Category: real estate

Co-living vs. Renting in NYC: Which is Right for You?

The main difference between coliving and renting is that in coliving, multiple people live in the same space and share common areas, while in renting, an individual rents a private living space. Coliving typically offers a more communal and shared living experience, while renting offers more privacy and individual living space. Additionally, coliving often includes amenities such as housekeeping and community events, while renting may not.

Co-living and renting are two great options for everybody looking for space to live in New York City, but the confusing aspect is, knowing which one is the best and will suit your needs and style of living. 

This article will explore every option alongside its pros and cons so you can choose the best that will fit you.  

What is Co-living

Co-living is a concept of living that allows strangers to live together under the same roof to live a more affordable and social life. However, co-living is even more than sharing an apartment or house. Co-living has long made life easy for people, especially newcomers, to find where to live. 

Co-living offers a simple and cheap life because it saves people from living hassles like bill payments, cleaning, furniture, and much more since it will be part of the rent payment. 

Aside from this, most co-living apartment locations will allow you to meet new people, socialize, and even find managers that often check whether you have a quality sleep. In cities like New York, where things are costly, space is limited, and people want to live in a specific area, the co-living concept has brought a great solution to people. 

However, it’s also important to note that not all co-living options are created equal. It’s important to do your research and find a reputable co-living provider. One such provider is SharedEasy, which offers a variety of co-living options in NYC. 

Advantages of co-living

Co-living offers a lot of benefits, especially to people that can’t afford other living methods. These include

  • Affordability

Co-living is far cheaper than traditional houses due to their way of living, with residents sharing places like kitchens and living rooms; this helps reduce bill costs and many more. 

  • It brings a sense of community 

Co-living offers a sense of community. This is beneficial to people that don’t like living alone or don’t like living with anonymous neighbors. 

  • It offers social activities  

In co-living spaces, neighbors get to know each other through social activities organized by people in the community. 

  • Flexible lease 

Co-living is one of the best options for people who travel a lot or visitors who are under a tight budget. It also provides a flexible lease, and you can sublet when your housemate is away for a long time. 

Disadvantage of co-living 

  • Less privacy

One of the disadvantages of co-living is that you won’t have much privacy in your life. 

  • Noise 

Another disadvantage of co-living is that it can be noisy sometimes. This mostly gets extreme if your roommates or housemates are party pricks. 

  • Potential conflicts

It’s inevitable to have some conflicts when living with strangers; to avoid this, everybody should be mindful of boundaries and be honest while communicating. 

What is renting

Renting is also an option for individuals looking for places to live. Renting involves signing a lease and paying a rental fee to a landlord for the property. You can find numerous rental apartments in New York City, including studio apartments, large houses, and many more. 

You can select a payment schedule that includes monthly or annually. Renting will provide flexibility about the location you want to live in, but renting is more expensive than co-living, and you will have limited control over property changes. 

Advantages of renting 

Compared to other living concepts, renting offers a lot of benefits. Some of them include 

  • Privacy

You will have a lot more privacy when you rent an apartment because you will be living alone. You can also control your living environment because you aren’t sharing your home with anybody. This point benefits people looking for a private lifestyle and valuing their personal space. 

  • Chances of building equity

Even though you don’t own the apartment you rented, you can choose to rent-to-own or participate in the lease-buying agreement, so you build equity in the apartment. 

  • Zero maintenance responsibilities

Another benefit of renting a property is that you don’t need to deal with the maintenance responsibilities of the house you rented because this is not your take but the landlords. This is also beneficial if you don’t want to experience any stress and maintenance expenses. 

Disadvantage of renting 

Even though renting has a lot of benefits, it still has some drawbacks to consider before moving. 

  • Expensive

Generally, renting is more expensive than co-living, especially if you want to live in urban regions. You must also pay pet fees and more secure payments. 

  • Less sense of community

Since you don’t share anything with other people, this often leads to a less sense of community. This cannot be easy, especially if you are used to living in areas with a good sense of community. 

  • No shared resources or responsibilities

Unlike in the co-living method, renters can’t share resources or responsibilities because they don’t even have housemates. This can increase their sense of isolation, and this can be difficult, especially for people used to communal settings. 

Comparing co-living and renting 

If you want to choose one between the two options but don’t know how to, here are some factors you should look at before making your decision. 

  • Your budget

Your budget is an essential factor to consider when choosing between the two options. Co-living is cheaper than renting an apartment, but still, you should look at the cost of both options, such as the rent, bills, and additional fees. Ensure to choose one that is more financially feasible for you. 

  • Lifestyle

The kind of lifestyle you want also matters. Co-living offers a social and communal environment, while renting provides more privacy and personal space. Do you usually entertain guests, or do you typically live alone all the time? 

  • Social preference

You should also look at your social preference before choosing any living concept. Do you like to share responsibilities with others, or do you want everything for yourself? Are you comfortable living with others, or do you prefer living alone? 

Wrap up 

Co-living and renting are both two good options to consider when looking for a perfect house to live in. 

