Posts Tagged ‘guide’

For some people, finding a perfect property to buy is challenging. Throw the current economic hardship into the equation, and the process gets even tougher. Fortunately, many people are in the same situation. Here’s a rundown of tips from some of Denver’s leading real estate experts.

1.Choose the wrong mortgage: With the advent of instant refinancing, home loans are no longer the lifetime obligations they used to be. Still, you don’t want to be saddled for even a short period of time with the wrong one. Investigate all your options, then lay your choices side-by-side and do the math, making sure to compare worst-case scenarios. Be sure to look at initial interest rates, future interest rates and payments (if different), and the possibility of prepayment penalties.

2. Confuse “pre-approved” and “pre-qualified” with a loan commitment: These are debatable terms in real estate because not all lenders apply the same definition to each expression. In fact, one leading real estate dictionary contains neither expression because their definitions are uncertain. According to one school of thought, however, when you are “pre-qualified,” the lender is making an educated guess about how much you can borrow based on information you’ve provided. When you are “pre-approved,” the lender has verified everything you have told him or her and is offering to lend you up to a given amount at current interest rates — under certain conditions. Whether pre-qualified or pre-approved, final clearance and a check at closing — a loan commitment — are subject to an appraisal satisfactory to the lender, good title, a last-minute credit check, and other verifications. When meeting with lenders, always ask how they define each term and what additional steps will be required to obtain a loan.

3. Have too much credit: Excessive credit is almost as bad as no credit or even bad credit. Even if you pay your bills on time, lenders tend to focus just as much on how much credit you have available to you as they do on timeliness. So being up to your ears in car loans and credit cards is a sure way to be turned down for a mortgage. Postpone any big ticket purchases until after you buy your house.

4. Lie on your loan application: Exaggerating your income on a mortgage application or putting down other untruths can be a federal offense. Lenders rarely prosecute liars. But if they find out later, they can call your loan due and payable. Don’t ever sign your name to a loan application that is not completely filled out, either. Loan officers have been known to stretch the truth to get a client approved, but it’s the borrower who ends up paying the price, often in the form of monthly loan payments he can’t afford.

5. Hide if you can’t make your payments: The worst thing you can do is ignore phone calls and letters from your lender when you are behind on your payments. Lenders have many options at their disposal to help keep borrowers from losing their homes to foreclosure. But they can’t do anything for you unless they can talk to you about your difficulties. Lenders are the enemy only if you give them no other choice.

6. Skip a home inspection: Failing to make your purchase contingent on a satisfactory home inspection could be a costly mistake. Independent home inspectors examine houses from stem to stern. They’ll be able to tell you whether the roof and/or basement leaks, whether the mechanical systems are in good shape and how long the appliances should last. They can’t report on things they can’t see, but at least their trained eyes are better than yours. So don’t pass just to save $300-$400; that’s money well spent.

7. Hire just any agent to sell your house: All real estate agents are not the same. You want to look for those who specialize in your neighborhood and are top producers. Ask your candidates how they plan to market your house, what you can do to make the place more attractive to prospects and how much you should ask. If you don’t like any of the answers, looks elsewhere. And above all, stay away from relatives. Unless Aunt Bessie or Nephew Nick fit the description above, keep looking.

8. Fail to check out a remodeler: Never, ever hire a contractor who knocks on your door or says his prices are good for only a few days. Reputable remodelers don’t solicit door-to-door, and they don’t cut prices just because they happen to be in your neighborhood. Check out a potential contractor thoroughly by calling several of his past clients, your local better business bureau, his bankers and suppliers, and your local consumer affairs agency.

9. Pay too much upfront: If a contractor asks for more than a third of the contract price as a downpayment, chances are something’s wrong. At worst, he’s a scam artist who has no intention of returning after he cashes your check. At best, he’s undercapitalized and can’t afford to purchase materials on his own. Or, in between, he could be using your money to pay workers on another job. Never give a contractor cash, either.

10. Burn your mortgage: It’s a wonderful feeling when you make your last house payment. After all, the place is now yours, all yours. Many people celebrate by holding a mortgage burning party. But they torch the original document. Don’t. Make a copy and burn that instead. Keep all your loan docs in a safe place.

With that advice in hand, home buyers can rest assured that they will make wise investments at the right time.

Buying a house is everyone’s dream. But not all of them are able to convert that dream into a reality. So whenever you do want to buy your own home, don’t rush into things. There is a long list of dos and don’ts to consider. Be judicious even when you are taking a tiny decision in this regard, because you are obviously in no mood to sell your house in case anything goes wrong. It is a lifelong decision you have to take.

