Sell and Rent Back your Home Through Looking 4 Quick House Sale


If you are looking for quick cash, you have the liberty to sell your home without having to leave it. This is possible through a sell and rent back strategy. You will be able to find this kind of arrangement through Looking4QuickhouseSale. This is an organization which provides fast cash for a condition property. If you are in dire need of money, you can choose to sell your home. If you do not have another place to live in, you can still reside within your house. By renting it, you won’t have to look for another rental unit. What is more, you will be able to bypass the expensive rents of apartment units.

When you choose to sell rent back, you are guaranteed satisfaction. This is due to the fact that you are selling your property to reliable investors. This quick cash strategy can provide you with various advantages. For one, the sale of your home will not go through an estate agent. This implies that you do not have to allot a budget for agent fees. Another advantage to this strategy is the chance to prevent home repossession. This is usually the case when you put up your house or property as collateral to secure your loan. On the other hand, you can also avoid foreclosure. The process of sell and rent back is not that complicated. You only need to apply online and the offers for your home will keep on coming in.

There are already plenty of residence owners who prefer to sell and rent back their homes. This is due to their belief that renting a house is better than actually keeping it. If they want to move out, they won’t have to deal with a lot of things before they can leave. What is more, paying for rent each month is relatively cheaper than settling monthly mortgage payments. Furthermore, renting will keep you from being too obligated with the repairs and maintenance of the house or the property. Since you are not the owner of the home anymore, its damages are not your responsibility. But you have to remember though, that you still need to tend to the property.

If you are a homeowner who is worried about the declining prices of properties, you might want to consider the strategy of sell rent back. When you decide to sell your home, you will be able to lock in the profits of your property’s recent values. Most of your profit that you have earned will not go to estate agents since you are assisted by an investor. You are selling your house because you are looking for quick cash; this implies that you won’t have to negotiate with an estate agent to look for possible buyers for you. You will be directly negotiating with an investor, allowing you to gain the maximum amount of your property.

If you want to avoid a tight financial situation, the best thing that you can do is to sell and rent back your home. This way, you won’t have to put your family in a position where living is quite difficult.



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Delhi Real Estate: Demand for Quality Housing to Remain High


Demand for bungalows and apartments in prime areas of central and south Delhi is likely to stay high this year. Corporate executive and expatriates are especially identified as the segment that would drive the demand for premium housing rental in Delhi.

According to property brokers, South Delhi is among the most sought-after residential zones. Localities such as Greater Kailash, Saket, Green Park, Malviya Nagar, New Friends Colony, Lajpat Nagar, Panchsheel Enclave, Hauz Khas and Chitaranjan Park are enjoying tremendous demand for rental properties, Rajkumar Raheja, a property consultant told.

There is almost no property available for sale here but plenty of apartments and bungalows are available for rent. The rent is in the range of Rs.10,000 to Rs. 30,000 per month.

East Delhi also picks up

South Delhi may have snob appeal, but the east is where the real action is. Development of the Commonwealth Games Village and the Akshardham temple complex has further added to the appeal.

But perhaps the most important reason for the east’s popularity is its proximity to most of the happening spots and cultural centres of the capital, particularly New Delhi. The monthly rentals for apartments in areas such as Mayur Vihar vary between Rs 5,000 and Rs 45,000, per month.

West Delhi: Not far behind

West Delhi is also surging ahead in terms of real estate development. With the Metro operational in this part, areas like Karol Bagh, Rajouri Garden, Paschim Vihar, Punjabi Bagh, Vikaspuri, Janakpuri, Moti Nagar and Dwarka have seen a rise in demand for residential as well as commercial property.

Dwarka is particularly popular as it is well connected by the metro and road. Its proximity to the airport adds to its value. Monthly rentals for residential units vary between Rs 7,000 and Rs 25,000 per month.

For more details on Delhi Real Estate, log on to magicbricks.com



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New Canadian Home Renovation Tax Credit

renovation

The Canadian government revealed on January 27th, 2009 a temporary Home Renovation Tax Credit. This renovation credit will apply to work done on houses, cottages and condominiums owned for personal use, and projects can range from finishing a basement to remodeling a kitchen, to painting, to laying new sod. This home renovation tax credit works as follows: Homeowners can get a 15% tax credit of up to $1,350  for renovations that  exceed $1,000 up to a maximum of $10,000 worth of work or materials. The renovations must take place and be completed between January 27, 2009 and January 31, 2010 to be eligible for this credit. 