Both offer significant advantages; however, before you choose any of them, it’s best to weigh the pros and cons of each and look at things like your budget, the kind of lifestyle you prefer, and your social preference. 

Cheap Houses – What is In Store for 2023?

Cheap houses are always available if you don’t mind the location or the condition. But usually, buyers do mind! A ruin in a bad place is not quite what buyers have in mind. Rather, the idea is to get a good deal on a home. Hopefully in a good location and a good condition so you are making a good investment that will eventually pay off.

Historically, houses are made of natural materials such as wood, mud and stone. However, today they are often made of metal or synthetic materials such as drywall, plastic and concrete, not to mention all the new advances in the home technology. That’s why prices for new build homes are far more expensive.

The cost of purchasing a house varies depending on the location and the type of home you buy. House prices can be affected by many factors including supply and demand, the quality of the construction process, zoning restrictions, tax rates etc.

Economic Factors that Affect Cheap Houses

Home values are a key economic indicator of a region’s economic health. As the economy fluctuates, so does the housing market.

The housing market is projected to grow at a slow rate over the next decade.

The average home value in the United States is $225,000 as of February 2019 and is expected to rise to $242,000 by 2029.

What is Driving Changes in House Prices?

House prices are an important measure of economic activity, and how well the economy is doing.

The key drivers of change in house prices are mortgage rates and economic condition.

Mortgage rates have been decreasing in recent years, which has resulted in a steady increase of house prices. The economic condition has also played an important role in the change of house prices.

Why You Should Buy a House Now

Housing prices are increasing and the housing market is currently tight. There is a housing scarcity in many countries, which means that there are not enough houses for everyone.

Buying a house now can be beneficial because it will be more expensive in the future as well as more difficult to find available homes.

Trends to Watch for if You’re Considering Buying a Home

Buying a home is one of the most important decisions in life. It can be a long-term investment that can give you security, but it can also be a risky choice if you’re not prepared.

The housing market is on the rise and experts predict that this trend will continue for at least the next year or two.

What you Need to Know about Home Prices in 2023

The home affordability index is a measure of the average monthly payment on a median-priced home. The index is calculated by dividing the median-priced home by the average wage. The home affordability index is steadily declining since 2012 and may decline even further in 2023. The reason for this decline is that wages are not increasing as fast as housing prices.

With the ever-increasing cost of living, the question on everyone’s mind is whether there will still be affordable housing in 2023. With the current economic climate, it is difficult to predict what will happen in the next three years. However, with smart investments and a focus on creating more affordable housing options, there is hope that we can still find cheap houses in 2023.

Cheap Houses: Fixer-Upper

If you’re looking for a cheap house to fix up and make into your own, there’s no better place to start than with a fixer-upper. These houses are for sale at a fraction of the cost of regular homes, making them ideal for those on a tight budget. With some creativity and hard work, you can turn these houses into the perfect home for you and your family.

Many of those houses come with problems like a leaking roof, broken windows, raising damp, rotten floors etc. Therefore, make sure you know how to fix it and consider the realistic costs.

Make Staircases the Focus of Your House

Staircases are not only a functional aspect of a multi-storey building or home, but they can also be the statement piece of your home. They are an essential part of any multi-storeyed house and with some creativity, you can make them look stunning, unique, and amazing. If you are still confused about how to change the look of your staircase, here are some tips that will get you started.

Here’s some unique staircase tiles design for your home that will make your home look pretty and appealing.

Black Beauty

No colour says elegance, class, and refinement better than black. Black granite tiles will make your staircase look elegant, chic, and timeless. As black goes with almost everything, you will be able to change the look of your house without putting a hole in your pocket.

Mosaic Patterns for Stair Risers

While designing and decorating staircases, you should also focus on stair risers and not just the place where you tread. A bold stair riser decorated with mosaic and multi-patterned tiles is sure to grab attention. These tiles will catch the eye of every guest who visits you making them the central focus of your house.

Duo-Tone Marble Tiles

An easy yet chic way to decorate your staircase is by using two-toned marble tiles. This plan looks equally good in modern and contemporary designs and old-world home designs. You can choose tiles that complement each other or can also experiment and choose tiles that contrast each other making a bold yet beautiful statement piece. A warmer colour scheme will make your house look brighter while a cooler colour scheme will make your house look cosy and serene.

Mediterranean Designs

Allow the beauty of nature to take over your house with the help of Mediterranean-style tiles. These tiles in a stunning pairing of green and blue will make your house look like a tropical paradise. This is a great way to make your house seem new if you do not want to spend a lot on renovating the whole space. These tiles are classic and are used in Spanish and Mediterranean-inspired décor all over the world.

Wood-Finish Tiles

Wood is classy and chic, but it is also quite difficult to maintain. To solve this problem and to have the best of both worlds, invest in tiles designed to look like wood. Wood-finish tiles can make your house look elegant and pleasant. They add a sense of warmth and cosiness to your house and can also reduce the cost of maintenance. They also look stylish.

