Legal – Juices in Real Estate

6 Tips for Buying a Real Estate Without Being Ripped Off

Posted on August 24, 2020August 24, 2020 by realestatejuice

Purchasing a new home is perhaps the single largest financial decision you will possibly ever make. Also, you will generally purchase a home once in a lifetime. The risk of making adverse mistakes is hence rife, given this. There is also the danger of being scammed by your colleagues due to their elevated experience.

To help you with making the most informed decision, we have investigated and are going to showcase some of the tips whose adherence may help you out. Indeed, by adhering to the tips hereunder, you could even save thousands of dollars in the course of making a purchase. Please also see the latest info with regards to The Reef at King’s Dock which is by Mapletree and Keppel Group. The development is located at the Greater Southern Waterfront and is close to Vivocity.

Below are six of the major tips which you should adhere to while buying a house without ever getting ripped off:

#1: Purchase a home only if you intend to reside there longer

You should only purchase a home if you plan to stay there for longer. Homes, as we have already intimated, do cost too much to acquire. It is not uncommon for some mortgage plans, which are the principal means of purchasing first homes, to go beyond 30 years.

Embarking on a purchase at a time when you are not certain of your stay there is tantamount to ‘throwing away money.’ You might have to put your plans on hold if you still do not intend to settle or have other priorities in the meantime. That may require some introspection before embarking on a purchase.

#2: Take your time to shop for a house

After you have decided to make a purchase, you have to take your time to shop for one. This simply means you taking your time and effort to examine the many options that are available for your consideration before settling on a specific one. You may have to get online and inquire with many realtors.

In the course of doing that, you have to consider the floor size of the home you are desirous of, the number of bedrooms, the location of the home, the amenities provided for in the facility, and of course, the overall price of the home. A face-to-face inspection of the facility will definitely be handy.

#3: Make a careful selection of the realtor

To be able to make the right choice, you have to make a careful selection of the realtor. This is the agency or the individual that will help you to make the most successful purchase. The kind of realtor you pick for the job has the ability to make or break the situation.

Choose one who is trustworthy and experienced and enjoy better services with zero possibilities of getting scammed. Pick the one who is less experienced or has a checkered past and get duped of your hard-earned money. You may have to inquire from the past clients for the necessary testimonials and reviews.

#4: Set a Budget and adhere to it

When all is said and done, whether or not you will make a home purchase will depend on the financial resource endowment at your disposal. It is hence imperative that you set a budget and adhere to it. The budget you pick has to be affordable and well within your easy reach.

It is rare that you will have the whole amount at one go. That is why it pays to break down the financial endowment. This entails stating the sources of the funding for the purchase of the home. Examples could be loans, mortgage, savings, or family sources. Assign concrete figures against each source for added clarity.

#5: Find and make use of a great inspector

In the course of assessing a home, you will definitely require the services of an inspector. This is a professional or a company that is dedicated to matters of the property inspection. Let his trusted person or company check out for the existence of molds, termites, leaks, or other forms of damages.

Needless to say, you should deal with the emergent issues before you sign the home purchase contract. Purchasing a home without these issues taken good care of will only serve to make your more inconvenient while at the same time inflating the final price of purchase. It is the responsibility of the property owner to do that.

#6: Make use of a reliable property agent

Lastly, you also have to make use of a reliable property agent to facilitate the change of ownership of the home from its present owner to you. The agent negotiates with the sellers, writes offers, makes arrangements for property views, advises the clients appropriately, and guides the buyer through the necessary paperwork.

For an agent to qualify for the job, he has to have been in operations or existence for quite some time, obtained a wealth of experience all the while, and have a spending track record of the people whom he has already assisted to purchase homes.

CONCLUSION

Needless to say, the six tips we have delineated and explained above are not all that may be necessary to make the most informed purchasing decision. There are indeed many other tips that may equally be of help to you. Nonetheless, the six tips above are the most crucial.

