Buying Your First Summer Vacation Property - Be Practical

By: Syd Z. Nohcud

Buying your first vacation property – be it a family summer vacation camp or perhaps a more elaborate upscale lakeside chalet or condo is a dream that often comes to light during weekend or summertime visits to friends or family who are so equipped. Spring and summertime is such a short season that a getaway retreat – that is far away from it all – and provides solace away from the demands of the city, the office and the business is more than desirable – from a multitude of standpoints – be fishing waterskiing or hunting spot, recreation, a family gathering and outing place – or just plain fun and relaxation.

However from both a financial and property owner’s perspectives if you are planning on taking that big plunge to research, purchase and invest in a summer or second property there are a number of both practical and logistical considerations to delve into.

First of all as with any real estate the key words are location, location and location. It is basic and more than important to do your research on defining the geographic areas on where both your ideal and practical location of your summer cottage or property may be. You may love the Whiteshell , but find after several jaunts that the 1 ½ hour jaunt out of Winnipeg seems a lot longer after repeat trips and end of the weekend summertime traffic jams on the highways – all with other working spouses on their way back for the Monday start of the work week. It may seem fine once or twice; it may even seem fine for an occasional early morning drive in to work. However in your case a closer, yet less scenic cottage setting – say at Gimli or Winnipeg Beach. Also take into account if you have recently moved your regular home as well. What was now a short jaunt to the lake of 40 minutes from the perimeter may now have added to it an hour jaunt across the city as well? Be realistic with the location of your cottage. Ordinary practicality is the key – not only to you but also for the family. On the other side of the fence if your employment is as a teacher – and you or your spouse have the summer months off then a cottage at Lake of the Woods – may be very practical. On top of that the long distance may increase your solitude and keep unwanted guests away. It’s not a short or easy jaunt to their cottage after all. Especially now when people add in gas prices for the highway trip to the equation of their costs of a day at the lake.

It can be said in summary that a summer vacation cottage, camp or year round vacation property can be great. It can be a most relaxing haven away from home in the city, the city with all its hustle and bustle as well as the office and its pressures. Cottages are often for family. Often children have their best memories, in retrospect of the fun times spent with their friends and family at the lake during summer vacations. A vacation property is a big investment now and for the future not only in a financial sense but also for peace of mind and the time and recreation that the family can share together. Take the time to evaluate your summer vacation cottage property or year round second property fully and with practical measures in mind. Its well worth the time spent. After a vacation property is a real estate purchase.

Buying your first vacation property – be it a family summer vacation camp or perhaps a more elaborate upscale lakeside chalet or condo is a dream that often comes to light during weekend or summertime visits to friends or family who are so equipped. Spring and summertime is such a short season that a getaway retreat – that is far away from it all – and provides solace away from the demands of the city, the office and the business is more than desirable – from a multitude of standpoints – be fishing waterskiing or hunting spot, recreation, a family gathering and outing place – or just plain fun and relaxation.

However from both a financial and property owner’s perspectives if you are planning on taking that big plunge to research, purchase and invest in a summer or second property there are a number of both practical and logistical considerations to delve into.

First of all as with any real estate the key words are location, location and location. It is basic and more than important to do your research on defining the geographic areas on where both your ideal and practical location of your summer cottage or property may be. You may love the Whiteshell , but find after several jaunts that the 1 ½ hour jaunt out of Winnipeg seems a lot longer after repeat trips and end of the weekend summertime traffic jams on the highways – all with other working spouses on their way back for the Monday start of the work week. It may seem fine once or twice; it may even seem fine for an occasional early morning drive in to work. However in your case a closer, yet less scenic cottage setting – say at Gimli or Winnipeg Beach. Also take into account if you have recently moved your regular home as well. What was now a short jaunt to the lake of 40 minutes from the perimeter may now have added to it an hour jaunt across the city as well? Be realistic with the location of your cottage. Ordinary practicality is the key – not only to you but also for the family. On the other side of the fence if your employment is as a teacher – and you or your spouse have the summer months off then a cottage at Lake of the Woods – may be very practical. On top of that the long distance may increase your solitude and keep unwanted guests away. It’s not a short or easy jaunt to their cottage after all. Especially now when people add in gas prices for the highway trip to the equation of their costs of a day at the lake.

