Questions Those Buying, In A Senior Community, Should Ask

In many areas, of the country, one of the fastest – growing, components of the housing market, is Senior Housing, often created, either limited to those over 55 or 62, and, often, set up, as a Home Owners Association, or HOA. For many, this is a smart move, because of the security, maintenance, social, etc, aspects. With that in mind, this article will attempt to briefly review, consider, and discuss, some of the questions, a potential buyer, should ask (and be satisfied with the answer), prior to purchasing.

1. Reputation of builder/ developer: Has this builder/ developer, developed this type of housing, before, and what is the feedback, and the reputation, for quality, etc? Has that organization, kept its word and promises, and built, using quality products, and exceeded expectations?

2. What was this site, previously? Are there any environmental considerations, etc, which are relevant, to safely, living somewhere?

3. Who will serve on the Board of Directors, how will they be elected/ selected, the term served, and powers? Some groups (most) elect and are served by a volunteer Board, but who will administer, the day – to – day, operations of the houses and common area?

4. Maintenance charges/ fees: How will these be determined, and what will be covered? Will the annual budget be voted on, and what will be the rules? Who will be the administer, and will developer, take care of this aspect, until a certain percentage of the units are sold, or when? Will services, such as snow removal, lawn maintenance, exterior maintenance (including painting, roofs, etc), be included? What, specifically, will be considered, common charges, as opposed to, the responsibility of the individual owner?

5. Security: Will the community be gated, to restrict unwanted visitors, and enhance security, etc? Will these costs be included in the common charges?

6. Facilities: Will there be a Clubhouse, recreational facility, common meeting spaces, etc, built by developer, and for how long, will developer, assume responsibility, for maintenance of these items?

7. Material defects/ issues: What will be the developer’s responsibility for material defects, issues, etc? For how long? Will there be an escrow account, or similar, to protect, owners, in this regard?

8. Neighborhood: Check into issues, such as safety in the area, convenience to transportation, shopping, etc?

9. Local courtesy van: Will developer pre – purchase a new, courtesy van, for the exclusive use of owners, to take them to key locations, such as food store, pharmacy, train station, and other key places? Will this be deeded to the Home Owners Association, once the occupancy, reaches a certain level?

The better you are informed, the better you will do. Ask questions, and demand realistic, relevant, sustainable answers/ responses.

More Than One Reason To Question A Purchaser’s Enthusiasm When Buying A Dream Home

There is a wide range of groups of individuals looking to buy property. Several look for buying their main home rather than renting a house. Alternatively, other people examine property as a way of increasing assets and income from streams of earnings. This reason behind purchasing a home has a tendency to happen when employment reaches higher levels, and the economy is robust.

Recently, underlying property values have fallen across much of the world as a result of concerns of job loss. Largely, the primary market places where property owners live are affected with decreased property values. This has also had even more powerful impact within secondary markets such as vacation home purchases due to their much more discretionary nature.

The actual impulsive dynamics of buying a second home or vacation residence is commonly more in evidence. Whilst a person is not within their normal environment, they will tend to be open to recommendations. Most commonly these occur if on vacation or visiting another location. At this time home buyers in many cases are motivated by strong marketing by overseas developers, fractional ownership firms, as well as local real estate firms. What drives people to make buying decisions whilst on vacation?

* Lower price levels – This is often that the property can be bought for the relatively low sum of money. This makes the decision for the investor a lot easier. There is also a inclination for individuals to become carried away by the idea of owning their very own piece of real estate in a “dream” location.

* Payment conditions – appealing offers such as where original reservation deposits are quite affordable, along with installment payments during the building stages when the construction is not completed, popularly known as “off-plan buys”.

* Investment returns – one more factor impressed on the purchaser is that they will benefit from revenue from their purchase in the form of rental returns. One of the standard strategies utilized by developers is always to make forecasts of income growth ahead of financial institution rates of interest upon savings. Frequently a assured return is paid out for several years, however this is generally balanced by the developers pricing framework that is definitely higher to accommodate this incentive.

* Furniture as well as other bonuses – they are generally included as inducements to have a customer feel at ease. It is actually possible for the developer to give away electric products along with other material furnishings to enhance the particular bundle.

Investment in property frequently takes place whenever marketing and advertising by developers and also brokers offers an array of incentives. Often times ownership of these kinds of properties is beneficial, although you ought to evaluate any kind of home buy of this kind before making a commitment.

Buying second properties in vacation locations is common, thus showing that property investments of this sort should be emphasized. The last guidance is always to consider your ability to make repayments on these kinds of investments prior to committing to make a buy. At least otherwise these types of investment can provide robust returns long into the future.

Yes But, How Do I Evaluate Buying Undeveloped Land And Get Into The Business?

These real questions on buying undeveloped land are answered by a US Master Builder and myself after receiving them from readers of my e-book,

“Residential Development Made Easy.”

Question 1.

What are some factors to bear in mind when purchasing undeveloped land for the

purposes of rezoning?

Master Builder & Developer’s Reply:

Study your Town Plan and see where your Council Planners want the physical growth direction to take place. Go and talk to the Planners – don’t ask them for their opinion – you might sue them in a few years time, so they won’t give you an opinion.

However they will talk about Councils plans for growth. Ask about utilities such as water, sewerage, roads etc. These are very costly and they will want growth to take place where existing utilities have capacity to handle the growth. This way if you acquire raw land for rezoning, you are working within the “thinking” of the local authority.

Be prepared to hold on the property for a long time. First thing to check before purchasing is to ensure it’s not part of or can be part of endangered species.

Then make sure that it was never part of or owned by a gas station, fuel company, salvage yard or had tire dumping. Also get expert tests. Make sure the land will allow for property

to be built on it.

Question 2.

What methods does the builder use to evaluate prospective parcels for development, and determine the price to be paid for the land? (Again, assume we have a basic level of

understanding)

Master Builder & Developer’s Reply:

“Land is only worth what you can do with it.”Question 3.

What general advice would you give to developers who are just getting their feet wet in the market?

Master Builder & Developer’s Reply:

Locate a Master Builder to work with. Master Builder’s such as me, have a vested interest in ensuring your profitability.

We can answer the questions you have about what to build and how to determine profitability. We enjoy mentoring and growing our developers.

I also recommend new developers buy and study Colm’s e-book, “Residential Development Made Easy.” No other experienced developer has taken the time to write an instruction book like his – anywhere in the world, that is, so it is truly unique.

The more successful and profitable you are the more successful and profitable we are.

Be honest with the Master Builder you choose to work with. Ask for their assistance.

In my case, because I am licensed, bonded and insured in all 48 continental states, I can help you put together a Residential Development Team who will provide you with their experience and

support your efforts.

We can provide you with financing for the development (if you qualify), financing for your home buyers, insurance, help you locate land, advise you on property, create a demand for your homes, etc…

We work with developers with various levels of experience and who have varying levels of being actively involved in the decision making. A Master Builder can guide you. Show you how to get started. Get your feet wet.

Example: I might start out with helping you to create a Residential Development Team or connect you to mine if I have one in your area. Then we would locate a lot in a development by another developer.

Then we would help you to conduct basic market research in this controlled environment. How to write up a proposal for the builder (us) to work with you.

Then the realtor would find a buyer for you. You’d sell the home. And, we’d use that one home to create a demand for more of our homes. You’d repeat your success a few times until you’re comfortable and ready to develop your own raw land.