Building a new home can be quite a glorious project, but you always have to remember your budget. There are a lot of cool things that you can do when you design a house, but just because you can think of it, it does not mean that you can afford to do everything you want.
Before you begin your project, you must determine how much you have, how much you will borrow and then sit down to create a budget. No budget is ever actually accurate but they can provide guidance and a great way to get a ball park figure. On average most people who stick very closely to their budget end up paying one third more than their proposed budget.
How to Get Started?
One of the first things you have to inquire about when building a home is how much it costs to actually construct the home. You should contact your local builders to find out how much it costs to build a home with the size, features and quality that you want. Most charges are given in square feet which will help you to calculate the total cost. Always ask about what is included in the price. You do not want a price that does not include materials as this will be a costly mistake in your budget.
After you speak with the local contractors, you should view homes that are similar to your dream home. Find homes that have the same features that you want, approximately the same size and style. You then find the price of both the land and the home. You should compare at least three to five homes for an accurate ball park estimate.
Your Home Features
Not every room in your home will cost the same amount to build. The costlier parts to build are normally the kitchen, bathroom, vaulted ceilings, high roofs, and even the specific types of windows. You should make sure these features are similar or included in the homes that you are evaluating for your budget. Ironically, larger homes have a smaller per square foot cost than a smaller home and two story homes cost less than a one story home. These larger details will make a huge difference in your budget that must be taken into consideration.
Smaller Features of Your Home
The smaller features of your home are normally forgotten about, but these smaller features add up. This means that you may be way off the price of your home if forgetting about these details. Some of the necessary details include the size of the home, the shape of the home, preparing the land to be built on and inflation of market costs. You should always include 10 percent for unexpected costs.
Determining commercial property market value varies greatly from determining residential property market value. It is vitally important to understand the differences to avoid common pitfalls.
Here in the United States, “fair market value” on any item is determined by what a buyer is willing to pay a seller for the item. Simply put, if I have a stick of gum, and I offer it to you for ten cents, and you want to purchase it for ten cents, then the fair market value of the stick of gum is ten cents.
While real estate also has a fair market value, it is a bit harder to determine because of all the factors which go into the valuation. A property, unlike the simple stick of gum in the above example, has multiple aspects for a seller and buyer to put different valuations on. Introduce a lender into the picture, and then you have a third option on valuation to deal with as well.
Determining commercial property market value is different than determining market value for a residential property. In a residential valuation you can simply look at other recent comparable sales in the area, of similar homes and lot sizes, and determine about what a property is worth at any given time. The issue you will find with commercial property is that they tend to be one-of-a-kind properties, and you may not be able to find many local comparable sales in recent times.
One major difference between residential and commercial properties is their location and their use. If you own a large lot inside of the city limits, with a huge warehouse store built on it, with a 10 year lease to a big box store, then you have a very valuable property. If you have the same lot size, with the same store on it, same lease, but it is located 30 miles from the only local town where most people in the area live, then you have a lesser valued property. Location, also known as market area, is more important in commercial real estate because businesses need to be near to their workers and to their customers as well.
Another consideration when looking at market value of a commercial property is the availability of similar properties on the market. By looking at as many properties as possible, you can start to get an idea of what different properties are selling for in your local area. This gives you some leverage to point out differences and better negotiate the price you are willing to pay. This will also give you some idea of how difficult it will be to find a tenant for your property.
If you are tying to determine the market value of a piece of commercial real estate, one of the factors you should always consider is how well other properties in the area are renting and what they are renting for. You will need the rental income to cover your investment funding as well as your day to day costs of owning the property. If you purchase a property at an agreed upon price, will the rents support the costs? What if your property sits vacant for a month or two? These are things you need to think about prior to purchase.
When trying to determine commercial property market value there are many factors which come into play. The biggest being the market area, local property costs, rental income potential, and the property condition itself. By determining what you are willing to pay for a property, and having a professional commercial real estate market analysis completed for you, you can avoid many of the mistakes new commercial property investors make.