Consider the following points:

Check your current financial situation. You have waited for years for this day to come; if need be, you can wait for another couple of years. Don’t rush into any lucrative deal that a real estate developer offers you.
Do not invest all your savings in your new house or do not take a big loan, which you cannot afford to repay with your current income. You wouldn’t want to live in your new home with the burden of paying a monthly repayment that leaves you with nothing.
Make visits to the locality in which you will be staying, as it is important for your family to live in a clean and healthy environment in all aspects. Ensure that the building and construction is up to scratch.
When you are ready to invest in your new home, take the time to search for an agent who fulfils all your requirements. Agents with big brand names aren’t always the best ones available. Enquire in your circle. Ask everyone, including your friends, family members and work colleagues. Remember, finding an agent is really important. Do not make a deal with someone who only cares about selling a house to you. He should be prepared to provide you appropriate service—after all, buying a house is an important decision.

An important piece of advice: talk to your attorney before closing any deal. Obviously, you do not want to land into legal hassles—real estate is full of such complexities. So prepare yourself, and don’t land yourself in such situations—there are quite a few unscrupulous real estate developers waiting to trap you in their ‘lucrative’ building/construction deals.

Finding a lender is one of the hardest or possibly confusing part of the entire process of buying a home, no matter what part of the nation you may be in. The various lending establishments include banks, savings and loan companies, credit unions, state government lenders, and private mortgage companies. No matter what type of loan you are seeking, you should shop around and find the best deal and this goes for your home lending company as well. Each type of lending company will offer different mortgage loans, loan fees, and interest rates.

In order to find a lender that will fit your needs you can talk with your own bank, talk with friends and relatives, search through the telephone book, and talk with your realtor. Realtors have a list of lending companies their clients have used in the past and this may be one of the best and easiest ways to find a lender.

If you are wondering what other costs you will be liable for once, you have purchased a new home that you may not have had to pay while renting; you had better be prepared to pay all kinds of other bills. In some cases, when you rent you may not be responsible for all the utilities that will now be your responsibility. You will have to of course, pay your mortgage payment, along with electric, gas, water, sewage, telephone, and cable. You will also have a yard to care for and will need to keep your lawn up or hire a company to mow your yard.

If you choose a home in a community, in some cases, the homeowners association requires a monthly or yearly fee so certain things they maintain such as the upkeep of the pool, community areas, storage facilities, and lawn care. Not all homeowner association fees are the same so you will need to read your bylaws to understand what your fees are being used for and what you will still be responsible for when it comes to your property.

Other things you will need to pay are property taxes and insurance on the home. Some lending companies include these in your mortgage payment. The majority of times you mortgage payment will cover the amount you borrowed to buy the home, the interest which is the money the lending company is charging you on the money they loaned you to buy the home, insurance for the home and property, and taxes that are paid to the city or county.

When you apply for a mortgage loan with a lending company you will need to provide such things as the social security numbers of yourself and your spouse, information for the last 6 months from your savings or checking accounts, information on all other assets including bonds or stocks, paycheck stubs for proof of income, credit card information, outstanding loan information, two years income tax statements, and references for employment.

Home insurance needs some through research online if you are to get the cheapest deal for the policy. If you were to lose your home such as if it burnt down then you would lose everything you had built up.

What does it do?

Your belongings in the home such as clothing, furnishings and even the wallpaper would be protected with home contents cover and this includes everything you would take if you moved. Buildings insurance cover would cover permanent fixtures such as a fitted kitchen, bathroom suites and the bricks and mortar.

Having contents and buildings insurance cover means that you have peace of mind that if the worst should occur, you would at least not have to find the money yourself for replacement or repairs.

Contents insurance cover and buildings insurance cover would mean that you are able to start over again in the case of your home or belongings being totally destroyed, damaged or stolen, as well as many other perils.

Getting low cost cover

Check the cost of home insurance online to get among the best value cover. Do not forget to check what the policy includes as each will have different exclusions and could provide cover for different eventualities.

The excess is one way you can keep down the cost of your insurance cover. By offering to pay a voluntary excess on top of the standard excess, you will often be offered lower premiums; however you have to remember that you would have to find the money for the excess out of your own pocket if you make a claim.

Another great savings tip to keep down how much you have to payout each month is by making sure your home is as safe as possible. If you have a burglar alarm, deadlocks on the doors and windows, this makes it harder for thieves to break in. Insurance cover companies do take such things into account when deciding how much your premiums would be.

When deciding how much your contents are worth when taking out home contents insurance cover then do so with care as the figure you insure against will go towards setting how much the premium will be as well defining how much you will receive should you need to make a claim.

Do make sure that you do not undervalue your possessions, as you will lose out financially in the event of a claim.

