06 Mar 2018
Factors to consider when enlisting the services of a loan broker
Most people choose to think of loans as necessary evils while really in truth they are just necessary. Often times we find ourselves in quagmires when we are in dire need of something but we have no current means of paying for it.
It may be an emergency expense or it may be something that we have wanted to buy for quite some time. If you think about it, we have the means to pay for it but only if we save for ten, twenty years. That can be quite a long time to wait to live in a comfortable house.
Loans are however a workaround where you can use the money for what you want now and pay it back later in instalments. In the case of buying property, there are various brokers who will walk you through the motions of getting a loan from financial institutions.
I will hereby list a few considerations you should have before you decide to get a loan. I will also list factors to consider when enlisting a broker and finally different brokers available.
Things to consider before getting a loan.
- The different types of loans available.
- Loan interest rates.
- The loan repayment period.
- The down payment needed.
- How you plan to pay it off.
- Various fees associated with the loan.
- Your current financial situation.
While there are brokers of many types, we will be focusing on those who specialize in property. Namely houses and commercial properties. So what do you consider when deciding on a broker for you? Here are a few things;
- The type of property you are interested in.
- The broker's remuneration; whether from you or from the lender and how much they charge.
- Recommendations from friends and family members.
- Reviews from other borrowers on various platforms such as Google plus.
While you consider the above there are various options available to you. They include:
Home mortgage broker.
A home mortgage is one where a lender will pay for purchasing a house. The requirements for this is that the house title will be transferred to the lender. The borrower will have full use of the house but they will only get the title back after paying back the loan.
A home mortgage broker is an intermediary between the homeowner and the financial institution funding the purchase.
Home loan broker.
A home loan is similar to a home mortgage. The borrower will borrow some money to buy a house only in this case he won’t have to give up the title for his new house to get the loan. He will, however, have to place something else as collateral just in case he defaults on repayment.
A home loan broker will smooth out the interactions between the lender and the borrower making sure the borrower gets the loan and a good rate, be sure to check out these home loan brokers in Melbourne for a competitive rate.
Investment property mortgage broker.
An investment property mortgage is similar to a home mortgage in that the property bought will be under the custody of the financial institution until the loan is repaid. Differentially the property, in this case, will be a property which the borrower can use to get income or capital.
The broker’s job is to help both parties come to a favourable agreement.
Investment property loan broker.
Similarly, the borrower will utilise a loan from a financial institution to buy a property for commercial purposes. The financial institution will be presented with something of similar value as collateral by the borrower and the investment property mortgage broker will negotiate terms between the two helping the borrower - to get the best deal with an investment property loan click here.
People who previously haven’t used the services of a broker may find themselves in unfavourable interest terms. The good news is that you can always refinance your mortgage if need be. To be sure that you get the best terms possible make sure you use the best mortgage broker you can find.Read more!
03 Mar 2018
Questions To Ask When Hiring A Pergola Builder
So you’ve finally picked the perfect spot for your pergola: not too much shade but not too much sun. You already know what your pergola should look like. Here comes a seemingly tricky part, picking a pergola builder. Don’t worry for we’ve got some guided questions for you to make the right choice.
But first, let us differentiate the difference between pergola builders and deck builders.
The answer relies on the outdoor structure and not on the person. Of course, both of them should be registered and licensed. Pergola builders usually build an open framework gazebo while deck builders are people who have an extensive knowledge of wood, composite wood materials or vinyl because a decking is typically made up of these materials.
Guide Questions When Hiring a Pergola Builder
1. Are they experienced?
Pergola builders should be experienced. Ask for a list of their recent projects that will testify and prove their expertise. Contact some of their recent customers and clients. Shed light on each of them and carefully choose whether they are the ones what you want.
2. Are they licensed?
Your pergola builder may be experienced yet they don’t have a licensed to operate or work. Check this important issue. The law states that all builders, be it deck builders or pergola builders should display their license number on any of the business advertisements. You may check your state government department if they have online tools to check if a license is correct and valid.
