have lodgers

The terms of the tenancy must be flexible and obey the law.

Types of Tenancy Agreements

There are three types of tenancy agreements used between tenants and landlords

1. Assured Shorthold Tenancy (AST)
2. Assured Tenancy
3. Regulated or ‘Protected’ Tenancy

Assured Shorthold Tenancy (AST)

This type of tenancy agreement is used while renting private properties. The agreement is arranged for six months period or somewhat longer like twelve months. The tenant and landlord can negotiate the sum of rent and the tenant has the right to challenge high rent or change the agreed rent.  A property may be subjected to an AST only if it is an accommodation and the landlord doesn’t live in it.

Assured Tenancy

A housing association or a housing trust uses Assured tenancy agreement for properties. This type of tenancy is beneficial and secure for those who want to live in property for a long duration while complying with the terms of the agreement.

Regulated or ‘Protected’ Tenancy

This tenancy agreement type offers the tenant the highest level of protection against eviction and increased rent

What is Tenancy Agreement?

A tenancy agreement is a written agreement between a tenant and a landlord. It is a set of legal terms and conditions by which you can live in a property as long as you wish until you abide by them. Both the tenant and landlord have rights and responsibilities given by law. The agreement is can be in written form or oral too. There are fixed term and periodic tenancy agreements. The fixed term runs for a specific period of time while the latter is updated on weekly or monthly basis. One of the terms for example in the tenancy agreement is the right of a tenant to live in an accommodation and the landlord’s right to receive rent monthly.

A tenancy agreement can either be made up of expressed terms or implied terms. The former includes tenancy agreement, if there is one, in the rent book, and/or what was agreed orally while the latter includes rights given by law or arrangements established by custom and practice.

A tenancy agreement includes:

·         Name and address of the tenant, and agent, provider, owner or manager

·         Starting and ending date of the agreement.

·         Amount of rent to be paid and the method of payment.

·         Some standard details

·         Any special terms like keeping a dog or a landscape management

Period of tenancy agreement:

·         Fixed term agreement – a property is rented for a fixed amount of time (for example, 6, 9 or 12 months)

·         Periodic agreement - when a tenant/resident lives there for an indefinite period

·         For caravan parks – short term lasts for less than 42 days and long term lasts for more than 42 days  

Before signing the tenancy agreement make sure to read the agreement carefully and understand and agree with the terms and condition.

Advantages of Renting

Renting or buying is a sizzling debate in real estate world. Advocates of buying come up with their theories that most features famous lines such as “wasting money in rent”, “mortgage interest rate deduction”, “monthly payment tension” and “forced savings”. On the other hand advocates of renting will say that “Renting is cheaper on cash flow basis”, “higher mortgage rates than rental yields” etc.

For renters the benefits of home ownership are overestimated while the costs are underestimated. An owner has to worry about repairs, rates, painting, fixture upgrades, landscaping and more. They might be tax-deductible but commitment remains. Renters normally don’t have to pay or worry for any of this stuff. The other reason behind the renting way of lifestyle is that renters get to live in sensational places that never been in the market to buy. Buying an investment property makes sense only if where you want to live and where you want to invest doesn't correlate. Renting also increases at a more moderate rate. Another advantage of renting is that if you are buying an investment property while renting where you live offers more flexibility for when a new job or family member when time to shift . If a renter wants to divert to investment, whether in housing or other property sector then they have enough income left over after their rent. But renting isn’t for everyone. The inability to renovate and put a personal stamp on a place can be frustrating. When 12-monthrental agreements are a norm, renting can also mean having to move just when you’ve got settled. Renting is insecure as well as beneficial.

Buy-to-let Investment Tips

Buy to let is a remarkable income investment esp. in times of stock market instability. Whether you’re an established landlord or your first buy to let property, there are ten essential things to consider for a good investment.

