Kevin Curtis
Poised on top of the real estate mountain in 2003, it's hard to imagine so much change in the Minneapolis real estate market in the last five years. While the bubble has certainly burst and it's no longer a seller's market, key elements like long-term value of Minneapolis real estate as an investment and the quality of life available to residents has not changed. Even after five years of change, the world of Minneapolis real estate is still a great place to buy a home for you and your family.
2003 was a banner year for the housing market across the United States. In Minnesota, 39,440 people were gainfully employed in the real estate and rental industries with a combined annual payroll exceeding $1,237,000,000. Clearly, real estate was lucrative for sales professionals involved in the booming market. Sellers benefited from bidding wars over their homes. Houses could not be built fast enough to meet the exceptional demand for homes in the market.
Over the next two years, the strength of the economy and the housing market caused lenders to start granting adjustable rate mortgages and larger mortgages than people could actually afford. Lending practices got very loose as bankers were caught up in the housing market frenzy. Add the risky business of real estate speculation to the equation and it soon became clear that some of the growth in the housing market was built on shaky ground.
Builders and lenders wanted to continue the exponential growth of years past, and by 2006, it was clear that far too many new homes were sitting on the market unsold. New home building slowed to a stop by 2007, and because builders could not get new homes sold, the value of homes across the country started to drop. Analysts called it price adjustment for the over inflated selling prices of years past, but homeowners simply saw it as less value in their investments.
Once the dust settled in 2008, however, homeowners realized that although their homes had lost a bit of value, their homes were still solid investments. Compared with the performance of stocks and 401Ks, home equity was a solid place to put hard earned money for those willing to keep homes until the economy began to pick up speed.
While the past five years in Minneapolis real estate have been filled with drama, one thing a smart investor realizes: current prices in the housing market make this the ideal time to buy. Houses and condos that were once out of reach financially are now less expensive and ready to be purchased. In addition, the influx of one-time homeowners that now want to rent homes instead of paying over-inflated and financially dangerous mortgages makes this the ideal time to venture into rental property ownership. Rentals are a great way to invest and make money in the current economy.
The future is anyone's guess, but one thing is certain: Minneapolis real estate is one of the best ways to invest in your future. Over the long haul, it's sure to pay off; thanks to the strength and bright future of the city's schools, commerce and the entrepreneurial spirit of its residents.
Article Source:
http://www.bestmanagementarticles.com
http://real-estate-management.bestmanagementarticles.com
About the Author:
Kevin Curtis is a licensed agent with RE/MAX Advantage Plus. He is The Minnesota Real Estate Team's 2007 Agent of the Year. Kevin and his team provide great service and ongoing insights into the Minnesota Real Estate market at
Read more....
6.8.09
How to Find Professional Agents for Rentals?
Nate Rodnay
After planning to move to a new place for rent, it's time to think of engaging any rental agent in the apartment search. The difficult step of moving with the help of any rental agent is to find a professional agent. It is easier with the help of a checklist to find a professional rental agent.
Services provided
Check if the rental agent belongs to any apartment finding services firms. Often, rental agents who are part of any specialist apartment locator services firms are licensed, highly motivated, customer centric, and with good coordination skills. You can receive many other services related to moving to a new place. They facilitate you to find the right and suitable apartment and help to move without a hassle.
Experience
Experience is the key for professionalism. Finding a right and suitable apartment needs experienced and knowledgeable rental agent. It is necessary to enquire about rental agent's experience in finding apartments, in your specific required locality. A rental agent with adequate experience can guide you correctly in the process of finding a suitable apartment and in moving.
Familiar with Renal Laws
Check if the rental agent is familiar with the rental housing laws. A professional rental agent will provide the required legal information that can help you in singing a flawless agreement with the landlord or at least guide you to a right source so that you can get some legal aid.
Testimonials and Recommendations
Ask rental agents for the testimonials given by their customers. Check for the validity of the testimonials by calling or visiting their customers if possible. Search online for any negative feedback given in websites like forums about the rental agent. Enquire with your friends and family for a rental agent with whom they had a good experience.
Specialist in the Region
It is better to find geo specific rental agent rather than finding agent who deals with a large set of regions. Often, agents who focus on specific region are specialized, provide more information, and help to make the best choice.
