Homes of Distinction Realty



Posted by Homes of Distinction Realty on 5/23/2019

If you are mulling over purchasing a vacation home, then you must go over a few considerations before you make the final decision. If done for the right reasons, it can end up being a great piece of investment, as you can save hotel and lodging costs when you visit and then rent it out during off seasons.

  1. Location. Location is essential because you can't just up and move at will, so consider the area of the property you are contemplating purchasing thoroughly. Will the site accessible and attractive to future guests? Is it located in a place that is prone to natural disasters like hurricanes and storms?
  2. Calculate the associated costs. Many other costs come along with purchasing a piece of property such as utilities, maintenance, homeowner association costs, property taxes, and insurance fees. You want to factor all this and determine that they are well within your budget. If you plan on using rental income to cover some of these costs, then you have to be practical about what rental income typically is in that area.
  3. Maintenance Issues. If you are buying that vacation property as an investment, then you have to make arrangements for who is going to manage it in your absence. Things like security and surveillance are critical. The speed at which you repair a bad pipe or faulty wiring may be the final defense between your house going up in flames or flooding. If you aren't around for long periods, plan to hire a facility manager who can supervise affairs.
  4. Finances. Run a money check with your financial adviser. Get someone to look at other tax issues such as buying out of state property. You might find that property taxes on that new place may not be deductible. Are you going to be able to meet up with your other long term financial commitments?
  5. Local laws. It's always necessary to run checks on local laws and regulations about homes in the place you choose. Make sure you hire a local property professional too as they are likely to be more thorough. Are you going to be allowed to rent it out, and are there regulations on the number of days it can be rented out?

Whatever you do, make sure you cover all your bases and consult with our realtor before you sign the final contract.




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Posted by Homes of Distinction Realty on 3/22/2019

Many laws govern land ownership, and it is vital to know about the processes and rights of landowners so that you can avoid the risk of partaking in an illegal sale or getting involved in a scam. Before you can transfer the rights to a property, it is critical to know some facts about land titles.

What is a ‘Land Title’?

A land title is a formal document that shows what rights a person or group of people have over a piece of property. A land title is generally used to prove ownership of the property. It can also help a potential buyer to know what exactly is going on with their land such as the usage rights, natural resource rights, easements, existing liens and other rights that may not be obvious at a glance. If a property title does not bear the name of the seller, there is a chance that it may belong to another party.

Most local courthouses keep property records of a county and record all forms of land transfers that happen in that region. Whenever there is a dispute over a piece of land, a land title will provide clarity regarding ownership and other usage rights.

When considering land titles, here are some essential facts to know:

A Title is Not the Same as a Deed

A deed is a document that is used to transfer a land title from one person to another. The deed states all the terms of the land transfer and all the people involved. The local country office must have a notarized copy of a deed agreement before the title can reflect the changes in ownership. 

A Title Proves Ownership

During a legal argument, the key document that the court refers to when determining the real ownership of a property is the land title. The absence of a title means that the court will not acknowledge any contract or deed related to the property.

Property Owners Should Secure Their Land Titles

If you lose your original land title, it will cause a lot of complications for you in the future. It is best to store land titles and other property ownership documents in a safe place like a bank safety deposit box or fireproof home safe. Having quick access to your land title will help to make land negotiations easier.

Title Searches Help to Reveal Potential Problems

During a title search, the investigator will peruse many years of documentation to make sure that everything is right with the property. A title search can protect a potential buyer from paying the wrong party for a property, buying a property with unresolved tax payments or liens that can invalidate land ownership transactions.

If you’re looking to purchase land in your area, talk to your real estate agent about the best property for your needs.




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