Real estate refers to the “property consisting of land and the buildings / infrastructure on it, along with its natural resources like ability to have crops grown, minerals or water, ores etc. To be specific in, the business of real estate is one involving the activities concerning the renting, selling, or buying land, buildings or housing societies”. It is the official and legal term used in regions of the Australia, United Kingdom, Pakistan, India, United States of America, New Zealand and Canada.
Major classifications of residential estate properties are :
Attached or so called multi-unit dwellings.
- Apartment as in American English or Flat as in British English – A single constituent in a multi-unit structure.
- Multi-unit house – commonly spotted in many multi-story buildings, where on each floor there are one or more different apartments or units.
- Cooperative society(also known as co-op) – it’s a type of multiple ownership system where the people living, on their own share the cooperative management responsibility, also allowing every resident to occupy a particular apartment or unit.
- Duplex system – Two units or cells having one shared wall in between.
Renting, investing, or buying in a property is an important and a large decision to make and should be done wisely. Knowing that if Doreen would be right choice for you to invest, is just as much crucial as the estate property. After doing some analysis and research of the property’s demand and supply of the place experts believe, median property prices, and statistical demographic knowledge can help you making a much wiser choice.
In a usual real estate deal, buyers should and tend to ask, and sellers are likely to be held back — because if you are buying and you didn’t asked, then you might not get.
On one hand where sellers desire of getting the highest price and buyers try for the best possible price at which they can seal the deal, wherever the two ends meet in the between that becomes the closing amount for the deal. Negotiating wisely on realistic terms is very important estate business involves largest of the asset’s owned by people and there is generally a large amount of cash is involved.
Remember one thing at last, every person involved in the deal has an aim : to close/finalize the transaction. Sellers have to sell, and buyers need to buy, but often, it gets somewhat sticky in them where neither want to fluctuate from the price of their choice, then situation has to be tackled wisely and one should ensure that nobody is at loss also, if nobody is at profit and then decide the price.
One of the parties does have the upper hand, however it’s supposed to be a buyer’s market due much supply and less demand as less people can afford, hence those looking for a buying a property are free to walk away if and whenever they don’t like the terms, since buyers have much of other brokers to approach to and many deals to select from.
Well, here are some tips as for what sellers and buyers may and should inquire:
1. Price of the structure :
Buyers and sellers always try for negotiating for the best deal possible for them, like the sellers on one hand needs the highest possible price and the buyers on the other hand needs to settle the deal for the lowest price they can get, generally, they meet up at some point in the middle.
2. Closing costs or security :
Buyers need to pay some advance closing costs for their mortgage, which is the money that seller holds as security, for issues like insurance and taxes etc.
3. Provision of warranty for home :
A buyer can certainly demand for a warranty period for the infrastructure, or even a seller may offer the same. The protection or warranty plan covers the home appliances(electrical etc.) and the facilities like air conditioning and water heater system, if there is ever a breakdown or repairing work in these things, warranty scheme may come in handy.
4. Leaseback conditions :
The transition of shifting to a all new residence may be some times highly stressful and labor or work demanding task.
5. Home repairing works :
Often it happens, that buyers also have lot’s of scope for negotiation and bargaining the price down as per their need specially when a home requires lot of updating, whitewashing and renovation. If a home is outdated in terms of appliances, have bad cracky ceilings or cracked pool side base foundations, then a buyer may ask for a even more less amount as they would have to bear the cost of updating the home according to latest standards.
6. Furniture should be taken into account in the deal:
Personal items, assets or property, like cabinets , window treatments, chandeliers and patio furniture, is also up for the deal. What so ever is excluded in the deal should be clearly stated within the contract itself before the deal is closed.
7. Appliances need to be considered :
The items or gadgets like microwave, dishwasher, stove and many other in-built appliances may be up for the sell as they are one with the property, but personal and portable items like washer, refrigerator and dryer which may be taken by the seller himself for his own use to his new residence are not a part of this.
For more information and updates from the field of real estate Doreen, you should may contact the local agents and visit some local websites.