Another common mistake that homeowners make when buying home insurance is to automatically renew with their current insurer. Renewing with your current insurer without first shopping around is one of the worst things you can do year after year. Your provider might have been the cheapest when you first took the cover but the chances are that the premiums have been raised over the years.

When taking out insurance cover for the home always look at the details of the policy. Usually you would have to pay for extra cover if you had valuable jewellery or expensive collections that you wanted to insure, so check that any high value items are covered.

Often taking out contents and buildings insurance cover together can give you the cheapest deal on home insurance so check out any special offers providers might have.

If you are considering buying a second property as a future investment, it is worthwhile considering let your property as a holiday home or holiday let. You may do this for either short term monthly income, or you may decide to substitute the monthly income for long term capital gain. No matter which you choose, as with buying or investing money into anything of great value, you would be very wise to make sure that you secure adequate insurance for you holiday home.

When it comes time to decide which holiday home insurance to choose, there are a few things that you should consider. If your second home is overseas or abroad, there can be different requirements to holiday homes in the UK. For instance, your property may have external buildings that are part of the main property, or your property may have a covered or indoor swimming pool. These things are not necessarily automatically included in the average holiday home insurance.

Often people think that insurance is insurance, and you might as well just opt for the cheapest insurance. After all… it’s just insurance, right? Wrong. Insurance can be a very complex thing to deal with, particularly when it comes to out of the ordinary cover. To be sure that you get the best and most comprehensive cover you must employ the services of specialist in holiday home insurance. Only through a specialist can you be guaranteed to get the most comprehensive cover at the best price.

Holiday homes located abroad and overseas are a favourite choice for many people buying their holiday properties with countries like France, Spain and Portugal being the most popular. Because the destinations have local brokers or notaries, the impulse is to use one of these to speed up the process and make it easier. This can often be a false economy. Because the notary is local does not mean they understand the insurance properly or are the best person to deal with. I you decide to use a broker or notary local to the area, make sure that they are totally versed in holiday home insurance, and that they speak English fluently.

The language used with insurance policies is often long-winded, complicated and not particularly easy to understand. While this is necessary for legal reasons, this does little to help the average customer or person in the street gain a good understanding of their policy and coverage. An important aspect of your holiday home insurance is that your policy is written in plain English and is easy for you to understand.

We all want to get the best deal when it comes to buying something, and holiday homes insurance is no different. Follow these simple steps and you can’t go far wrong. 1). Make sure you use and expert or authority on the subject. 2) make sure that your policy is written in plain English that is easy for you to understand. 3). if you decide to use a foreign notary or broker, make absolutely certain that they are fluent English speakers.

How the internet has changed Real Estate – Part 2

Anybody in the UK who wishes to sell their home has many things to consider.  From choosing how the property will be marketed to arranging for a Home Information Pack there are many things that must be done to give the best possible chance of a quick sale.

Advertising the Property

UK home sellers have a number of options when choosing how their home will be marketed.  Traditionally the majority of property sales are made via estate agents with as much as 90% of all homes being sold in this way.  Using an estate agent can be advantageous as they commonly offer a full range of services including setting a valuation, marketing the property and arranging viewings.  For these services estate agents will charge a fee.  In many cases the fee charged will be set at a percentage of the selling price of the property usually amounting to 1-3%.  There is however a different type of agent known as fixed fee estate agents who charge a set fee regardless of the value of the home.  Selling a property with a fixed fee estate agent can mean significant savings.

Some home owners choose not to use estate agents and instead prefer to try to sell their house privately.  There are a number of property sites that will enable people to advertise their home for sale online.  This can be a good way to sell property as research has shown that many people searching for a new home to buy will look on the internet.

A third option for home sellers is to make the home available at a property auction.  Property auctions can be a good way to ensure a quick sale however it is generally homes that have been repossessed or are in need of a great deal of repair that are sold in this way.

Home Information Packs

Home Information Packs (HIPs) were first introduced into UK property sales in August 2007.  It is now compulsory for all home sellers to make a Home Information Pack available to potential buyers of their property.  Every HIP contains a number of documents relating to important aspects of the property being sold along with information about its energy efficiency.

People selling their home should have a HIP prepared as soon as they put the property on the market.  There are now many organisations offering to prepare Home Information Packs.  These organisations range from estate agents and solicitors to specialist HIP providers.   When choosing a HIP provider home sellers need to consider both price and more importantly quality.  Research has shown that some Home Information Pack providers are producing packs which contain inaccuracies or are incomplete.  So that their money isn’t wasted it is important that people selling their home choose a reputable organisation for their HIP.