Once you find a good rental agent, leave the task of finding a suitable apartment to him and take a back seat. The rental agent can help you out in finding a suitable apartment and in moving into it without any hassle.
Article Source:
http://www.bestmanagementarticles.com
http://real-estate-management.bestmanagementarticles.com
About the Author:
Austinapartmentsnow is a free apartment locating service and relocation company providing professional help and information regarding apartment Austin. Our talented real estate professionals work closely as a team to ensure a thoughtful apartment selections that fits your needs and budgets. Begin your Austin apartment search today!
Read more....
After planning to move to a new place for rent, it's time to think of engaging any rental agent in the apartment search. The difficult step of moving with the help of any rental agent is to find a professional agent. It is easier with the help of a checklist to find a professional rental agent.
Services provided
Check if the rental agent belongs to any apartment finding services firms. Often, rental agents who are part of any specialist apartment locator services firms are licensed, highly motivated, customer centric, and with good coordination skills. You can receive many other services related to moving to a new place. They facilitate you to find the right and suitable apartment and help to move without a hassle.
Experience
Experience is the key for professionalism. Finding a right and suitable apartment needs experienced and knowledgeable rental agent. It is necessary to enquire about rental agent's experience in finding apartments, in your specific required locality. A rental agent with adequate experience can guide you correctly in the process of finding a suitable apartment and in moving.
Familiar with Renal Laws
Check if the rental agent is familiar with the rental housing laws. A professional rental agent will provide the required legal information that can help you in singing a flawless agreement with the landlord or at least guide you to a right source so that you can get some legal aid.
Testimonials and Recommendations
Ask rental agents for the testimonials given by their customers. Check for the validity of the testimonials by calling or visiting their customers if possible. Search online for any negative feedback given in websites like forums about the rental agent. Enquire with your friends and family for a rental agent with whom they had a good experience.
Specialist in the Region
It is better to find geo specific rental agent rather than finding agent who deals with a large set of regions. Often, agents who focus on specific region are specialized, provide more information, and help to make the best choice.
Once you find a good rental agent, leave the task of finding a suitable apartment to him and take a back seat. The rental agent can help you out in finding a suitable apartment and in moving into it without any hassle.
Article Source:
http://www.bestmanagementarticles.com
http://real-estate-management.bestmanagementarticles.com
About the Author:
Austinapartmentsnow is a free apartment locating service and relocation company providing professional help and information regarding apartment Austin. Our talented real estate professionals work closely as a team to ensure a thoughtful apartment selections that fits your needs and budgets. Begin your Austin apartment search today!
Read more....
5.8.09
7 Reasons Why You Should Buy a Luxury Investment Property
Volker Weiss
Investment properties are typically looked at as either flips or rentals at the lower end of the financial spectrum. An investor will buy something relatively inexpensively, fix it up and then sell it if the market is right, or rent it out. However, the luxury rental market can be quite lucrative and is often overlooked by many investors. A luxury property can be worth its weight in gold if bought at the right price and in the right location. So, if you're contemplating investing in real estate, or expanding your existing real estate portfolio shouldn't you consider buying a luxury home or condominium?
Luxury holds different meanings for different buyers. It may translate into a home with its own stretch of beach. Or a top-of-the-line condo along the fairway of one of the best golf courses in the world. Perhaps your idea of luxury is a secluded retreat where you can get away from it all. Obviously, there is no set definition for luxury to each and every investor, but there is certainly a difference in terms of location, price and features.
In any given area, the luxury properties will be on the high end of the sales price range. In some small town in the middle of North America a luxury home with all the bells and whistles may cost $400,000. But head on over to the Wailea area on the island of Maui where condominiums are easily found in the million dollar range and luxury properties, especially single family homes, will be well above that million dollar mark.
Of course, it's exciting to purchase a luxury home as an investment property. Doesn't everyone want to add high end homes to their real estate portfolio? But there are more explanations why buying a luxury investment property is a smart move, other than just the "feel good" aspect. Here are seven reasons why a luxury real estate purchase can work in your favor:
1 - Right now is the perfect time for an investor to buy! Real estate is a cyclical industry. Prices go up and prices go down. The market gets hot and properties are selling left and right. And then the market cools. That's just the nature of real estate. And currently, prices are extremely favorable to buyers. Not only are prices reasonable, but many sellers are very motivated and are pricing their homes to sell!