Warm Colour-Palette Style with Spanish Touch

A cool Spanish/Mexican style décor for your staircase can make them look vibrant, bold, and artisanal. This is an easy way to add that rustic yet antique charm to your house. They go well with various decors and are available in multiple sizes, shapes, designs, and patterns, making them highly versatile and customisable.

Monochrome, Matte, Ceramic Tiles

Monochrome matte ceramic tiles are simple, effective, efficient, and elegant. They will make your staircase look pristine, crisp, and clean. These tiles are highly recommended for wide staircases. You can choose from various colours such as beige and brown or can also choose something more vibrant such as green or orange. These are some of the most popular stair designs for homes.

Vibrant Fibre Tiles

Fibre tiles are available in a variety of shapes, colours, and designs, and are an easy and cost-efficient way to add colours to your house. Choose bold, contrasting, and eye-catching colours so that your tiles will stand out from their surroundings without any issues. Fibre tiles are also easy to maintain making them efficient for all households.

Beautiful Pattern Tiles

Patterns can make any space in your house look chic and elegant. Installing patterned tiles on your staircases will make them look pretty with little to no effort. Other ways to use pattern tiles on your staircase include using patterned granite, ceramic, and marble tiles. You can also get custom-designed pattern tiles to make your house look more unique and personalised

Elegant staircases can make your otherwise boring décor quite stunning. Choose the tiles in such a way that they match (or contrast) your décor for a contemporary and chic look.

Author Bio:
Mahima Rawat works with the content team at Orientbell Tiles, where she creates interesting lifestyle pieces on home and interior design. She loves presenting options to her readers so they can make the right choices when it comes to their home interiors. Flooring and tiles are her favourite topics. Besides interior design, she also loves to travel, play badminton and listen to music.

Raising Damp – Solutions that Really Work

Raising damp or humidity in an old house is quite common. That’s why, sooner or later, you will probably have to deal with it. Especially if you are looking for cheap houses for sale or fixer-uppers it is good to know as many of those properties come with that problem.

Why It Became More Comon?

Until the 20th century, most stone buildings in Europe and North America were constructed with materials that allowed air flow to circulate more freely. They were often made with soft paints like water-based paint that are sensitive to moisture.

The newer application of impermeable materials, such as linoleum, cement and gypsum-based floorboards, have been thought by some to cause more damp problems in older houses.

What is Damp, What Causes it and When it’s a Problem

Dampness is the presence of water in an environment. It can be caused by condensation, leaks, or a high level of humidity. Dampness can lead to mold growth and in some instances even structural damage. One thing is sure, it is bad as it can be a serious health hazard.

Easy Fixes for Raising Damp Problems

Raising damp and moisture can cause problems to your house and your health. It can lead to a variety of health issues such as asthma, allergies, and respiratory problems.

The first step is to find out the source of the moisture. The best way to do this is by using a moisture meter. If it’s coming from your roof or windows, you should fix them. If it’s coming from the walls, you should fix them too by installing a damp-proof course.

Other ways of fixing damp problems are: installing an extractor fan in your bathroom, drying clothes outside when possible, insulating pipes and radiators so that they don’t leak water into walls or ceilings, and using dehumidifiers in rooms where there is excessive humidity.

How Do You Treat Raising Damp?

Dampness can be a huge problem for people who live in an old house or building. It can cause a lot of problems, such as black mold and wood rot.

There are many ways you can treat dampness. You should first find out the cause of the dampness and then decide which way is best to treat it. For example, if the dampness is caused by condensation on windows and walls, you should try to fix the leaky window or seal off any cracks in the wall with silicone sealant.

If you need to get rid of dampness quickly, try using an industrial fan heater to dry out your home or building. They are also great for drying wet carpets after flooding occurs in your home.

Prevent And Get Rid Of Damp For Good

Damp is the most common type of building defect in the UK. It can be caused by a variety of factors, including rising damp and condensation.

It can be difficult to get rid of damp, as it will often return after treatment. If you want to prevent damp from returning, you should make sure that your property is well ventilated and that there are no leaks or cracks in the walls or foundations. It’s also important to check for any signs of water-related problems like leaky pipes, defective gutters, and roofing problems.

Why You Need to Take Action?

Dampness is a problem that develops over time. It can be caused by a number of things, including moisture in the home or water leaking in through the foundation.

It’s important to take action before your home becomes too damaged or someone gets seriously ill. The best way to avoid this problem is to regularly check for dampness and take action as soon as you notice it.

Home Remedies for Raising Damp

There are many ways to get rid of the problem of raising damp and mold in your home. One way is to use a dehumidifier. This is an appliance that removes excess moisture from the air. It will help you control humidity levels in your home which can reduce the growth of mold and mildew. It’s pritty simple. All you have to do is to plug it into a wall outlet to remove excess moisture in your home. It also helps control humidity levels, which is essential for controlling mold and mildew growth.