Select the right property to let

Finding the right property requires efforts and time.  It also asks for critical local market understanding. Firstly figure out the type of property you are looking for; whether it is a house, office or a school building you should buy. The property you choose must be situated accordingly for example the house should be in a residential area with huge gardens and good schools, offices be in markets with good transportation facility etc. Buy in a market you understand.  

Do the math’s

Calculate the cost of the house and the rent you will likely get. Mostly buy-to-let buyers want 125% of mortgage repayment covering rent. Once you decide the mortgage rate and the likely rent you will get, decide again whether you want to go ahead or not.

Chosean agent

Being a landlord can be hard work. Tenant can calls you any time to sort out problem in the house. But you can hire a letting agent for this purpose. When hiring a letting agent you can either let only or full management. Let only is cheaper.

Let Only: This type of agent will advertise the property, find a tenant and collect the rent.

Full management: This agent will handle repairs and maintenance, chase unpaid rent and carry out inspections of the property.

Paying the Tax

Pay regular income tax on the rent you take like a good citizen. May costs tax deductible. 

Commercial Real estate Property Types

Various groups of structure types fall in the category of commercial real estate property such as:

-          Multi-Family Commercial Real Estate

Multi-family commercial real estate property types include duplex homes and buildings for occupation by multiple family groups. Either separate housing units are contained within one building or several buildings are contained within one complex. An example is an apartment building.

-          Retail Space Real Estate Properties

Any building used as a store for products is a retail space estate property. It can be used to store consumer products such as clothing, electronics and furniture etc. Malls and strip centers are also retail properties. The valuation of such commercial real estate property is based on size, land, value, retail sales per square foot and other things.

-          OfficeBuildings and Complexes

Buildings either designed individually or in groups for office use fall into this category. When offices are assembled in formations with single ownership, they are registered as commercial office rental property. For example medical and dental offices. The owner obtains revenue from the rental payments of the office tenants. There valuation is based on the rental income return on investment.

Advantages of Buying Home in fall

Fall is the busiest season for buying home inthe real estate market. Real estate market faces ups and downs through the year round. These ups and downs are either based on mortgage interest rates, property availability and more importantly based on season. Next to spring/summer, fall is often considered as the best season for home purchase due to numerous benefits such as year-end tax breaks, pleasant weather conditions for moving, wider selection choices and more. Autumn advantages the home buyers in great ways but it is the winter season that is avoided most. So if you have decided to buy a home then read on to know the advantages on buying in it fall.

Payable tax

For home buyers owning a home can yield great bonus in tax returns. For example, both mortgage interest and property taxes are deductible from gross income.

Frozen

Buying a house before winter sets in is very likable to most home buyers. No one likes to travel icy roads with luggage filled cars, snowstorm stuck weather, snowfalls and chilling winds.

School Year and Holidays

No doubt summer is fine season to shift but falls importance cannot be denied. Buying a home in fall is good for children’s schooling because by winter they will have settled into a proper school routine. Before the winter you’ll be settled snugly into your new home, kids involved in schools extracurricular activities, preparing for thanksgiving and waiting for the winter holidays.

Additional Home Choices

Home demand is not as enthusiastic in fall as it is in spring but it’s still lofty. Sellers who weren’t able to sell their homer in summer look forward to fall for a better opportunity. Summer buyers and sellers tend to move towards fall for improved prospects, unlike the window-shoppers who sometimes come out in spring.

Stay within your Budget

Be realistic about what you can afford, and stick to your budget.

The Cityscape Global - Dubai Property Show 2013

The Cityscape Global property show opened on October 8^th to present number of exhibitions and conferences on property investment in Dubai. It will be held from 8^th to 10^th October at Dubai World Trade Centre.  The trade show is being attended by a number of prestigious regional and international investors and developers such as Emaar Properties, Nakheel and Dubai Properties Group, Barwa, Pacific Ventures, DAMAC, Deyaar Development, Diamond Developers, Flash Properties, Meydan Group, Omniyat, Tanmiyat and Tharaa Holding offering ambitious projects.

