In the 2008 real estate market with the subprime housing crisis seemingly sending all investors running for cover, many people may be skeptical about investing in real estate. However, if one can hold on to a property for a while, this can be the best time to buy real estate. If the market hasn’t hit bottom yet, it soon will. The cyclical nature of the economy suggests that when it does hit bottom, growth will resume, resulting in potentially high profits for those who got in at the bottom.
For this reason, investing in California real estate can be an appealing option if you can manage it. Here’s why:
The Coastlines in California Don’t Change
Global warming notwithstanding, California will always be on the West Coast. That means access to the Pacific Ocean and the beautiful beaches. Property values are dependent on a variety of factors that may shift over the years, but California will never change as a prime beach and ocean location.
Weather and Real Estate in California
Similarly, a location factor that remains stable in California is the weather. Especially in Southern California, you will find that temperatures are moderate year round in relation to other parts of the country. No sweltering summers of the kind you might find in Texas or harsh winters such as Minnesotans may suffer. If you want to jump in the pool in November, your California property is the perfect place for it.
California’s Global Significance
Los Angeles is an Alpha City, meaning it is one of the most important cities in the world with regard to cultural, political and economic significance. As such, Los Angeles and other cities in California are highly desirable locations the world over. California property is known internationally as prime real estate.
California Real Estate Market Strength
California is traditionally one of the most expensive housing markets in the country. This means when the market does rebound, it can potentially rebound to new heights in the state of California. For example, the median home price in Laguna Beach in 1999 was $233,500. Only 7 years later, in 2006, it was $857,710, a nearly 300% increase. The median price for a single family home in Newport Beach in 1999 was $663,000. In 2006, 1.9 million. If California real estate prices can return to the heights they once saw, it could make those who invest today extremely well off down the road.
Given the state of the housing market throughout the country, you might be asking yourself, “Why would I even bother with New York real estate? It’s the most expensive real estate in the country!” On the other side of the coin, if you’re sitting with a midtown condo, should you sell with the market in the condition it’s in? It’s hard to see how you would get full value, but what if things get worse? These are all fair questions, and it comes down to considering the long-term value of an investment in New York.
New York Is a City That Is Constantly Growing
New York is continually reinventing itself. The area around the World Trade Center will gain a whole new, updated look over the coming years that may revitalize the whole city. New projects and events constantly come up that make people want to be in New York. New York is a city of growth, and growth means home value.
New York Is a City of Classic Architecture
Some of the buildings in New York are among the most beautifully designed and constructed in the world. These buildings are pieces of art in and of themselves, and have value for this in itself, let alone the land the buildings sit on.
New York Is a Great Rental Market
While a buyer’s market may make things tough on New York City landowners looking to sell, it typically signifies a great rental market, and rents in New York are still quite high. In fact, New York City has the highest rents of any apartment rental market in the country, with an average monthly rent in 2007 of over $2,500 a month. If you’re a buyer, keep an eye on properties with renting potential. If you’re a seller, you may want to consider leasing out your New York property instead.
New York Has Culture Which Equals Value
Real estate hunters often look for property with built in, non-depreciating value. For example, you can get this with a panoramic view of the ocean or a breathtaking mountaintop. New York’s non-depreciating value comes in its cultural offerings, including such national treasures as Broadway and the Metropolitan Museum of Art, not to mention landmarks like the Statue of Liberty and Empire State Building.
Will you be able to sell your New York home or condominium tomorrow at a great price? Probably not. But why would you want to? It’s New York!
If you’re ready to invest in real estate, the MLS, or Multiple Service Listings, can be your best friend. The MLS can help you find the property you want, often at better than market price. If you’re looking to invest in real estate in New York, however, things can get a little tricky, so read on.
The MLS the RLS and REBNY
The outer boroughs of New York City, (The Bronx, Brooklyn, Queen and Staten Island) as well as Long Island, have an MLS that Realtors can use to help you find your property. Manhattan does not. Manhattan works with the RLS. The RLS is the REBNY Listing Service. REBNY, the Real Estate Board of New York, manages real estate affairs throughout Manhattan. If you are looking to buy real estate in Manhattan, you will tend to be much more successful if you use a Realtor who is a member of REBNY.
Using the RLS Listings to Invest in Real Estate in New York
The RLS provides all the available real estate in Manhattan that has been listed through a REBNY-affiliated broker. When using a Realtor with access to the RLS, you avail yourself of the widest variety of properties from which to choose.