Another way to get rid of the issue is by using bleach. Remember, bleach works both as a disinfectant and an antimicrobial agent that can kill mold and mildew. You can mix 1/4 cup of bleach with one gallon of water and use it to clean surfaces or you can pour it on the floor in small quantities. multiple times. One thing you must remember before using bleach is to make sure that there are no pets or children around the area you are cleaning.

Wet Basement

There are many reasons that a basement can leak. It can be due to water seeping in from the outside or a pipe that has broken. There are also times when the foundation is not properly sealed and water can come in through cracks and crevices in the foundation.

The best way to fix this problem is to install a waterproofing system on the floor of your basement. This will help protect your home from any leaks, and it will also help you avoid costly repairs.

Conclusion

The best way to deal with the problem of rising damp is to get it fixed as soon as possible. It’s not just an aesthetic problem, it can lead to structural and health problems in the future.

Do you have a property for sale? Here you can list real estate for free.

How to Get Started in Real Estate Investing with No Money

What stops you from investing in real estate? Is it a poor credit score or a lack of money for buying houses? None of these things should prevent you from owning properties. You only need to know how to invest in real estate with no money. 

You have never thought of doing something like that. We are here to tell you that owning an investment property without cash is possible. Even without money or a good credit score, go after your dream. See our ideas on how to solve this puzzle. 

Borrow A Loan 

It is possible to have no money and no debt. If this is you, it is easier to buy real estate with no money than you think. If you have unpaid debts, investing will be difficult but still doable. Borrowing loans is your best first choice. 

If your credit score is 780 or over, borrowing will be simple. Approval may take less time than if your credit score is 700. Someone with a poor or good credit rating and no money can consider these loan options: 

  1. Hard Money Lenders 

Hard money lenders are private companies that pay more attention to profitable deals than the borrower’s credit history. A hard money lender uses the investment property as collateral. If you default on loan payments, they reserve the right to sell the house and recover their money. 

They are better choices than banks because their loan terms are less rigid. Unfortunately, they work with numbers and will choose the loan amount based on the property value. Also, they charge 10% to 15% interest if you have a low credit score. 

Can you pay back their money despite the higher-than-average interest rates? If yes, search for the best hard money lenders online and tell them about your investment plan. Hard money lenders offer short-term loans and might not fund the entire cost of an investment property. So, you require other money sources to cover the difference. 

  1. Private Money Lenders 

Real estate investing for beginners with no means is more convenient with private money lenders. As you can guess, this is money from a private company or someone you know. Private money lenders barely consider your creditworthiness. All they care about is the loan terms. These loan terms should be competitive enough to convince a private lender to lend you money. 

They do not have inflexible rules on repayment and interest rates. Private lenders are ready to negotiate until each party is happy with the deal. To have their money, you must demonstrate the value and profitability of your real estate investment deal. 

  1. Fha Loan 

Government loans are available to someone who lacks the money to invest in real estate. The most popular ones are the FHA and VA loans. These are beneficial loans because they are easy to obtain if your credit score is good enough. 

Also, the down payment can be more affordable than the amount other lenders demand. Government loans can help you purchase a multi-family house, which you can rent out. So, find out the requirements for getting the USDA, FHA, and VA loans. 

Create A Mortgage With A Property Seller

Seller financing is one of the simplest ways to get into the property business. Choose a seller who does not need immediate cash from their house sale. They will allow you to pay for the house slowly as if it were a mortgage loan. You will pay monthly installments until you purchase the property. 

Seller financing does not require a strict qualifying procedure. It has lenient loan terms, and credit rating is not an issue. As the property seller determines the terms of the deal, they are easier to handle than banks. Getting such a deal among younger people is harder than for retired people. 

An absentee landlord willing to have a monthly income can agree to seller financing. Owners of vacant houses in your area may accept to have you purchase their property gradually. Lastly, find and attend real estate meetings in your neighborhood or another vibrant town. An event like this can enable you to network and locate property sellers who do not require immediate cash.

Find An Investment Partner

Lack of money should not prevent you from finding a partner who does. If your deals are good, your partner can use their good credit history to obtain funds. Nevertheless, they may leave other hard work to you. Ensure your investment partner has the best credit history for easier loan approvals. 

They should be someone you already know and can trust. Ensure the person can offer the resources you are struggling to find to join the real estate investment industry. If you form a partnership, turn it into a formal business with a legal permit. 

Lease And Pay Slowly

We have a trick you might love if you want to know how to invest in real estate with no money. Find a rental house that the owner wants to sell later. Start paying rental fees every month and extra on top. 

The extra cash will be your house deposit. When your lease expires, the landlord can sell the house to you. They will have no reason to doubt your ability. 

Flipping Properties

Some houses cost below the current market price. They are called Under Market Value properties and are investment opportunities. If you are looking into how to invest into real estate without money, Under Market Value properties are a good starting point. You can purchase, renovate to improve value, and sell. 

In other words, you can try property flipping if you have a source of money for the first attempt. These houses cost less money, but you can still bargain the price. You can produce high capital gains if you plan this well. At the same time, flipping usually hides some costs. This can affect your profitability later.