For many of us, our home represents the single largest investment we will ever make. One of the best ways to protect that investment is through the purchase of homeowners insurance. The problem is that many of us don’t truly understand how a homeowners insurance policy works and exactly what our insurance policy will cover should a disaster strike. Rest assured, the home buyers essential guide will outline the facts you need to know about insuring your home.

What am I covered for?

Generally, all home insurance policies cover two main areas; Property and liability. Property insurance includes your house and any detached structure located on your premises such as a shed or garage. Your family’s personal items and contents are covered whether damaged in your home, car, or temporarily away from your residence. Valuables such as art, jewelry and paintings may require additional coverage. Ask your broker if supplementary coverage is needed.

Liability insurance is the second major component of your homeowner’s policy. If deemed responsible, this section will cover negligent acts you commit, anywhere in the world, which cause harm to others.

What situations am I protected against?

Home insurance policies can vary slightly, but most cover damages to the structure of your home and your personal contents caused by:

· Fire, Lightning or Smoke

· Explosions

· Lightning

· Riot or civil commotion

· Impact by aircraft or land vehicles

· Theft or Vandalism

· Falling Objects

· Freezing of pipes

How do I choose the right policy for my home?

The following coverage definitions of home insurance policies will help you understand and determine your current coverage:

Dwelling Building: Covers your house, attached structures, and permanent fixtures in the home, such as a dishwasher or air conditioning systems. The dollar amount of coverage listed should equal the cost to rebuild your home if a disaster occurred.

Detached Structures: Insures any structure that is not permanently attached to your main residence. Coverage extends to your fence, driveway, trees and shrubs.

Personal Property: This section provides insurance for all the personal property you and your family owns. Coverage for your personal contents is guaranteed no matter where you are in the world.

Additional Living Expenses: Should your home be unlivable due to an unforeseen event such as a fire, this section covers living expenses if you can not live in your home while repairs are undertaken.

What insurance options do I have?

Home insurance policies usually come in three forms. The Basic homeowner’s package is ideal for individuals looking to save a little bit of cash. This package provides coverage for your house, contents and liability. Basic home insurance provides coverage on a named perils basis.

If the basic homeowners coverage seems inadequate, you can upgrade to the Broad homeowners package. This policy provides all risk insurance coverage to your home and named perils coverage to your contents. This package is priced in the mid-level range.

The most inclusive home insurance package is titled Comprehensive homeowners. This policy provides all risk insurance coverage to your home and contents. Review the policy wordings as there are certain situations or exclusions under all risk insurance

Obtaining enough insurance coverage for your home is the only way to protect your most valuable asset. Your local broker is the best source for all your home insurance needs and questions. Make sure you understand what you are buying. It’s important to know who or what is covered, exclusions and policy limitations, how much coverage is provided and how to report a loss or claim. Remember to not confuse what you paid for your house with rebuilding costs. Insurance does not cover market value or the land.

If you are just starting out as a real estate agent, it can be difficult to get started selling commercial real estate. However, commercial real estate is the big money maker in the real estate business. Since commercial real estate has become quite popular since it is such a money maker, it can be difficult and expensive to get started in this type of real estate. There are, however, a variety of ways that you can get started and start getting more commercial real estate deals if you are willing to do a little work.

Online Free Ads
One great way that you can get started in selling commercial real estate as an agent is to use inexpensive methods of advertisement. One great way to get the word out there about the property you are trying to sell is to use free online ads. There are a variety of different websites that are available for you to post classified ads on that list a property, or even multiple properties for sale, and the great thing is, you will not have to pay a penny. Not only is this a cheap way of exposure, but it is also a quick way to get your property noticed. Many times, your ad will be seen quicker when you put it on the web and by many more people. Local newspapers take more time and money to get you the exposure and only reach a local group of people, while advertising with free online ads can get your world wide exposure and help you sell the commercial property.

Free Real Estate Publications
Another way that newer real estate agents can get their commercial properties noticed is to advertise them in free local real estate publications. Whether it is a publication specifically for real estate or a publication that only includes real estate, this is a great way to advertise your property for free. This is an excellent way to gain local exposure, not only for the commercial property you are trying to sell, but also for you as an agent. Make sure that you continue to run ads for your property in these types of publications. Even though at first you may not see results, remember that many times it takes awhile for commercial real estate to sell, but perseverance can lead to a large pay off when you finally sell the property.

Quality Signs
If you are trying to sell a commercial property, especially one that is near a well traveled road, you may want to invest in a quality sign to advertise the commercial property. A small unprofessional sign may not attract any attention at all, but a larger sign that is well crafted and attractive can get the attention of many people who are driving by. You never know who may drive by the property and see your sign. While it will take a bit of money to get a great sign, it will be worth the money that you spend to get your property noticed. One never knows when a local business will need a new site, or someone with money to invest will be looking for an opportunity, and your sign will make sure that they will see your property when they drive by, which may lead to a sale.

