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The real estate purchase agreement is more than just a casual offer. The moment you and the seller sign it, it is a legally binding contract. Since you can put what you want in your offer, why not include some of the clauses that smart buyers use to protect themselves and save money? Some suggestions follow.
Six Purchase Agreement Clauses
A better earnest money clause. You can put a small earnest money deposit down and still be taken seriously, if you include a clause like this: “$100 earnest money deposit, to be increased to $2,000 upon acceptance of this offer.” You could also have it increased “when all contingencies are met.” This way, if there’s an argument about you backing out because the inspector found foundation damage, for example, you won’t have your money tied up while this is being resolved.
Inspection contingencies. Ask an agent about the wording, but basically you want something like this in the purchase agreement: “Contingent upon a home inspection and buyer’s approval of the results; inspection to be done at buyer’s expense within ten days.” Now you the right to have an inspection done, and if anything negative is found, you can refuse to “approve” of the results, and get your deposit back, or you could re-negotiate a lower price.
Assignation. If buying with a partner who isn’t there to sign the offer, or if you want to “flip” the deal to another investor, or if you may need to involve a partner for purposes of funding the deal, be sure that the purchase offer gives you that right. Putting “and/or assigns” after your name on the offer is usually sufficient, but ask the real estate agent what the local custom or language is. This lets you add another buyer to the deal, or assign the whole contract to another.
Let the seller pay. Specify that the seller pays for the closing fee, the title insurance, the recording fees, and even the points on your loan. Sellers often just want the sale at a given price, and don’t care about the details. What if they do care? You have given yourself some negotiating points. Get something for dropping each of the costs you included, like maybe a reduced interest rate if the seller is financing part of your purchase.
Basic financing contingencies. Suppose the loan doesn’t come through, and you can’t buy the home. You’ll lose your deposit, unless you have something like this in the agreement: “Subject to buyer obtaining a firm commitment for suitable financing within ten days.” If the seller balks at the vague language, you can specify what “suitable” means in terms of interest rate and such.
Spouse’s approval clause. This could be as simple as “Subject to a walk through inspection and approval of home by wife (or partner - state their name) within two days.” Now, if your wife says no within two days, you can back out of the deal and get your deposit back. If you want the seller to agree to this one keep the time frame as short as you can.
The above clauses are often called “weasel clauses,” because they give you ways to back out, or “weasel out” of a real estate agreement. Don’t worry about the label. A seller has the right to say no to your offer in any case. You, on the other hand, have the right to use these purchase agreement clauses to protect yourself.
Steve Gillman has invested in real estate for years. Learn more about purchase agreements, get a free real estate investing course, and see a photo of a beautiful house he and his wife bought for $17,500, at http://www.HousesUnderFiftyThousand.com
The power of goal setting has been well documented and communicated so before you skip over this point because you’ve heard it all before I’d like you to consider how well you are doing it. I’m a firm believer that you don’t truly understand something until you are doing it.
If you are an avid goal setter you will want to read this to learn some specifics associated with real estate investing. If you are not a frequent goal setter please read on and consider that setting goals really is a powerful tool, does have some magic about it, and is critical to your investing success.
Consider the following example. In 1953, researchers interviewed the graduating class of Harvard University about their career goals for the future. It was found that only 3% had written goals and specific plans for achieving them. Twenty years later the researchers re-interviewed the class of ‘53. They discovered that while all students had shared the best education money can buy, the 3% with written plans for the future were worth more, in financial terms, than the other 97% combined. Whilst this only examined financial or career goals I think it illustrates the true power of written goals.
I’m tempted to offer some goal setting basics here but for the sake of brevity, all I’ll say is that your goals should be: specific, measurable, realistic, in writing and have a deadline. Know also that they will evolve over time so you don’t need to worry about getting them perfect; just start with something!
With respect to real estate, you need to first figure out what your primary investing objective is:
i) quick cash / equity
ii) cash flow
iii) capital growth
Note: There is a discussion regarding the role of these different objectives in the handbook Investing Secrets of the Property Masters Revealed.
Let’s say, for the sake of an example, that you want to focus on cash flow properties. Consider the difference in the following goal statements:
I want to invest in some real estate that will supplement my income and help me retire faster.
or
I will acquire sufficient property in the next 12 months to produce an average of $4,000 per year of additional income.