Property Crowdfunding

Young and forward-looking entrepreneurs will not let money shortage ruin their investing dreams. They use crowdfunding to raise business capital. In crowdfunding, property investors form a group and contribute money to form a pool. 

Every member owns a share of the money in the pool. Also, if the group does property development projects, you and other members will get a share of the profits. A crowdfunding group can build rental houses and share profits and any liabilities.

Conclusion

We have explained some points on how to invest in real estate with no money. If you need more information on this, seek help from a professional real estate investment service. They will guide you on obtaining loans regardless of your credit score. Also, they will reveal other simple ways of getting investment properties without cash. 

Author Bio:

Author Name: Liran Koren

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I’m Liran Koren. I’m a real estate pro and co-founder of Luxury Property Care. I believe that through common work we can create a healthy ecosystem, that serves investors, landlords and even tenants altogether.

Yes, it is possible to take control of short-term rentals in your building

Garbage left carelessly by the pool area. Guest parking overflowing with unregistered cars. Loud music blaring until 2am. Vomit in the corner of the elevator. These are the very worst outcomes of short-term rentals.

Fortunately, for the most part, short-term guests are more respectful than this. People coming from out of town opt to book a condo unit on Airbnb, or a similar home-sharing platform, because they enjoy a more authentic travel experience and save a bit of money. And now that a global ban has been placed on parties by the company, renters are less like to disturb neighbors or cause damage to a property.

But condo and apartment communities may still be apprehensive about hosting short-term renters due to security and accountability issues. People don’t generally like the idea of strangers coming in and out of the building all of the time, and with a steady stream of renters taking up parking spots, it can be harder for other residents to secure guest parking for their friends and family. 

A rental management system can help put these issues to rest though and help landlords or managers gain control of short-term rentals (STRs).

Do I really want to support short-term rentals?

As a landlord or property manager, STRs may present themselves as just another problem. But if there are no strict rules prohibiting these types of rentals, and if you’re not prepared to issue violations and/or fines every time a resident offers their place to a short-term guest, then it might be smarter to work with your community as opposed to against them.

Before you do anything, make sure your building can support short-term rentals

Depending on where you are, short-term rentals of less than 30 days may simply not be allowed. Some cities have banned short-term rentals because units were sitting vacant while residents struggle to find a place to live. A good example is New York. It’s illegal to rent apartments for fewer than 30 days in most buildings, particularly Class A dwellings. Other cities do not allow units to be rented out for “transient commercial occupancy” if the building is located in a specific area.

Your city may also have rules or requirements for STR hosts; they may need to obtain a permit or business license.

If there are no city rules geared towards short-term rentals in your area, it’s still important to review your building’s rules. They may contain strict policies about short-term rentals.

Communicate STR rules

STR rules should not be a mystery to your owners and tenants. Even if they are stringent, aim to educate your residents or tenants about best practices, rules and limitations.

Share the rules through email, create posters or pamphlets, and newsletters so that all residents know about the building’s short-term rental rules, and the consequences of operating illegal short-term rentals. 

Use a rental management system that can be replicated and maintained

This part of the process will require a bit more work from management or tenants, but it’s the most efficient and organized way to manage STRs.

Managers/landlords have a couple of options to choose from, but the simpler the system is, the more likely people are to use it.

Once a resident has confirmed that a short-term renter will be staying in their unit, they will need to “register” the guests with the building. The registration system could be:

  • A paper form that residents/tenants submit to the landlord or manager
  • An online form that is emailed to the landlord or manager
  • A spreadsheet that the manager/landlord maintains once they have information about a new guest
  • A digital guest registration and rental management platform that allows residents or management to add a new short-term stay

While there isn’t a correct choice, it’s important to adopt a system that is easy to replicate and maintain. This ensures that guests still make it into the system, even if a new manager takes over or someone is covering for the landlord.

By giving tenants the ability to register STR stays on their own, the workload is reduced for management. That’s one big reason why many would prefer having a digital short-term rental management system like Condo Control. With a standardized registration page, secure cloud storage, and easy editing options, this STR tool makes it easy for landlords and managers to stay in control of short-term rentals. Plus, STR hosts can log every stay without having to take up management’s time.

Benefits of using a digital short-term rental system

In addition to having a record of who has and will be in your building, there are other benefits of having a standardized STR system in place:

  • Searchable record of short-term guests, past and future
  • Option to see how often an owner/resident rents out their unit
  • Welcome letter is automatically sent to short-term renters. Any special instructions or information will get to them before they arrive on the property
  • Option to create custom terms and conditions that align with your property’s rules
  • Security/concierge can easily confirm which vehicles belong to registered short-term guests
  • Guests can be contacted directly if there are any issues during their stay

What happens if tenants are bringing in short-term renters without registering them?

Most residents will comply with STR rules and processes, especially if they are reasonable and easy. However, if there are reports of problematic or unauthorized guests that are linked to the same unit, it’s important to take the appropriate actions. If there are no consequences for ignoring rules, then there is little motivation for anyone to follow them.