Under this $3-billion program,  you may choose to hire a contractor or to do the work yourself. However, contractors must be registered for the GST so you cannot hire friends or family members. The Canadian government estimates that over 4 million families will take advantage and benefit from this tax credit. 

The Home Renovation Tax Credit was created to encourage Canadians to spend now to help create jobs in industries typically hurt by an economic downturn.

“These measures to support home construction and renovation will help stimulate our construction and building-supplies industries,” Federal Finance Minister Jim Flaherty said in his speech.

The tax credit will apply to a variety of home improvements, such as renovating a kitchen, bathroom or basement, new carpet or hardwood floors, building an addition, deck, or fence, installing a new furnace, painting the inside or outside of a house, or laying new sod. Expenses such as building permits, professional services, and equipment rentals are also eligible.

The cost of purchasing furniture, appliances, electronics, or construction equipment do not apply. Routine repairs and maintenance will also not be eligible for the credit. 

Remember that the Home Renovation Tax Credit can be used in conjunction with other government renovation programs. For example, if you plan on making your home more energy-efficient, you may qualify for grants of up to $5,000 under the ecoENERGY Retrofit Program. In addition to this $5,000 grant, you will still be able to claim these renovations under the Home Renovation Tax Credit. The same is true for eligible expenditures that are claimed under the Medical Expense Tax Credit.

Here are some tips if you plan on hiring a contractor to do the renovations for you. Please make sure that your contractor is licensed and ask them to show you their license. Ask for references. A good contractor will be happy to provide you with a list of references as well as pictures showing the type of work they have done in the past. Get more than one quote and get them in writing. The quotes should outline exactly what will be done and how long it will take. Just remember that the lowest quote may not be the best. This contractor may be cutting corners. Ask to see the contractor’s certificate of insurance. A standard insurance would cover worker compensation and third-party liability for everyone on the job as well as damage they may cause. If the contractor does not have insurance, you may be held liable if case of an accident. 

Happy 2009 renovations!



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Three Players to Sell House Privately for Private Property Sales


Private property sales need to be exposed so that there would be prospective buyers. Otherwise, there would be the difficulty of disposing the property. To make sales possible, there must be people involved in the transaction. It does not only concern the property itself. It also concerns other players of the transaction.

 

When you decide for private property sales, there could be three important players who will be involved. They are the owner, the sales agent, and the solicitor. These three players will be busy in dealing with the sale. However, each one has their own role to take.

 



As the owner, you are tasked to dispose the property. You will determine the market value of the property as well as the selling price. You need to consider the purchase price of the property, the marketing costs, and other costs incorporated in the sale. Then it is your responsibility to ensure that the property is saleable and legally available. Generally, the owner can sell house privately. He can sell it by advertisement or word of mouth. It is actually his discretion on how he can sell it.

The sales agent is normally the middleman of the sale. They are tasked to sell the property. When an owner has dealt with a sales agent, the owner is giving the sales agent full rights to the private property sales. However, it is the responsibility of the owner to ensure that the agent will get the commission due him.

The third player is the solicitor. Contrary to most beliefs, it is not the role of the sales agent to undergo conveyance, legalizing the transaction, and dealing with the buyer’s solicitor. It is the sole task of the solicitor as the solicitor has the expertise in property documentations, legalization, and conveyance.



 

With these players, there is the tendency that the cost of the house will increase more than just the market value. The cost for solicitor and the sales agent as well as the markup for the owner will be incorporated in the purchase price of the private property sales.

 

To be able to lower the selling price of the property or for the owner to have considerable markup for the private property sales, one must slash down the cost for the players. Definitely, one cannot do away with the role of the owner, as this is the reason why the property is for sale in the first place. Solicitors cannot also be disregarded because property documentation has to be done by qualified solicitor. This leaves a question if sales agents are necessary. Actually, if the owner cannot sell house privately due to limited time, effort, and resources, then the sales agent will prove to be necessary.  However, if there could be ways to improve exposure of the private property sales, then by all means, it would be more practical to sell house privately. You just need to advertise the sales for enough exposure.

 

One way to sell house privately for enough exposure is through advertisement online. The Big Move Online is one site that offers private property sales. The owner will have complete control on how to go about the advertisement of the property because it can be done once an account is made on the site. With Big Move Online, to sell house privately is made easy because of exposure. This way, the owner will save on the commission of sales agents.