3. Do the pergola builders get your project?
After briefing your potential pergola builder about your desired structure, ask them to reiterate what you want in a detailed manner. Make sure that they understand well the style and size of your pergola. Also, make sure you are well coordinated with the materials that will be used, if you need a specialised timber pergola builder then you should click here. Additionally, you may also ask them to suggest better alternatives that will only suit your budget and space but will also meet your expectations.
4. How much and what do they charge?
Pergola builders often charge depends on many factors just like any other professionals. The place where you live, the type and size of your pergola and the access to your site could all affect your project’s final costs. Make sure you eliminate all the guesswork by briefing your pergola builder and make sure they’ve all noted down all the inclusions as well as the exclusions in the contract, if you are still searching and designing your pergola then you should check out pergola builders Melbourne.
If however, you decided to build your pergola on your own, here are some of the reminders you need to consider:
Time- it depends whether you will buy a kit or build your own. A typical pergola can be built in just a few days or less than a week.
Cost – If you are planning to materials and features of a pergola, a typical kit can cost from $500 to $4,000. If however, you are an experienced DIYer and you want to build your pergola yourself, you can build it starting from scratch for about $300.00
Once you have all these guide questions, you are now ready to hire your pergola builder and look forward to a stress-free environment in your new pergola area.Read more!
10 Jan 2018
How Serviced Apartments and Long Stay Accommodation Changed the Industry
The travel and leisure industry has reached new heights. After the AIRBNB expansion during the past few years, the accommodation has changed the game rules tremendously. People don’t rent hotel rooms anymore. The mass consumer prefers the power to choose and move freely within the space he has paid for, although the comfort of being serviced 24/7 still stays.
Serviced apartments are the closest to staying in a hotel but on a long-term basis. This type of service provides competitive rates, more space and in-room facilities, such as kitchen and relax corner that turn the simple hotel condo into a real home. Serviced apartments do benefit from the convenience of a hotel room while providing the privacy and the comfort of an owned house. That type of rental product is the perfect alternative to a long stay accommodation, an extended vacation or a business trip if your budget allows it.
Long Stay Apartments
Long stay accommodation is often sought by the so-called millennial nomads and jet-setters. Although a decent hotel room does provide the comfort of the 24/7 service, including room and laundry service, the modern consumer tends to prefer an alternative that will enable him to turn the space into a home for the period of time he has rented it out. For a fraction of the price of the regular hotel room. Typically, long stay accommodation is considered a long-term housing that can vary between 1 month and 1 year. It can also be referred as an annual rental if it exceeds the 1-year mark.
Depending on your plans, budget, and needs, another option that serves as a long stay accommodation is the annual rental. If you plan to stay at a place for up to a year or even more, probably the best accommodation solution is to find a space that meets your criteria and sign an annual contract for it. Some economies provide the option of paying month-by-month, while others require you to prepay the property for a couple months in advance.
The Difference Between Long Stay Apartments, Serviced Apartments & Annual Rentals
The three types of tenement do seem similar. There are a few differences that diversify accommodation types. While annual rentals allow you to reside within the space such as an owner will, serviced apartments do have some limitations in terms of reconstruction and redesign, inviting guests, hosting social events that might cause inconvenience to other tenants and more.
Although these same rules are likely to apply for all types of housing, the serviced apartments are treated mostly as hotel apartments, which does reflect on the freedom of movement of the tenants. Serviced apartments are also serviced (suggested by the name) by the hotel brand that operates within the building. Long stay accommodation and annual rentals can benefit from such service, but is considered a separate service and is typically not included in the final rental price.
The benefits of long-stay apartments over the serviced residences are numerous, while the lack of certain comfort assets, such as laundry service, cleaning service, fitness and wellness and more might be easily compensated through choosing a property that’s near to such types of facilities and does allow external subcontractor for homecare, gardening laundry and food preparation and delivery.Read more!