** About the author :
The KISCL program, http://www.kiscl.com/, uses the resources of seasoned real estate pros to help you determine commercial property market value and much more. The commercial market is strong and a great way to increase your bottom line. Learn how to quickly develop realistic financing options.
There has been an overall slowdown in real estate industry and various industry players have been affected. Some factors responsible for this slowdown can be increase in interest rates, slowdown in IT industry, increase in property prices, and increase in interest rates loan rates because of which many property buyers have stepped out of market. But somehow this slowdown can bring happiness to those middle class buyers who have been eagerly waiting for the property prices to come down. In major cities such as Delhi, Mumbai, Bangalore, Chennai and Hyderabad real estate market has come down. Also because of increase in cost of raw materials like steel, iron and building material builders are facing difficulty of constructing property at agreed prices.
Real estate slow down in Bangalore
As realty business in Bangalore has been hit by global financial crisis because of this uncertain condition in Indian equity market and property prices builders have come in formidable situation .The condition is that approximately 400 flats or more are still vacant despite of advertisements .And the situation is same with may top builders of country. Many builders developers said they have faced a drop in new projects as compared to last year because of which condition has become worse in the market.
Real estate slow down in Hyderabad
Because of Realty business is facing a slow down developers have decided to launch special schemes to attract buyers like launching special incentive prices etc. Also prices which were at some time had gone up are now cooling off because of which there is low growth rate. There are many factors that have contributed to the present scenario and may small buyers have backed out from the scene because of high interest rate, increase in input cost and strict rules. Indias largest real estate company DLF which has built may commercial and residential projects has announced that they will make high end luxury apartments at affordable prices in Hyderabad after seeing IT and real estate slow down.
Real estate slow down in Delhi
Delhi/NCR has also been badly affected with this realty slow down .Some real estate developers or agents have shut down their business and switched to other business because of this slowdown as it was being difficult for them to survive in these conditions.
Real estate slow down in Mumbai
Mumbai Real estate is a very large market with many Top builders and developers under its belt. But there also Developers have to cut down their prices for new homes for sale as condition of market has still not improved yet. As Mumbai has a large market for supply of high-end apartments as compared to other cities still there is a fear that of oversupply as many buyers have backed out.
This may be the current situation of Realty business in major metropolitan cities but there was also a time when a handsome salary package of six figures meant a home in the heart of metropolitan city .But the property boom turned down this dream of many people .Now we can say that only rich people are finding a home for themselves in theses metropolitan cities. With trembling condition of sensex and liquidity scare in banking sector the real estate industry has to come up with ways for attracting buyers. But sources are saying that this is a temporary condition and real estate developers are hoping the conditions will improve soon
Siglap V is a luxury penthouse/condomenium located directly opposite Siglap Centre. This location is a 20 minutes drive along the ECP to the Singapore Central Business District(CBD). Here are a couple of quick pointers about Siglap V.
1. High Expat Tenancy Area and Resale.
Because of its excellent location and eastern environment close to East Coast Part, Parkway Shopping Centre and English speaking residents, Siglap V will be attractive to expats. If you’re planning to get a unit that allows you to not only enjoy high rental yield and good resale (the Intergrated Resort is just 20 minutes drive away), Siglap-V is a potential choice.
2. Eateries and Shopping
There’re many places to have dinner and supper in Siglap area. From the food center at East Coast Park a short drive away, to walking over to Siglap Center for a quick meal. All the local Pizza Huts, Seafood, Chicken Rice, Famous Katong Laksa, Katong Prawn Noodles are located in this area. The nearest shopping center is Parkway Parade about 10 minutes drive away.
3. Nearby Schools
The nearby schools are St Patrick’s Secondary, Tao Nan Pri, CHIJ Katong Convent, Victoria Junior College, Victoria School, Haig Girls School.
The closest MRT is Kembangan MRT. You will need to take a feeder bus service from the MRT to Siglap V.
5. Exciting Penthouse Units
Perhaps its main attraction because this is where you can overlook the sea while you swim or sunbathe. The pool stretches along the length of the penthouses and its a great feeling swimming in its infinity pool at the top of the world with the sea in the far horizon. The Siglap V pool is of sufficient length to get a good swimming workout.