Establish Business Connections
As a new real estate agent, one of the best things that you can do is to start establishing business connections with a variety of different people. Speak with other real estate agents that are successful in selling commercial real estate and learn from their mistakes and their successes. Also try to get involved with local business people and know the market that you are trying to sell in. Often, if you can get the word out that you have a great piece of commercial property, it may spread to the right business people that will want to check it out. A great deal of being successful in the commercial real estate market has to do with the connections that you have, so work on making various business connections.

Find Your Own Leads
Even if you are working in a broker’s office, you should not expect the leads to be coming your way within the office. More than likely any leads within the office will be given to someone with more experience in commercial real estate until you have proven yourself to excel in this field. You will have to take the initiative to get the job done, and it is possible with a great deal of hard work. Check out the Chamber of Commerce in your area and find out who the business people are. You may also want to attend local zoning meetings where you will meet prospective investors who are looking for great properties. Even hitting up your local golf courses can help you make friends with local business people who may be prospective clients.

While it may be difficult to get started as an agent in commercial real estate, it is definitely possible if you are willing to work hard. Using the internet to advertise as well as free local publications can get the word out quickly and inexpensively so you will save money and get a broader base of exposure for what you are selling. Signs will also provide great exposure and show that you are serious about the commercial real estate business. Also important is making the right contacts and finding your own leads so you can excel in this business and prove to be a great commercial real estate agent. There is a great deal of money to be made in the commercial real estate industry, and hard work, dedication, and patience on your part can help you become successful.

gahomesdigest.com – Beau Henderson of RichLifeAdvisors.com explains how to budget for a home. Buying a home in Georgia is a big undertaking and most people who view this video will be in a demographic that may have never seen appreciation.

There are many factors to consider when buying your new home. Firstly you will need to decide how much you can afford to spend. You will need to work out how much money you have set aside and how much you are able to borrow. When deciding upon this, it is important to remember there are many other additional costs involved aside from the initial outlay to purchase the property. You will need to pay for amongst other things; a survey, valuation, land registry fee’s, removal fee’s, possible mortgage/solicitors fees and any fee’s incurred running checks and searches on the property.

We will look at the 4 crucial points to ensure your property buying experience runs smoothly.

1. Deciding on search method

There are a few options available to you when searching for a property. You can go through the traditional method of using an estate agent, maybe browse the property pages of the local newspaper or you can now even buy property online. The online method is much cheaper than its shop based counterparts who have high overheads to pay for. You will find that this is reflected both in advertising and buying on these sites. This type of website is easily found when using search terms such as; buy home or similar.

2. Choosing a property

Once you’ve sorted your financial aspects and decided on which method you will use to search for your new home, you need to decide what type of property you are looking for. Do you want a renovation project? Or would you like something at the other end of the scale where you can simply move into to a modern fully decorated house with little or no work involved. Once you have decided this you can begin your search to find the ideal home. You should check the property type before you view it; the most common type is freehold, whereby the property and its grounds belong fully to you, next comes leasehold, whereby the land the property is built on is not for sale. Here you will have to pay a ground rent to the owner and the leasehold length can vary. Last but not least we have common hold, an example of this would be if you were to buy a flat. You would most probably have the freehold to said flat and own common parts of the building with other owners.

3. Making and acceptance of the offer

Once you have decided on a property you may now choose to make an offer. This does not necessarily have to be at the asking price if you feel that work needs to be done or the market is not strong enough to justify the asking price. You should contact the estate agent (or owner directly if using the online selling method) and inform them of the amount you wish to pay. If the first offer is rejected you may wish to make a second offer or even several before you finally get to a price both parties agree on. It is important to remember that even though you have put in an offer it is not legally binding and is normally subject to survey. Once you offer is accepted you will need to decide whether to have a surveyors report. This is strongly recommended as once the sale is finalised and the keys handed over you will have to pay for any hidden repair work you might find. You will now need to arrange to have your mortgage money paid to you in readiness for finalising the deal.

4. Exchange of contracts and completion

You can instruct you solicitor to draw up the final contract once all checks have been performed to your satisfaction and a date of completion has been agreed on. Of course this also depends on your mortgage offer being received.

Once you have drawn up a final contract, signed and exchanged this with the seller you are ready for your completion date which should now have been arranged. You should ensure that the seller has final meter reading taken and makes provision with the utility companies for you the new owner. You should also at this point think of taking out a home insurance policy if you have not already done so (your mortgage company may insist you have building cover before they will release any money).