That’s much better because it is getting specific, is certainly measurable and has a deadline. It is also realistic and in writing. But when you go to see a realtor or other people who will help you acquire that property they will ask things like, “in what area?” and “what type of property?” so as you learn more you need to add those details.
This is another very important point about setting goals for your real estate investing. Once you have these clear goals, people such as realtors will suddenly treat you much more seriously. Even if you don’t have all the answers; imagine walking into a realtor’s office and hitting them with those two goal statements. Which one will get you further? Even if you don’t know which area or what type of property they won’t treat you like a tire kicker. They will ask those important questions of you and you can learn from them and go away and make your goal even clearer before getting back in touch with them. And the next realtor you visit won’t even know that you hadn’t thought about that. They’ll just see someone who knows exactly what they want and will be able and willing to help out.
The final point I want to make about goals is more to do with the measurement part than with setting them. I know that sounds tedious but it can be really exciting. The most successful companies in the world track their progress against their goals because it is effective to do so. Imagine putting a simple graph on your wall that has the months along the bottom axis and the cash flow you’ve developed on the vertical axis. You can draw a red line across the graph representing your target of $4,000 per year and then you can draw an angled line that adds another $333 to the cash flow each month. This gives you some very good feedback as to how you are progressing and motivation while there is still time to do something about it. That’s obviously much better than just seeing how you went 12 months later and finding that you only acquired property that produces $1,000 per year. It’s a very simple and powerful tool.
If you are really disciplined you can take this one step further and use the same approach for the activities that produce the outcomes that we are measuring on the other graph. This really helps ensure the result. For example, if you know you need to evaluate 100 properties and make offers on 10 to acquire that amount of property then you could graph those drivers as well.
To your success,
Scott Roemermann is president of Investing-Secrets.com; a website dedicated to helping consumers in their search for sound investing advice from honest and experienced professionals rather than self-proclaimed ‘real estate gurus’.
Scott does not claim to be a guru or advisor himself, he says he’s ‘just an average guy’ who has also experienced the bewilderment and uncertainty of trying to get started in real estate investing when there are so many alleged experts claiming to hold the secrets of the rich. To solve this problem Scott has authored a guide in which he compiles and reviews 17 of the leading strategies being promoted by the true gurus that he has come to respect after many years of research.
That guide is available at http://www.investing-secrets.com/
Resort home ownership, such as condo hotels and fractional shares is different from typical home ownership. So it is important to ask certain questions before signing the purchase agreement on a resort property. The following list of questions typically applies to most types of resort property ownership unless otherwise noted.
Pricing and Initial Purchase
-Is the price negotiable and do you need to purchase through a certain company or representative? Who gets a commission off the sale?
Some properties have a small percentage of flexibility in price while others are basically set in stone. This will usually be determined by demand, as well as overall policy of the developer or management company. Also, if you know who stands to profit from the sale and how much, it could help you in your negotiations.
-Is the property already completed or is it in pre-construction?
This question is important because the answer will likely affect the price of the unit. Many properties in the beginning stages of development will be sold at a discount to attract buyers, but as it becomes a more certain investment or units increase in demand, the price will go up.
-If the property is in pre-construction, when will it be completed and what will the overall property look like?
You may be anxious to get into your unit or have a certain occasion in mind. If completion is two years out, you may not want to wait. Also, a property in the early stages may look great to someone who wants a small facility with a low-key, less populated atmosphere. But there may be plans for hundreds or even thousands of additional units and large clubhouses, retail areas or other features that will draw many people. If you plan to keep your property for many years, you want to be sure it will fit your needs when it is finished.
-How many other owners are there?
This question is important for those considering purchases of fractionals. The price and amount of time available each year will depend on the number of other ownership opportunities offered in the particular unit. More than eight or ten other owners will make competition for primetime more difficult.
-What type of financing is available for this type of property in general and for this specific development?
Both condo hotels and fractionals are considered timeshare properties. Even if they are viewed as a second home, the bank considers all three types of properties discussed here as a secondary obligation - one that is less important than your primary home mortgage. As a result, you may have to pay 10 or 20 % down and the rate may be higher than a traditional home loan.
