Benefits of Buying Pre-Construction Condos

It seems that living in condominiums have become a way of life particularly for people who work in downtown offices of large cities. It has become so popular that some residential condominiums are nearly sold out even though they are still in the development phase. This is because even before the actual development of the building has started, a lot of pre-construction sales have already happened.

Buying those condos has emerged as one of the lucrative but somewhat risky, investments anyone can have. There are a lot of benefits when you buy them and one of them is the amount of money which you have to pay in contrast with an already completed unit.

Prices for the condos are but just a fraction of their actual value when completed. Once the real estate developer is finished constructing the condominium, the amount that was pegged during pre-construction could easily double and you could earn a tidy profit right away if you sold the unit that you bought upon its completion.

The other benefit to this type of sales is that you can actually alter the interior design of the unit you bought. This means that you can actually have your own design incorporated in the interior of your residential condo unit. You can change the wall paneling, flooring, and can even reposition some fixtures like the bathtub if you bought the unit during pre-construction phase.

Though there may be a lot of benefits that can be gained in choosing to buy a pre-construction condo unit, this is also a risky investment because you would have no way of predicting what will happen in the future. The biggest downside to this kind of investment is the delay that may happen during the construction phase. You may find yourself waiting for several years before you can actually live in the condo unit that you bought.

Pre-construction condos can be good investments but before you buy one of them, you should first study the project carefully to avoid any regrets. Another thing that you must consider is that you got to have a place to stay while waiting for your condo unit to be finished because you will be looking at more than two years for the construction to be completed.

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Buying Homes Pre-Construction

Many people hear about buying homes in the pre-construction phase of development and having the home value skyrocket in the first few years. The stories usually involve someone "getting in" during the early phases of development when the builders offer good incentives and competitive pricing. These homes can be great investments, but deals like these are harder to find now than they were even five years ago. So, talk to your real estate agent about pre-construction homes (and investing in the Charleston area in general) if this is something you are interested in.

A lot of our clients have opted to buy homes pre-construction because they need time to sell their current home. Building a new home in Charleston usually takes anywhere from four to nine months. We have found that new construction is the best way for people to go ahead and buy a home (reserving a price in the market) but also postpone their closing date (giving them time to sell their house). Along the same lines, most builders only require you to put down a small amount (anywhere from $1,000-15,000 depending on price of house) upfront. After you make this payment, you don't usually pay any more until the house is built and you close on it. So, if you are still making mortgage payments on your current home, you don't have to worry about making double mortgage payments until the time that your house sells. Also, if you are an investor, it would be beneficial for you to try to not close for a while so that you can capture the appreciation of the home.

Another benefit of buying homes pre-construction is that you know your home will be low maintenance. Builders are required by law to give specific minimum warranties to ensure that you don't face any major problems during the first few years of living in your new home. One of the warranties is a minimum of 1-year "bumper to bumper" warranty which ensures that everything in the home is covered by the builder. There is also a 2-year warranty that covers all systems (electrical, plumbing, heating and air conditioning, etc.) in the home. Another warranty is the 10-year structural warranty which covers foundation and other structural problems.

An obvious benefit of buying pre-construction homes is that you get to choose many features in your home. Depending on the progress of construction, you can often choose flooring, cabinetry, light and plumbing fixtures, etc. You can either go with the upgrades, or you can keep the standard features in order to keep costs down. If you are buying a home during the early phases of development, you can usually choose which floor plan you want to use and even which lot you want to build on.

Although there are plenty of benefits of buying new homes, there are also some drawbacks. New construction homes sometimes sit on smaller-sized lots compared to older homes. Older lot sizes in Charleston are typically about 1/3 of an acre, while newer lots are generally ¼ of an acre. These averages vary according to area, and you'll find larger lots in general in areas that are farther out in Charleston. Another drawback of pre-construction homes is that you don't have a definite closing date. Due to weather and building permits, the builders don't always close on time. A third drawback is that people can't always walk through the house and see how it looks before you buy. New construction neighborhoods almost always have a model home to show you examples of finishings and upgrades. Although these homes have different layouts and features, they can still give you an idea of the quality of work you can expect from the builder.

