Acquiring a House for Rent

Renting property can seem like a daunting task but with the proper procedure and organization, it can be done. Whether the consideration is to acquire an apartment or house for rent, or to lease a property it can be done with a little research and minor paperwork. Renting real estate properties should be a lucrative and safe process for both the tenant and the landlord.

Renting Property

The first step in renting any type of property is to talk to legal counsel to ensure that all proper legal procedures are being followed. The first thing to make sure of is that the renter has the right to rent the property. The person should own the property or have legal consent to rent the property out. The next step is to clean the property and make sure that all of the plumbing, wiring and appliances are in working order. Also that all doorways and walkways are safe.

Once that is established, the next step is to decide whether the house or apartment for rent will be rented furnished or empty. Next decide what the going rent should be based on other similar property in the area. Next get all of the application forms and lease paperwork prepared and ready. Screen candidates, do background checks and check employment references. Decide what type of person would be proper for your real estate and make sure that they can afford to pay the rent.

One thing that also has to be determined is who will manage the property will it be done by the owner or will they hire an outside management person. Once the screening is complete and a tenant has been chosen make sure that there is a separate bank account set up for rental payments, and that the rental agreement, lease and application is stored in a safe place and that the tenant has a copy of each.

Renting property can be tiring but finding the right person to rent a piece of property is essential to keeping the property safe, and in good shape. Tenants should be screened properly and the property should be up to code and a safe place for the tenants to be in. Determining all of the financial and management situations up front will save a lot of headaches later on, and the tenant will be happier and the owner can save on expenses.

 

4 Common Jitters of the Property Buyer

People pass signs on their way to work every day that read: “House for sale.” Weeks pass and still these signs remain firmly planted in the ground. “Why has nobody bought this house?” one might ask. “It’s a decently sized bungalow, big backyard, nice neighborhood, and I’ve heard the price is fair. If only I were able to purchase this house, I could stop looking at this sign everyday and start making money…”

The good news is you can make money with property. You may feel as if mountains block your path to financial success in real estate, but most of these “mountains” are, in all actuality, molehills.

Here are four common thoughts that hold people back from purchasing and selling real estate.

1. “I know nothing about buying or selling real estate.”

Does knowing real estate terms and practices make it easier to succeed in real estate? Surely. But is this knowledge necessary? Absolutely not! If you’re not an expert in chess, that doesn’t mean you can’t play. But the more you play, the better you become. The same is true for real estate. You’re first property will likely be the hardest, but it gets easier from there. Remember that learning anything is a journey, not a destination.

2. “I don’t have the money to purchase a property.”

Most people would say you need a lot of money to purchase properties, but this is a fallacy. If you are interested in buying a $150,000 condominium, do you need $150,000 in your bank account? No. What you need is an investment with solid financing, and the right property; one that will yield a good ROI (return on investment).

3. “The only way I would have enough time to invest in real estate is if there were two of me.”

There is a lot of time in the day to do what we want. Not having enough time for real estate simply boils down to your level of commitment. Instead of watching TV, read a book on real estate. Instead of going to the movies, research properties online. Your success is in your hands.

4. “I don’t have any real estate contacts.”

Knowing people in the housing game is essential, and easily done. Contact your local real estate agents, bankers and attorneys, and you’ll soon have a cell phone filled with real estate contacts. These people will be happy to assist you on the journey that starts with making an offer, and ends with the pulling up that “property for sale” sign you used to pass every day.

 

Property in Malaysia – Quick Info for Foreigners

For a foreigner who is looking to invest in Malaysia property, be it in cities like Kuala Lumpur or Penang or in the country side, it is good to know what types of properties are available.  One could be looking to buy a bungalow, condominium, house, apartment for sale, or even vacant land; although buying vacant land and building a house is really for the very few who have the passion and time.

 Most of my friends looked for a house or an apartment with a basic layout that they liked and then involved themselves with the interior design.  I actually heard for the first time, terms like ‘free hold land’ or ‘lease hold land’.  In ‘free hold land’ one can enjoy ownership forever.  So the owner is the title holder who owns the land.  Obviously he can transfer the title to whomever he wishes. 

In a ‘Leasehold land’ the owner has the right to occupy the land or the property that they buy for a given period of time.  This is a like a ‘lease term’ from the government to the buyer.  The lease lasts up to 99years after which the owner has to give back the property to the government.  Obviously the owner has to apply to renew the lease if he wishes to continue staying there.