Some developers offer financing, which can be helpful, but be sure you understand the details. Some may require a smaller amount down, but will ask for a large payment upon taking possession of the unit. This arrangement may be fine with you, but you don’t want any surprises.
Another financing option is to take out a second mortgage on the equity in your existing home. If you choose this route, be sure the interest rate does not make it much more expensive in the long run. Also, you need to be aware that if you use a home equity loan to finance your purchase, you have only 90 days to refinance to a regular mortgage.
Information About the Management
-Who are the developers? Who will manage the property?
The first question will be important in determining the quality and reputation of the property. The second question will help determine if the management organization is well-known, professional, and likely to increase your rental income or resale value. These two questions are critical from an investment perspective.
Costs Associated With Ongoing Ownership
-What are the ongoing costs and who pays for them? Is there an annual membership fee?
There will typically be costs for insurance, real estate taxes, and improvement of the facilities. Although owners generally pay for these items, especially in a condo hotel setting, it is still important to ask. Other expenses to verify include housekeeping, marketing, administrative and general maintenance of the property. These are usually paid by the facility but one shouldn’t assume this is the case.
Rental Plan & Income Generated
-Is there a rental program and is it voluntary?
You will want to know if you can choose whether or not to participate in a rental program. This is true for all properties as some hotel residences and fractionals also offer this option as a means of generating income.
-How is the property marketed and does it have a history of success or features that will make it competitive in the vacation rental market?
If you plan on receiving rental income from your property when you are not there, it is important to find out what the management’s experience and approach is. Somebody like Hilton or Four Seasons has a reputation for luxury and good service and will likely attract more renters than an unknown management company. In addition, if the property has a popular restaurant, is located near a convention center, shopping area or other facility that will draw people in, you are more likely to find interested renters on a regular basis.
It is important to note that due to the unknowns involved in marketing and renting vacation properties, you should not count on rental income to cover the costs of ownership. Instead, experts recommend that you view this income as a bonus, if and when it is paid to you. The main consideration should be finding a property that you enjoy and will use.
-How is rental income distributed?
Gain a clear understanding of the percentage of rental income that will come to you, as well as any fees or charges that will come out first, such as furniture and decorating charges, and savings accounts for replacement of items. Some properties offer a better ratio than others.
Availability and Usage
-How often can you use the property? How long can you stay? How do you reserve time and how far in advance do you need to notify someone?
These will be important questions for condo hotel and fractional owners. But even in a hotel residence, you may need to call ahead to let someone know you are coming. Otherwise, your place may not be cleaned and stocked with supplies.
-What if you want to cancel your time or reschedule? How far in advance do you need to let someone know? Is there a penalty? Can your friends and family use your allotted time if you’re not able to?
For condo hotel and fractionals owners, the guidelines that dictate what happens when you can’t be at the property are as important as those for when you are using the unit. Be sure there is plenty of flexibility so that you can easily make adjustments and get the most out of your property without being penalized unnecessarily.
-Are there other properties in the same management group that you can use?
Some properties are managed by companies that have other properties available for you to use as an alternative. This can be an ideal feature, especially if you like to travel or want to share your available property time with family and friends.
Amenities and Services
-What amenities and services are available for residents and what do they cost?
As was mentioned in the previous chapter, it is important to have a full understanding of the services and amenities offered and the charge, if any. Some properties seem less expensive at first, but if you find that you will have to pay for things such as laundry, maid service, and furniture, appliance and decorating upgrades, the price doesn’t seem so great anymore.
Be sure you know the actual price it will cost you to get the unit with the furnishing you want and the services you use on a regular basis. These expenses are all part of the overall cost of a property.
If You No Longer Want the Property
-What if you change your mind about the purchase?
In response to high pressure sell tactics of some standard timeshare properties, the State of Florida enacted a rescission law that allows you to change your mind about your purchase within a certain timeframe. If purchasing a new property, you have 15 days to change your mind and receive your deposit back. On a resale unit, the timeframe is 3 days.
-Can I sell or transfer ownership of my property, and if so, are there restrictions or penalties?
There may come a time when you want to sell your property or give it to your children. It is important to know the rules about this before you purchase. Some properties may say that you can only transfer ownership to family members. Others may require you to list the unit through the management company. You may also be required to own the property for a certain amount of time before you can sell. It is important to ask these questions before purchasing.