What does this mean? It means when you tell your describe what kind of property you are looking for and what you are willing to pay, your Realtor has the best chance of helping you find it. Furthermore, since he knows how many properties are available, he has the best chance to get the lowest price. Buying low is a big part of a strong investment plan.
Not Using the RLS Listings to Invest in Real Estate in New York
Not using the RLS, or the MLS if outside Manhattan, will not make it impossible for you to successfully invest in New York real estate. However, given the high price of New York real estate and the volatility of the housing market, attempting to make New York real investments on your own or with a non-affiliated broker will not generally be a wise investment strategy.
Moving at any time can be a challenge, but moving on a budget can seem even more challenging. If you’re looking for a California moving company and trying to save money as well, follow these basic ideas.
California Moving Companies and Saving Money on Your Next Move — Get Multiple Estimates
As with any other business, moving companies are in competition. The more estimates you get, the better chance you have at getting a great rate. Make sure the California moving companies come to your home to write up an accurate estimate. The moving company should know about all items that need to be packed. Once you have two or three estimates, compare and see who has the best rate.
How to Save Money on Your Next Move — Be Creative With Moving Supplies
It’s often possible to get discarded boxes from supermarkets or borrow some from friends rather than buy new boxes to transport your goods. In addition, you can use blankets, towels, newspapers or old clothes to pad your items for shipping rather than pay for package padding.
How to Save Money on Your Next Move — Cut Down on Labor Costs
If you are able to pack and move a good portion of your property on your own, you may cut down on labor costs. If you plan to do this, make sure the moving company knows what you will be moving yourself before they prepare an estimate.
How to Save Money With California Moving Companies — Transport Valuable Items Yourself
The minimum liability coverage a moving company offers is 60 cents per pound. You can buy additional insurance, but it may be cheaper to simply move the more valuable items yourself and save the extra money.
Things to Remember About Saving Money With a California Moving Company
While saving money is important, you should consider other factors before choosing a moving company. Make sure that the company you choose is registered with the California Public Utilities Commission (or with the Federal Motor Carrier Safety Administration if you doing an interstate move). An unregistered cut rate California moving company may provide you with shoddy service and little recourse if you need to file a complaint.
New Yorkers are known for being savvy. When you’re hiring a New York moving company, you’ll want to be on the ball in order to get the best deal at the best price. While the amount New York moving companies will charge varies depending on the distance of your move and the items being moved, here are a few things you can do to find companies that will provide good service at reasonable prices.
Make Sure Your New York Moving Company Is Licensed
Intrastate New York movers should have a licensed through the New York State Department of Transportation. You can verify a company’s license by contacting NYmoving@dot.state.ny.us.
Licensed companies uphold a certain standard of quality. You are more likely to get a high level of service and competitive rate, as opposed to working with an unlicensed company. You can check the licensing of interstate movers at the Federal Motor Carrier Safety Administration moving website at ProtectYourMove.gov.
Get Several Estimates for the Best Rates From New York Moving Companies
It’s hard to know which New York moving companies are offering the best rates if you only get an estimate from one. Have at least three companies come to your home and give you estimates based on their assessment of all the items for the move. You don’t have to go with the cheapest estimate, but you will have a better idea about rates.
Get References From Your New York Moving Company for the Best Service at the Best Rate
The only real way to know what kind of service you can expect from a New York moving company is to talk to someone who has already experienced it. Talk to as many people you know who have used New York moving companies and ask for advice. If you’ve found a promising New York moving company, try researching customer reviews on the Internet. Word of mouth is probably your best resource in finding the best service among New York moving companies.
Once you’ve completed your move, if you are happy with your service and rate, you should try to post a review online. This will reward the company for meeting or exceeding expectations and help others looking to make a move in New York.
Looking for a roommate to share your apartment and help pay living expenses can be a great or adventure or your biggest nightmare. It can be very hard to live with another person, their bad habits, their good habits, and their behaviors. This is especially true if they are too much like you or not enough like you. Since roommates can range from one extreme to another it is important that you know what you are looking for in a roommate before you start your actual roommate search.
