Archive for December, 2009
Thriving Property Investments In North Cyprus
Property investment in North Cyprus has been mounting during the last couple of years with individual property investors and construction companies bringing a new wave of development to the north of this ancient island. Property in Cyprus has not been correspondingly priced since the division of 1974 which saw the North side of the island some years later partitioned. This act created a state which was never internationally recognized by any country other than Turkey.
This fact has limited the economic development of the north compared to that of the Republic of Cyprus where property investment has been prevalent for many years and has now stagnated. Property in Cyprus itself is generally worth around double of that in the North where prices are far lower. However unlike properties in Cyprus the property market in North Cyprus is emerging and still appreciating in value. Those investors who moved into property in the north in 2006 for example saw 20 returns on their initial investment within the first 18 months of their investment as the international isolation of the north slowly began to wear away thanks to the opening of the borders and the renewed attention that the 2004 Annan plan brought to the region.
Following the failure of the Annan plan the atmosphere of pessimism and depression that had long characterised attitudes toward the Cyprus problem returned yet the property prices remained bolstered and since then they have only continued to stay healthy.
Since the election this year of Demetris Christofias as president of the Republic of Cyprus the potential benefits of property investment in North Cyprus have once again come to the fore of the attention of eagleeyed property investors. Christofias ran to the presidency on a staunchly proreunification stance and his deeds since gaining power including a close relationship to his also proreunification Turkish Cypriot counterpart Mehmet Ali Talat have been faithful to his words.
This week Caroline Flint the Minister for Europe visited both Talat and Christofias. Following her meeting with Christofias Flint reiterated the support and optimism that the international community which was not long ago completely disillusioned by talk of reunifying the island now spares for the small Mediterranean island. Describing the purpose of her trip Flint said that she wished to ‘ensure everyone is aware of our commitment to the historic process and hopefully to make it a success.’
After meeting with Mehmet Ali Talat the British minister commended the commitment of both leaders in their wish to keep the energy of the talks alive an energy which saw both leaders eagerly embrace the challenges of the complex diplomatic and political situation of the island.
For property investors the continuing roll toward a solution means that that north Cyprus should be grabbing the attention as a place where buying investment property is a seriously smart move. Property in North Cyprus is still around a half of that in the Republic of Cyprus and as property is bought in pounds Sterling is a attractive initial investment for UK investors looking to buy property abroad.
About the writer: Sunil Khattri is a professional content writer and well known Real Estate Market research specialist. For more information on Highend residential apartments in Bangalore please visit : http://www.totalenvironment.com.
The Seven Deadly Sins That Home Buyers Commit
Buying a Home can sometimes seem to be a daunting task filled with details and pitfalls. It’s hard to remember everything as you are going through the process but if you can avoid the following seven common mistakes you will come out way ahead.
1 Not Getting PreQualified
This is the step you take before you even start looking at homes and it will make your life so much easier. Start your home search by visiting a lender. They will ask specific questions about your income bank accounts debt etc. and will help you determine how much home you can afford to buy. Stick within the limits they set for you and you will be much happier in future years. Their guidance is an important first step on the path to home ownership.
2 Thinking There is Only One Perfect Home For You
Buying a home is usually a process of elimination. You have a list of “must haves” and “want to haves” and “definitely dont wants”. There are a limited number of homes currently for sale in the area you have chosen. Often times you can’t get everything you want in one home so you must tradeoff and balance some of these “haves” “wants” and “don’t wants”.
New properties come on the market every day so try to be flexible and open to new possibilities. By eliminating the homes that don’t work you get down to picking the best of the “possibles”. Don’t worry you often end up finding a house that is just right for youand you’ll know it the minute you walk in.
3 Not Knowing the Total Costs Involved
When you find homes you like ask your lender for an estimate of closing costs. This should include Title Company fees Prepaid expenses like taxes insurance and prorated mortgage interest. Attorney fees and Homeowners Association dues may also need to be taken into account. Examine this Estimate closely and make sure you understand where each cost is coming from and whether it will be an ongoing cost after you own the home or a onetime fee. Check the actual Closing cost statement at settlement to make sure there are no surprises.
4 Not Having a Home Inspection
Some buyers try to save a few bucks by not having a whole house inspection or by doing it themselves. Saving money today this way could end up costing you thousands in the future.
Get a qualified Home Inspector to go over the entire house inside and out basement and attic. His report will call out all deficiencies and suggest repairs and further action. The findings in the report may also give you leverage you can use in the negotiations with the seller.
5 Not Considering Long Term Needs
It is important to think ahead. Is your family growing? You may need more home 35 years from now. That “cute breakfast nook” of today will not be so cute when six people are bumping knees trying to squeeze into it. Will this home suit you in the future or will you grow out of it.
6 Not Following Through on Due Diligence
Make a list of nonhouse related issues Schools crime rates neighbors traffic power lines new development in the area environmental issues etc. Ask these questions before you make any offer on a home. By getting these answers now you’ll have more confidence in your home purchase.
7 Not Buying a Home Protection Plan
This is an inexpensive short term insurance policy on the home usually covering appliances and basic repairs for one year. It can be purchased for a small fee and will give you peace of mind about that dishwasher or water heater going bad just three weeks after you move in every home buyers nightmare. Talk to your Realtor they can recommend a good plan.
If you can avoid the seven common mistakes above you’ll be miles ahead and can have peace of mind that you are making a solid well thought out decision about the purchase of your next home. Whats the old saying…..”An ounce of prevention is worth a pound of cure”? Never has it been so true as in the home buying process.
About the writer: Vicki Walker Is a Realtor with Coldwell Banker in Davis California. Her clients are buyers and sellers of Davis CA Real Estate and homes.
The Principle Of Supply And Demand On Property Values
When applied to real estate the principle of supply and demand refers to the ability of people to pay for housing coupled with the relative scarcity of real estate. For any type of good or service to have value in any marketplace it must possess four characteristics: demand utility transferability and scarcity. Demand is a need or desire coupled with the purchasing power to fill it whereas utility is the ability of a good or service to fill that need. Scarcity means there must be a short supply relative to demand. Air for example has utility and is in demand but it is not scarce. Finally a good or service must be transferable to have value to anyone other than the person possessing it.
In evaluating a property’s value or potential worth attention must be given to such matters on the demand side as population growth personal income and the tastes and preferences of people. On the supply side one must look at the available supply of real estate housing and its relative scarcity. When the supply of real estate housing property is limited and demand is great the result is rising land or housing property value prices. Conversely where land is abundant and there are relatively few buyers housing supply and demand will be in check or balanced at only a few cents per square foot.
The principal of change serves as a reminder that real property uses are always in a state of change. Although it may be imperceptible on a day to day basis housing supply and demand change can easily be seen when longer periods of time are considered. Because the present value of property is related to its future uses the more potential changes that can be identified the more accurate the estimates of its present worth.
About the writer: Visit forleasebyowner.com for all the necessary information about homes for rent in Las Vegas NV.