-What is the resale value of the property?
In general, the types of ownership we have described have good resale value and are typically much better than that of standard timeshares. Of the three, fractionals are the most questionable when it comes to resale, but the risk can be greatly minimized if you pick an exclusive property with a well-known management company.
The resale value of your particular property will depend on several factors, including the reputation of the management company, the number of other similar properties available in your area, the condition of the property at the time of sale, the overall real estate market, and the popularity of your location. Some of these things can’t be predicted, but if you do your research it will help you to select a property with high resale value.
This list of questions covers many of the different aspects and issues associated with these innovative forms of resort property ownership. There likely will be other questions you want to ask as you become involved in the process. It is a good idea to enlist the services of a reputable real estate attorney or agent who is familiar with the specifics of condo hotels, fractionals, and hotel residence purchases. It may cost you a bit more, but could end up saving you thousands in the end and can provide you with the peace of mind and freedom to enjoy the experience and to feel satisfied with the process and the terms of the final purchase.
For more on finding and buying the right condo-hotel, check out Make Your Next Home a Resort, the 2005 Guide to Condo-Hotels, Fractional Shares and Resort Residences. You can download the Guide as a pdf file at http://www.InvestingIN.com/realestate/resorts/resort4u.htm
Leon Altman is the founder of the InvestingIN Real Estate Letter - http://www.InvestingIN.com/realestate/LtrSignup3.htm - and its parent website, http://www.InvestingIN.com - which provides articles and newsletters about opportunities in different areas.
Many people make a major mistake when applying for a mortgage. They are so relieved to get the loan that they fail to pay attention to prepayment penalties in the loan documents.
Prepayment Penalties
With the refinance craze of the last few years, many borrowers have been surprised to find they are locked into their loan with prepayment penalties. Boiled down, these penalties require borrowers to pay fees if they pay off the loan prior to a certain point in time. By including such language in the loan documents, some lenders are trying to ensure they will recover a certain amount in interest on a loan as well as reach a certain maturity date on the loan. Lucky you.
Prepayment penalties come in a variety of forms. First and foremost, state law controls the amount and types of penalties that can be charged by a lender. Of course, this means each state has different laws and you should make sure you understand what can be done in yours.
As to the payments themselves, they typically come in two forms. The first is a percentage of the overall loan For instance, assume you have a $400,000 mortgage and the prepayment penalty is 3 percent. Your prepayment penalty will be $12,000. This is typically true even if you are selling your home because of financial difficulties.
In some states, prepayment penalties can come in the amount of interest to be charged over a period. Assume you are paying $2,000 a month in interest on your loan. The prepayment penalty may be something equal to 10 months of interest from the date of prepayment. Put another way, you are looking at a $20,000 prepayment penalty. Obviously, such a payment is going to be a dent in any profit you would pull from the home.
Lenders are not required to identify prepayment penalty language in loan documents. You absolutely must read your loan documents to make sure penalties aren’t included.
Prepayment penalties are not mandatory in loan documents. If a lender refuses to waive the penalties, make sure to shop around for a better deal. Don’t get pounded on the back end of the loan.
Dan Lewis is a mortgage broker with www.gwhomeloans.com - San Diego mortgage brokers providing home loans and refinances. Visit gwhomeloans.com/services.html to learn more about options for San Diego mortgages.
If you’re in the market for the best Philippine condominium, there are plenty to choose from, developers boast of their condo’s sterling location, features and amenities, but what counts is how your unique lifestyle will fit your chosen condo’s unique attributes. Much like finding a partner, it’s all about compatibility. Consider the elements of these condo locations below:
Manila condo / Malate condo / Ermita condo
If you would like to come home to picturesque views of the Manila bay sunset, then you may opt for a Manila condo or Malate condo. Awe-inspiring vistas of the bay and its vast breadth will calm and soothe every harried soul after a long day at work. Retirees or empty nesters would love to look out from their balconies or windows and breathe in the spectacular sunset scenery in front of them. Returning balikbayans will relish the more relaxed pace of city living in these Manila condos and Malate condos. People who have offices in Manila and Malate would also savor having the best of both worlds as they go about their early morning routine without braving the frenetic traffic of the major CBD’s, while still enjoying the convenience of being near major shopping malls in Manila.