It can be said in summary that a summer vacation cottage, camp or year round vacation property can be great. It can be a most relaxing haven away from home in the city, the city with all its hustle and bustle as well as the office and its pressures. Cottages are often for family. Often children have their best memories, in retrospect of the fun times spent with their friends and family at the lake during summer vacations. A vacation property is a big investment now and for the future not only in a financial sense but also for peace of mind and the time and recreation that the family can share together. Take the time to evaluate your summer vacation cottage property or year round second property fully and with practical measures in mind. Its well worth the time spent. After a vacation property is a real estate purchase.

About the Author:

Sell Your Manitoba Cottage Sell List View Manitoba Canada Camps Chalet Cottage Lots Summer Vacation Properties free internet Browse privacy convenience your home without driving Appeal Winnipeg Property Assessment TaxesRealty Tax Consultant

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Green Development - Get In On The Ground Floor!

Green Development is a relatively new concept that relies on the premise of conserving energy and utilizing it efficiently. Through improved siting, design, construction and maintenance, Green Development enhances the efficiency of materials and ensures their optimal use.

The concept of Green Development should be inculcated with sustainable development to ensure benefits like increased productivity, reduced operating costs, improved indoor air quality, as well as lesser water runoff and heat island effect. The practice of Green Development does not imply that the resulting structure will lack in appearance and style. Green Developments can be equally elegant structures having the desirable ecological benefits. This sort of a construction concept is necessary for environmental conversation and is regulated by standards created by the U.S. Green Building Council.

Green Development aims to construct structures with minimal impact to the environment. The key is to ensure that the materials used in the construction are green indicating that they are local, non-toxic and naturally renewable. Examples include bamboo, oak, straw, stone etc. Other Green Development construction techniques entail the inclusion of large windows for ample sunshine to enter thus, reducing the dependence on electricity; thermal mass that can heat and cool the building during different seasons; energy efficient machinery like refrigerators, stoves and ground source heat pumps; and insulation to prevent energy loss. It is also important to ensure proper waste disposal mechanism. A major factor that can significantly benefit the environment is the use of renewable energy sources like wind energy, hydro energy and solar energy.

The increasing popularity of the Green Development concept has led many countries to establish standards. The pioneers are the U.S. Green Building Council; other bodies include U.K's Code for Sustainable Homes, Canada's EnerGuide for Houses, Switzerland's Minergie, Australia's House Energy Rating and others. These countries are actively pursuing environmental friendly Green Development techniques to promise environmental health and sustenance. Some of the renowned Green Builders are Walter Segal, Steve Baer, Rocky Mountain Institute, Ken Yeang and James Wines.

San Jose, California has presented an excellent example which reflects Green Development concepts. Due to the unprecedented growth and economic development of San Jose in 1960s and 1970s, there arose a need to meet the growing urban demands. The answer was Santana Row which is a San Jose shopping centre consisting of several chic brand retailers like Gucci, Brooks Brothers, Burberry, Crate and Barrel, Borders etc. Santana Row is the formulation of the shopping, dining and living dream; it boasts of 680,000 square feet of retail space; 1,200 luxury rental units including town houses, lofts, and flats; a 214- room hotel; a 12-screen entertainment cinema; 5,200 parking spaces; a pedestrian-friendly main street; public open space; plazas and courtyards. State-of-the-art facilities equipped with modern construction and amenities make Santana Row a much desirable spot for people from all walks of life. Santana Row efficiently utilized the available resources at hand to create a unique, successful and popular structure.

Santana Row has evolved as an outstanding creation that entails all facets of life within 43 acres of land. This very fact proves the competent use of limited land. Whatever the need may be, Santana Row provides the answer; it is the epitome of the one-stop concept to meet all needs.

Mixed use development is the name given to similar structures that are intended for many purposes like shopping, dining and living. Street Works is a team of professional developers, architects and planners who initiate concepts in urban locales and passionately take steps to materialize their concepts.

Street Works excels in identifying potential locations for a business opportunity and then taking appropriate steps to analyze, design and create a plan that would work with the requirements of the area. This gives birth to construction and development ideas that are relatively new. These include mixed use, residential, commercial as well as urban revitalization projects.