Educate the resident

Before taking more severe actions, make sure you remind the resident about the rules and processes for hosting short-term guests. Invite them to ask questions in case they aren’t entirely sure of the registration process.

Violation notices

If the resident has received a friendly reminder and continues to ignore the rules, then the next step is usually to issue a violation notice. You may have to issue several notices before you can fine the resident. Depending on the property, fines may not be an option, however, you can obtain a letter from a lawyer instructing the resident to stop hosting guests who are not registered.

Fines

Condo buildings will have their own fine schedules, but they can be as much as $500 each night if the short-term rental rule is broken. There may be limits on how much you can ask a resident to pay for the same violation, so check with the governing documents before you begin issuing fines.

Mediation

If fines still don’t discourage a resident from breaking the rules, mediation might be the next step. Mediation is a process where a neutral facilitator will try to help the association or building, and the resident, find a mutually agreeable solution. Mediation is often preferable to litigation because it’s less costly, but it can still be a challenging process.

Arbitration

If you cannot come to an agreement with the resident through other methods, then arbitration is the last option before taking the issue to court. Arbitration is a process where an arbitrator conducts a hearing and makes a ruling based on the issue based on the facts presented by the parties. The arbitrator makes a binding decision, meaning the parties are legally obligated to follow the decision that they made.

Conclusion

Short-term rentals can create some discomfort amongst condos and apartments, but it doesn’t have to be a contentious issue if management can implement a system that supports consistency and transparency.   

Author: James Corbett

The Advantages of a Turn-Key Home

A turn-key home is a new construction that includes all the finishing touches and is ready for occupancy.

It is easier than ever before to find the perfect turn-key finish home for your needs. There are many different styles of homes available, from traditional to modern, and you can customize the home to suit your tastes. You can also find a turn-key finish home with a yard or without, depending on what you’re looking for in the perfect property.

With so many options available, it’s no wonder that this option has become increasingly popular over the years.

What is a Turn-Key Home?

A turn-key home is a house that is ready to move into or occupy without any additional construction. It has all the necessary components, such as plumbing, electricity, and heating already installed.

The term “turn-key” can also be used in the context of a business, where it means that the business is fully operational and ready for customers. In this article we will concentrate on the advantages of a turn-key finish home.

What are the Benefits?

Buying a turn-key home is a great way to enter the real estate market, with minimal hassle. You can find turn-key houses in many different styles and sizes, so it is easy to find one that fits your needs.

A turn-key home may be built from modular or prefabricated parts. In this case the house has already been constructed in a factory and then transported to the site where it will be put together like a puzzle.

A turn-key building is usually cheaper than buying an existing house because the contractor does not have to pay any additional labour costs for constructing it on site.

A Turn-Key Home – Traditional Construction

The architect designs the layout of the house, and the builder builds it according to the design. The builder then hands over the keys to the homeowner, who can move in right away.

There are many benefits to building a turn-key house, such as having all of your needs met in one place without having to worry about finding separate professionals for every job. But there are also disadvantages, like not being able to customize your home as much or living with someone else’s design choices.

But the good news is that usually you can decide how much you like to get involved in the project. Most builders would let you choose colors, tiles, flooring etc. within a certain price range.

A Turn-Key Home – Prefabricated

A turn-key finish house that is prefabricated, is made in a factory and then assembled on site.

Prefabricated homes are also known as modular homes. These are assembled in a factory and then delivered to the construction site where they are put together. You can buy these houses from catalogues or from companies that specialize in this type of housing.

The process of picking from a catalogue means you have to find the house that fits your needs, order it, and wait for it to arrive to the construction site before you can start building it.

Prefabricated houses and modular houses have their own advantages and disadvantages. It’s important to understand these differences before you make your decision of buying one of them.

Conclusion

In conclusion, buying a turn-key building is great for people who are looking for a home that has everything they need and want. They don’t have to worry about the hassle of finding different contractors to install different things in the house.

Everything You Need to Know About Mortgage Funds

Mortgage funds are real estate investments reserved for hedge funds and other institutional investors, but private lenders are now incorporating more mortgage funds into their portfolios. When getting a mortgage, you might wonder where the money comes from and how lenders operate. Mortgage funds are a type of investment used by brokers and lenders to increase their revenues. Want to learn more about mortgage funds? You’ve come to the right place. Whether you’re a homebuyer or just wondering how mortgage funds work, we’ve got you covered.

What Is the Purpose of Mortgage Funds?

Mortgage funds, also known as mortgage pools, help mortgage lenders earn more money because they can make more money with a pool than they can through traditional loans. Mortgage brokers also make origination fees, but mortgage funds allow them to earn fees and arbitrage from buying and selling mortgage assets to generate a higher profit. 

These funds are chosen, approved, and funded by fund managers without the need for approval from individual investors, giving managers the flexibility to fund more deals and increase production, which directly increases their income. Mortgage pools also benefit lenders by offering more protection against risk. Because a fund requires risk disclosures to investors, lenders are protected against risks associated with investments. 