2 - Luxury real estate is a great long-term investment...it does not depreciate to the extent that other markets may. Yes, the market is favorable to buyers at this moment, but over the long run, you won't see the ugly drop in your investment. Meaning, you won't see your property depreciate by 50% or worse. Luxury properties tend to hold their value fairly well.
3 - Luxury properties are flexible! You can purchase it as your upscale getaway and then turn around and rent it out to travelers by the week or by the month. You can even rent it out annually until you plan to retire to your luxury property paradise. But the flexibility is there. Many investors are able to make it work financially buy renting luxury property out on short-term agreements with travelers or locals and then still take advantage of the property themselves.
4 - Luxury rentals are typically treated better by tenants. The reality of renting a property out is that people may not treat the property as you would. However, when you are renting out higher end properties you attract those who will care for the property.
5 - You can see a higher rate of return on a luxury investment property because you can rent it out at a higher rate. A property in a coveted location can demand a higher monthly payment from tenants.
6 - Luxury property is typically quite secure and can bring with it peace of mind. Gated homes or gated communities are the norm for luxury real estate. Depending on the community, there may even be a dedicated security force. Increased security is a great bonus in terms of protecting your investment and keeping you and your tenants comfortable, knowing that extra level of security is in place.
7 - If you own a business or network with other business executives, a luxury rental makes a great reward for business well done, or as a getaway for a business retreat. It can also be used as a perk for exceptional clients.
Imagine everything you could do with a luxury real estate investment! A wonderful place you can call your second home, in a paradise of your choosing. A relaxing getaway and a lifelong investment rolled into one!
Article Source:
http://www.bestmanagementarticles.com
http://real-estate-management.bestmanagementarticles.com
About the Author:
Volker Weiss - Maui Realtor(R/S) specialist focusing on Wailea Condos. Make your vacation last forever, check out Maui Real Estate. For immediate help call VW directly at 888.572.6888
Read more....
Investment properties are typically looked at as either flips or rentals at the lower end of the financial spectrum. An investor will buy something relatively inexpensively, fix it up and then sell it if the market is right, or rent it out. However, the luxury rental market can be quite lucrative and is often overlooked by many investors. A luxury property can be worth its weight in gold if bought at the right price and in the right location. So, if you're contemplating investing in real estate, or expanding your existing real estate portfolio shouldn't you consider buying a luxury home or condominium?
Luxury holds different meanings for different buyers. It may translate into a home with its own stretch of beach. Or a top-of-the-line condo along the fairway of one of the best golf courses in the world. Perhaps your idea of luxury is a secluded retreat where you can get away from it all. Obviously, there is no set definition for luxury to each and every investor, but there is certainly a difference in terms of location, price and features.
In any given area, the luxury properties will be on the high end of the sales price range. In some small town in the middle of North America a luxury home with all the bells and whistles may cost $400,000. But head on over to the Wailea area on the island of Maui where condominiums are easily found in the million dollar range and luxury properties, especially single family homes, will be well above that million dollar mark.
Of course, it's exciting to purchase a luxury home as an investment property. Doesn't everyone want to add high end homes to their real estate portfolio? But there are more explanations why buying a luxury investment property is a smart move, other than just the "feel good" aspect. Here are seven reasons why a luxury real estate purchase can work in your favor:
1 - Right now is the perfect time for an investor to buy! Real estate is a cyclical industry. Prices go up and prices go down. The market gets hot and properties are selling left and right. And then the market cools. That's just the nature of real estate. And currently, prices are extremely favorable to buyers. Not only are prices reasonable, but many sellers are very motivated and are pricing their homes to sell!
2 - Luxury real estate is a great long-term investment...it does not depreciate to the extent that other markets may. Yes, the market is favorable to buyers at this moment, but over the long run, you won't see the ugly drop in your investment. Meaning, you won't see your property depreciate by 50% or worse. Luxury properties tend to hold their value fairly well.
3 - Luxury properties are flexible! You can purchase it as your upscale getaway and then turn around and rent it out to travelers by the week or by the month. You can even rent it out annually until you plan to retire to your luxury property paradise. But the flexibility is there. Many investors are able to make it work financially buy renting luxury property out on short-term agreements with travelers or locals and then still take advantage of the property themselves.