Now you at the final hurdle, on the day of completion the mortgage lender will release the money to you and this will be transferred over to the seller. The deeds to the property are handed over to you solicitor and the seller should hand the keys and property over to you by an agreed time.

If you’re a savvy real estate investor then you know that investing in Dallas real estate is a great way to make some money because the real estate market in Dallas is very good right now but if you’re not familiar with the Dallas are then how do you know what Dallas real estate to buy?

Talking to a Dallas real estate agent is crucial if you’re a real estate investor that wants to get some great deals buying Dallas real estate. A Dallas real estate agent will be able to help you find the best deals that are in the real estate market in Dallas.

As you already know location is crucial when you are picking properties to invest in and the best way to know what neighborhoods are hot right now or are on the edge of becoming hot property markets is to ask a Dallas real estate agent. If you haven’t already hired a Dallas real estate agent who is on the ground in Dallas and can snap up a great prospective piece of Dallas real estate before another agent grabs it you should hire a Dallas real estate agent today.

Explain your budget and your price range and you goals in terms of property investment and let an experienced Dallas real estate agent find you some amazing deals on Dallas real estate. Since Dallas is such an up and coming city the best way to find great deals on Dallas real estate is to find a neighborhood that isn’t a hotspot at the moment but shows the potential to become one and buy property in that neighborhood. Then when that neighborhood starts to take off you can make a killing reselling or renting that property. When you invest in Dallas real estate you should also think about investing in rental property.

Right now a lot of people are moving to Dallas to work in new jobs at new companies and they might not be sure that those positions are going to last or they might just be checking out the city to see if it’s a city that they want to live in so if you have invested in rental properties in Dallas you can make a lot of money renting to all the young professionals that are moving to Dallas for work. If you don’t live in Dallas you should hire a Dallas real estate agent or a rental management firm to manage your Dallas real estate holdings. It really makes a difference if you have someone on site who can handle any little problems that come up and can take care of the property maintenance and renting the property out and processing rental applications and doing background and credit checks and so on.

There are plenty of great Dallas real estate agencies and management agencies that can handle the day to day operation of your Dallas real estate holdings for you. It’s worth the money to hire professional Dallas real estate management instead of trying to manage your properties in Dallas from where you live.

The idea of teaching through gameplay is nothing new, but the idea of teaching kids about real estate by sitting them down in front of a computer and putting a joystick in their hands – well that’s pretty new. The good news is that the teenagers of this world no longer have to spend four or more years in school to get an education in finance and real estate. In fact, if they’re up for the challenge, their only homework is going to be video games.

Playing Games for Fun and Profit

Though simply playing a game isn’t going to make you rich, with the right teacher, real world opportunities and of course – with the right game – you can learn a great deal about what it means to buy and sell property, flip it, rent it, develop it, network and even hob-nob with the mayor. Most of these lessons are missing from the traditional school curriculum so if you can introduce them at home in a fun and interesting way, children will benefit. Read on for a quick overview of what you can find in stores and online:

Build-A-Lot: The Build-A-Lot series lets players build and improve eight different neighborhoods in an effort to build their own real estate empire. With an emphasis on real estate development, this PC game revolves almost exclusively around the buying, building and selling of houses. Players can flip them or rent them, upgrade them, build parks in strategic locations, or schmooze with the mayor and woo movie stars. Players can choose from career or casual modes for game play. Touted as being both easy and challenging, Build-a-lot is a suitable introduction to real estate development for children and teens.

Sim City: This award-winning simulation game, first released in 1989, challenges players to build and maintain their own city. While Sim City isn’t strictly a real estate game, playing it will introduce players to real estate-related concepts and land use issues. Arguably responsible for releasing a rash of upstart urban planners on the modern world, it has also spawned an entire generation of Sim games that are strangely addictive. Available on a number of platforms. Warning: Don’t start playing this unless you have a few days to spare.

Mansion Impossible: For a real quick introduction to the rapidly changing nature of the real estate market, Mansion Impossible is a good bet. This free flash game will appeal to young children, or work as a primer for anyone getting started. Also a Facebook application, this elementary flash game lets users buy and sell homes as the prices rise and fall. Introduces a few basic concepts and is a good time for about 10 minutes. Warning: Once you get the basic concept, the thrill wears off fast.

Real Estate Tycoon: Donald Trump’s real estate game comes in a variety of formats. You can play it at your kitchen table, on your PC, and on your cell phone. Lets players act as developers, building condos and malls all over the world in order to become the definitive alpha real estate tycoon. Warning: Try it yourself, but reviews for this game are lukewarm citing poor gameplay and lack of depth as weaknesses.