Kentucky Mortgage USDA Loan Requirements
What are the Kentucky USDA Mortgage Loan Requirements?
To decide if you qualify for an USDA Mortgage Loan, we will look at:
“Your income and your monthly expenses. Standard debt-to-income ratios are 29/41 for USDA Loans. These ratios may be exceeded with compensation factors.
“Your credit history (this is important, but USDA”s credit standards are flexible). A FICO score of 620 or above is required for all loans
“Your overall pattern rather than to individual problems you may have had.
To be eligible for an USDA mortgage, your monthly housing costs (mortgage principal and interest, property taxes and insurance) must meet a specified percentage of your gross monthly income (29% ratio). Your credit background will be fairly considered. At least a 620 FICO credit score is required to obtain an USDA approval through Lending. You must also have enough income to pay your housing costs plus all additional monthly debt (41% ratio). These percentages may be exceeded with compensating factors. Applicants for loans may have an income of up to 115% of the median income for the area. Maximum USDA Loan income limits for your area can be found at here. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance.
Can I get an USDA Mortgage Loan after bankruptcy?
Criteria for USDA loan approvals state that if you have been discharged from a Chapter 7 bankruptcy for three years or more, you are eligible to apply for an USDA mortgage. If you are in a Chapter 13 bankruptcy and have made all court approved payments on time and as agreed for at least one year, you are also eligible to make an Kentucky USDA loan application.
What are the USDA Down Payment Requirements?
USDA Mortgages have no down payment requirement. Other loan programs don”t allow this.
What types of property are eligible?
While USDA Mortgage Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and single family residences.
What is the maximum amount that I can borrow?
The maximum amount for an Kentucky USDA Mortgage Loans are determined by:
Maximum loan amount: The is no set maximum loan amount allowed for an USDA Mortgage. Instead, your debt-to-income ratios will dictate how much home your can afford (29/41 ratios). Additionally, your total household monthly income must be within USDA allowed maximum income limits for your area. Maximum USDA Loan income limits for your area can be found at here.
Maximum financing: The maximum USDA Mortgage amount will be 100% of the appraised value of the home.
What kinds of loans does USDA offer?
Fixed rate loans – All USDA loans are fixed-rate mortgages. In a fixed rate mortgage, your interest rate stays the same during the whole loan period, normally 30 years. The advantage of a fixed-rate mortgage is that you always know exactly how much your monthly payment will be, and you can plan for it.
What is Considered a Rural Area by the USDA?
Rural areas include open country and places with population of 10,000 or less and””under certain conditions””towns and cities. There is an automated rural area eligibility calculator at:http://eligibility.sc.egov.usda.gov.
Kentucky USDA Loans
What are USDA Home Loans?
USDA stands for United States Department of Agriculture. A USDA Mortgage provides a low-cost insured home mortgage loan that suits a variety of options. A USDA mortgage is likely the best home loan option if you want to purchase a home with no down payment. If you”re unsure about your credit rating, or have concerns about a down payment when you”re doing a home loan comparison, ENG Lending”s USDA Rural Mortgage Loans can give you piece of mind with zero-down, super low closing costs and no monthly mortgage insurance.
What Types of Loans does USDA offer in Kentucky?
Currently, there are two kinds of USDA Home Loans available in Kentucky for single family households:
USDA Guaranteed Rural Housing Loans
USDA Guaranteed Home Mortgage Loans are the most common type of USDA Loanin Kentucky and allow for higher income limits and 100% financing for home purchases. USDA Guaranteed Loan applicants may have an income of up to 115% of the median household income for the area. Area income limits for this program can be viewed here. All USDA Guaranteed Loans carry 30 year terms and are set at a fixed rate.
USDA Direct Rural Housing Loans
USDA Direct Housing Loans are less common than USDA Guaranteed Loans and are only available for low and very low income households to obtain homeownership, as defined by the USDA. Very low income is defined as below 50 percent of the area median income (AMI); low income is between 50 and 80 percent of AMI; moderate income is 80 to 100 percent of AMI. Click here to see area income limits for this program.