4 - Luxury rentals are typically treated better by tenants. The reality of renting a property out is that people may not treat the property as you would. However, when you are renting out higher end properties you attract those who will care for the property.
5 - You can see a higher rate of return on a luxury investment property because you can rent it out at a higher rate. A property in a coveted location can demand a higher monthly payment from tenants.
6 - Luxury property is typically quite secure and can bring with it peace of mind. Gated homes or gated communities are the norm for luxury real estate. Depending on the community, there may even be a dedicated security force. Increased security is a great bonus in terms of protecting your investment and keeping you and your tenants comfortable, knowing that extra level of security is in place.
7 - If you own a business or network with other business executives, a luxury rental makes a great reward for business well done, or as a getaway for a business retreat. It can also be used as a perk for exceptional clients.
Imagine everything you could do with a luxury real estate investment! A wonderful place you can call your second home, in a paradise of your choosing. A relaxing getaway and a lifelong investment rolled into one!
Article Source:
http://www.bestmanagementarticles.com
http://real-estate-management.bestmanagementarticles.com
About the Author:
Volker Weiss - Maui Realtor(R/S) specialist focusing on Wailea Condos. Make your vacation last forever, check out Maui Real Estate. For immediate help call VW directly at 888.572.6888
Read more....
4.8.09
Property Finder Services Increase
Ashley Lawrence
The UK has a unique system that operates when it comes to buying property. Most buyers and sellers go through an estate agent to find the property that they want. However, what many property buyers may not realise is that the estate agent, in essence, acts for the seller not for the buyer. This situation is changing however with the steady rise of property search agents, commonly known as property finders.
Property Finders are people who operate solely on behalf of the buyer, taking your requirements and doing the leg work to find the property that best meets the buyers needs. Property finders are especially useful for people who wish to buy property in a different town, city or country than that of where they currently live.
Property search agents can help take some of the stress out of buying a property and for people interested in finding investment property, those who want to build the property portfolio can greatly benefit from the services of an investment property finder.
Choosing a property finder, means that you are engaging someone to source investment property from your own selection criteria. They can provide you with extensive local knowledge and can carry out negotiations on your behalf should you choose to authorise it.
The ease with which a buyer can purchase a property using the services of a property finder is magnified in a market where the buyer is unaware of the defining factors within a specific area. It is prudent to hire the services of an experienced property finder whether you are building a portfolio of investment properties, buying your own home or moving to a different country or city.
Typically a property search agent will charge between 1-3 % of the property value as a fee for their services. In some cases you may need to pay an up front retainer in order to engage an investment property finder. This up-front retainer, is usually fully refundable. If the property finder service that you are thinking of engaging does not offer a fully refundable retainer, then I would seriously suggest you look for another service provider.
Let's be clear. The retainer is a good faith payment that the provider asks for, so that they may know that you are serious about your property finding requirements. Think about it, if you were to engage someone to search high and low for a suitable property according to your requirements, and they do that only to have you say you were not really looking seriously, they would have done a lot of work for nothing, for a client that is not serious. Charging a retainer, allows a property finder service to weed out those who are serious from those who are not. Some services who work in the higher or commercial property markets, may require larger retainers.
Whether you are looking for residential property or investment property, engaging the services of a property finder can save you time and money. Working with a professional who has the knowledge of the local market, estate agents and who knows what will work according to your requirements, and who has solely your interests at heart is in out opinion, the progressive way to purchase UK investment property, especially in the current uncertain market.
Article Source:
http://www.bestmanagementarticles.com
http://real-estate-management.bestmanagementarticles.com
About the Author:
Ashley Lawrence writes about investment property and offers property finder services to buyers who want to buy investment property in the UK via their website
Read more....
The UK has a unique system that operates when it comes to buying property. Most buyers and sellers go through an estate agent to find the property that they want. However, what many property buyers may not realise is that the estate agent, in essence, acts for the seller not for the buyer. This situation is changing however with the steady rise of property search agents, commonly known as property finders.
Property Finders are people who operate solely on behalf of the buyer, taking your requirements and doing the leg work to find the property that best meets the buyers needs. Property finders are especially useful for people who wish to buy property in a different town, city or country than that of where they currently live.