On the first day of the event Emaar properties unveiled the master plan of The Lagoons, a water front city within Mohammad Bin Rashid City while the Qatar based real estate developer Msheireb Properties showcased its pioneering regeneration of Doha’s historical commercial center through its QR20 billion Msheireb Downtown Doha (MDD) project. Many new lists of developments will be seen as the Cityscape show progresses.

After the 2008 market collapse in Dubai many property developers cancelled their attendance from the show. But now they are returning with many new and innovative real estate projects. Organizers report the number of exhibitors for the 2013 edition is up 30 percent from a year ago, to 223.

Boosting Real Estate in Dubai

Dubai’s new international airport Al Maktoum will open to passenger traffic on Oct. 27. This airport is claimed to become one of the world’s busiest airports. Its first phase can handle almost 7 million passengers but eventually the capacity will increase up to 160 million passengers and 12 tons of cargo a year when the airport is fully complete and running.

The first carriers to use the airport reportedly will be the Saudi-based carrier Nasair and the Hungarian budget airline Wizzair.

The new airport is supposed to give a significant boost to Dubai real estate market over the next 10 years.  More traffic means more vacationers, tourists, home buyers and more investors. Hence the new airport will contribute to the housing market in every way. The airport will also create several hundred thousand jobs which will further increase the demand for housing supply.

Al Maktoum will eventually develop into cargo and passenger airport.

Dubai has doubled property registration fees in a bid to reduce speculation as fears of a real estate bubble emerge.

After suffering from worst property crashes in 2008, Dubai has taken measures to avoid it again in the near future. The Dubai Land Department has doubled property-sale fees to 4 percent from 2 percent, effective from Oct. 6. The change will apply to residential and commercial properties but it won’t affect industrial real estate. The decision is intended to limit speculation which is harmful to the market and help it to gain stability and sustainability. The increase “may negatively impact property sentiment and demand for the next three to six months,” said Digvijay Singh, an analyst at VTB Capital Plc. However, “it’s the prudent thing to do because the more stable Dubai’s fiscal situation is, the better the long-term prospects for property values.”

The additional fee property is a step taken by the government to guard Dubai’s economy. The higher fee will generate revenue for the government, which does not impose income tax. The revenue will be used by the government to pay loan and bond maturities as part of its estimated $120bn debt mountain. Purchases of the homes will still be inexpensive by global standards and investors in Dubai will also have to pay alow property tax. 

Al Sahab Tower 2

The Al Sahab Tower 2 is a 44-floor tower located in Dubai Marina, UAE. It is a spectacular wave front tower which provides parallel views of the largest bay of water at Dubai Marina. It has a fitting location, i.e. only a stone throw from JBR beach, restaurants, cafes, malls, and boutiques.  Nearest metro station is 10 min walking distance.  
The apartments at Al Sahab are designed with designer suite packages. Apartments consist of stone countertops, breakfast bars and designer cabinetry. Kitchen is fully equipped with appliances such as stainless steel wall oven, cooking top, refrigerator, and dishwasher. A mini-Hollywood theatre and sheltered parking cater to modern needs. Bedrooms with attached bathrooms and wardrobes. High speed digital technology for internet, TV and voice communications.
So if you are looking for renting/buying an apartment at Dubai Marina then Al Sahab is the best place to reside. For more details check http://binayah.com/home/

Learning Real Estate Investing before Beginning

Investing in real estate is a profitable career because people need a place to live and population continues to grow on daily basis. As long as an investor reviews the trends and interprets bargains and demands the right way, he can grow rich with real estate investing. An investor must know the precise methods and how to use them profitably. For Example home owners built homes that they are unable to sell and when they finally do, the home isn't worth it was build or become the victim of foreclosure. But smart real estate investors can readily profit from such outcomes and save the home owner from foreclosure by using long-term lease option. A long-term option provides the home owner with the mortgage payment every month, as the investor sublets the home and uses the income to pay the lease. Since the option is long term (to allow the markets to readjust and home values to increase), by the time the option expires the investor resells the home at a nice profit - often selling to the tenant. It's a win-win situation. The home seller saves his credit and the investor makes a nice profit. Every real estate investors should learn tactics and coaching by a professional and then go to the field.