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Why Are Property Sales Still Doing So Well In Colchester


Ever thought about buying a house in Colchester, Essex? Well, the history of this town is long and varied and is well worth factoring in to your perspective property decision making process. Property sales remain buoyant in the town and perhaps that is because it is such a great location.

Colchester has a proud history and is claimed as the oldest recorded town in Britain as it was mentioned by Pliny the Elder in AD77 during the Roman times. Colchester’s Celtic name is Camulodunon and it means ‘the fortress of Camulos’ (who was the war god of the Celts). After the Romans conquered Britain a fortress was built comprising of legionaries. Colchester then served as the Roman Capital of Britain and was very well defended as it was built on a hill.

In 61 AD there was a rebellion by Boudica the famous Rebel General and Colchester’s fortress was overrun and destroyed. After the destruction of Colchester, London became the new capital of the renamed Britannia, but it would still be that the Council of the Provincial natives would still meet at Colchester due to the Temple of the Divine Claudius that served as the seat of the council. Later on, the Roman Force moved North and Colchester became a colony.

Then around 400 AD the Saxons came over to Britain and took over Colchester. They reorganised the defences dramatically and increased security, they also managed to block the Balkerne Gate which was one of the entrances to Colchester in the Roman era, as well as some of the public buildings outside the town were also abandoned. This made the town less susceptible to attack and a lot safer. But in the 9th century the Vikings landed in Britain from Scandinavia and overran the Saxons. It remained in the hands of the Vikings until 920 AD where the British settlers claimed Colchester back with the help of Edward the Elder.

The next major improvement and change to Colchester then came in medieval times where the Normans in the 11th century AD built what is today’s Colchester Castle. The Normans were very clever in the positioning of the castle. It overlooked the whole city and was built a top a large hill, where the vaults of the Roman temple of Claudius were situated. The Normans also built St Johns Abbey and the priory of St Botolph, where ruins of both can be found still around Colchester. You can still see the gateway of the Abbey and the foundations and walls of the priory.

In 1189 a royal charter was granted by King Richard 1 or Richard the Lionheart. The charter was given on the east coast of the UK at Dover where King Richard was embarking on one of his many trips away from England.

Between the 1500’s and the 1600’s a large amount of weavers and clothmakers emigrated from Flanders in Northern France into Colchester and the surrounding area of Essex. They were famous across Europe for making many different types of cloth especially bays and says. Even today there still an area of Modern day Colchester where it is known as the ‘Dutch quarter’, as many of the buildings date from the Tudor period as during this period Colchester was known as one of the most prestigious wool towns in England.

There was also a siege of Colchester during the Second civil war of 1648. A royalist army led by Sir Charles Lucas and Sir George Lisle entered Colchester, closely being pursued by the parliamentary army led by Sir Thomas Fairfax. The parliamentary army besieged the town for eleven and a half weeks before the Royalist army surrendered towards the end of summer. Following the surrender both Lucas and Lisle were executed in the grounds surrounding Colchester castle.

The most notable event of Victorian Colchester was the great earthquake of 1884 which measured 4.7 on the Richter scale. It lasted about 20 seconds and around 1200 buildings were damaged or destroyed. It is said that 3 to 5 people died in the earthquake and there was around 10,000 pounds worth of damage.

With such a dramatic history behind it, is it any wonder that property sales are still a sought after commodity in this town?



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Home Rentals – Save Yourself A Fat Wedge In Mortgage Fees


Lots of people are opting to rent a home rather than buy one outright. The most obvious reason for that is some people don’t enjoy the prospect of being in debt to a bank for the next 20 or so years of their life. Plus, maintaining a house that you’ve purchased isn’t cheap either. Many people have purchased a house to find that after 3 years the whole roof needs replacing at a cost of $5000 or $10,000.

Renting a home has often been compared to throwing your money away to a landlord, but in truth, this is not really the best way to look at it. First, with home rentals, you’re not paying any interest on money borrowed, as you would from a bank. Second, insurance costs, home and lawn maintenance/repairs and real estate agent commissions are things that are gleefully avoided with home rentals.

If you were to put away all the money you saved by not having to pay high interest rates and upkeep costs of owning a house into a savings account with even a modest rate of return, chances are, you’ll have made more money than you would by selling a house that you own.

Another great thing about home rentals is the fact that relocating is much easier when compared to owning a house. Many people like to travel and experience living in different areas. This is made much easier if you don’t have to worry about selling your house.