What factors determine if I am eligible for a USDA Loan in Kentucky?
To be eligible for A USDA Rural Loan in Kentucky, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income (29% ratio). Your credit background will be fairly considered. A 620 FICO credit score is required to obtain a USDA Rural Housing Loan approval through ENG Lending. You must also have enough income to pay your housing costs plus all additional monthly debt (41% ratio). These ratios can be exceeded somewhat with compensating factors. Applicants for loans may have an income of up to 115% of the median income for the area. Maximum USDA Guaranteed Loan income limits for your area can be found at here. Maximum USDA Direct Loan income limits for your area can be found at here. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance.
What is the maximum amount that I can borrow?
The maximum amount for an USDA home loan is determined by:
Maximum Loan Amount: The is no set maximum loan amount allowed for USDA Rural Home Loans. Instead, your debt-to-income ratios will dictate how much home your can afford (29/41 ratios). Additionally, your total household monthly income must be within USDA allowed maximum income limits for your area. Maximum USDA Guaranteed Loan income limits for your area can be found at here.
Maximum financing: The maximum USDA Rural Development Loan amount is 102% of the appraised value of the home (100% plus the 2% USDA RD Loan guarantee fee).
How much money will I need for the down payment and closing costs?
USDA Rural Development Mortgage Loans require no down payment and they allow for the closing costs to be included in the loan amount (appraisal permitting).
What property types are allowed for USDA Rural Loan Mortgages?
While USDA Mortgage Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and single family residences.
Additional offers from other lenders.
Kentucky USDA Loan Adjusted Maximum Income Limits by County
verything You Need To Know About USDA-Rural Home Loans
I have put together valuable information and tools to help you gather all of the information that you need to make the most informed decision when shopping for a mortgage. Sometimes the USDA Home Loan Program is not the best option for a Zero Down Purchase. .
Sometimes good credit and a down payment are not enough to qualify for a home loan at a commercial lending institution, such as a bank, savings and loan or with a mortgage broker. That is why the U.S. Department of Housing and Urban Development has provided a loan program that allows more rural families and individuals to be eligible to become homeowners with the help of a USDA guaranteed home loan. The USDA loan program allows:
– 620 min credit score
– Up to 6% seller contributions
– No PMI (private mortgage insurance)
– Zero Down
However, the USDA-RD loan program DOES have 2 main qualifying features:
(1) Eligibility is region or location specific CLICK HERE http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp&NavKey=property@11 to check if an address is USDA Eligible.
(2) Eligibility is income specific. Qualifying income is based on household members and a max income cap. CLICK HERE http://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state&NavKey=income@11 to see if you qualify under the max income cap.
Did you ever have a mortgage? If you have, you understand there are a lot of things to consider. You want to put yourself in the best position possible for getting a home loan. The mortgage industry does not remain static, and you must know all the up-to-date information. This article will teach you how to find a great mortgage.
Organize your financial life before going after a home mortgage. If your paperwork is all over the place and confusing, then you’ll just make the entire mortgage process that much longer. Do yourself and your lender a favor and put your financial papers in order prior to making any appointments.
If the idea of a mortgage looming over your head for the next few decades does not appeal to you, consider refinancing over a shorter period. Although your monthly payments will be more, you’ll save a lot in terms of interest over the life of the loan. It also means being mortgage-free much sooner, and owning your home outright!
Before you refinance your mortgage, make sure you’ve got a good reason to do so. Lenders are scrutinizing applications more closely than ever, and if they don’t like the reasons you’re looking for more money, they may decline your request. Be sure you can accommodate the terms of the new mortgage, and be sure you look responsible with the motivations for the loan.
Once you have chosen the right loan for your needs and begun the application process, make sure to get all of the required paperwork in quickly. Ask for deadlines in writing from you lender and submit your financial information on time. Not submitting your paperwork on time may mean the loss of a good interest rate.
Get pre-approved for a home mortgage before shopping for a new house. Nothing is worse than finding the perfect house, only to find out that you can’t get approved for a mortgage. By getting pre-approved, you know exactly how much you can afford. Additionally, your offer will be more attractive to a seller.