First, you should sit down and make a list of the things that you are looking for in a roommate. Separate this list into two columns. One column should be the “must be” and the other column should be the “must not be.” Under the “must be” column list all of the things that the roommate that you are looking for is required to have or required to be. In the “must not be” column list the things that would cause this person to absolutely be deleted as an option for living with you. This type of list will help you to narrow down the types of people that you are looking to share your living space with you.
Second, consider using a roommate finder service. There are many roommate finder services online that are free or very inexpensive. If you are a student at a college or university, many secondary schools offer a roommate matching service even for off-campus living. Post signs and ask fellow co-workers if they know anyone that is looking for a roommate. Post signs and flyers in the area where the apartment is located looking for a roommate and be sure to ask people that you know for potential referrals for compatible roommates.
Third, wherever you find a potential roommate, be sure to conduct a very thorough background check on the person. There are online services that cost very little money to conduct this type of criminal background check. The cost of a background check will more than outweigh the price if you end up living with a thief or a psychotic person. Ask for past references of landlords or people that they lived with and check these references as well.
Fourth, conduct a very thorough interview with potential candidates. Spend some time with them in different situations and observe how they handle things. Ask very specific questions about their living habits, pet peeves, whether they are a morning or a night person. Take the time to get to know them and their personality and see if the two of you can stand being together.
By taking these steps and carefully evaluating potential roommates, you are sure to find as close to the perfect roommate as possible!
Looking for a new apartment to rent can be an exciting adventure. It can also be a confusing one if you do not have a plan in place before you start your apartment search. Since apartments can range in size, price, location and amenities it is important to know what you are looking for before you start actually looking at places to live.
First, you should sit down and make a list of things that you are looking for in an apartment. Separate this list into two columns. One column should be the “must haves” and the other column should be the “would like to haves.” Under the “must haves” column list all of the things that the apartment you want is required to have. In the “would like to haves” column list the things that you would like the apartment to have, but are not requirements. This type of list will help you to narrow down the apartment options that you will have to look at. Based on your list make a list of apartment complexes and places listed for rent that you think or know will fill your criteria and then schedule appointments to see the apartments.
Outside
While you will be spending the majority of your time inside your apartment you should also consider the outside areas of the apartment, home or complex that you will be living in. Look for the cleanliness of the halls, walkways, and common areas such as the pool, gym, etc. Also look to see if they have sufficient lighting so that when you are coming home at night it will be safe to walk from your car to your front door. Look at the front door of the apartment to make sure that it is secure as well. Check to see what kind of lock it has on the inside and the outside of the door.
Kitchen
Look in the kitchen to check for any type of animal droppings (such as roach or mice). Also be on the lookout for dead bugs. Droppings or actual dead bugs may indicate that there is a bug or rodent problem with the apartment and that is probably something that you will want to stay away from.
Next, check the refrigerator and stove. Make sure that all of the burners work on the stove and that the oven also works. Listen for any weird noises coming from the refrigerator like humming or rattling.
Check to make sure that there is enough counter space and enough electrical outlets for you to work in the kitchen. If you do not have a dining room you may also want to see if there is enough room to fit a table and chair set inside the kitchen area.
Living Room
The living room is the room where you will probably spend the most amount of time in your new apartment or home. Again, be sure to make sure that there are enough electrical outlets to plug in all of your electronics like the TV, DVD player, stereo, etc. You should also review the layout of the room to make sure that the furniture you have will fit into the space.
Bathroom
Check the bathroom for mildew or mold. Flush the toilet to make sure that it works and does not run continuously after flushing. Turn on the hot and cold water faucets in the sink and in the shower to make sure that everything is functioning properly.
Bedroom
Your bedroom should be a place for peace and tranquility so that you can get a restful night’s sleep. So the first thing that you should check is to evaluate how thin the walls are. This is especially true if you are going to have roommates or if your bedroom shares a wall with a neighboring apartment. Check to make sure that your bedroom windows open and close properly and that there are secure locks on the windows for safety. Check the closet space to make sure that there is enough room for you to fit all of your clothes and other items that you will need to store in your room.
Costs
There are varying costs associated with renting an apartment so it is important to find out from the landlord or apartment leasing agent exactly how much the monthly rent is going to be and what costs are included in the monthly rent. Some apartments do include the cost of electric, cable and water in the rent payment. Most do not include these costs, so it is important for you to understand the exact cost and what is included in the cost to rent that particular apartment. If the electric, water and cable are not included in the rent then ask for an estimate of costs based on the number of people that will be living in the apartment.