Depending on where you live, you may be eligible to receive assistance when trying to rent a home. This is especially true if you are just moving out of your parents’ house for the first time or moving to a different area in order to go to post-secondary school. Banks will sometimes finance your first and last month’s rent, plus your security deposit at a fairly low interest rate. This will allow people who need to move quickly or find it difficult saving up for first and last months rent to move into a new home quickly.

Home rentals typically relate to where one would be living, but there are other kinds of home rentals, too. Vacation home rentals are a popular option, especially if the rent is shared with other people. You could easily rent a vacation home with a few, or even a dozen, other people that you could share with throughout the year. This is an inexpensive alternative to buying a vacation property or staying at an expensive hotel with hundreds of other guests.

There are several home rental resources available on the internet. Topics will range from what to look for in a rental home to the proper budgeting and other financial tools that relate to home rentals. Renting instead of owning a home is a smart way to save money and give yourself the freedom to move around the world if ever you wish to do so.

Summary:

Renting a home has often been compared to throwing your money away to a landlord, but in truth, this is not really the best way to look at it.



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10 Most Common Mistakes Rental Home Owners Make and How to Avoid Them


As a property management company specializing in single family homes and small residential rental property, we have helped hundreds of owners manage their homes and small rental properties.  We have found similar mistakes that these owners have made while managing their own property.  The following are the ten most common.  We hope this report will help you become better rental property owners.

1. Not screening each applicant.

Besides the fair housing violation by screening some applicants and not others, you are heading for trouble if you don’t properly screen your prospective renters.  Good tenants are a key to an enjoyable rental property investment. You should have each interested renter fill out an application, which should be screened according to credit, prior rental or ownership history, income, income stability and criminal history.  Your criteria needs to be consistently applied to every applicant applying for the property.

2. Not following Fair Housing Laws

Rental owners are losing millions of dollars every year because of ignorance and blatant violations of the Fair Housing Laws.  It is against the law to discriminate against anyone based on Race, Color, Religion, Sex, National Origin, Handicap or Familial Status.  This is a Federal Law.  Minnesota State laws also includes marital status, status with regards to public assistance, and depending on the municipality your property is in, may also include affectional preference and age.  There are some exceptions to the law if you are an owner occupant, however, it is best to consult with your attorney or HUD before you rent your home.

3. Not keeping up on the home rental market

Most rental home owners simply look in the newspaper to see what other owners are renting their property for and determining a rent.  This is a way, but certainly not the only way or the best.  Unless you rent out hundreds of properties, you are not going to have the data and experience to effectively set the rent.  If you don’t have professional management, try some testing.  Start advertising your property two months out.  Set the rent higher than what you see in the newspaper.  See what response you get.  If you get flooded with calls, you may feel good, but this usually means your rent price is too low.  It is a matter of testing.   Upon lease renewal, most owners are hesitant to test a higher rent.  The typical excuses are that they think the tenant will move or they don’t have enough time to re-rent the property.  Consider the cost, time and hassle for the tenant to move.  If your tenant is serviced like a valued customer during the course of the lease term, coupled with the hassles of moving, a modest rent increase will typically not scare them away.  Tenants don’t expect rent will never go up; and a modest increase every year, as the market dictates, is far easier than a large increase every so often.

4. Not signing a lease

Many owners have the idea that a month-to-month lease is the best way to go, since they can get the tenant out easier. Consequently, these owners don’t sign a lease.  Although it is true that you would only have to give a 30-day notice to the tenant to vacate, if they didn’t, you still would have to evict them.  By then, they would probably be a month behind in rent.   Having a good written lease is always the best way to go.  You reduce your risk and have a better understanding with your tenant.  Even if you decide to go month to month term, get it in writing.

5. Not doing a Move-in/Move-out Property Condition report

One of the best ways to justify withholding money from a tenant’s security deposit is to have proof of the condition of the property prior to the tenant moving in and again after the tenant moves out.  This can be in the form of a written report, photos and/or videotape.  Without such proof, you will be defenseless if it goes to court. Be sure to give a copy of the move-in condition report to the tenant upon move in.  A good lease would indicate that the tenant  needs to complete the Move-In Property Condition Report Form, noting any defects or damages to the property, and deliver it to you within 7 days after the Lease begins. In addition, it would state that tenant’s failure to timely deliver the Move-In Property Condition Report Form shall be deemed as tenant’s acceptance of the property in a clean and good condition.