Know what the going interest rate is. This will help you know when to lock in an interest rate. Many mortgage companies offer to lock you into a particular interest rate for a period of 30 to 60 days. If the interest rates increase, you are protected. If they decline you can opt for the new interest rate.
Remember that there are always closing costs and a down payment associated with a home mortgage. Closing costs could be about three or four percent of the price of the home you select. Be sure to establish a savings account and fund it well so that you will be able to cover your down payment and closing costs comfortably.
If you’ve gotten approved for a mortgage, don’t make any other big purchases until after you’ve closed on your home. Typically your lender will pull your credit once again right before closing. If there are issues that crop up it could lead to problems with your closing. Be smart and curb spending until all is complete.
More often than not, people fall into the trap of believing that all mortgages are the same. Hopefully you have learned throughout the above article that there are many differences in mortgage types and options, and also many different ways you can approach seeking a mortgage. Remember to use this information to your advantage when seeking a home mortgage.
Buy timeshares wisely and you wont be disappointed. With thorough research and clearly identifying your current and future needs you will be able to avoid disappointment.
Many of us like to have luxurious yet affordable vacations. Timesharing becomes the solution to this when beautiful resorts around the world offer timeshare packages that will allow them to have the best of both worlds. Luxury and affordability are often emphasized when timeshare companies are advertising their vacation properties.
Timeshares are offered in fixed, floating and flex weeks:
With a fixed week deed or agreement you can only stay at the resort during your assigned week every year.
With floating weeks you are required to contact the resort to designate your desired week. You can make a reservation for any time during the calendar year (or as for the months determined in your agreement) based on the resorts availability.
Flex weeks require you to make a reservation to an assigned season. Resorts have high and low demand seasons. In general red is peak or high season, white is mid season and blue is off-peak season. Of course demand affects the purchase price.
The purchase price of timeshares varies depending on the following factors: time of the year, location, resort amenities, size of the unit and market demand for the units on offer. Other timeshare companies use a point system as units of measurement to establish the value of the timeshare, which enables the timeshare owner to choose from a variety of resorts listed with the company.
There are also timeshare exchange companies that give their members the option to exchange with a comparable resort elsewhere around the globe. The two largest exchange companies are:
Resort Condominiums International (RCI)
Interval International (II).
Be aware that your needs may change over time. So it may be wise to keep all your options open and make sure you are not tight down to the same resort for years on end. If you are looking to be able to exchange then here are some pointers to buy wisely:
Buy high season timeshares. You are entitled to book any time during the year and wont be restricted.
Buy in high demand areas. This will be of benefit to you of what you get offered in exchange for your timeshare by timeshare exchange companies.
Compare the prices expensive is not always better.
Check the maintenance fee before you commit yourself.
You can buy timeshares for a lot less money than what resorts are charging. Many previous owners sell timeshares at a discounted price allowing you to buy for far less than what you would pay a resort. Go to internet and look up Timeshare Resales or Timeshare Auctions.
And you can always try before you buy. Rent a timeshare for your next holiday to see if you really want to buy timeshares.
Mortgage refinancing entails obtaining a new loan to pay off and replace an existing mortgage. There are several scenarios wherein mortgage refinancing is a good idea.
Most people apply for mortgage refinancing to pay lower interest rates, thus saving them money for the duration of the loan. In most cases however, you will have to pay lender fees and other charges that are tied in with the new loan. You will want to make sure therefore that you will actually be saving money from the new loan. It is also important to take into consideration the length of your stay in your home. Selling your home before you break even on the refinance will end up costing you more money than if you never refinanced your first mortgage.
Another common scenario is when the homeowner has an adjustable rate mortgage (ARM) and the interest rate on that mortgage “re sets” to a higher rate. If you anticipate an increase in your mortgage rates in the future, shifting to a fixed rate mortgage will allow you to avoid the higher interest rates later on. If you think rates are likely to go down in the long term, it may be smarter to refinance into a new adjustable rate mortgage.