Investors may choose to invest in a mortgage fund instead of other investments because it allows them to generate a passive income through a variety of real estate assets without having to take out mortgages of their own or being too involved in funding the loans. 

Investors have the option to invest in any type of real estate or make plans for a new real estate and construction project to diversify their investment portfolios and hedge against risk to receive better returns and protection from changes in the market. In addition, these lenders are protected from defaulted borrowers, lawsuits, and foreclosure risks because the capital itself isn’t affected, thanks to the pool of other real estate investments. 

How Do Mortgage Funds Work?

Mortgage pools are typically Limited Liability Companies (LLCs) and sell membership interest to investors. Investors receive revenue from the returns of the fund from loan activities. The company itself is managed by another company that brokers mortgages to the fund and oversees the assets daily. In exchange for managing the company, they receive compensation from a variety of fees, including management fees, servicing fees, and origination fees. They may also generate income from interest. 

Mortgage funds don’t typically register with the SEC, thanks to federal exceptions, but shares of the pool may require regulatory oversight. 

Risks of Mortgage Funds

Investing in a mortgage fund is a great way to earn a passive income. However, running a mortgage fund is not passive because it has to scale and grow to support a lender’s business. Mortgage funds require employees, software, vendors, marketing, and all of the different tools, technologies, and departments any other business needs. 

Additionally, while there’s less risk associated with a mortgage pool, funds may have liquidity or cash flow problems even though funds have protections in place to mitigate this risk. For example, accountants typically put safeguards in place to protect the fund or fund the wrong loans based on set guidelines. 

How Do Mortgage Funds Benefit Borrowers?

Mortgage funds can help individuals move into a new home. So far, we’ve talked a lot about why investors choose to invest in mortgage funds, but we haven’t covered an important piece of the puzzle. Without borrowers taking out mortgage loans, there wouldn’t be any mortgage funds. Therefore, borrowers must get something out of the deal. 

Many loan borrowers don’t qualify for traditional bank financing when they’re buying a house for a variety of reasons ranging from not having enough income to a high debt-to-income ratio. Mortgage funds have debt-servicing requirements that are more flexible for borrowers if they believe the debt can be paid off. However, if the debt isn’t paid off, the asset (the house) will cover the amount of the debt and accrued interests, so if there’s a foreclosure, there’s no loss for the investor. 

Additionally, unlike banks, mortgage pools fund loans quickly to help them get more deals and help borrowers whose purchasing may have fallen through. Borrowers typically refinance with the banks at lower rates after a few years if they can get a better deal.

What Happens If a Borrower Defaults?

We’ve already discussed what may happen when a borrower defaults, but let’s cover this topic a little more in-depth because it can affect investor returns. Fund managers mitigate risk with a thorough vetting process of the borrower. However, defaults and foreclosures can still happen when a borrower can’t afford to pay back the loan. In these cases, the property is owned by the mortgage fund and can be sold to recuperate loan costs. If the house can be sold at its original value or higher, there’s virtually no risk for investors. 

Are Mortgage Funds a Good Investment

Mortgage funds are a great way to earn passive income while diversifying your portfolio. They can provide strong and steady returns as long as they’re well managed. Of course, you don’t have to put all your trust in a fund manager, but it’s typically easy if you can find a manager you trust to make good decisions when you’re not around. Mortgage funds are just one small part of an investor’s larger portfolio, but they’re popular because they can add value, especially when mixed with other investments, including stocks. 

Before jumping into a mortgage pool investment, you’ll need to consider the risk and how risk is being managed. You should also vet the fund manager to ensure they have a good track record managing mortgage funds. 

If you decide you want to start investing in mortgage pools, it’s actually quite easy. However, you do need a large sum to begin investing. Some companies allow you to buy in with a minimum investment of $10,000 or higher. However, even if you can afford to do it, this type of investment is not right for everyone. It’s best to talk to a financial adviser to determine if you’re financially stable enough to invest in real estate. 

Ashley Nielsen

Ashley Nielsen earned a B.S. degree in Business Administration Marketing at Point Loma Nazarene University. She is a freelance writer where she shares knowledge about general business, marketing, lifestyle, wellness or financial tips. During her free time she enjoys being outside, staying active, reading a book, or diving deep into her favorite music. 

3 Negotiating Strategies When Selling Your Home

Negotiating strategies when selling your home is essential to getting the best offer. Typically, the negotiation starts after a buyer has expressed the desire to buy your property. If you’re making the sale yourself, you’re more likely to talk and come to terms with the potential buyer. Here are some strategies you need to remember when negotiating: 

1. Countering The Terms Of The Offer

Potential buyers may suggest other terms to buy your home, such as seller/owner financing. Instead of the buyer making a down payment in cash after receiving a new loan from a financial institution, seller/owner financing makes you the lender. 