Commonly used Terms in Real Estate

Terms like short sale, foreclosure, and REO are commonly used in real estate that are unknown to an average buyer or seller but it is important to know the meaning of these terms.

Short Sale

Short Sale is a method to avoid foreclosures. When a seller is no longer able to make their mortgage payment and owes more on their home loan than what the home is worth in the current market. The seller then arranges with their mortgage lender to accept a price that's less than the amount they owe on the property. As part of this bargain, the lender typically agrees to forgive the rest of the loan. The buyer picks up a property at a discount, and the lender avoids taking on the burden of unloading the property.

Foreclosure

 Foreclosure is a legal process initiated by a lender if other options such as short sale are not considered by the seller. In this situation the home owner fails to make minimum payments/interests on his/her mortgage for a sufficient amount of time so the lender, be it a bank, building society, REO seizes and sells the property as their own. The home owner is not a stakeholder in the sale. 

Commonly used Terms in Real Estate

REO

REO is an acronym for Real Estate Owned property. After foreclosure the property is being put for sale up in auction. But if the property is not bided on it becomes the property of bank and is called as REO.  Real estate investors frequently go after these properties because the house can be bought at a discount to its market value.

Dubai Marina

Dubai marina is a man-made district in Dubai, UAE. It is an artificial urban center on the water, built along a two mile stretch of Persian Gulf shoreline. Dubai marina is an awe inspiring city that delights more than 120,000 people with its cosmopolitan, free-spirited atmosphere and unique towers and villas.

Location

It is located near Interchange 5 on Sheikh Zayed Road close to Dubai's well-known landmarks like the Dubai Internet City, The American University of Dubai and the Emirates Golf Club.

Marina Lifestyle

Marina living is the most desirable and sought-after lifestyles in the world. Being the world’s most expensive waterfront, Dubai Marina offers the delight and liveliness of a chic, urban lifestyle together with all the advantages of owning a home on the water. Unhindered views across the marina, fresh sea breezes and the experience of a lifestyle most people can only dream about.

Dubai Marina Towers

Dubai Marina Towers comprise of the first phase. They are total of six towers namely ‘Murjan’ (37 storey’s), ‘Al Mass’ (28 storey’s) and ‘Fairooz’ (20 storey’s). The other three are named after Arabic scents; ‘Mesk’ (37 storey’s), ‘Yass’ (24 storey’s) and ‘Anbar’ (16 storey’s). With contemporary designs and world-class classiness combined with a range of the latest, hi-tech facilities and an awe-inspiring view of the Marina Towers have redlined the standards of luxury living.

Dubai Marina Walk

Marina walk is a popular and pleasant aspect of Dubai Marina. It is a 7km long pedestrian walkway that runs around from the start of Dubai Marina till the end. The beautiful walkway also has cafés and restaurants along the waterfront, and boats moored up alongside. Many events such as Marina Market and artist’s performance are held here to keep the visitors and pedestrians engaged.

 Dubai Marina Malls

Compared to malls in Dubai, Marina mall might seem small yet it may be ranked above average around the world. This beautifully designed mall has everything required. It is a vibrant shopping, entertainment and leisure destination for residents and visitors to the Dubai Marina.

The Address Dubai Marina, Marina Plaza, Park Island, Al-Sahab, Al-Majara arw few other destinations worth visiting and living in Dubai Marina.