Street Works has been successful in identifying a few projects that can be potentially lucrative opportunities for the involved businesses. These include 620 Avenue of the Americas in New York City, Quincy in Massachusetts, Blue Black Square in Connecticut, Reston Town Centre in Virginia and a few more. Street Works aspires to create the Santana Row phenomenon in each of these areas where retailers, restaurants, cinemas and builders will collectively provide an array of services and facilities to the residents and customers. Street works has arrived at these locations by conducting extensive market research and analysis. The importance of market research cannot be stressed enough before the launch of any project. Potential impacts of the project should be carefully assessed before the idea starts taking shape. In this manner, one can be prepared to handle the various difficulties, challenges and situations a project may present.

The increasing population and development presents an opportunity to take up similar projects and explore the possibilities. Land and other limited resources should be put to proficient use and thus create an environmental friendly and convenient experience for all. Although a mixed use development project is a risky proposition, adequate research and study will help to choose areas that have the best chances of thriving with mixed use developmental structures. The most popular choice for a mixed use development considering all elements tends to be the downtown area of a city. Planners and developers have made several observations and predictions about the success and benefits of such structures; but despite all noted pros and cons, mixed use developments have immense potential and promise to be the most visited and acclaimed places provided the areas they are built in are easily accessible and acceptable to the residents of the city.

About the Author:

Tony Seruga, Yolanda Seruga and Yolanda Bishop of http://www.maverickrei.com specialize in commercial and investment real estate. As of May, 2006, they and their partners are managing over $600 million dollars worth of new projects.

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Where To Get Free Money To Buy A Home

There are a growing number of home buyers who have found free money to buy a home. These are grant-loans offered by the Community Development Corps (CDC's) which are local government agencies specifically designed to help low income families purchase their first home. Some CDC's even allow previous homeowners to get into the program.

Many local governments have started home loan subsidy programs for emergency workers (EMS, Police, hospital workers, etc.) so they can purchase affordable housing on their city or county salaries. These same governments have also extended the funding to the public to qualified buyers. Their funding is allocated by the city, county or state government and is unpredictable because of funding crises in local and state governments.

If you would like to apply for a loan, you should begin immediately to get qualified because there is usually an educational program associated with the loan. While only loans are mentioned previously, many of the funds disbursed are actually grants and not meant to be paid back. Most carry guidelines that must be strictly adhered to so that the loan becomes a grant and does not have to be repaid after a number of years. The loans are never transferable to someone buying the home, even if they are qualified in the CDC program. There are seldom pre-payment penalties, but remember, if the loan is kept for a certain term, there may be no repayment required.

The amount of the funding varies and is determined by the need of the applicant, the expected purchase price of the home, and most importantly, the amount of the funding the CDC gets. Typically, it is quoted to the perspective homeowner in a flat dollar amount, such as $40,000, which will be about 20% of the purchase price of a home for which the applicant qualifies. Sometimes the applicant can also apply for repair monies, usually about $5,000.

The applicant must look for a home to buy while waiting for his funding. His competition is other home buyers that can get conventional financing, so the process of finding a home can be frustrating. An issue of the loan process is that it usually takes 60 days, once a purchase contract has been signed. This unusually long closing time is a hardship on the buyer and seller, but seems to matter little to the CDC. Often time's sellers would rather sell at a lower price rather than waiting for the uncertainty of the CDC funding.

The CDC also requires that the applicant get pre-qualified by a lender for the difference of the grant money and what is owed to purchase the home. It is important that the applicant uses a commercial bank as a lender because a mortgage broker may put part of his commission on the "backend" of the loan, often resulting in a higher interest rate. Most CDC's have a maximum interest rate the borrower can pay, so this could kill the purchase. However, there is an industry secret to overcome this which is to have the seller "buy-down" the interest rate of the loan by giving the lender a set amount at the closing as part of the closing costs. The larger this amount, the lower the interest rate for the buyer.

The CDC loan process may be intentionally complicated so that the number of applicants remaining after the elimination process includes only the strongest. Expect many requirements to change throughout the loan process and before closing. This is very annoying, but ask yourself this, "Who else is willing to gift you with $40,000?" Do whatever is asked even if you don't understand why, or if you have done it before, because there are probably ten people behind you waiting for the same funding. Persistence and perseverance is the key to owning your own home and having the government pay for a big portion of it.

