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text 2019-10-21 18:00
6 Mistakes Every First-time Homebuyer Should Avoid


If you are taking your first steps on the property market as a first-time homebuyer, you already know it is a bit of a challenging ordeal. And while it is true that venturing on the property market can be daunting with all of the pitfalls that await, there is some hope in the end. All it takes is some research on the most common mistakes that you can make so that you can avoid them: 


1. You underestimate the time it takes to secure a mortgage

Getting a mortgage is not as straightforward of a process that many believe. However, there is no definitive timeframe for approval, and that is something you have to consider. Expect somewhere between 18 and 40 days between submission and approval, though bear in mind that in some cases it can take longer. Starting the mortgage application process as early as possible is very important. 


2. You don’t get an agreement in principle

Getting an agreement in principle from a lender is a necessary step in the home buying process. Essentially, this is a certificate from the lender that states the amount they are likely going to lend you. It may not be a 100% accurate offer, though it still gives you a good idea of how much you have to spare. 


3. You underestimate the cost of the home

The property itself indeed makes for the biggest expense. However, know that there are even more costs to it. Legal fees, getting a survey report and conveyancing costs are all things to consider. Additionally, don’t forget about the household bills and the cost of repairs you need to conduct. Building insurance and council tax only add up further, and if you disregard them, you will find yourself overwhelmed. Do a simple calculation of how much you will need for this property and beware not to get caught financially. 


4. You use the wrong solicitor

Most mortgage lenders work with a panel of solicitors they are ready to instruct immediately. If you decide to enlist a solicitor who is not on the same panel, chances are you will end up paying again for an approved solicitor. Always make sure to check the list of approved solicitors of your lender and hire one of them. 


5. You barely understand the terms ‘freehold’ and ‘leasehold’

Depending on what property you buy, there may be some limits as to what you can do with it, not to mention there may be extra fees. A leasehold means you will only be able to live there for a set amount of years, though you don’t own the land of the property itself. To make any alterations, you have to get permission from the freeholder. A freehold property puts you in the role of a sole owner – of the building and land, it is on. In this case, there are no service charges, though you will have other costs for maintaining the building. Knowing the difference between these two is important. 


6. You don’t do any research into the area

Looking into the area before you have even registered with an estate agent is very important. Set your priorities straight. Do you require good transport links, schools, green spaces, or other local amenities? If possible, spend some time in the areas that have properties for sale, to get a good feel of the place. 


Avoiding these mistakes is essential for ending up with a property that best serves your needs and requirements. 


© Open Estates

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review 2019-08-28 10:28
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text 2019-05-17 03:01
Here is What You Can do if Your Home is not Selling


If you are selling your home, you surely want to make the best deal possible. However, at times it may feel like this is impossible, especially when your home is not selling right away.

The property market is often unpredictable and dynamic. One moment you have everything pointing to the fact that it will be a quick sale, while the next you are left wondering what went wrong, as no buyer is in sight. You need not despair because there are many things you can do. Some of them involve compromise on your side, whereas in other cases you have to take matters into your own hands. Following are a few recommendations on what you can actually do when your home is not selling:

1. Look to rent instead

If you absolutely need some money and you cannot get that from selling the place, perhaps renting is a viable alternative. Sometimes people just don’t want to invest in a new property, but they will be more willing to rent it. What you have to remember is that as a landlord, you will need to do quite a lot. Managing the property is a serious task, and if you are not experienced, maybe you should get someone else to do it.

2. Wait a bit to sell 

In theory, it is possible to sell your home in any market, you can actually wait until the situation is more advantageous. Perhaps now is not the best time to rush for sale, since it is a buyers market out there. Or perhaps you are eager to sell in the winter, only to find it is rather difficult to find buyers then. Regardless of the disadvantage, you can always wait to sell, if that is possible. This is a good thing to do when you have no time constraints, as it allows you to make the most of the sale.

3. Work with a different estate agent 

Sometimes the very reason for not being able to sell your home quickly lies not with the place itself, but the real estate agency you have hired. Sometimes the agent you get on the case is just not that good. Maybe they lack the experience with your specific type of property, and you simply need a new perspective. Whatever the reason, sometimes working with a different estate agent might just be the thing you need to get the sale going.

4. Reduce the asking price 

Sometimes the reason for your home not selling might be the price. If you and your estate agent have set up too big of a price, finding a buyer may prove difficult. Obviously, reducing the asking price will then be a viable course of action, even if it means going for less than market value. Nobody likes to sell for less than they initially aimed for, but sometimes that is the best course of action. There are investors, who will be more than interested in making such a deal.

5. Is a lease offer an option?

If you talk about the situation with your estate agent, you may come to the conclusion that a lease option is the best for you. Some borrowers will find this an attractive option since they don’t have access to conventional financing.

As you can see, you have got a few options available when your home is not selling. Choose the one you think will best solve the problem for you.

For more info on the matter, you can consult with Open Estates.