Monopoly: The old analog standby, this is one of the world’s best-loved real estate and property trading games. Though there are digital versions out there, the board version is superior as it introduces players to face-to-face negotiations that mimic the deal-making that goes down when real property is bought and sold. The Wikipedia entry for the game suggests it may even introduce budding Realtors to the value of reputation building: “offering relatively fair deals to other players can end up helping the player making the offer by giving him or her a reputation as an honest trader…”

Second Life: Second life is this decade’s virtual real estate phenomenon. This online world-building game has an active virtual real estate market and has even developed its own real life economy. The lines between the game’s virtual economy and the real one are frequently blurred, in fact, with people selling virtual land and services in exchange for real cash. Many second life users actually make a living this way. Warning: This game is only available to users 18 and over and while you may get an education in real estate by playing this game, like the name implies, you’ll have to come up with the time to live a “second life” in order to do it.

UpDown.com: While it’s not a real estate game, this free online game is a perfect forum for learning about making wise financial investments. Up Down lets players buy and sell real stocks in real time. Want to learn about the bigger picture? Buy a little Fannie Mae and Freddie Mac at just the right time, build and diversify your portfolio, see how real world events impact the money markets.

Capitalism II: Used to teach students at the Harvard Business School, this PC game is worth a look if you want a fun way to learn the ins and outs of the business world. Though not a real estate game per se, it’s been called an “MBA in a box”, and that certainly can’t hurt.

Buying a home and arranging a mortgage is said to be one of the most stressful experiences we can have in live, yet it doesn’t need to be. No matter whether you are a First Time Buyer or moving home, the step by step guide that follows will help ensure that your mortgage application runs smoothly.

Step 1 – Contact an independent mortgage adviser

Buying a home can be one of the most exciting experiences as well as one of the most daunting. With thousands of fixed, tracker, discount and variable rate mortgage products in the market, and so many different factors to take into consideration, how do you now which is the best mortgage product to meet your needs both now and in the future. Making a mistake can proof to be costly and so seeking professional independent mortgage advice is one of the most important steps you can take.

An independent mortgage adviser will complete a detailed fact find of your current circumstances and future expectations, and will analyse what mortgage products are available based on your income, age, credit history and attitude to risk. This analysis will highlight the most suitable products for which Key Facts illustrations will be provided.

Independent mortgage advice need not cost a fortune either. In most cases a broker fee will be good value for money, and will often be offset by the exclusive rates normally available via brokers. In a growing number of cases, Independent Mortgage Advice is provided free of charge with the mortgage adviser being paid for the introduction by the lender on completion of the mortgage.

Step 2 – Mortgage Promise or Initial Agreement in Principle

Once you have selected the best mortgage deal for your requirements, it is well worth applying for the lenders initial agreement in principle, also known as a mortgage promise. This is something that can be arranged on-line or over the phone by your mortgage adviser, with the lenders acceptance decision being available within minutes of submission. The initial agreement in principle will produce a certificate of confirmation that can be shown to prospective sellers to reassure them that mortgage finance is agreed, and that you are serious about buying.

A mortgage agreement in principle can always be arranged prior to knowing what property you will be purchasing or even before you have decided on the best type of mortgage product. The certificate will normally remain valid for 3 months, and speed up the process later when you make a formal application.

Applying for an initial mortgage agreement from several lenders is absolutely fine, but unless you expect the lender to have a problem in agreeing to the mortgage amount required, you are best advised to restrict the number of credit checks that you authorize to be carried out, as too many credit checks in a short period of time can adversely affect your eventual credit score.

What if your initial application is refused?

Agreements in principle are often declined and in most cases for one of the following reasons.

- An adverse credit history has been picked up when the lender has undertaken their credit checks and credit scoring.

- The lenders lending criteria has not been met such as being too young or too old, not in employment for long enough.

When these circumstances arise your mortgage adviser is ideally placed to discuss matters with the lender, and where no resolution can be found, to advise you of other lenders and their products where the criteria does fit.

Step 3 – Complete the mortgage application

Once you have received notification that your mortgage is agreed in principle, the full application can then be submitted. To submit the full application, full details about your circumstances will be required by the lender. These details will include the details of the property, how much you want to borrow and where the rest of the money (your deposit) is coming from. Accurate and honest information provided at this stage when completing the form, can help tremendously towards the avoidance of delays in the application process later on.

There are many benefits of using a mortgage advisers services when submitting the full mortgage application, with the main benefit being that the adviser will have years of experience of the individual lenders underwriting practices, and can advise you of the best way to package and submit the application.