Choosing a Good Renovation Company: Part 2

Continued from Choosing a Good Renovation Company: Part 2

Finding a few contractors to discuss through the project will allow you to get several quotations for the same job, and go through more options for the types of materials used. It is strange, as some contractors will want to get the job done with the cheapest materials possible, but with low quality that will make even a fine piece of design turn into an ugly interpretation, just to ensure that the job can be gotten.

At the same time, find out more about your contractor. How many years of experience does he have? Is he more familiar with a bungalow or a condominium? What type of reputation had he built around him? Does he have his own crew, or is he going to find sub-contractors to work on your project? Chances are, the contractor will also be doing the necessary wiring and plumbing especially for kitchen projects, so you will want to be sure that the contractor you hire really has the necessary skills and qualifications.

When your potential contractors put in their quotation, ask them to also include the duration to get the job done. If all contractors cite an average of 2 weeks to get a job done while one contractor said that it needs a whole month, question him. Disqualify him if the duration is longer and the price is so much higher than the others.

If your project is a major renovation project, you might also want to get a contractor who is willing to get into a contractual agreement with you. Errant contractors will not dare to get into the contract with you for fear of the law. Also, a contractor who dares to get into the contract with you probably has the financial stability, enough to ensure that he will not be running away with your deposit without completing the job.

It will be good to get references from your contractor. Satisfied customers are very likely to allow you to take a brief look at the renovation works on their property which the contractor had done for them. Talk to them, see if there are anything which you might find out about the contractor from these past customers, just to be very sure about the capabilities and reliability of the contractor. Satisfied customers may tell you that the contractor updates them about every step of the renovation, keep the project site clean and deliver on time.

The most important thing is your ability to communicate with the contractor you hire. Even if the contractor is highly skilled, if you are not able to communicate well with him, there will be a lot of frustrations. Make things easier on yourself, get someone you can communicate with.

Choosing a Good Renovation Company: Part 1

You have heard of the horrors of irresponsible contractors who run away with their clients’ deposit or shoddy workmanship which made it impossible to not redo the renovations on your property again, doubling the cost for the wrong reasons. You will probably want to renovate your house for rent or apartment for sale so, you will need to hire the right contractor from the very start to ensure that there is no waste of money or time.

The easiest option is to engage in a contractor you have always known. Someone who has done some jobs for you previously and you think that the workmanship is good or acceptable within your requirements. Or perhaps, a contractor which your neighbour used, and your neighbour may be pretty pleased with his work. However, you need to know that different contractors may have different set of skills. If your intent is on flooring, you will not look for a contractor who does kitchen cabinets. Or, if you are looking for a contractor for your kitchen, you will not be looking for someone whose expertise is on gates and windows.

In short, you should get the right contractor for the right job, with the technical know-how, business and interpersonal skills to get the job done according to the way you like it. The contractor should ideally have experience doing similar types of projects and with good recommendations from the customers too. The contractor who has similar project experience will know what tools and materials to get the things done, the technical skills and ways to prevent any possible problems that may arise while doing your renovation project. Also, the contractor would have known how to best handle any possible problems that arise should there be anything wrong.

You may wish to discuss your project with a few contractors before committing to hire any of them. You should never rush into getting a contractor. If you have an architect or an interior designer, you might not need to find your own contractor. However, not all of us will be looking for the services of architects and interior designers. Some of us may already have an idea of how we want to get things done, so we only want the contractor to do according to our ideas.

To be continued in Choosing a Good Renovation Company: Part 2

Selangor Property


Selangor is one of the states of Malaysia, and it has held the record of being the most populated state in all of Malaysia. Selangor spans an area of approximately 8,000sq km, which stretches along the west coast of Peninsular Malaysia. It has also been deemed as the most prosperous state in Malaysia because of its advantageous geographic location and abundant natural resources. It encompasses the territories of Kuala Lumpur and Putrajaya, which were once under Selangor’s rule.

Tourism is also abundant, though, not of critical industry sector in Selangor, and as one of the most populous state, its advancement towards technology, and transportation are remarkable. This progress in the different industries of Selangor has paved the way for numerous jobs that attracted the migrants to come in from China, Pakistan, India, Bangladesh, Myanmar, Vietnam, Indonesia and Philippines.

Therefore, it has created the need for more properties, especially in the housing sector. While some wants to procure properties from this area, some wants to sell theirs because of the influx of immigrants.

Are you looking for a property in Selangor or thinking of selling your Selangor property?

Then your best bet is to go online and look for prominent real estate companies that will assist you in selling or buying a property here.

