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The internet has changed the methods of working of a lot of industries, the real estate industry being one of them. The rise in the number of realtor websites, has made the nerve wracking process of buying and selling of property as easy as clicking a mouse button (well, almost as easy.)
Realtor websites are a blessing for those people who are looking to buy or rent out property in a place different from the one they are currently located in. These websites work as brilliant support tools between owners of a property and prospective buyers.
Realtor websites have a large listing of properties that are up for sale or rent in a variety of financial scales. Prospective buyers just need to sift through these websites and most likely they will be able to find the property they are in search for.
Realtor websites allow buyers to shortlist properties based on individual criteria, and also allow virtual tours making the list of compatible properties a lot shorter and easier to go through.
Now instead of going though the tedious process of putting up posters and advertisements, buyers can simply provide necessary details and requirements to an online agent and Hey Presto! You’d see the properties that closest match your conditions.
Category : Blog
Category : Blog
Serviced apartments are properties that are usually a unit or a flat and are leased out for short staying and have some additional services such as security or cleaning. It is a good way of earning money and paying back your mortgages. Usually the owner of the apartment buys a set of furniture along with the apartment so that the tenants can use the rooms as hotel rooms and not like traditional apartments. Usually the entire block of apartment is leased through one managing agent who would operate the block similar to a small hotel and accumulates the rent and distributes them among the owners of the unit. Considering a bank’s point of view, a serviced apartment is a unit that has in place a management agreement, a rental scheme which collects money by pooling them and restrictions on using the unit as a home that is being occupied by the owner.If you want to keep your serviced apartment as security and take out a second mortgage loan then there are a number of criteria that you should know.
How much can you get for serviced apartments?
The different kinds of ways the apartment can be used are given below.
- Apartment is in a block with apartments that are serviced – 90% of the property value is decided on a case by case basis. This can only be available if the unit is not being put into use as a service apartment but is in a block with a majority number of serviced apartments.Apartment has restrictive management agreement – You can get 70% of the value of the property on a case by case basis. Most of the times you need to call the company and check to see whether their lenders will accept your apartment as loan security.
- Apartment can be released from management agreement – You can get 80% of the value of the property here. In this case, the management agreement must allow your serviced apartment to be released from the agreement within a few months and with limited fees, if at all.
- Part of a resort or resort style – You can borrow up to 60% to 70% of the value of property. Even in this case you need to contact your lenders so that they can see your apartment and brief you up whether it can be accepted.
Such categories are made and kept a watch of so that the bank gets its returns duly back after lending you a loan.