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Is Understanding Consumer Buying Habits an Important Rental Construction and Buying Concern?

As rental housing builders and investors, how are we impacted by the consumer's general buying habits? Is this important for us to understand. In a word, yes. Why do we need to be concerned? Understanding the buying habits of our target market impacts several key points we need to understand. We need to know where consumers are going, how they are spending their time, how are they spending their money, what their priorities are, and their available income for housing.

Grasping where they are going, how they are spending their time, what their priorities are and their available cash for housing can give us a the understanding we need to determine the advantages and disadvantages of various locations, the opportunities offered by certain amenities, the size of our prospective renting audience, and whether certain construction plans are possible or not possible.

Our next question should be how to breakdown and understand this information. Focus on the following areas:

How much and what products is the consumer buying for eating and drinking? And, how much are they spending on eating out? If they are eating out, how far did they travel to get there. All of this should be in the context of their total take home income.
Do they have children? What are their ages? Where do the attend school?
What are they spending on entertainment? How much for fitness? How much for movies? How much for travel? How much for gaming? How much on sports? Are they a member of a league or team? How much do they spend on hobbies?
What are they spending on clothing? Where are they buying the clothing? How much is for work, for casual or for play?
What is the budget for transportation? How far do they travel to and from work? How much driving is spent casually but not for vacation or entertainment? Is there a desire to cut down travel costs and auto costs? What type auto do they own? Do they owe a payment or did they buy with cash.
Do they rent? Do they intend to buy? How many bedrooms do they want? Do they need an office or other features?

This information is invaluable determining the viability of a property, improvements that can work, improvements that must be made, or unrecoverable obstacles that cannot be managed. This then can prove the crowning information leading to a great investment or the lacking data that lays low the best intended investment. As investors, operators, and owners, this is absolutely critical due diligence data we should be seeking.

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5 Reasons You Should Still Consider Buying Real Estate in Panama

Panama property sales have declined in recent years. But, as you are about to see, Panama property and real estate can still be a solid investment and a great lifestyle choice for you.

If you live in the US or Canada, you are witnessing one of the biggest nose dives in property prices that you have seen in your life time. And it shows no signs of improvement any time soon.

Other places in the world are seeing similar declines. It probably makes you a little nervous to purchase property anywhere.

But, making the decision to invest in Panama property, lot, house or condo may still be one of the best decisions of your life. If you approach as a lifestyle choice and long term investment. Instead of a short term speculation.

Here are 5 reasons Panama Property is still hot.

Price

Land prices in Panama are still extremely low. Especially if you compare them to the prices in North America or Europe. Whether you are looking for a city lot, farm or rural property, or a nice piece of ocean front real estate, your price in Panama is going to be considerably less than the same type of lot in the US. And yes, it is still possible to find affordable waterfront property in great locations.

Because real estate prices are not as high as in Canada, the US and most of Europe, they are not taking the big declines of those places. Prices are no longer going up like they once were. But they are not declining either. As a long term investment, Panama real estate has a long way to go in the up direction before catching up with North America.

Lifestyle

Panama boasts and incredible year round lifestyle. Whether you are into city nightlife or rural outdoor activities, you can find it. Panama City is a thriving metropolis containing high end shopping malls, bars, restaurants, theaters and more.

Once you step out of the city, you walk into a wonderland of water sports like sailing, surfing, diving and fishing. As well as activities like hiking and exploring. Do you like golf? There are several world class golf courses. And you can actually afford to play at them. Unlike the good US courses.

Scenery

This goes along with the outdoor activities already listed. But it is worth calling them out again. The wide variety of plant, animal and bird life is unrivalled anywhere. If you are into architecture, Panama City is a city of contrasts. From modern high-rises to Spanish colonial architecture, they have it all. From ocean vistas to mountain and valley views, you can choose a Panama property that is just right for you.

Economy

The economy in Panama is still growing. Even when the worst of the recession was hitting the rest of the world, Panama showed growth. And Panama is focused on keeping that growth through the Canal, expansion of tourism and construction.