6. Not giving your new tenants and renewing tenants Title X information

For most rental property owners, as of December 6, 1996, the Lead Based Paint Disclosure Law went into effect.  According to the law, every owner with a property built prior to 1978 must give all new and renewing tenants a disclosure and pamphlet on lead paint.  Failure to do so could result in a $10,000 fine.

7. Not having the property ready for new tenants

If you have your tenants move into your property without cleaning, repairing items and painting if needed, you are asking for more calls and complaints and less renewals.  Good tenants expect to move into a clean, well-maintained property.  By doing it before the tenant moves in, you can work around your schedule, the tenant is happier and you have to deal with less phone calls and enjoy fewer turnovers.

8. Not maintaining the property

It’s easy to defer maintenance because you are too busy to do it or don’t have the funds.  However, it costs a lot more down the road when the item becomes a problem.  Set up a preventive maintenance schedule of changing furnace and A/C filters, testing for carbon monoxide, cleaning gutters, recaulking bathtubs and floors, testing smoke detectors, cleaning under and behind refrigerators along with general upkeep of your property.  It doesn’t have to cost a lot, but will surely save you a lot.

9. Not properly handling security deposits

Owners consistently violate security deposit laws and end up losing in court.  Even if you are entitled to withhold the deposit, in Minnesota, you must give the tenant an accounting of it within twenty-one days after they move out.  Don’t forget to include interest. The rate is set by state statute.

10. Not documenting

It’s been said “he with the most notes wins.”  In today’s litigious society, this is very true.  The simple handshake or verbal Okay just doesn’t do it anymore.  Have written leases, document your conversations, document your property condition upon move-in and move-out, keep record of applications you denied and keep accurate records of income and expenses.  Your organization will pay off.  It only takes one time without proper documentation that can cost you a lot of time and money.

This article is not intended to give legal advise.  Please consult your attorney. To learn more about how to make owning rental property hassle free, contact R.P. Management, Inc at 612-379-7890 for a 24-hour recorded message on services and rate.



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How To Raise The Rent At Your Investment Property

rent back

Being a landlord requires management skills, sales skills, and negotiation skills as you are constantly working with people (your tenants). One sensitive subject for both the landlord and tenant can be “How much is the rent going to be?” Once the tenant is living there, raising the rent is important but can be a delicate decision.

Keep in mind that you must keep your investment real estate business growing. To that end, you must keep your rents increasing at pace with the market and your rising costs. Raising the rent is simply part of managing your business smartly. Done correctly, it can be an easy and stress-free process.

Although every rental situation and each tenant/landlord relationship is different, I think raising the rent depends upon a couple items:

1. Is the tenant paying a fair market rent? If the rent is currently lower than market, it may be easy to raise it slightly as most tenants will realize they are getting a good deal where they are currently living. Plus they will not want to take on the added expense and time of moving.

2. When making your decision, ask yourself: “If the tenant decides to move because you are increasing the rent, can you re-rent the apartment for minimal cost and minimal or no vacant months?” If you increase the rent by $50 and the tenant decides to leave and you are left with a vacant $1200 per month apartment, was the increase worth it?

3. Consider that if you are increasing the rent in the spring, generally you can be more aggressive because it will be easier to re-rent that apartment in May than in December (at lease in colder climates).

4. If you are actively managing your lease renewals, you must be talking with the tenant 60-90 days prior to the lease renewal about their plans and any rent increases. This will give you time to re-rent the unit if the tenant chooses not not to renew.

5. Have the rent increase conversation with them verbally or in person. This will give you the opportunity to read their reaction to the increase. It is also more difficult for them to say no to your face.

6. If the tenant is hesitant about the increase, immediately see if they will accept the increase if you set the lease renewal to 18 months (locking their rent for that time) in exchange for the rent increase. This is actually an even better win for you as the landlord, as you have just locked them in as tenant for 6 extra months (and you got your rent increase).

7. When talking with your tenant, Use your best sales techniques to show them why they should both stay and accept the rent increase. At the end of the day, be honest. If the increase is related to increases in your costs, explain how your costs have changed. Most tenants can understand that taxes, insurance, or utilities do go up.

8. Lastly, if they are a great tenant consider simply leaving the rent at the same amount for another year. I would, however, let them know that you thought about a rent increase but “because they are such great tenants, you have decided to not change the rent for another year”. This will set up the idea in their minds that you did them a favor and will get them to expect a rent increase next year.