About the Author:

Available at no cost for a limited time by going to http://www.fsboTLC.com and he shares even more techniques and secrets in his homeowner's home study course at http://www.FSBOautopilot.com

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The Real Estate Investment Academy – A Guide to Financial Freedom

The Real Estate Investment Academy is a complete and easy to understand roadmap to financial freedom. Condensing years of hands on and formal education of real estate knowledge, the academy presents clear and concise steps that will lead to complete fiscal independence. The good news we show you are these logical and straight forward steps and tips provide a tangible spring board from which anyone can launch a profitable real estate investment career. By showing you how to identify potential investments, you will learn how to separate the profitable, low risk opportunities from those that may be less advantageous. You will learn how to finance these investments with no upfront capital on your part. Finally, you will learn how to identify potential buyers for your properties and how to close the deal while securing a huge profit margin.

The first step to financial freedom is to correctly identify potential real estate investments. The most important aspect to consider is a property’s profitability. Profitability has two sides – the amount that an item costs to purchase and the amount that an item can sell for. Ask yourself the following question: Can I sell this property for more than I bought it for? If the answer is yes, then you have identified a prospective opportunity. You can maximize your profit by expending a minimum amount of time or upfront costs. Real estate that has been foreclosed or defaulted on or has been sold due to back taxes typically has an extremely low sale price and is one of the most profitable and reliable choices in real estate investment anyone can make. What we have mentioned here are only a few examples of “motivated sellers.” The more motivated the seller, the lower the initial investment will be.

The next step to fiscal independence is to secure the money to make the purchase. The Real Estate Investment Academy teaches investors how to procure this money without actually having to utilize your own money. While this sounds too good to be true, many real estate deals are made without an upfront investment on the buyer’s part. Therefore, if you can find a property that can be bought and resold quickly. This transaction leaves you with all the profit of the sale without any cash up front.

In order to reap these huge profits, you need to find potential buyers. This process is a bit more fluid. However, there are no shortages of buyers in today’s market. A buyer might be a first time home buyer, an investor building their real estate portfolio, an individual with a commercial interest, or any one of a hundred other possibilities. The idea is to match the real estate with the buyer. Do your homework. Keep in mind such things as location, condition and other things that might help make a property more desirable. Follow these simple step by step instructions the Real Estate Investment Academy teaches and you too can be on your way to financial freedom.

About the Author:

Learn from a professional at the real estate investing institute. More on; Real estate investing

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Real Estate Urban Legends

Urban legends run ramped and can be quite costly if you base a purchase or sale decision on something that you heard that turns out to be false. This article will attempt to dispel some of the legends out there. But this is only the tip of the iceberg, the best thing that you can do is speak openly with a real estate agent that you trust.

Legend! As a purchaser your agent always acts in your best interest.

Reality! Unknown to most home buyers your real estate agent, can offer you two forms of representation. Your real estate agent could be working directly for you in a buyer brokerage arrangement or they could be working in the vendor's best interest if it is a sub agency arrangement.

Legend! MLS gives you all the accurate and complete information necessary to find and purchase a home in Toronto's real estate market.

Reality! MLS is a website that is open for the overall public to search therefore there are limitations to the available information. This is necessary to protect people's rights to privacy. The information that is available can be 24-72 hours out of date. For complete and current information you can hire a real estate agent to help you get the information you need.

Legend! You can find your dream home by visiting open houses on your weekends.

Reality! Facts show that very few home buyers purchase a home that they visited as an open house. Once you know the areas that you would like to live, ask your real estate agent to search everything that is available and email or present his/her results. Now you can spend your time visiting the homes that really interest you.

Legend! In order to buy a house you must have a large sum of money to put down as your deposit.

Reality! With the wide variety of financing options available,you can now get away with 5% or even less. You just want to make sure that you put down enough deposit to allow your monthly payments to meet the following rule. On a monthly basis you should not pay more than 32% of your gross household income on housing costs or P.I.T.H. (principal and interest, taxes, and heating expenses). The more deposit you put down the lower your monthly payments will be.