If you are keen to buying an overseas property, you have to take extra precaution especially if you are not familiar with the area. Look for websites, resources and collaterals that would best address your concerns and answer all the queries that you might have. Selangor property can prove to be very valuable especially if you are looking for a place to stay when you retire, or when you want a vacation home during the holidays.

There are a number of reliable Real Estate companies that would surely assist you in searching for a perfect property investment in Selangor.

A few of these companies that you can search online are iproperty.com, Allied Group Real Estate, propertyindex.com, and Selangor Properties Berhad, among many others. You can go to the Real Agent Directory for a more comprehensive listing of Real Estate companies with their corresponding contact numbers, locations, e-mail addresses and websites.

SELANGOR A FAVOURITE LOCATION FOR INDUSTRIAL PROPERTY


SUBANG JAYA, March 9 (Bernama) — Selangor is still the favourite ground for the industrial property market and it is followed by Johor, Penang, Perak and Kedah, JB Jurunilai Bersekutu Sdn Bhd’s partner, Mohd Harith Abdul Hamid said today.

This, he said was due to the best and up-to-date infrastructure facilities in existence in tandem with the state’s aim to be an industrialised state by the year 2005.

Within Selangor, he said the main industrial areas are in Petaling, Klang and Hulu Langat associated with locations off the Federal highway and locations near to major towns such as Shah Alam and Subang Jaya.

Selangor is reported to have attracted foreign direct investment worth RM18 billion between January 2000 and June 2003 comprising 1,438 projects, said Mohd Harith at the National Property Development Conference 2004 held here, today.

He presented a paper entitled Property Market Outlook for Industry and Agriculture.

The state, he said approved 78 projects worth RM500 million in the first six months of 2003 and there was a push by the state urging businessmen to invest in its 400 hectares Pulau Indah Free Trade Zone which had so far secured investments worth RM1 billion.

Given the improving global economic outlook and the positive forecast on the Malaysian economy to grow between 5.5 percent and 6.0 percent in 2004, he said there was still ample investment opportunities in the manufacturing and related service industry.

“Investment from both domestic and foreign sources are expected to be maintained at high levels in 2004, to be led by the recovery in the electronics and semiconductor sector (which would create demand for the industrial property market),” he said

Hence, within the local context, a resilient domestic demand will spur growth in the domestic oriented industries particularly construction related building industries.

As for the agriculture property market, the active areas are in palm oil which was prominent in Johor, Selangor and Perak, rubber in (Perak, Johor and Pahang), paddy in (Kedah, Perak and Selangor) and estates in (Sabah, Johor and Perak).

Article source: FindArticles.com

Selangor Property Market to Rebound in Two Years


UALA LUMPUR: The property sector in the country is likely to weaken further amid worsening economic conditions with the market expected to rebound in two years, said property consultanty firm Rahim & Co Chartered Surveyors.

Executive chairman Datuk Abdul Rahim Rahman said people were getting more prudent with their spending, adopting a wait-and-see attitude that has resulted in the property market getting softer.

“(The price of) luxury condominiums in Kuala Lumpur City Centre (KLCC) for example are down 15% to 20 %,” he said. “Apart from that, the ongoing buildings development activities outside the central business district may push down the rental rate for offices when they are ready by 2010 – 2011 as a result of oversupply of office space.”

Abdul Rahim said he expected the Malaysian economy to recover in 12 to 16 months but the property market would take another two years to rebound after the economy recovered.

“This all will depend on the Government’s strategy and initiatives to strengthen the economy.”

“We are not as bad as in 1997 when the property market needed 4-5 years to recover. We believe this time around, the property market would be stable again within two years after economic recovery,” he said.

Savills Rahim & Co Real Estate Agents’ managing director Robert Ang said buyers were now asking for a yield guarantee from developers before buying properties.

“Last year, the yields were 4% to 5%. As the market weakens, buyers want guarantee from developers to give them higher yields at 6% to 7%,” he said.

He added that due to weak demand, some of the company’s clients were advised to defer their new launches, especially the higher-end projects, to the third quarter.

Nevertheless, the property sector remains relatively well supported at the moment, Rahim noted.

“Banks are still providing loans to buyers and developers. Apart from that, sellers are getting more flexible on pricing their properties.”

“However, the demand is not as strong as before,” he said.

Rahim & Co will be organising a seminar called “Looking Beyond: Challenges & Opportunities In The Malaysian Property Market” on March 3 at Hotel Istana Kuala Lumpur.

The seminar will feature talks on the property market situation in the country by local and international speakers.