Property search agents can help take some of the stress out of buying a property and for people interested in finding investment property, those who want to build the property portfolio can greatly benefit from the services of an investment property finder.
Choosing a property finder, means that you are engaging someone to source investment property from your own selection criteria. They can provide you with extensive local knowledge and can carry out negotiations on your behalf should you choose to authorise it.
The ease with which a buyer can purchase a property using the services of a property finder is magnified in a market where the buyer is unaware of the defining factors within a specific area. It is prudent to hire the services of an experienced property finder whether you are building a portfolio of investment properties, buying your own home or moving to a different country or city.
Typically a property search agent will charge between 1-3 % of the property value as a fee for their services. In some cases you may need to pay an up front retainer in order to engage an investment property finder. This up-front retainer, is usually fully refundable. If the property finder service that you are thinking of engaging does not offer a fully refundable retainer, then I would seriously suggest you look for another service provider.
Let's be clear. The retainer is a good faith payment that the provider asks for, so that they may know that you are serious about your property finding requirements. Think about it, if you were to engage someone to search high and low for a suitable property according to your requirements, and they do that only to have you say you were not really looking seriously, they would have done a lot of work for nothing, for a client that is not serious. Charging a retainer, allows a property finder service to weed out those who are serious from those who are not. Some services who work in the higher or commercial property markets, may require larger retainers.
Whether you are looking for residential property or investment property, engaging the services of a property finder can save you time and money. Working with a professional who has the knowledge of the local market, estate agents and who knows what will work according to your requirements, and who has solely your interests at heart is in out opinion, the progressive way to purchase UK investment property, especially in the current uncertain market.
Article Source:
http://www.bestmanagementarticles.com
http://real-estate-management.bestmanagementarticles.com
About the Author:
Ashley Lawrence writes about investment property and offers property finder services to buyers who want to buy investment property in the UK via their website
Read more....
3.8.09
A Guide to Buying New Flats in the UK
Anna Stenning
The trouble with the financial market today is that people generally do not know what to do with their money, especially those who have not yet found the chance to place their foot on the property market. Many young people in their early to mid twenties are only to hesitant to make this move, because they feel putting their eggs in one basket may put them at a much higher risk of losing it all! Though it may seem that some of us are approaching this fact in trepidation, there is some light that sheds through the dark tunnel of the unknown future.
There comes a point in one's life whereby they have a sudden panic attack about their current financial situation and how to go sealing a secure future for themselves. Where can they start? What are the options for buying a new house or new flat in the UK? Are they eligible for a mortgage even if they have a bad credit history? There is no one word easy answer to these questions, however, the key thing to this conundrum is research and keeping a watchful eye on the market.
Banks and loans agents are tightening up the belts on lending out money, because of the current credit crunch. However, those who are looking to buy a property soon should consider the following. Before taking out a mortgage, consider how much of a deposit you can put down on the property before taking up the first offer you get. The larger the sum of money towards the deposit, the greater the chances are in you securing a mortgage.
For new flats in the UK, you may be eligible for some new deals. The newly built flats come with offers that could include shared buy, interest only buy, no deposit scheme or discounted deposit scheme with a shared buying option and much more. The trick is to jump on those offers as early as possible, because plenty of other people will be moving fast towards them. Sometimes only a selected few will be made eligible for this scheme. The criteria for a candidate are usually targeted towards those on a specific salary or have certain amount of money to put down as a deposit.
The shared buy for most new flats UK schemes entail the buyer owning a certain percentage of the property (usually between 30 to 45 percent), paying a monthly mortgage amount as well as a small amount towards property rent. This is good for people looking to get their first steps onto the property ladder and having some time to allow the property value to grow. These kinds of schemes would suit single people or young couples looking to get a head start, before moving on to become the sole owners of their own house or flat.
The new flats are generally built at the highest quality, containing electric central heating, mod-con kitchenware, power showers and neutrally designed decor. The attraction for the flat lies in the prices, the location and the general set up. Where some people prefer to buy a place which they can work on by renovating over a period, others prefer to buy something that requires minimal maintenance and effort. These flats come equipped with all of the latest designs and technology, making it easier and resistant over time.
