The houuse in question will need tons of work to make safe.

Quick Property Sale

Home renovation has become quite the trend nowadays. It is not like the time when renovation was looked upon as big a headache as buying new property and moving to a different city. This creates a problem. For those property owners who are not in the property business it can be tricky to find the right building contractor to work with. Quite often the only way to choose one is to ask around for a recommendation. Even then it is possible that things make not work out as smoothly as you wish. So how are you to avoid a situation like that? Here are some suggestions that should help.

First off you should have a list of around 3 to 5 contractors handy. Do not go with one. Get as many recommendations as you can. Collect quotes from every one and compare their prices against the services and their past record. All of them should be charging somewhere close to the going market rate for the job. If someone is charging way too low then expect corner cutting and a rush job. Similarly if someone charges way too high, then you are obviously being had. A good contractor will stick to the market prices and not demand unreasonable sums.

If you are going in for a minimal renovation then make sure you do not enter into a verbal agreement. It often happens that small projects are never put to paper and this leads to arguments later on. Always get the contract on paper and signed by both parties. Verbal agreements are worthless. Make sure you understand the contract yourself and that it covers everything you want done.

Another important thing is to speak to former clients of the contractors and get their feedback as to the performance during work and how much customer satisfaction the contractor gives. By speaking to others and listening to their experience with a contractor you will be able to choose the right one. If possible you should visit some of the locations where the contractor has worked recently so that you can see the quality of their work for real instead of through pictures.

An important thing that people often overlook is to actually check the references offered. Quite often the bottom line for their decision is the cost and not the reputation of the builder. Do not engage anyone who cannot show references unless you know them personally and when references are offered call them up and either speak to them or better still try and meet them and look at the work done in their home. This is a very critical component of choosing a contractor and you should not skip or avoid it. When you are checking references you must enquire about things like quality, time taken, schedules met or missed, builder’s attitude, budget control, and so on.

Another thing to check is the builder’s credentials. Not all states require a builder to be licensed. Reference checking becomes even more important in those states. In the others you must make sure the builder is licensed for the work to be done. Also check the builder on the Better Business Bureau to see if there have been any complaints.



Passive Income

If your property has a high value

It is often difficult to get properties of a high value to work with sale and rent back. A high value in this case is difficult to quantify due to the differences in property prices nationwide but anything over about GBP 250K outside of London may not work as a rent back.

This is due to the fact that the monthly rent for higher valued properties is often low compared to the properties price. This means that the rent back company would not be able to receive enough rent to cover the financing required to buy such an expensive house. Therefore, the only option for the rent back company would be to buy the property at a lower price so that the rent covered the cost in buying it.

This is very mush dependant on the area you live in so please contact the rent back company to discuss. Once again, you should never pay them anything upfront so any advice they give is free and without obligation. It is therefore always worth asking questions.

If you plan to use Housing Benefit to pay your rent

If you sell your property and receive a cash lump sum as a result of this sale, any housing benefit you were previously entitled to may be reduced or taken away altogether. As far as the council are concerned, they will not keep paying the rent if that person has a lot of money in the bank. Different councils have different rules on this so you need to check before you do the deal if you plan to claim housing benefit after you sell and rent back. For example, some councils have a higher threshold than others (i.e. some will reduce housing benefit for any savings over GBP 8,000, some will be higher and some lower).

Some councils also stipulate that previous house owners are not entitled to claim Housing Benefit for a property they have owned in the past 5 years. This could leave you unable to pay your rent and in danger of being asked to vacate your property. Councils will often waive this rule if you are in danger of repossession and can prove you had no choice but to sell your home. However, once again it is important you check this before entering any agreement. A good sale and rent back specialist will be able to help you in this as it is in their interest to know their future tenant will be able to pay the rent.



Repossession

The Spanish Property Market has seen the best resulting sales in April 2008 for over a year.

Following media coverage of the failing property market during 2007, most potential property buyers put their plans onto ice until the situation improved.

The complete market in Spain saw estate agents shutting through lack of sales and the crunch during 2007 was to get even worse. Unscrupulous agents were devising tactics to prise money out of clients through desperation to inject money back into their own business.

Some such tactics were to ask for a small lump sum payment to substantiate an offer on a property. Although in the agents defense it eventually was used as part payment towards the deposit, nonetheless it was a payment devised to be a part payment of the agents commission. This was one of the tactics that prevented potential home buyers from venturing into the Spanish market.

The shrewd investor saw the decline as an opportunity to secure a dream home at a much reduced price. In fact this aspect of a declining market was the main purchasing selling point that the Spanish Market was using to attract buyers.

However as 2008 emerged it was clear that a new year had brought a new perspective back into the property market. Month on the month the buyers have been coming back. The estate agents were beginning to see a new surge of property buyers.

April 2008 has seen the best month in property sales in Spain for almost a year. This confidence can be expected to multiply as the season for visiting Spain arrives during May and the summer season.

Upon further investigation of the property market we can see trends that follow the UK market. Smaller one bed apartments and studios seem to remain pretty consistent, as do the properties valued at over a £million.

One may think that property has a similar intrinsic value to that of gold; as it rarely decreases in value. As such of course property has to be the ultimate way to invest money and see year on year returns.

One new property on the market valued at almost a £million near Cordoba in Southern Spain; having 15 bedrooms, ideal for a bed and breakfast opportunity, has received 6 inquiries in the first week it has gone on sale.

It would appear as a consequence of such interest that a new surge of buyers has begun. Not to bring the property market back to its prime, but enough to give everyone, both purchaser and seller a little confidence.

The economy of course is having a direct affect on the market. The Euro is particularly strong against other currencies, especially the British Pound and the American Dollar. This would mean that any transfer of money would have an extremely poor exchange and as a consequence could mean the difference of up to £15,000 on a £100,000 transfer.

Mid 2007 saw the exchange rate for the Euro at 1.48 to the pound. Today we see the rate at 1.24. This equates to 24,000 euros for each 100,000 euros exchanged. Despite this poor exchange rate the property market in Spain is beginning to rise from the ashes.

We look forward to the continued rise in interest in property sales.

Mr. P. Booker

Internet Estate Agent, Southern Spain

http://www.Sale-Property-Spain.co.uk/country_house_cordoba.htm



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