Home Landscaping before Selling

Landscaping and curb appeal are important factors to capture the interest of a homebuyer from the start. According to a 2013 National Association Survey 71 percent of homebuyers are drawn towards curb appeal as they are to the house architecture and design. ROI can be maximized up to 400% with this simple ruling. If a home isn’t beautiful from the outside, many buyers won’t even go in.

While repairing the hooks and crooks of the house we often neglect the outdoor areas. They receive our tiniest bit of attention only when we clean them. What surrounds the home is as important as what is in it. A well-designed landscape can complement your home's architecture and design, and the right plants, flowers and shrubbery can greatly enhance your curb appeal by adding color, texture and even fragrance to your yard.

Here are things to consider with your landscaping:

·         Start the landscaping projects a year ahead because it takes time.
·         Manicure the front lawn and built a stone paved pathway
·         Make sure your downspouts are functional and clear; go for areas where water pools in the rain.
·         Fences and hedges are in tip top conditions. Fix wobbly or loose fences and trim the hedges.
·         Replant if necessary or take measures to keep the existing plants in healthy conditions. Root out dead or dying plants, trees and flowers. Trim the shrubs in latest style.
·         Grow vines on walls.
·         Take special care of backyard. Add backyard deck or patio.

·         Add fountains, lighting and garden showers.

Choosing the Right Real Estate Agent

Buying, selling or managing property depends entirely on the real estate agent you choose to assist in the process. Choosing the right real estate agent makes a massive difference in your experience and success.  

You want a real estate professional with the knowledge to best serve your interests, and you are looking for a supportable performance from them too. Here are some steps to take while considering the most suitable candidate for being you real estate agent.

Round up good prospects. To identify prospective agents a good method is to ask for referrals from neighbors or friends or use the search tools on the websites. If a certain agent produced positive results for a friend, there's a good chance they will do the same for you.

Make sure the agent has firsthand knowledge in real estate property management for a couple of good years. With sound knowledge and education agent will know how to anticipate problems, avoid them or be able to handle them quickly in a professional manner, should they occur. Moreover education helps an agent to keep himself abreast with the latest legal ins and outs of the real estate business, thus saving time and money.

With more experience the agent has polished negotiating skills and has closed many properties. Negotiating skills help to convert a prospect into a buyer. It can either help to breathe a contract to life or die away in few days. Similarly more closing means more experience.

A well reputed agent is a must. A good and well reputed agent has network and works cooperative with other agents. Agents work with each other and help in property transactions. So it’s possible for your home/property to be shown more often to qualified buyers represented by other associates.

If you are a buyer work with a buyer agent also known as a broker agent. They would protect your interests in the transaction matters. Similarly if you are a seller, work with someone who has sound experience in selling field.

Ask the agent to be frequently in touch with you about your transaction progress.

See a few properties in the same area, to get an idea about the house prices in your selected neighborhood. This will help to keep you from being completely blind-sided when you go to an agent.

The above points will definitely promote a smooth buying or selling experience at the best price, and in the absolute least amount of time. Binayah is full of qualified real estate agents, all eager for your business.

MUST DO THINGS before Selling your Home

First impressions are difficult to make yet they are the last ones to count. Being a seller of home property, you should always take care of little things that need to be renovated and repaired before showing it to a potential buyer. A small investment in time and money will give your home an edge over other listings in the area.

Here are some suggestions for general maintenance of the home that will help you get top market value:

• -Oil the squeaky doors
• - Tighten the doorknobs
• -Replace fused lights
• - Clean and repair windows
• - Repaint the whole house
• - Repair cracked plaster
• - Repair leaking taps and toilets
• -Moan lawn
• - Trim shrubs and plants
• - Weed and edge gardens
• - Pick up any litter
• - Clear walk and driveway
• - Repair gutters and eaves
• - Touch-up exterior paint
• -Clear stairs and halls
• - Clean the store and attic
• -Clean and tidy the main entrance
• -Functional doorbell
• -Polish door and window hardware