You hence have to make every effort to internalize them and adhere as closely as possible to them in your search for and find of the most suitable home. What more could we possibly add? Have we not belabored the points in-depth and in a manner that is satisfactory? We ask you to share the insight with the others who might need it as well.

Using Your Hard Earned Sweat Money to Get 125% Equity Loan

Posted on June 4, 2020 by realestatejuice

A 125% equity loan or 125% home equity line of credit enables one to borrow up to 125% of the value of one’s home or equity in one’s home. Popular now, 125% equity loans allow people to borrow to pay for college, home improvements, pay off credit card debts and even purchase new properties. The downside of the 125% equity loan is that it is so appealing that some people end up borrowing over their heads.

This Lending Network offers customized, competitive home equity, second mortgage, and refinance rates on loans up to 125% of the appraised value of your home.

Many lenders are willing to lend borrowers up to 125% of the home’s value, minus the first mortgage’s balance. This can be used for loan consolidation or for other priorities such as buying a new car. The 125% LTV or Loan-To-Value really took off in 1997 as has never looked back since. Loan-To-Value simply means the ratio between the fair market value of a home and the percentage of that value that is still owed to the lenders.

The 125% equity loan is an off-shoot of the second mortgage loans offered in the early 1990’s, which were primarily used for home improvements. These home improvements would generally increase the value in a home so there was a tangible pay-off for these loans. The 125% equity loan now days is most often used for debt consolidation rather than home improvements, though it really can be used for whatever the borrower wishes.

The average 125% equity loan is from $10,000 to $50,000, which can be used to consolidate credit card debt, pay off student loans and often-times have some cash left over for home improvement or personal use. The 125% equity loan has been heavily marketed over the past several years, on radio and television by smaller firms willing to take the risk as lenders. Traditional mortgage companies are now coming on board since the profit margin is quite in the lender’s favor.

Credit card debt is at an all-time high now and borrowers are taking advantage of the 125% equity loans to help with this relief. The popular 125% equity loans are not for everyone, however, as consumers wishing to qualify for a 125% LTV loan will need a FICO credit score of 650-700 or above. In order to receive these loans, borrowers will also need good jobs, stead incomes and good payment histories to receive the required scores. The ideal candidate for this kind of loan is a borrower with considerable debt but who has always been able to pay the bills and simply needs some relief.

Sweat equity is equity in a business or home that is the direct result of hard work by the owner or owners. Sweat equity is solely based on the time and effort of the contributors in contrast to financial equity, which is based on the monetary contribution to a home or project. The term sweat equity is sometimes used in partnership agreements when one or more partners contribute time, energy, creativity and effort instead of capitol.

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The term sweat equity can also be applied to the value added by owners of real estate who make improvements based on their own efforts. The greater labor applied to a home, the greater the increase in value is the general rule. Also, the greater the labor, the more sweat equity has been used up. Typical sweat equity projects are home improvement efforts which add the most value to a home. Paint, wallpaper and carpeting projects undertaken by the owner can mean greater value to a property than other projects and thus involves a greater sweat equity in that property.

Improving kitchens and bathrooms offer opportunities to increase a home’s value the greatest and thus efforts in these areas by the owners equate to greater sweat equity. In addition, and owner-built home or an addition to a home built by the owner offer the greatest sweat equity opportunities.

Purchasing a modular home also offers opportunity for sweat equity savings off the retail price of a home. Many times, home can be purchased for wholesale prices when the owners decide to take on some of the sweat equity projects themselves. Such sweat equity projects may include: electrical, plumbing, drywall, painting, carpentry, siding or brickwork or other project needed to finish a home. The owner has the ability to save money and build equity using hard work at the same time. With this kind of sweat equity, the owner can also reduce their initial loan amount, saving considerable principal and interest payments in the future.