If you are having difficulty paying your monthly mortgage costs, mortgage refinancing will not only extend the duration of the loan, but will reduce your monthly payments as well. Although this can help you get through a difficult financial period, you will end up paying more in interest over the course of the loan. And again, if you are not able to get a lower interest rate on your new mortgage loan, the time it would take to cover the cost of the upfront closing costs could be longer than you plan on staying in the home.
When you make the decision to apply for mortgage refinancing it is important to understand how much you will save each month and what the costs of refinancing will be. To estimate whether or not its worth it to refinance, simply multiply your monthly savings by the number of months you plan to stay in you home. After that, deduct the total costs of the various fees that you will incur with the new loan. If you end up with a negative number, you will lose money on the refinancing. If you go for refinancing, you will be in a better position to either break even or save money if you live in your home for a longer period of time. Mortgage refinancing is still a far better option even if the rates on the new loan are only slightly lower than what you are paying now.
Sabona copper bracelets are not only worn for their stylish and fine elegant looks, they are also worn for the many health benefits that they possess. No matter what style Sabona copper bracelet you choose, whether it is one that can be worn on any occasion or a high end bracelet suited for special occasions, users agree that these bracelets will ease pains. Pains from wounds, sprains, arthritis a rheumatism.
Sportsman and woman such as golfers or athletes whose arms have been injured in a game are known to wear these bracelets to aid recovery. Wearing bracelets is also said to provide a general sense of well being. Moreover, no matter what the sport is, this helps to ensure that athletes are always at the top of their game.
The question is how these bracelets can affect your health in a positive way. It is believed that copper is required for the human body to correctly function. Our blood contains copper. Even the ancients recognized this. Ancient Egyptians would sterilize wounds with copper. Aztecs commonly treated sore throats with a copper mixture.
The human body does not make copper, so it must be absorbed from what we consume. The problem with modern day diets is sufficient doses of copper are not included. While wearing a Sabona copper bracelet, some of the copper can be absorbed into our body and bloodstream through the skin .
This absorption of additional copper is thought to give the body what it needs to produce the health improvements heretofore described. If copper bracelets do perform as theory and research says, then Sabona bracelets would be at the top of the list of all copper bracelets sold because of its quality and efficiency. Why Sabona bracelets? Sabona bracelets are high quality and made of the purest copper available, which in turn delivers a much needed dose of copper to our bodies.
Many wearers of Sabona copper bracelets assert that they possess unique properties that help to relieve some of the worst symptoms associated with both arthritis and rheumatism. Whether a person will really experience these benefits if they were to wear one remains an issue of much debate. But even it one does not feel an improvement in health, the bracelet will still make an impeccable dress accessory.
In conclusion, let us note that wearers of the Sabona copper bracelet assert that it possesses unique properties that help to relieve some of the worst symptoms associated with both arthritis and rheumatism. Injuries are also said to heal more quickly.
If you are interested in buying a condominium, it is vital for you to consider getting a condominium evaluation done before proceeding to an actual property purchase. This is because you should be aware of the actual condition of the property before purchase. If you were to inspect the property by yourself, you would not be able to notice all the areas where heavy repair work is being concealed by an owner, just to sell of the property. By doing a supervision you save yourself a lot of trouble later and you wont land yourself with a property that require enormous repair work later.
There are two types of condominium evaluations done in a check up. One is the interior inspection in which all interior feature of the property will be thoroughly checked, This includes feature such as the wall, the flooring, the drainage, the paint, the pipes, the leaking problems, windows and doors and so on. This inspection will last for some one and a half to two and a half hours. The bigger the condo, the more time that it takes to check it.
The other type of examination is the exterior inspection, in which condition of exterior pipe, walls siding, drainage, and common areas are examined to check their condition. This sort of check up take up to three hours or more.
When getting a condominium inspection one, be sure to take up services of experienced professionals. This way you can be sure that you get accurate results in your evaluation reports. The supervisor should be able to bring out problem conditions that have been concealed by the property owner and also bring out any general repair work that needs to be done in the condo unit, so that you have an idea of what is needed to restore the place before you move into it.