Posts Tagged ‘property’
Many homeowners find the condo lifestyle to be very rewarding, and a smart investment. But there is some research to do before you make a smart purchase. Here’s an exhaustive list of questions that, at least consider before you go ahead and buy a condo.
- What is the age of the building?
- Building is air conditioning?
- What kind of security system is in place? Is it 24 hours?
- Is there a parking space included in the purchase price? (Ask to see it!)
- Is there parking, and if so what are the conditions of use?
- Is the use of recreational facilities included in the purchase price or monthly payments? Know the terms of use of these facilities – are strictly for use by owners and their guests, or are open to the public in any way?
Look at the situation of your unit. See if located near an elevator or ramp trash. You can guess a second purchase, if you know you want to live with this kind of intrusion.
- What accessories and features included in the purchase price?
- Are pets allowed, and if so what types and sizes of pets allowed and how many per unit?
- Read the rest of this entry »
If you are considering your first attempt at real estate investing and are not familiar with the options open to you as to what type of mortgage you choose to purchase the property, there are specific mortgages for investment property – that is, rent rather than live – will have a buy-to-let mortgage.
Buy to Let mortgages are unique and very different from residential mortgages, as usual, instead of assessing the amount you can borrow from a lender based on your total income, the loan is calculated on the income they could earn for the property.
Previously, mortgage lenders want rent coverage was about the amount of the mortgage, for example, one hundred fifteen percent of the monthly repayments. But now the rules have become less stringent and can acquire a mortgage with rental coverage of 100 percent in some cases. The credit crisis currently being experienced by the western world seems to work for the property investor as compared to the standard residential mortgage.