Having your rents keep pace with your expenses and market rents is an critical part of running investment real estate business. Although it can seem intimidating at first, if you just take your time and think through the process with each tenant, it can be a simple process when lease renewal time comes around.



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How an Instant Sale Can Save You From Repossession


Some of the latest UK statistics show that more than a million people will find their current fixed rate for their mortgage coming to an end in 2008. This means they may have to pay an average of £140 more each month, unless they can re-mortgage with a correspondingly low interest rate as the one they had before.

The economists don’t paint a brighter picture, saying that just a small increase in interest rates will spell financial doom for many. This they consider will create a detrimental snowball effect on the whole economy and see many fighting with debt repayments and having to sell their home or even finding themselves being repossessed.  Obviously this increases the supply and will in turn reduce house prices.

If you have any concerns regarding repossession, this article is aimed at helping you. Firstly lenders will take proceedings because the terms of your mortgage say they have a right to if you have two months arrears.  Most lenders however will usually try and come to an understanding to help you clear the arrears before starting proceedings.

If a resolution is not possible your lenders will get their arrears department to chase missed payments. This will continue for no longer than six months when your account will be refered to their solicitors and you will be warned that if you do not clear your arrears that repossession will take place.

If you are not in a position to do anything about your situation then the solicitors will instigate County Court proceedings for repossession of your property and a hearing date will be set. It is never to late for a resolution and the courts will give you further time to pay your debt.  However if your circumstances don’t allow for this, the lender will be given right to possession, usually this is set at 28 days.

On the designated date a court bailiff will arrive at your home with a locksmith and the lenders agent and they will take formal possession of your house.  This is indeed an extremely sad day for all, but one which could have been avoided.

There are many house sale specialists operating throughout the UK.  One well known one is An Instant Sale in Leicester.  They specialize in buying properties fast, for cash and the sale is guaranteed. They can stop repossession at any stage and can achieve a sale in as little as seven days. There are no valuation charges to pay and no solicitor’s fees.

If you do not wish to move from your home they can buy it from you, allow you to clear your debts, return any equity to you and then allow you a rent back option.  At this time you will also be given a fixed price to buy your house back in the future if you circumstances change.

Although these companies do not offer full market value on your home, offering usually between seventy five and ninety percent, you will find that when you weigh this up against either waiting your time out with an estate agent and paying their fees or the risk of losing your home, then the difference is very little.

What I consider best about this is the option to remain in your home, the children will not need to be removed from their schools or friends and no on at all needs to know about it.  That is, unless you choose to tell them.



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Mumbai, Jan 13 Real estate developers fear 30% to 50% increase in prices as well as demand for property in Mumbai, Pune, Nasik, Chennai and Bangalore, compared with the ongoing steady demand and prices in Delhi and the NCR region from March 2008 onwards.

According to industry experts, with Indiabulls (14 lakh sq ft of commercial and retail) and Peninsula II (5 lakh sq ft) properties under construction in Lower Parel in Mumbai, the demand for residential properties is expected to rise by 30% from March 2008. While Indiabulls property is expected to be operational this

year with a parking space for 3,500 cars, the Peninsula II properties will be completed next year.

According to Abhinandan Lodha, director, Lodha Group, “The commercial property rates in Mumbai are expected to rise by about 50% with more premium buildings getting constructed. Besides, India is emerging as a leading hottest destination for premium commercial establishments whereby builders would be setting up huge number of commercial buildings situated in one location.”

Property prices has already touched the roof since the past two years when the booking for Ashoka Towers started at Rs 4,000 per sq ft. However, now the prices have shot up by an additional Rs 18,000 per sq ft. As a result, home buyers have started eyeing Pune, Nasik, Chennai for setting up second homes instead of buying a second home in Mumbai for weekends.

This is also because of the requirement of 90 lakh homes in Mumbai, only 30% homes have been built so far. For example, investors have bought many flats in Kharghar, where 70% of the buyers have still not resided.

In Chennai and Bangalore, dual income families have started spending more on EMIs on buying big homes. Although currently Chennai is not considered a very active property destination, with the mixed used development under construction by Hirco (15 mn sq ft), Chennai will also see boost in prices and demand as well. Besides, there is already overbuilding been happening in Bangalore. Hence, the huge demand. On the contrary, NCR region and Delhi has already seen developments of this size.



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