Many landlords require a cash deposit, as well as the first and last month’s rent, so be sure to inquire as to what amount you will owe when signing the lease.
Ask about parking. Is there an assigned space (or spaces) for your apartment or is it random parking? Also find out if there are a sufficient amount of parking spaces for tenants and find out where the guest parking is.
In Writing Please
Be sure to get everything in writing so that there are no headaches later on in the process! It should be a red flag to you if a landlord does not want to have a written lease or put certain items in writing.
A lease to rent an apartment or house is a contractual obligation that needs to be taken very seriously. Like any contract it is important that you carefully read and understand all of the terms of the lease before signing it. Here you will find ten tips that you can use to prepare your negotiations with the landlord about your lease. These are general tips and if you do not understand the terms of the lease then you should consult with a real estate attorney prior to signing the lease or any other contract that has to do with leasing property.
Tip #1 Read, Read, and Then Read Again
The most important part of any contract, including a lease, is that you read it very carefully. People have a tendency to skim contracts because they are usually boring and hard to read, but it really is important that you read the lease and make sure that you understand everything that is stated in the contract. Read it first to gain general knowledge. Read it a second time for clarification.
Tip #2 Make Notes
When you read the lease the third time have a piece of paper and a pen to take notes on items that you do not understand or items contained in the lease that you have questions about. Make sure that your notes and questions are complete so that you will know exactly what you are talking about and which section of the lease the question refers to when you are talking about it with the landlord.
Tip #3 Gather Information
Do a little research on the landlord, apartment complex, or corporation that you will be entering into this agreement. This information will help you to better understand where the landlord is coming from and which points of the lease may actually be negotiable. Also, be sure to read and understand the landlord and tenant rights laws as they apply to the state that you live.
Tip #4 Walk in Your Landlord’s Shoes
Once you have created your list of questions go back and think about how the landlord may respond to your questions and concerns. Think about the responses from your landlord’s point-of-view. Once you have come up with some of the responses that the landlord may have, come up with rebuttals to their responses. This will better prepare you for the negotiation process because it will help to prevent you from getting stumped during the middle of the negotiations.
Tip #5 Timing is Everything
Most landlords have a process that they go through when they are renting out an apartment or house. Many landlords will require that you submit an application, sometimes requiring an application fee, so that they can do a background check, pull your credit, etc. You should ask for a copy of the lease upfront so that you will have time to review it while this process is taking place. This will give you time to read through the lease, formulate your questions, and prepare for negotiations.
Once the landlord has told you that you have been approved and that everything has checked out then the logical next step is completing the lease. This is the right time to talk with the landlord about the questions and concerns that you have about the lease. Timing is everything. You wouldn’t want to start your negotiations before this time because if you never get approved to move in then there is really no need to negotiate.
Tip #6 Question the Landlord
This is sort of a psychological game, but you should set up an appointment with the landlord to discuss the questions and concerns that you have about the lease. Be sure to take your copy of the contract and your list of questions with you to the meeting. Start at the beginning of the contract and go through your list of questions in order. Thoroughly discuss each question until you are satisfied with the answer that the landlord gives or at least until you fully understand the answer to your question.
Why is it a psychological game? First, because the fact that you have taken the time to read the lease and come up with a list of questions about the lease shows the landlord that you have taken the time to educate yourself on the terms of the agreement. Second, anytime you question something in the lease it mentally puts a form of doubt in the mind of the landlord on the item that you are questioning. This may cause the landlord to agree to negotiate some or all of the terms of the lease that you do not feel comfortable with or have a doubt about.
Tip #7 Stay Calm and Be Reasonable
It is important that during the negotiations that you stay calm and be reasonable. This presents a professional front to the landlord and they are more apt to listen to what you have to say and agree to the terms with a calm person than they are with someone who is yelling at them. It is also important that your requests are reasonable and realistic. The terms of the agreement should benefit both parties and not be too slanted so that they are only advantageous to one party.
Tip #8 I Want to Talk About Me, Me, Me, Me, Me
It is human nature for people to want to know what’s in it for them. How does this benefit me? So when you are presenting the changes that you would like made to the lease, show how these changes may benefit the landlord as well as how it will benefit you. If it’s all about how it benefits you then the likelihood of the landlord making these changes are going to be very slim.