To add, if you particularly love a sense of culture and community, where the environment is relaxed, the people know each other, the conversations are light and earthy, where the mood is light, then you will appreciate living in a Malate condo. There is a defined culture here, from the hallowed halls of the Cultural Center of the Philippines to the down-to-earth feel in the restaurants and bars, a bohemian-like ambience to every place you go. This is the place to be and the condo to choose for people who like to commune with other people, for the free-spirits and the easygoing individuals.
Choose Malate Crown Plaza if you want a condo with the most value, ready to occupy, and conveniently close to every landmark in Malate. Adriatico Grand Residences if you want to be literally across the street to Robinsons Place Manila, the largest shopping mall in Manila. Mayfair Tower, if you wish to be near the US Embassy and like your amenities to be more than the usual, a notch above the standard. Ivy Hill, if you’re a student of nearby universities DLSU, St. Scholastica and others.
Bonifacio Global City condo
Bonifacio Global City is destined to become the next satellite city of Metro Manila. Already dubbed the next major central business district after Makati and Ortigas, this is the city for those with an eye to the future. Cradled between Makati and Mandaluyong thru the C-5 thoroughfare, Kalayaan Overpass and McKinley Avenue, it is clearly accessible from major parts of Metro Manila. Already there are multitudes of high-rise residential and commercial condos being built at the site. Technoparks and call center facilities are sprouting like wildfire in the area. But not to overshadow the views, as BGC has allocated only 60% for structures and edifices while the remaining 40% will continue to be unspoiled terrain for greeneries and nature parks.
If you’re a golfer or a golf enthusiast with a thirst for an expansive golf course view from your unit window or balcony, then a Bonifacio Global City condo would be suitable. Savor the view of the nearby Makati landscape especially with the buildings alit at night. If you wish for a more relaxing alternative to the hustle and bustle of Makati living but wish to be near your Makati office, then a Bonifacio Global City condo is for you. This is for the world-weary executive who wants his privacy amidst the stressors of corporate living. It is for the sophisticated who wants to have his own prime piece of property near the posh enclaves of Forbes Park and other exclusive subdivisions.
It is for the expat who wants to be near his office address while breathing in the unadulterated fresh air and rich greens from the Manila Golf landscape. Choose Hamptons Place for the best-value condo in Bonifacio Global City, or Fifth Avenue Place and McKinley Park Residences for the proximity to restaurant strips. Lee Gardens in Shaw Boulevard, Mandaluyong for golf hobbyists and members of Wack Wack Golf.
Makati condo / Ortigas Center condo
Are you a 9-to-5 office worker who has to rush in the morning to get to the office on time and who has to beat the rush-hour traffic on your way home? Then you would need a condo close to your place of work. This usually means nearby the major central business districts of Makati and Ortigas. There are plenty of Makati condos and Ortigas Center condos for the eager corporate worker. Coming home to your Makati condo or Pasig condo means less time on the road, less stress in the early morning, more time to unwind after office hours in the nearby café or bar, more jamming time with friends in your own pad, your own Makati condo to show-off to that cute officemate/hot co-worker.
Makati condos are for the ambitious corporate slaves, err hotshots. Makati condos are shining beacons of achievement and glory, and living in one is a blazing symbol of corporate success. When you have a prestigious address in a Makati condo, expect to be envied. Living in a Makati condo means you’ve made it…thru the corporate mudslinging, the endless overtimes, the palpable tension and stress that are inevitable in your climb to the top. It means you’ve made it but there are still more races to win and the best is yet to come. For Makati condos, choose Rada Regency if you have a modest budget, The Columns Legaspi Village if have the money to spend. For Ortigas Center condos, choose East of Galleria, just steps away from Robinsons Galleria and the Podium, or Corinthians Executive Regency, also minutes away from Galleria and nearby malls.