© Open Estates

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text 2019-02-25 03:08
All You Need to Know About Party Wall Agreements


When you first hear the term party wall, you may associate it with, well, a wall that people party around. However, in real estate, this term is used to denote the shared wall you have with your neighbour, which practically divides your two homes. Most often this is the wall between two sections of a semi-detached house or the terrace. If you have a garden, then a party wall could also be the barrier between yours and your neighbour’s property. A party wall agreement is something you need to obtain before you can initiate building works, like loft conversions, damp proof courses insertions or even when digging new foundations for an extension.

To proceed with the work on your property, you need to obtain a Party Wall Agreement with any adjoining owners that will be affected. Alternatively, you can appoint a surveyor to prepare a Party Wall Award. This is a document outlining what work will be carried out and how the construction process works. To get all of this going, you should serve a party wall notice on your neighbour in writing, to inform them of the planned party wall works.

You should not worry about extra expenses to get the serving notice. There is actually a standard form, which you can get for free. Alternatively, you can get a party wall surveyor to get things ready, which will cost you a flat fee. Usually, you will want to include a letter of acknowledgement for your neighbour. If you are doing any building works that affect a party, you need to give two months’ notice, whereas, for excavations, you only need one month. You don’t need planning permission to serve a party wall notice, but keep in mind that once you do that, you will have up to a year to start the work.

Gaining an answer from your neighbour will usually happen within three weeks of serving the notice. There are three outcomes:

  • Assent – the best case scenario is you get assent, given that you deal with any problems that arise. In this case, you don’t require a party wall award and to appoint party wall surveyor. Take any note of the party wall and document any cracks. A surveyor can further assess and do a schedule of condition to minimise the risk of disputes later on.
  • Dissent – in case your neighbour dissents, or doesn’t reply within the 14 days, you will require a party wall award. In this case, both you and your neighbour appoint an agreed surveyor to act impartially for both parties. This is not the same person the homeowner is using for their works. The role of the surveyor is to produce an ‘award’, featuring all of the proposed works and a schedule a condition of the neighbour’s home. An architect can also be appointed to act as a surveyor.
  • Each homeowner appoints own surveyor – in this case, the cost can fall completely on one person, who is looking to obtain the part wall agreement.

Always remember that your priority is to maintain a good relationship with your neighbour. Talk to them about the part wall notice first, as that is always better than just mailing the notice. A good talk is often enough to alleviate any fears and show them the planned works. Give your neighbour the contact details of your building company and/or surveyor, if they need further details.

Now that you know your options for getting a party wall agreement, you can better plan any works on your property that require a green light by your neighbour.

Remember, at Open Estates, you can always find out such useful guides.


© Open Estates

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text 2018-11-16 07:13
Hotel Property Management Software Market Competition, Status and Forecast by 2018-2025

November 16, 2018: In 2017, the global Hotel Property Management Software market size was  million US$ and it is expected to reach  million US$ by the end of 2025, with a CAGR of  during 2018-2025.


This report focuses on the global Hotel Property Management Software status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Hotel Property Management Software development in United States, Europe and China.


The key players covered in this study

  • RealPage
  • MRI Software
  • Console


Download sample Copy of This Report at: https://www.radiantinsights.com/research/global-hotel-property-management-software-market-size-status-and-forecast-2018-2025/request-sample


  • Cloudbeds
  • FCS Computer Systems
  • eZee Absolute
  • Hoteliga


Market segment by Type, the product can be split into

  • Large Hotel
  • Small Hotel
  • Chain Hotel
  • Other


Access This Full Report @ https://www.radiantinsights.com/research/global-hotel-property-management-software-market-size-status-and-forecast-2018-2025


Market segment by Application, split into

  • Room Reservation
  • Check-Out
  • Other


Market segment by Regions/Countries, this report covers

  • United States
  • Europe
  • China
  • Japan
  • Southeast Asia
  • India
  • Central & South America


The study objectives of this report are:

  • To analyze global Hotel Property Management Software status, future forecast, growth opportunity, key market and key players.
  • To present the Hotel Property Management Software development in United States, Europe and China.
  • To strategically profile the key players and comprehensively analyze their development plan and strategies.
  • To define, describe and forecast the market by product type, market and key regions.


In this study, the years considered to estimate the market size of Hotel Property Management Software are as follows:

  • History Year: 2013-2017
  • Base Year: 2017
  • Estimated Year: 2018
  • Forecast Year 2018 to 2025

For the data information by region, company, type and application, 2017 is considered as the base year. Whenever data information was unavailable for the base year, the prior year has been considered.


About Radiant Insights

Radiant Insights is a platform for companies looking to meet their market research and business intelligence requirements. We assist and facilitate organizations and individuals procure market research reports, helping them in the decision making process. We have a comprehensive collection of reports, covering over 40 key industries and a host of micro markets. In addition to over extensive database of reports, our experienced research coordinators also offer a host of ancillary services such as, research partnerships/ tie-ups and customized research solutions.


For More Information, Visit Radiant Insights


Michelle Thoras
Corporate Sales Specialist, USA
Radiant Insights, Inc
Phone: 1-415-349-0054
Toll Free: 1-888-202-9519
Email: sales@radiantinsights.com    
Blog URL: http://ictmarketforecasts.wordpress.com

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