This term makes you responsible for some part of the financing. You’re providing sufficient credit for the buyer to cover the property’s price minus the down payment. The buyer will sign a promissory note with you and make a regular payment to you instead of the bank.   

The terms of the loan are specified in the promissory note. It includes the consequences the buyer might receive if they don’t pay the loan, the repayment schedule, and the interest rate. Since the buyer still owes you, you can hold the title until they can finish paying the loan. 

You can use this negotiating strategy if the buyer can’t qualify for a traditional mortgage from a financial institution or bank. However, you can only use this strategy if you don’t have any liens or mortgage on your home and own it outright. 

This strategy may be risky, but the best thing about this is that you could stand to make money if you offer a higher interest rate and shorter term for the loan. Thus, you may need to consult an attorney and real estate broker before considering such an offer. Or directly sell your home with safehomeoffer.com if you’re in a rush because you won’t need to try such a risky strategy.    

2. Don’t Let Pride Or Emotions Take Over

Selling a home means parting ways with a property where you’ve created memories with your loved ones. It could get you teary, but remember that you’re selling it already. You may love it, but you shouldn’t let emotions control you when negotiating with a potential buyer. 

For instance, you may think your home is so great that you don’t want it to go below the price you’ve set. You’d be making a big mistake, especially if the buyer asked to lower the cost after they have made an inspection and discovered termites. A buyer may ask for a USD$2,000 discount from the total price, and you’d better consider it instead of thinking that your home deserves a better price. Although termites may be a pain, a buyer who still wants to purchase the home despite such but is asking for a discount is better than them walking away. 

If you don’t accept their offer, you’d need to declare such information to your future buyers. Having such a flaw on your property would lower the price even more. Instead of taking chances, why not consider the offer and not get emotional about the original price? 

3. Have An Expiration Date On Your Counteroffer

It’s not illegal to accept a better offer from another buyer. However, it’s unethical if you’re already negotiating with a potential buyer, even if you’ve countered the first buyer’s offer. But you should also remember that you can deal with several buyers simultaneously if you disclose it to potential buyers. 

You can frighten a buyer or get higher offers from disclosing such information. If you’re countering more than one offer, you should let all the prospective buyers know of such. It’s also best to have an expiration date on your counteroffers. That way, you can move on to another buyer or get your property under contract since you’re compelling prospective buyers to decide quickly. 

The strategy is to shorten the default expiration on your state’s standard, but don’t make it too short since this may turn off buyers. For instance, your state requires three days as the default expiration. You can make the deadline two days. Doing this is vital since your property is off the market when making a counteroffer. So, when a deal falls through, you’re making your house stay in the market longer. You wouldn’t want that since it could make your home stale, especially if you think that now is the time to sell your home. 

Conclusion

Selling your home fast is possible when you know how to negotiate correctly. You can ask an agent to sell it for you, but you don’t need to as long as you have negotiating strategies. You can deal with the terms, the price, or the expiration of the counteroffer. Whichever it is, try them so that your property will not stay on the market for too long.

Higher Interest Rates, Higher Prices for Materials – What it Means for the Construction Industry

This article will provide an overview of the current state of the construction industry, as well as what to expect from it in the future.

Construction projects are a major source of employment and economic growth, but they’ve been lagging in recent years due to a number of factors. It’s important that we take a closer look at these factors so we can better understand how they affect our economy and what we can do about them.

The construction industry is a crucial part of the economy. Construction jobs are projected to grow by 10% through 2022, according to the Bureau of Labor Statistics. It’s also one of the fastest-growing industries in the nation.

How Higher Interest Rates Affect the Construction Industry

Construction is a cyclical industry, and the market is currently in a period of expansion. However, higher interest rates can affect the construction industry in two ways. Firstly, they can lead to higher mortgage rates which will increase the cost of home ownership. Secondly, they can lead to decreased demand for homes which will decrease new construction starts.

Age Effect

The age effect is a factor that can cause the demand for housing to change. The changing of the factors in the population over time can impact on what people are looking for when they look to buy or rent a home. For example, older people typically want larger homes with more space and amenities due to their health and declining mobility. Younger people, on the other hand, want single-family homes with smaller spaces. Market conditions can also impact home values, meaning a property may be worth more during a boom or less during a bust.

How Expensive Material Affects the Construction Industry

The construction industry is a business that is highly dependent on materials. The cost of these materials can have a significant impact on the profitability of the company.

The price of materials has skyrocketed in recent years due to inflation and scarcity. This has made it difficult for companies to keep up with demand, especially smaller companies that cannot afford to pay higher prices.

The prices of these materials are not expected to change anytime soon, so companies will need to find ways to work around this problem if they want to remain competitive in the market.

One idea that is to build with cheaper materials, for example rammed earth houses. It is environmentally friendly, usually available on site and available at very little cost.

How to Prepare for a Future with Higher Interest Rates and Expensive Material

The conclusion is that the future of the economy is uncertain. We can’t predict the future and we don’t know how it will change. It’s up to us to prepare for any possible scenario – for example to consider alternative construction methods – and be ready for anything.

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