Mandaluyong condo
If you’re one who likes to literally be at the center of Metro Manila, have your own neighborhood mall, the Robinsons Pioneer Mall, near several offices and IT parks, be near one of the most popular supermarket/groceries in the metro, Uniwide Warehouse Club, then there’s no better condo than a Mandaluyong condo. It’s also near all the biggest malls in the countrySM Megamall, Shangri-la Mall, Edsa Central, and the warehouse clubs Uniwide, MAKRO, in close proximity to Cubaothe bargain hunters’ delight. Choose Gateway Garden Ridge for its light-on-the-budget pricing and for being right next to the Robinsons Pioneer mall! Choose Lee Gardens for its proximity to Shangri-la Mall and Greenhills, the bargain shoppers’ delight, and its fantastic views of the Wack Wack golf course.
After going through these condos, you may have already settled on one that’s right for you. It all boils down to your lifestyle and needs, how comfortable you are with the neighborhood, how satisfied you are with the value, because ultimately, your chosen condo is a reflection of you and what you value in your everyday life.
Glenda T. Wong
Email: glends@hotpop.com
Mobile: +63.917.5309452
Landline:632.5333169
www.glenda-joyce.blogspot.com
It is true that money does not grow on trees. You need to work hard in order to earn the money you need for your everyday living. And as time passes by, the rougher it takes to earn money. There are plenty of individuals who have declared bankruptcy as opposed to the financial progress economists have been saying. Population is growing, the demand for personal financing is increasing, yet the available financial resources seem to be depleting.
In such cases when you are bothered with financial difficulties, one common way to relieve it is by borrowing money. Today, there are many types of loans you can get to compensate any financial difficulties you are experiencing, and one of these common types is the home equity loan. Read on and learn more about home equity loan.
Home equity loan is a kind of loan that involves your home equity as the collateral or the guarantee that you will be able to repay the loan within the period specified in the contract. It is also considered to be an equity loan or a second mortgage. Your home equity is determined by taking the present worth of your home and subtracting your mortgage. Suppose your home has a present value of $200,000 and you have a $140,000 mortgage. Therefore, you have $60,000 of equity in your home. It allows you to borrow money provided that you will use your home equity of $60,000 as the collateral for the loan.
However, always remember that when your home equity loan has not been repaid off, your house may be sold out to be utilized as payments for your remaining debts. On the other hand, the interest rates you will incur if you will avail of home equity loans are generally lower and more flexible compared to that of credit cards and regular second mortgages.
There are two common types of home equity loans.
• The close end home equity loan where you will be given the lump sum of the amount you are borrowing once the loan is approved. However, no further loans will be allowed once you have received the lump sum amount. With this type, you will be able to get the entire value of your home.
• The open home equity loan allows you to borrow several times depending on your choice. It involves a revolving credit.
You need money while you are still living (and even after your death for your burial expenses), and that is the reality you need to accept no matter how bitter it is. Fortunately, with home equity loan, you are given the option to ease the difficulties brought by financial constraints.
Just a word of caution: keep your payments on regular basis. Default payments can result in loss of your home.
|
Khieng ‘Ken‘ Chho - Online Home Equity Loan Resources. For related articles and other resources, visit Ken’s website: http://homeequityloan.1w3b.net/ |
As common as mortgages are, there are a surprisingly large number of us who are under false impressions about the way they function, and what they actually are. For one thing, though we do commonly call mortgages “home loans,” this is not at all what they actually are. In fact, mortgages aren’t loans at all, nor are they something that have been given to you by lenders. More accurately, it is a security instrument that you have provided to a lender. It is a document that protects your lender’s interest with your property itself.
A mortgage functions in the following way:
- A mortgager (you) - also referred to as a borrower (leading to the false impression that it is a home loan) and the mortgagee, who is also called the lender (again, falsely leading you to think that a loan has been lent).
- The mortgage document itself produces a lien on your property. This is the collateral - the security - for the mortgagee who has provided the security instrument. This lien is recorded within public records - likely at a county courthouse or similar establishment.
- Ownership of the property is then yours and cannot be transferred to anyone else until you have paid off the amount required to reverse the lien.
- Even if your property is mortgaged, you still own the property wholly and completely. Nobody else, not even the mortgagee has title to the property.
- The only right that your mortgage gives to the mortgagee over your property is to sell it to recover funds in the case that you do not pay off your debt. This is the dreaded process referred to as foreclosure.
- Should the mortgage be used for security, then the foreclosure must progress through the court system in order to be legal in the majority of circumstances. This type of foreclosure is referred to as a judicial foreclosure.