Article Source:
http://www.bestmanagementarticles.com
http://real-estate-management.bestmanagementarticles.com
About the Author:
Anna Stenning is planning to take a leap towards going through the new flats UK scheme in order to get a firm foot on the property ladder.
Read more....
The trouble with the financial market today is that people generally do not know what to do with their money, especially those who have not yet found the chance to place their foot on the property market. Many young people in their early to mid twenties are only to hesitant to make this move, because they feel putting their eggs in one basket may put them at a much higher risk of losing it all! Though it may seem that some of us are approaching this fact in trepidation, there is some light that sheds through the dark tunnel of the unknown future.
There comes a point in one's life whereby they have a sudden panic attack about their current financial situation and how to go sealing a secure future for themselves. Where can they start? What are the options for buying a new house or new flat in the UK? Are they eligible for a mortgage even if they have a bad credit history? There is no one word easy answer to these questions, however, the key thing to this conundrum is research and keeping a watchful eye on the market.
Banks and loans agents are tightening up the belts on lending out money, because of the current credit crunch. However, those who are looking to buy a property soon should consider the following. Before taking out a mortgage, consider how much of a deposit you can put down on the property before taking up the first offer you get. The larger the sum of money towards the deposit, the greater the chances are in you securing a mortgage.
For new flats in the UK, you may be eligible for some new deals. The newly built flats come with offers that could include shared buy, interest only buy, no deposit scheme or discounted deposit scheme with a shared buying option and much more. The trick is to jump on those offers as early as possible, because plenty of other people will be moving fast towards them. Sometimes only a selected few will be made eligible for this scheme. The criteria for a candidate are usually targeted towards those on a specific salary or have certain amount of money to put down as a deposit.
The shared buy for most new flats UK schemes entail the buyer owning a certain percentage of the property (usually between 30 to 45 percent), paying a monthly mortgage amount as well as a small amount towards property rent. This is good for people looking to get their first steps onto the property ladder and having some time to allow the property value to grow. These kinds of schemes would suit single people or young couples looking to get a head start, before moving on to become the sole owners of their own house or flat.
The new flats are generally built at the highest quality, containing electric central heating, mod-con kitchenware, power showers and neutrally designed decor. The attraction for the flat lies in the prices, the location and the general set up. Where some people prefer to buy a place which they can work on by renovating over a period, others prefer to buy something that requires minimal maintenance and effort. These flats come equipped with all of the latest designs and technology, making it easier and resistant over time.
Article Source:
http://www.bestmanagementarticles.com
http://real-estate-management.bestmanagementarticles.com
About the Author:
Anna Stenning is planning to take a leap towards going through the new flats UK scheme in order to get a firm foot on the property ladder.
Read more....
2.8.09
Dubai Real Estate Business and New Strata Law
anthony church
Strata title is a type of real estate ownership where some parts of building (called lots) are owned by the individuals, while the remaining portions (called common areas) are owned and managed by all individuals jointly through owner's association. This type of ownership usually exists in case of apartment buildings, also known as flats in sub-continent. This is termed as “condominiums” in US and most parts of Canada. Residential units are owned by individuals and common area including stairs, parking, gardens, lifts, roofs, etc are used by all residents jointly.
Call for Strata Law:
The need for strata law arises out of the fact that these types of buildings often have disputes going around over issues like parking, keeping pets that disturb other owners, privacy, alteration or maintenance of common area, etc. Though Strata law cannot stop these disputes altogether, it can surely help in solving them before these quarrels can ruin the environment and peace of residence. Australia was the first one to come up with laws addressing the Strata title issues. Several regions like South Africa, Indonesia, and Singapore then followed with implementing their own set of Strata laws. Such legislations were long anticipated in Dubai where huge sky scrappers and tall buildings containing a big number of apartments and offices are becoming a norm now.
Dubai's Strata Title Law:
The Dubai Strata title law, signed by the ruler of Dubai, requires the proper division of property according to Strata plan. This strata plan, along with a drawing which marks out the boundaries of lots, entitlement of these lots and other required documents should be registered with the registrar. The law covers almost all areas, from major one like common property, easements, buying and selling of such real estate to comparatively smaller ones like membership of corporate body and keeping pets.