Article source from Carey.com.my

Selangor Property

Selangor Dredging’s Five Stones to Set New Standards in Condominium Living

HOSE looking to buy a condominium or service apartment around Petaling Jaya maybe hard pressed in the next several months … or maybe not.

For those looking for something exclusive, property developer Selangor Dredging Bhd will be launching the last two blocks of its Five Stones project in the first quarter of next year. Prices begin from RM490 per sq ft, compared with RM450 per sq ft when the five-block project was first launched in August.

The first phase, which comprises a 38-storey block, a four-storey block and a 15-storey block, is today 90% sold. The entire project will have 377 units.

ts managing director Teh Lip Kim says the two blocks will have a total of 192 units with built-up of 2,000 sq ft in Block E (36-storey high) and 2,900 sq ft in Block D (25-storey).

Teh says the company will have a private launch before Chinese New Year next year, which falls in February.

The 25-storey villa block will differ slightly from the previous launch. It will have a lanai and a broad passage – what Teh calls a breezeway – between the entrance and the living area.

“The old traditional houses have very good cross ventilation and we are going to incorporate this. Besides these two extra features, in terms of design, the unit remains about the same,” she says.

She says Five Stones will be setting a new benchmark for condominiums in Petaling Jaya.

“Most of the developments come with a pool and some facilities. With Five Stones, there is a one-acre park, a pool, basketball and badminton courts. Residents will be able to enjoy the facilities and the park without having to leave the safety and security of the community,” she says.

The company is also offering a 10/90 scheme where buyers pay 10% and the stamp duty for the loan documentation subject to bank approval. Installment begins three years later for the remaining 90%. The interest has already been factored into the price of the unit. Those who are paying cash will have a 3% rebate, she says. When the project was first launched, its smallest unit, at 1,700sq ft, was sold for about RM800,000.

Selangor Dredging also developed Ameera, which is situated next to Five Stones. Ameera was launched three years ago at RM290 per sq ft. That project is now 100% sold, with the last unit going at RM410 per sq ft.

“SS2 is undervalued when compared with Mont’Kiara, Kuala Lumpur, and Bandar Utama in Petaling Jaya. SS2 is an established area and very central, like Mont’Kiara,” she says.

S.K. Brothers Realty (M) Sdn Bhd general manager Chan Ai Cheng says RM490 per sq ft seems a bit steep but for those who want the location and a project of that category, they do not have much of a choice.

Says Chan: “If you want something new and in that location, that is the only thing at the moment. There are the Ken I, II and III developments, with the best being Ken II. Developers are improving their offerings. The company (Selangor Dredging) is essentially targeting families, the owner-occupier market, which is why the built-up is pretty large. Their audience are those who are already in the Petaling Jaya, or specifically in a double-storey landed unit in SS2, and who now wants the security of such an environment,” she says.

The SS2 market is different from the Damansara Perdana market, which is predominantly a tenant market, she says. There is also no gated and guarded projects in SS2, which appeals to home buyers today, she says.

“The main thing is access. On that same road, there is Ameera, Five Stones, Ken III and Jasmine Towers. There will also be a mall development there with double-storey housing on the other side of the road. This means residents in that area will have to go through housing area to get to their destination if congestion builds up,” says Chan.

Another source from a real estate agency says it is difficult to talk about pricing because the project has not been built. “There is nothing to compare it with at the moment but it will be high-density for that location once it is completed,” he says.

Besides Five Stones, other developments in that area include Casa Suites and The Tropics, both by Dijaya Corp Bhd. Casa Suites is already completed and a unit with a built-up of 675 sq ft is currently going for about RM330,000. There are units with built-up of nearly 700 sq ft and about 800 sq ft available. The larger units, however are priced close to RM400,000.

On a per square foot basis, this works out to more than RM450 per sq ft. When it was first launched, the units were priced at RM198,000 or RM280 per sq ft. Casa Suites is located in Damansara Intan, between Ken II and Tropicana Mall.

Alternatively, if buyers are not in a hurry, there is The Tropics, which is currently being constructed above Tropicana Mall. The project will be completed in the first quarter of next year. Like Casa Suites, the built-up of the units begin from about 600 sq ft.

Dijaya Corp will also be offering Casa Damansara 3 in the first quarter of next year. Casa Damansara 3 will comprise 200 units with a built-up of between 1,100 and 1,200 sq ft with three bedrooms. The project will be located behind Tropicana Mall. Prices have not been confirmed yet.

Article written by THEAN LEE CHENG from SKBrothers.com