Many world class firms are setting up shop due to its potential as a world class business hub. This has kept real estate prices from the sudden declines.

Low Cost of Construction

Once you have obtained your Panama property it is still relatively inexpensive to build on. While in the US and Canada construction prices have soared to over $400 / sq ft in some places, in Panama the prices have stayed below $100 / sq ft. The prices have gone up over the last few years, but no where near as high as the US and Canada.

Keep in mind, land prices in Panama have gone up, and sales have slowed. Making a fast buck is no longer possible. At least not the way it used to be. But if you plan on enjoying your real estate, as opposed to just purchasing as a flip, Panama property continues to be a good investment.

If you combine the lower costs, high long term potential growth, and lifestyle benefits, it is hard to ignore.

Because of the slowing real estate market, you do have to be more careful when you buy. Take your time in shopping around and deciding what property type you want.

Would you prefer a lot in the city, in a golfing community or beach? Or maybe you can imagine yourself on farm or in a condo? It's all up to you.

Panama property prices are not showing any signs of collapse. At this point, prices have not dropped like they did in North America. If you want one of the best lifestyle opportunities there is, with a solid real estate investment you definitely should investigate purchasing real estate in Panama.

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Runescape - How I did it - Construction & Buying Green Partyhat

This is a short video about my progress from level 1-99 construction. It also includes a short video near the end of me buying a green party hat. Songs used: Tier - Rammstein Just Jack - Starz In Their Eyes Butterfly - Smile Witch Doctor - Cartoons Feel free to visit my Runescape fansite at kastor012.googlepages.com :) Runescape is copyright (C) 1999-2009 Jagex LTD.

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Buying New Kitchen Cabinets? Better Learn About Plywood & Particle Board Construction

While the look of your cabinetry is something you will hopefully see for years to come, it is the construction of the kitchen cabinets that makes it possible. You need to be versed on the options offered in the cabinet structure materials, so when you are asked, "Plywood construction?" you can feel comfortable with your answer.

As there are multiple choices for the look of your kitchen, there are also a number of options for the framework of your cabinets. Depending on the manufacturer, there is solid wood, plywood, particle board, and fiberboard that are most commonly used. While some of these items may sound familiar to you, it is in the details of each material that your decision will be made.

Solid wood is mostly used for the kitchen cabinet doors due to a lack of available lumber. Many consumers believe that solid wood is the best way to construct their cabinets, but solid wood actually has the tendency to warp over the years due to the changes in temperature and moisture in the home. On the other hand, it is an all natural material, and some consumers will feel more comfortable working with something that they are familiar with. Solid wood cabinets may be found at some custom cabinet manufacturers, and they are definitely not financially friendly.

Another commonly used material in cabinetry is particleboard. Particleboard is an engineered wood product that is composed of wood shavings and chips, and it is bound together by resin. While particleboard is not as strong or as aesthetically appealing, it is much more affordable. Particleboard also does not warp, as solid wood does, due to the humidity. Particleboard can become very eye catching by adding a wood veneer to the face of the cabinet. This product would be a great choice for you if your main focus is your budget.

Plywood is probably the most prevalent in the cabinet construction. This material is great if you have a slightly flexible budget. Plywood is compiled of layers of wood veneers that are bonded together. This construction technique makes the plywood less susceptible to warping, cracking, and shrinking than solid wood. Plywood is offered as an option by most cabinet manufacturers, and while it is cheaper than solid wood construction, it will run you more than the particleboard.

Fiberboard is a category of construction materials. Fiberboard refers to engineered wood product. Particleboard happens to be a form of fiberboard. Particleboard is a low density form of the product, as the product ranges in density. As the density of the type of fiberboard increases, you will see a slight rise in the price as well. That is because the more dense the material, the stronger it will be.

As you are browsing through the different door styles and finished, keep in mind that while these items may keep your kitchen in style, it is the construction of those cabinets that will keep your kitchen together. It is always helpful to go into the remodeling process with a little bit of information on your options. This will help you make a sound decision for your taste and your wallet.

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