Some charitable organizations use sweat equity to build low income housing for those who cannot afford it. By organizing many skilled and unskilled people to work on a home at the same time, these charities can often do most of the labor for free while many times materials are donated. The sweat equity in homes such as these are in the 90 to 100-percent area and are based solely on the hard work and labor of many willing participants.

Credit Score That is Needed for Group Captive Insurance

Posted on April 28, 2020 by realestatejuice

The recent Covid-19 episode has put alot of stress on business and therefore many businesses are looking at ways to secure their business with insurance. A good credit score is needed to keep premiums low as well. In those recent years the credit becomes the backbone of the fast economical growth of the society and main product of the current economical market. So there are two aspects of every credit deals in which one is the borrower and the other is a lender or any financial institution. When a borrower apply for getting a loan or credit card the lender will try to know about the borrower’s creditworthiness from any third party.

These third party agencies are the credit rating companies or bureau who collects information from their various sources and after that they provide it to the all lending institutions and banks. The credit bureau’s borrower information is contained with the borrower’s billing payment habits, other terms of loans and personal income sources and employment details, So that the lender can approve the application of loan easily after satisfying by borrower’s credit report from the credit agencies.

There are three major credit reporting agencies like Equifax, Experian and TransUnion. From those credit bureaus the borrower also gets a free report on every end of the year to verify their potion in the financial credit market. In this way they get chance to clear their mistakes and wrong entries in the report.

The lenders use this report to evaluate the borrower to approve a lone to him with what rate of interest. The employers also use this weapon to know their employee’s creditworthiness and credit information. The credit report is now the basic requirement of the every new or old borrower. It is a safeguard to the lenders as well as the borrowers.

The credit rating agencies are now playing a crucial role to control the fake borrowers and the increasing default loans numbers. The borrowers also get easy way to keep them in the choice of lenders by making good score on credit report.
Manufacturing businesses take on a lot of risks related to their operations, making the right insurance policies critical to their success. As a business owner, selecting these policies means carefully balancing the protection they offer with the need to control costs. This is especially critical for those in the manufacturing sector, as comprehensive coverage can cost upwards of 30 percent of your predicted gross sales.

That’s a significant chunk of your profits and no doubt has you curious about ways you might be able to cut down on your insurance costs without leaving yourself vulnerable. One option available to you is a group captive insurance program.

A group captive insurance program allows you to access the coverage you need without relying directly on traditional insurance providers. Think of a group captive insurance program as creating your own insurance company with other, like-minded companies. Membership is restricted and the program is crafted based on the needs of the collective.

You can be a founding member of the program or you can find one that’s already in existence and join with the permission of the other partners. These programs allow companies to pool their resources to lower their overhead costs and benefit from any unused premiums. In addition to reducing costs, the companies within the collective are given significant control over their insurance policies, which can be critical for those in the manufacturing field.

Manufacturing is a high-risk industry. Liability is much higher than in most other sectors and is far-reaching. As such, traditional insurance policies are often prohibitively expensive and tend to require companies to take out more coverage than they can use to get the protections they need.

A group captive insurance program gives you the exact coverage your company requires. For this to work, you want to enter into a homogenous captive; this means the program members are companies within the same industry as yours, possibly manufacturing similar products. In working with companies similar to your own, you best align your risks, and as a result, your coverage needs.

The idea of creating your own insurance company sounds daunting, but when approached correctly, it’s pretty hands-off for you. A Captive Manager can manage most operations of the captive with you and the other parties having a say in any important decisions via the captive’s board of directors. So long as you carefully select your consulting firm and receive the right guidance, running a group captive profitably doesn’t need to become a second job.

Group captive insurance programs solve common problems for manufacturing companies, but that doesn’t mean they are the best choice in every situation. You must carefully weigh the benefits of all options available to you. Some reasons to consider a group captive program include:

While these benefits are enough for most in the manufacturing industry to consider a group captive insurance program, keep in mind that the collective is only as strong as its members. Should you decide to opt for such a program, be picky about who you work with.