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Archive for the ‘Housing’ Category

Guide to Find a Property on Rent

Are you looking for a rented house? Well, there are a host of things that need to be considered at the time of taking a house on rent. Read on the article to get some useful tips on finding a property on rent.

Finding a prefect house for rent can be a time taking process if not planned properly. To make it a right decision, there are several things that need to be considered at the time of looking for a rental property.  Take a look at them:

Know your Budget

As a tenant, you need to pay rentals on regular basis. It is an expense that cannot be avoided. So, it is advisable to know beforehand that how much you can spend on a rented house. Avoid taking a high rental property that makes it difficult for you to pay rent in future. To decide on your budget, calculate all your taxes and expenses and decide accordingly. Some amount should be kept aside as your savings. Remember, every year your rent amount is going to increase. So, decide your budget wisely.

Property Size

To refine your search, decide in advance the size of property that will meet your purpose. If you are single, a 1 BHK flat is sufficient. However, if you are married or have kids, you can refine your search to a 2/3/4 BHK flat. This helps you to save time in checking the different sizes of flats.

Check Location

When you are living with your family, it is imperative to choose a residential locality that is a safe place to live. Apart from security features, also check if it is accessible from other nearby locations. If you have kids, look for a location that is in proximity to schools, colleges, shopping centers and medical centers. If you do not own a car, it becomes more important to check a locality that offers easy availability of public transportation. Mostly, flats available in prime locations of a city include high rentals. However, it is important to realize that living in a posh locality is always a safe option than choosing an interior location with comparatively low rentals.

Check the Things you Need

You can make your rented house a perfect home if it includes everything you want within your budget. Nowadays, everyone dreams of a lavish lifestyle. While searching for a property on rent, look for a residential apartment that offers modern amenities and features, including gymnasium, play area for kids, swimming pool, and club house. With an increase in the demand for luxury living, several reputed developers in India are offering luxury residential projects at a different price range.

Market Survey

Before deciding on any property, it is advisable to do some market survey about the current rental charges in a particular locality and size of the apartment. Most of the times, to earn high profits the real estate agents may misguide you. Doing your own survey by checking on some reliable property sites can help you to get some actual idea about the current market rates.

Visit the Actual Location

While consulting a property dealer to help you find out a house for rent, make sure you personally visit the apartment and not rely on a sample flat or model. It allows you to take an actual look of the cabinets, closets and room size to ensure if the space is sufficient to accommodate your stuff.

Read the Rent Agreement

Once everything else like location, connectivity, amenities and budget is confirmed, do not rush to sign the rent agreement and check it thoroughly before signing it. Make sure to ask your landlord to put in writing what is covered in your rent and what is not. Clearly mention the security deposit amount, monthly rent, electricity charges, notice period, and other things. Take a copy of the agreement and keep it safe for future reference. Confirm for any hidden charges apart from the rent amount. Remember, the agreement should be signed by both the parties.

Decide the mode of Payment

It is another important thing that needs to be confirmed in advanced to avoid any future dispute. Discuss with the house owner about the mode of paying the rent amount. Cash, cheque and internet transfer are some of the common options. Keep a record of the amount transferred in a form of statement with you for future reference.

Apart from the above mentioned points, there are a few other things that if considered helps to find out a perfect house. Check if the surrounding is clean and green. If you own a vehicle, look for the availability of a parking space. Also, before moving to the house, report about any damage in the property to the owner. This will help you to get it repaired or not paying additional charges at the time when you vacate the house.

Whatever factors you consider for taking a rented house, it should be your own decision. Do not get influenced by what your property agent tells you. Make your own survey and find the best deal as you know better what you want!

Author Bio: Swati Srivastava is a writer by profession who has been lending her expertise to real estate, jobs, lifestyle and education related websites. This article is a contribution to 99acres.com to offer useful information about rental homes in India.

 


House passes bill to stabilize reverse mortgage

reverse_mortgage_01_sxc.huA significantly important step has been taken by the industry of reverse mortgage only yesterday and it was the passing of the Stabilization Bill for Reverse Mortgage.

The Bill can help HUD in making all the necessary changes and alterations to Reverse Mortgage through the HUD Mortagagee Letters instead of the more standard  process for rule making. This process for rule making has always remained a rather time consuming process. In fact, it would not be entirely wrong to call the process a time devouring one, and would be to say in the least!

A bill in order to be exercised should be passed as a law. Therefore in order to make the bill be effective, the next important step should be to pass it as a law. For, when the bill is passed as a law, the Senate can then be able to pass the bill in the same language, or a similar language.

Peter Bell, the CEO and President of the National Reverse Mortgage Lenders Association, has said in a statement that this was a “major step” which is now done with while “one more” step is left to be done. The statement was made by the CEO and President of the Association under a unanimous consent, following the passing of the bill. It is true that the NRMLA has been working since really long in order to get a law such as this passed. The advocates of the industry have also been working for quite long in order to have the legislation passed. As the bill turns into law, it would be more like fruition after a struggle that has lasted for really long. Read the rest of this entry »


Pending Home Sales Rise in March

March showed another sign of improvement in pending home sales as contract activity rising unevenly in six of the past nine months, according to the National Association of Realtors®.

The Pending Home Sales Index rose 5.1 percent to 94.1 in March from a downwardly revised 89.5 in February. The index is 11.4 percent is still below 106.2 in March 2010.

The data reflects contracts but not closings, which normally occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, said home sales activity has shown an uneven but notable improvement. “Since reaching a cyclical bottom last June, pending home sales have posted an overall gain of 24 percent and demonstrate the market is recovering on its own,” he said. “The index means modest near-term gains in existing-home sales are likely, which would be even stronger if tight mortgage lending criteria returned to normal, safe standards.”

Source: NAR


A Flaw in New Rules for Mortgage

[New York Times 2011-03-31] A Flaw in New Rules for Mortgages by FLOYD NORRIS.

If you want to get the government out of financing normal home mortgages, you have to find a way to bring in private capital — and on terms that do not make government-guaranteed mortgages a clearly superior product.

That fact was central to the Obama administration’s proposals to fix the housing finance market a couple of months ago, but it seems to have been forgotten by a collection of regulators that proposed rules this week on when banks will not have to retain risks for loans they make.

Perhaps inadvertently, they gave Fannie Mae and Freddie Mac, the government-run housing finance agencies, another competitive advantage. That is exactly the opposite of what needs to be done.

The proposals are generally good. They force lenders to shoulder some of the risk when they securitize all but the safest mortgages. That is what the Dodd-Frank law required, and for good reason. One of the big problems we had leading up to the crisis was that many lenders believed they could profit by making loans while leaving others to suffer if the loans went bad.

But where is that risk to be retained? The law says it should be retained by lenders or securitizers; an unwieldy group of regulators is left to fill in the details. The regulators are also supposed to determine what constitutes a “qualified residential mortgage” — one that is so safe that the lender need not retain any of the risk.

read more …


Australian House Prices Flat in February

The housing market continues to tread water, with the release of RP Data and Rismark figures showing prices didn’t grow at all during February, and rose by just 0.8% over the previous 12 months.

The best performing capital city during the February quarter was Sydney, but it only managed to record a seasonally adjusted 0.3% increase in prices, while Darwin suffered a much worse fate, with prices down 9%.

RP Data senior research analyst Cameron Kusher said in a statement the subdued capital growth is likely to continue for the foreseeable future, with values having “hardly moved” at all.

read more …

 


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