Tip #9 Have Backup
Especially if you feel resistance from the landlord about negotiating certain terms, make sure you have something to backup your arguments. If you have perfect credit and excellent references from previous landlords, be sure to point this out to the landlord. Sell yourself to him or her on why you are a great tenant and why it is not a risk to him to agree to change certain terms of the lease to benefit you. On the other hand, if you have terrible credit and horrible references then you may have to come up with other reasons why you will be a great tenant and this may be a hard sell over those who do have great credit and great references.
Tip #10 Get It in Writing
Once the amended terms have been agreed upon be sure to put it in writing. Have the landlord type up a new lease including the new terms before signing the agreement or write the new terms on the existing lease and both you and the landlord need to initial each change. This should all be done before signing the lease!
Insurance of any kind is a protective means against theft, disaster, accidents, and any other damage that the insured property may encounter. This is true whether we are talking about life insurance, car insurance, property and casualty insurance or some other type of insurance. But when you are a renter is it really necessary to have a renter’s insurance policy. What are the advantages and disadvantages? Is it necessary coverage for renters?
Pros of Renter’s Insurance
1.The main purpose and benefit of having renter’s insurance is that it covers the loss or damage of your personal property or the contents of your apartment, house, or dorm room that you are occupying and paying rent to live in.
2.Renter’s insurance also protects your personal property against the actions of your roommates or other tenants.
3.Coverage will vary by provider but most renters insurance policies cover loss or damage to your property for almost any reason. Flood insurance is usually a separate policy or at an additional cost to the renter’s insurance policy.
4.Renter’s insurance is relatively inexpensive. Since the cost to replace your personal items is much greater than the cost of the renter’s insurance policy it is a very cost effective way to protect your personal property and your personal wealth in case of an accident, natural disaster, theft, etc.
5.Some policies allow roommates to be on the same renter’s policy, while other policies require roommates to be on separate policies.
6.If you obtain your renter’s policy from the same insurance company where you have other coverage like your auto insurance, many companies will provide you with discounted rates.
7.Renter’s insurance coverage goes above and beyond covering the loss or damage of your personal property. Some policies cover other areas of loss or injury such as:
•Traveler’s insurance: Covers your property if lost or damaged while traveling. For example, if the airline loses your luggage some policies cover the loss of your bag and its contents.
•Medical payments: If someone visiting your property is injured some policies will cover the payments of their medical bills (up to a certain limit, which depends on your coverage). This coverage does not apply to anyone living in the home. It only applies to visitors.
•Liability coverage: This coverage protects you against a lawsuit if someone visiting your property is injured.
Cons of Renter’s Insurance
1.Most renters’ insurance policies do not cover flooding. A flood policy either has to be purchased separately or at an additional cost to the renter’s insurance policy.
2.Roommates may each have to obtain their own renter’s policy. Some policies do not allow renter’s in the same apartment to be on the same policy.
Moving into a new apartment or house can be a very exciting adventure. It can also be a very tedious task if you do not plan out exactly what you will need to live in your new home on a daily basis. While many things that people have in their homes add character or personalize the living space, there are bare essentials that you are going to need. If you take it step-by-step everything will be up and running before you know it.
Essential #1 Electric & Water (Utilities)
One of the first things that you will need to do before you can move into your apartment is to have the electric and water turned on. Some rent includes your utilities (electric and/or water), but most do not. So in order to have your electricity turned on you will need to call your local electric company and arrange the date that you would like your electricity up and running in your new place. The second utility that you will need to have turned on is your water. You will need to contact your local water company to make these arrangements as well.
Essential #2 Telephone & Cable
You will need to call the local telephone company to setup phone (and possibly Internet) service. You will also need to decide if you would like cable TV or satellite service. If you would like cable TV then you will need to contact the cable service provider that covers the area where your apartment is located. Alternatively, if you choose satellite TV then you will need to call one of the major satellite companies to schedule an appointment for installation.
Essential #3 Furniture
You will need to buy, borrow or rent furniture for each room in your house. Basics include a bed, living room furniture, kitchen or dining room table. You will also need a dresser or place to store your clothes. Each room of your house will have essentials that are required to complete the room. Here is a short list of items that you will need categorized by room:
These are just some of the items that you will need to setup your new apartment. Use this list as a guide to sit down and figure out what you may already own and what you may need to buy in order to get your apartment in tip-top shape for living.
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