Bear in mind that exclusive mortgage rates, which can not be obtained direct from the lender are often available through an Independent Mortgage Adviser.

As well as completing the application form, some documentation will be required to back up the details given. Exactly what, will depend on the type of mortgage applied for and the lender involved. In the case of a self certification mortgage, the documents required can be as little as proof of your identity and proof of residence.

Typically when borrowing 75% – 90% of the property value, the lender will require the following:

- Pay slips (often for the last three months)
- P60
- If self employed copies of two or three years accounts will be required.
- Bank details for the Direct Debit mandate.
- Proof of identity such as a passport.
- Proof of address such as a recent utilities bill. or bank statement.
- Proof of the last 12 months mortgage payments or a tenancy reference if renting.

Where documentation is required in support of the application, any delay in providing it will delay the lender issuing the mortgage offer. Dealing with an independent mortgage adviser ensures that you will be informed about any documentary requirements quicker than if dealing direct with the lenders.

Step 4 – Instruction of the property valuation

Once the mortgage application is submitted and agreed, the lender will instruct a valuer to inspect the property. The cost of the valuation is born by you unless the mortgage you are applying for includes an incentive such as a free valuation fee.

The mortgage valuation allows the lender to confirm the value of the property and agree to the lending required. In addition to the basic valuation for mortgage purposes, you can ask the lender to carry out a more detailed survey of the property (which is advisable) such as a homebuyer’s report.

The homebuyer report is in a standard format and is designed specifically as an economical survey and an effective way to minimize risk. The homebuyer report ensures that any defects or problems that could effect the value of the property, are picked up highlighting any that are urgent. As part of the Homebuyer’s report an integrated valuation for mortgage purposes is included, unlike a structural survey.

Step 5 – Instruct a Solicitor

It’s the solicitor’s job to review the Home Information Pack (HIP) which includes an Energy Performance Certificate, an index of contents, a sale statement, evidence of title, searches and leasehold documents, when you are buying.As well as negotiating and exchanging contracts the solicitor’s job is also to receive funds from the lender for transfer to the sellers solicitor as well as updating the title deeds. Once contracts have been signed and returned the solicitor will agree a date for completion. On the day of completion, funds will be exchanged between solicitors at which point keys can be collected to your new home.

If using an independent mortgage adviser, check to see if a fixed legal fee package is available, as this can often save time and money, and can result in using a solicitor where the adviser has some leverage to make things happen quickly.

At present owning a home enhances not only your sense of independence but also your sense of connectedness. As a home owner you will become an important and recognized part of the community. Simple things such as getting to know your neighbours, paying property taxes and belonging to a neighbourhood are important parts of independent living. These are some of the benefits of owning your own home.

Basic Spain, an organization always ready to give an opinion and hold you up when buying a house or villa in Spain, especially in the regions of Costa Blanca and Costa Calida.. With an experience 10 years we are experts in this field. On our website you will find a wide range of objects. Since the prices of the items currently under pressure, it is now even more attractive to search for your dream house or villa, and of course we help you to find the right choice to come.

After evaluation of our site to home ownership, you will know more about:

The advantages and disadvantages of buying a home The most important steps in the home-buying process Common terms related to home-buying How to get started in your quest to purchase a home

Ambience you would love to have your home

Costa Calida and Costa Blanca

The Costa Calida and Costa Blanca are located in the south-east of Spain on the Mediterranean Sea.  The many beaches of the Costa’s an attractive holiday destination, especially for the Spaniards themselves.  These coastal areas offer many options: you can sail, dive or relax in the healing mud baths.  There are several golf courses in the immediate vicinity.  Looking for something livelier?  Visit one of the 3000 fiesta which Spain is rich or find entertainment in one of the many amusement parks.

The beaches

The beaches on the South East coast of Spain, without any doubt one of the best beaches in Spain.  If you enjoy the beach, then you can have fun for example, swimming, diving, sailing, wind surfing or paragliding.  Or, if you want to relax after a good night steps in one of the many bars, restaurants and discos, there are many quiet beaches where you can access.

Golf

The best time of year for a golf vacation is the spring, autumn and winter because the temperature is still not too high.

So the choice is yours- You either get it, or you don’t.

Owning a home enhances not only your sense of independence but also your sense of connectedness. As a home owner you will become an important and recognized part of the community. Simple things such as getting to know your neighbors, paying property taxes and belonging to a neighborhood are important parts of independent living. These are some of the benefits of owning your own home. By investing in a house and engaging in a financing plan, you are taking action based on the decision that this is what you want. By taking this step you are also taking responsibility of your own faith. You are investing in the future and ensuring that you will always have a place of your own. This change often brings a feeling of accomplishment and control.