Possible consequences:
Like every new law, Dubai strata law has been greeted with a mix response from its stake holders. However, experts believe that as soon as people get familiar to this law, it will be having a positive effect on growth of real estate as well as facilities management market in Dubai. This law provides detailed yet uncomplicated description of rights & obligations for lot owners, making Dubai real estate more appealing for the investors from all over the world. In short, Strata law is a good attempt by Dubai government, which shows their commitment in making Dubai real estate industry a better and hassle free investment option.
Article Source:
http://www.bestmanagementarticles.com
http://real-estate-management.bestmanagementarticles.com
About the Author:
William King is the director of Wholesale Dropshippers & Dropshipping Propduct Suppliers Directory , Pakistan Property & Pakistan Real Estate Properties Portal and Dubai Property & UAE Property & Dubai Real Estate Portal . He has 18 years of experience in the marketing and trading industries.
Read more....
Strata title is a type of real estate ownership where some parts of building (called lots) are owned by the individuals, while the remaining portions (called common areas) are owned and managed by all individuals jointly through owner's association. This type of ownership usually exists in case of apartment buildings, also known as flats in sub-continent. This is termed as “condominiums” in US and most parts of Canada. Residential units are owned by individuals and common area including stairs, parking, gardens, lifts, roofs, etc are used by all residents jointly.
Call for Strata Law:
The need for strata law arises out of the fact that these types of buildings often have disputes going around over issues like parking, keeping pets that disturb other owners, privacy, alteration or maintenance of common area, etc. Though Strata law cannot stop these disputes altogether, it can surely help in solving them before these quarrels can ruin the environment and peace of residence. Australia was the first one to come up with laws addressing the Strata title issues. Several regions like South Africa, Indonesia, and Singapore then followed with implementing their own set of Strata laws. Such legislations were long anticipated in Dubai where huge sky scrappers and tall buildings containing a big number of apartments and offices are becoming a norm now.
Dubai's Strata Title Law:
The Dubai Strata title law, signed by the ruler of Dubai, requires the proper division of property according to Strata plan. This strata plan, along with a drawing which marks out the boundaries of lots, entitlement of these lots and other required documents should be registered with the registrar. The law covers almost all areas, from major one like common property, easements, buying and selling of such real estate to comparatively smaller ones like membership of corporate body and keeping pets.
Possible consequences:
Like every new law, Dubai strata law has been greeted with a mix response from its stake holders. However, experts believe that as soon as people get familiar to this law, it will be having a positive effect on growth of real estate as well as facilities management market in Dubai. This law provides detailed yet uncomplicated description of rights & obligations for lot owners, making Dubai real estate more appealing for the investors from all over the world. In short, Strata law is a good attempt by Dubai government, which shows their commitment in making Dubai real estate industry a better and hassle free investment option.
Article Source:
http://www.bestmanagementarticles.com
http://real-estate-management.bestmanagementarticles.com
About the Author:
William King is the director of Wholesale Dropshippers & Dropshipping Propduct Suppliers Directory , Pakistan Property & Pakistan Real Estate Properties Portal and Dubai Property & UAE Property & Dubai Real Estate Portal . He has 18 years of experience in the marketing and trading industries.
Read more....
1.8.09
Dubai New Tenant Law, A Brief Introduction
anthony church
According to a survey conducted by Statistics Center of Dubai in 2006, about 85% of Dubai population was made of expatriates. Majority of them lives in rental units. That leaves them solely on landlord's mercy. Rising rents have long been the biggest worry for these expatriates, with rents getting doubled and tripled in no time. This relation between tenants and landlords became more tensed with issues like landlords vehemently asking tenants to vacate house without any prior notice. Dubai Government first reacted by putting rental caps and now a new law signed by His Highness Sheikh Mohamad bin Rashid Al Maktoum on 26th November 2007 has been introduced. Read on to see what kind of changes it will make.
Tenant's Point of View:
Tenants are relieved in many ways by this particular law. For instance
• Addressing the issue of abnormal raise in rents, this law prevents any increase or amendment made in tenancy contract for first two years.
• Decided rent will include the usage of utilities like car parking or swimming pools. Landlord must provide the property in sound quality.
• Article 16 of this law puts the responsibility of property maintenance on landlord. But very next article states that landlord shall not make any change which will affect the tenant benefit in any way.
• The landlord cannot force tenants to leave before the expiry of contract with exceptions like tenants failing to pay rent value or if tenant starts using the property for some immoral purpose, etc.