Legend! Hiring a real estate salesperson is complicated and expensive.

Reality! Actually, it's a free service for home buyers. The sellers pay a commission to the listing agent and he or she pays the buyer agent a commission to bring and negotiate an offer.

Legend! You should buy a home that looks good and is nicely decorated.

Reality! A lot of homes that are on Toronto's real estate market are professionally decorated. They are 'fluffed' to help increase the property's value, or to distract you from flaws and awkward rooms. You should consider using a home inspector even if it looks good.

Legend! Always purchase the smallest house on the nicest street.

Reality! It's a good strategy but there is nothing wrong with buying a larger house on that very same street.

About the Author:

Evan Sage is an award winning Toronto Real Estate Agent specializing in working with clients who are downsizing their homes in Rosedale, Lawrence Park, Lytton Park, Hoggs Hollow and North Toronto. Evan works hard to instill in his clients the confidence to make the right purchase or sale decision. He achieves this by demonstrating a superior knowledge of Toronto real estate and by educating his clients.

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How to Sell Your Denver House During the Recession

The first thing that you want to do if you decide to sell your home during a recession is to hire a good Denver real estate agent. Look for a Denver Realtor that is successfully selling homes at this time. Find out what they think about putting your house on the market. Find out how they plan on marketing your home.

Your agent should be able to help you get an idea of how much other comparable Denver houses are selling for in the area. Be sure to figure in money that may have been deducted from the price because of any agreements that the seller may have made with the buyer that may have raised or lowered the original price. This might have an effect on your listing price.

It may take a while to sell your Denver home during a recession. Give it some time before making any decisions to change your price or remove the house from the market. Houses are big ticket items and you aren't necessarily going to have buyers knocking down your door on the first day. It can still take some time to sell a property during good financial times, so it may take some months of being on the market before you get some bites.

Let your agent know if you have made any changes to your Denver home or property while it is being listed. This might be information that the agent wants to make public in the listing. If there hasn't been a picture taken since the last season, ask your agent to take a new picture an feature that with the listing. Buyers will be able to tell that the house has been on the market just by the season of the picture.

Special deals will attract more buyers. You can offer something tangible like a car, big-screen t.v. or even a month free mortgage in order to sell your Denver home in a tough market.

Be flexible on the amount of the down payment you are requiring. In a recession people have less cash in their checking and savings accounts. They may be able to get the financing and be otherwise willing to buy. A high down payment may be the one obstacle that is keeping them from making an offer on the house. Some buyers may offer you a tangible item like a car or boat as part of the down payment. These can be very profitable deals for the seller.

Even in a recession it is possible to sell your Denve home. Times may be tough but people are still changing jobs and locations, getting married, divorced and other life changing occurrences that makes one need to look for other residence. The key to selling successfully during a recession is to stand out in the crowd of other houses that are being sold in the area. Adjust your price so that you are one of the cheaper homes offered compared to the value of the home.

Keep a positive attitude, get a Denver real estate agent that is willing to work with you and stay flexible to offers that come your way. You will find that you can successfully sell your house in the recession.

About the Author:

Denver real estate Denver homes

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Home Buyers Different Insurance Options

Home insurance varies greatly, there is no single coverall insurance solution for home owners, it really depends on the individual requirements and tolerance for risk. Outlined in this article is an overview of many different types of insurances related to homeownership some of which may apply to you and some may not. Insurance may seem like a burden when you do not have a claim but the minute an issue arises you will be extremely glad that you have it.

Homeowner's insurance is a must have for any home owner. It is the car insurance of the real estate world. This insurance protects you against such things as fire, smoke, wind, hail, vandalism and slips/falls. It is typically just the house that gets insured and not the land.

This insurance is usually required by the lender in order to cover the mortgage value should the property be destroyed. I do highly recommend that my clients get this insurance and get a policy with full replacement cost, this is as opposed to the typical coverage which is replacement minus depreciation. It is hard to give an estimated cost as it really depends on the value of your home.

It is usually also a good idea to include contents in your home insurance. This protects the stuff in your house and sometimes even personal stuff stolen out of your car. If you are a non smoker and have an alarm you can typically get a discounted rate.