Obviously there is much more to mortgages than this, but these are the basic foundations upon which the mortgaging system has been constructed.
Dave Gonzalez
http://www.lowest-rate-mortgage-finder.com/
Florida real estate is definitely worth a look if sun and fun is your ticket. Florida real estate, even close to the beach, is a very good deal.
Florida
Florida is a well-known haven for people living through winter storms in the northeast. Sun and warm water are an obviously attraction, but there is much more to Florida. Orlando seems to be one giant theme park with Disney World, while Miami offers entertainment of a distinct adult variety with a legendary nightlife. Throw in the Florida Keys, tons of college and professional sports teams, the Kennedy Space Center and you have a state with a lot to do besides loaf on the beach. Then again, loafing on the beach should never be denigrated!
Miami
Miami is a city that really needs no introduction. With Cuban influences, the city is an explosion of styles, colors and fun loving people. Palm trees are plentiful as are beaches, bars, outdoor cafes and walking streets. When you need a break from the beach, Miami hosts professional sports teams in baseball, basketball, hockey and football. The real key to the area, however, is simply the festive atmosphere and people. Nearly half of the population is Hispanic with a heavy influence appearing throughout the city. Every day is a party in Miami.
Orlando
If Orlando isn’t the capital of theme parks, I feel sorry for the place that is. Orlando is home to no less than Disney World, Universal Studios and Sea World. The theme parks are actually located on the edge of the city, which makes Orlando proper a bit bland. Humidity can be a bit of a bear during the summers, but the winter is incredibly nice.
Tampa
Tampa is an underrated city in my opinion. The chief criticisms seem to be it is overly modern and a bit boring. In fact, it is just the opposite. Tampa has a funky cultural feel, particularly in Ybor City where multiple cultures clash in free wheeling fun and you can get a Cuban cigar hand-rolled by a Cuban artist. Museums, art galleries and theme parks abound. The beaches of Clearwater are white, clean and a good place to roast in the sun.
Florida Real Estate
Florida real estate is very reasonably priced considering much of it is so close to an ocean or lake. The average home price in Orlando will run you just above $300,000, roughly the same amount as Tampa. In Miami, prices vary wildly depending on the part of the city you are looking in, but you can expect price ranges from $250,000 to $800,000.
If you want to get in on Florida real estate, now may be an ideal time. For 2005, property in Florida appreciated at a rate of nearly 25 percent!
Raynor James is with www.fsboamerica.org - FSBO homes for sale by owner. Visit our “sell my home” page at www.fsboamerica.org/seller.cfm to sell your home yourself with a free 1 month listing.
If you have ever gone looking for quotes on a mortgage in order to find out just what a mortgage might cost you, you have probably had the term points thrown at you. So what are points?
Each point is a fee and it is based on one percent of the total amount of the loan. There are a couple of different points, there are discount points and then there are origination points and lenders do not all charge the same amount of these points. Some lenders will charge you one point while others may charge you three.
Discount points are the points that are like prepaid interest on your loan that you are getting for your new home. Every point that you purchase will lower your interest rate to some extent. Most borrowers will be able to choose just how many points they want to purchase. There is a limit of course, usually around four points. The number of points that you choose to buy will depend on how much you want to lower you interest rate. One especially good point of these points is the fact that they are tax deductible.
Origination fees are different. These fees are used in order to pay for the costs of giving you the loan in the first place. You don’t get anything out of these points so most borrowers don’t like them as they are not even tax deductible. If you can try to get a loan that does not require you to get these types of points. Discount points on the other hand can be useful to you.
The choices that you make concerning the points to get will be affected by a couple of different things. For example, how long are you going to be living in this house? And how much of a down payment are you going to be putting down? If you are thinking of settling into this house for the long haul then perhaps discount points are a good way for you to go. Lowering your interest rate for years to come is always a good thing. Before making your decision take stock of your situation and see what suits your needs best.
Martin Lukac, represents http://www.RateEmpire.com, a finance web-company specializing in real estate/mortgage market. We specialize in daily updates, rate predictions, mortgage rates and more. Find low home loan mortgage interest rates from hundreds of mortgage companies! Visit http://www.RateEmpire.com today