• If the reason disclosed for eviction is possible collapse of property, because of its poor condition, landlord must provide a technical report confirmed by Dubai Municipality.
• Another noteworthy clause of this law is that if landlord restores the property for his/her own use on expiry of contract, he/she cannot rent the property to anyone else for one year. If it happens, the tenants can take legal action against him.
• Tenants should keep in mind that only those contracts are valid which are in written form and registered with RERA.
Landlord's Perspective:
• Landlords will be restricted to decided rent at the time of contract for two years. Keeping this in mind they can decide a reasonable rent, taking into account factors like inflation rate and time value of money.
• After two years, rent can be modified. If both parties cannot settle on revised amount, this dispute will be forwarded to judicial committee, who will then decide the amount of rent.
• This law is not valid for hotel establishments and any accommodation provided to employees from their companies.
• The landlords are entitled to receive rent value on agreed dates.
• Tenants cannot make any changes to property without landlord's consent.
• All taxes due to Government will be paid by tenants.
This new law would definitely keep a check on alarmingly increasing tenant problems. However there are some flaws, which will be dealt with, in near future hopefully.
Article Source:
http://www.bestmanagementarticles.com
http://real-estate-management.bestmanagementarticles.com
About the Author:
William King is the director of Wholesale Pages UK Dropshippers & Wholesalers Directory , Pakistan Property & Pakistan Real Estate Properties Portal and Dubai Property & UAE Property & Dubai Real Estate Portal . He has 18 years of experience in the marketing.
Read more....
According to a survey conducted by Statistics Center of Dubai in 2006, about 85% of Dubai population was made of expatriates. Majority of them lives in rental units. That leaves them solely on landlord's mercy. Rising rents have long been the biggest worry for these expatriates, with rents getting doubled and tripled in no time. This relation between tenants and landlords became more tensed with issues like landlords vehemently asking tenants to vacate house without any prior notice. Dubai Government first reacted by putting rental caps and now a new law signed by His Highness Sheikh Mohamad bin Rashid Al Maktoum on 26th November 2007 has been introduced. Read on to see what kind of changes it will make.
Tenant's Point of View:
Tenants are relieved in many ways by this particular law. For instance
• Addressing the issue of abnormal raise in rents, this law prevents any increase or amendment made in tenancy contract for first two years.
• Decided rent will include the usage of utilities like car parking or swimming pools. Landlord must provide the property in sound quality.
• Article 16 of this law puts the responsibility of property maintenance on landlord. But very next article states that landlord shall not make any change which will affect the tenant benefit in any way.
• The landlord cannot force tenants to leave before the expiry of contract with exceptions like tenants failing to pay rent value or if tenant starts using the property for some immoral purpose, etc.
• If the reason disclosed for eviction is possible collapse of property, because of its poor condition, landlord must provide a technical report confirmed by Dubai Municipality.
• Another noteworthy clause of this law is that if landlord restores the property for his/her own use on expiry of contract, he/she cannot rent the property to anyone else for one year. If it happens, the tenants can take legal action against him.
• Tenants should keep in mind that only those contracts are valid which are in written form and registered with RERA.
Landlord's Perspective:
• Landlords will be restricted to decided rent at the time of contract for two years. Keeping this in mind they can decide a reasonable rent, taking into account factors like inflation rate and time value of money.
• After two years, rent can be modified. If both parties cannot settle on revised amount, this dispute will be forwarded to judicial committee, who will then decide the amount of rent.
• This law is not valid for hotel establishments and any accommodation provided to employees from their companies.
• The landlords are entitled to receive rent value on agreed dates.
• Tenants cannot make any changes to property without landlord's consent.
• All taxes due to Government will be paid by tenants.
This new law would definitely keep a check on alarmingly increasing tenant problems. However there are some flaws, which will be dealt with, in near future hopefully.
Article Source:
http://www.bestmanagementarticles.com
http://real-estate-management.bestmanagementarticles.com
About the Author:
William King is the director of Wholesale Pages UK Dropshippers & Wholesalers Directory , Pakistan Property & Pakistan Real Estate Properties Portal and Dubai Property & UAE Property & Dubai Real Estate Portal . He has 18 years of experience in the marketing.
Read more....