Mortgage life insurance covers the value of your mortgage should you die. This is not usually required by most lenders. It is recommended if you have a young family and you are the main earner. Premiums are usually quite manageable and vary depending on your age and the value of your mortgage.

Mortgage insurance is sometimes referred to mortgage loan insurance or mortgage default insurance, this is offered through CMHC and covers the lenders when a borrower has less than 20% down payment. This insurance covers the lender should you default on your payments, this is not for your benefit but is a requirement should you want a high ratio mortgage.

Home warranties will insure against the operating systems of the house. It may cover things such as the heating system, central air, electrical, plumbing, and large appliances. I usually tell my clients that if it is an older home than it may be worth it, but not to bother with it should it be a new home.

Title insurance covers your land. This is your assurance that the property you buy remains yours even if someone makes a claim against your property. If you get this insurance it is worth ensuring your coverage includes defense costs, so all legal expenses are covered. I will typically recommend this insurance when we are pushing through a deal quickly, as that can sometimes cause some things to be missed.

As you have read there are many different insurance options. I always steer my clients to a knowledgeable insurance broker to get the complete picture and to figure out all of their options.

About the Author:

Evan Sage is an award winning Toronto Real Estate Agent specializing in working with clients who are downsizing their homes in Rosedale, Lawrence Park, Lytton Park, Hoggs Hollow and North Toronto. Evan works hard to instill in his clients the confidence to make the right purchase or sale decision. He achieves this by demonstrating a superior knowledge of Toronto real estate and by educating his clients.

Article Source: www.iSnare.com

Vancouver Real Estate -To Buy Or Not To Buy

With the escalating prices of real estate in downtown Vancouver reaching never-before seen heights, many hesitant investors are asking the questions, is this a bubble? Will it all come crashing down? Is it all pre-olympic hype? As an experienced realtor who has followed the market for many years, I can say with confidence that this is not a bubble, but a dose of reality for a city that simply does not have enough land to supply the demand for accommodation, now, and in the future.

Many people are quick to compare Vancouver to areas of the United States which are experiencing a “burst bubble” effect with an increase in foreclosures. Some may say that we will follow suit because of recent gains over the past few years. It must be noted, however, that the situation in the United States is extremely different to Canada. For example, the majority of home buyers in this dire situation provide the lowest possible down payment, or even borrow more money than the property was worth. Even the slightest change in interest rates can have an extremely damaging effect. In Vancouver, a common down payment on a piece of real estate is 20%. That’s REAL money down versus creative financing in the US.

With the soaring increase in construction in the Vancouver, particularly concentrated in the Yaletown and Coal Harbour areas, there is the fear that supply will flood the market. There are already approximately 1800 units in development slated for completion in 2008, 90% of which are already sold, and almost 1300 units in development for 2009 of which 82% are sold. The market is NOT OVERSUPPLIED, the demand is still very much there, and between that demand and the rising cost of construction, the prices keep rising. We are now faced with a situation where the only potential development sites left in downtown are BC place, the Plaza of Nations, and Port areas.

It is reasonable to wonder how a unit that cost $300,000 three or four years ago could cost $500,000 today. The cost of construction has risen so much that a developer could not build the same suite for $300,000 today. Take a development like Yaletown Park in Downtown Vancouver. That development originally sold for $325 per square foot. Today, it would cost a developer $750 per square foot, leaving no choice but to increase prices. In Coal Harbor, the Fairmont development has already broken new ground by selling some units at over $2000 per square foot. That is TODAY’S prices, not ten years from now. The demand is there, and the $2000 per square foot ceiling has been broken.

Finally, the 2010 Olympics will have the largest impact on Vancouver real estate for years to come. Although it is only a two week event, the money and exposure it will bring to our city is priceless. The world will be introduced to Vancouver as never before and the infrastructure that comes with it in transportation improvements, new venues, and conferences will remain with our city.

When if comes to investing in real estate, there are two types of speculators: one who buys and hopes that the property goes up and then there is the one who is a position to buy but doesn’t for fear the property value will down. In my opinion, not buying when you can perhaps is the bigger risk. The world has its eyes open to Vancouver, and it is my goal to assist future clients in what will be the most important financial decision of their lives.

About the Author:

Vancouver Real Estate Agent - Larry Rahn http://www.mrrealestate.com

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