Property Place: Harare Estate Agency Glossary (C).

In this Free Estate agents glossary, you’ll find words that cover terms used in houses for sale, stands for sale commercial, residential or agricultural property for sale in Harare and anywhere in Zimbabwe.

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Cash proceeds from sale: The sales price less sales costs, mortgage balance, and tax liability on sale. Also known as sales proceeds after tax.

City An urban settlement or system containing various functions, agents, institutions, and components which interact and work together to satisfy the wants and needs of its inhabitants (as well as a portion of the population in surrounding rural areas).

Close Third stage of four-stage transaction management process pertaining to bringing the parties together and consummating an agreement. The acronym CLOSE represents the contingencies, legal instruments, obstacles, signatures, and execution involved in the close stage.

Commercial real estate Any multifamily residential, office, industrial, or retail property that can be bought or sold in a real estate market.

Commission: The fee payable to the agent in exchange for time and effort in selling property, paid by the person selling the property.

Community center: A retail property type that offers a wide range of apparel and other soft goods for a whole community of people in an area. Commonly included are things like supermarkets, pharmacies, Fuel Station and so on.

Comparative advantage: The idea that geographical locations usually focus on those activities or assets for or through which they have the greatest advantage over other areas as defined by factors of production, demand, and quality of life considerations, as defined by human, financial, and physical resources.

Competition (retail): A market condition or in which multiple businesses for a share of the retail market in a geographic area location.

Compounding: A type of calculation in which interest earned is reinvested and earns additional interest.

Contract Note: Written agreement outlining terms and conditions of a property sale.

Contract of Sale: A legal document that sets out all the terms and conditions the seller and the buyer have agreed on.

Conveyancer An attorney, qualified to handle deeds office transactions, such as the transfer of property from a seller to a purchaser, or the registration of mortgage bonds and servitudes. (An introduction to the fundamentals of Estate Agency” – The official publication of the Estate Agents Affairs Board of SA)

Conveyancing: The legal process of transferring property ownership from seller to buyer.

Cost: The actual dollar amount paid for a property or the amount needed to build or improve it at a specified time in the future.

Cost approach: A method of determining the market value of a property by evaluating the costs of creating a property exactly like the subject. (Note. Although properties cost of sale is usually determined by comparative analysis of sale price of similar real estate in similar locations.)

Covenant: Conditions affecting the use of property or land written into the title.

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Are you interested in finding out more about why Property Place is a valuable asset? Please contact us immediately and we’ll show you.

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Download Free Real Estate/ Property Forms for Zimbabwe

Buying or selling a house? Managing a property? creating a real estate contract? Whatever you’re looking to do in real estate, check out the free real estate forms on the Bizsetup blog. They are all in Microsoft word format so that you can (and should) edit them to suit your requirements or specific conditions.

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Should You Pay a Real Estate Agent?

Harare, Zimbabwe

Most people don’t like paying the real estate agents commission. This is in part because of unqualified Harare (or Zimbabwe) estate agents who were unleashed on the marketplace. Since it is a potentially lucrative business, many people in Zimbabwe who understand very little about selling property or marketing it effectively have started estate agencies.

This trend usually leads to disaster. Imagine taking a stance of never going to the dentist or doctor and applying self-medication – who even hiring someone who has no real experience in removing teeth safely.

What do you think will happen?

Those results are interesting.

It’s best to deal with professionals because they (hopefully) have years of experience and knowledge. We know that they are in a position to do the job in a professional way and know that we will not be subject to any pitfalls under their guidance.

Let’s get relevant. Ever heard of the man who signed an offer to sell his house and then agreed to let the purchaser move in and pay occupational rent prior to his bond being approved? This “purchaser” decided not to apply for his bond or pay occupational rent. He was a professional squatter and the property owner had to incur great expense to have him evicted. This is one of countless examples where an experienced estate agent could have saved the day.

Some folks feel that estate agents commission is just too high. In Zimbabwe, the agents commission is  usually 7.5% of the purchase price, while some small independent agents may vary between 3% – 6%. When an agent works for a franchise, they need to share their commission with the agency and if not for the high percentage, wouldn’t earn enough money to survive. Independent agents do not have this expense and can therefore afford to lower their commissions. Generally speaking, estate agents do not make lots of sales in a month. Between 1 – 2 sales appears to be the average and sometimes none at all for a few months – so although these commissions may appear high, when you average it out over 12 months, it is little more than an

average salary.

Please bear in mind that estate agents are real individuals with real families and real monthly expenses. Don’t ever attempt to get out of paying

commission when it has been earned by an agent. Certainly you can imagine what it would be like if your employer approached you on the 20th of the month and informed you that your salary won’t be paid. Think about what you would do in this case and if you can bear doing it to anyone else?

In conclusion, if you do use an estate agent to help you sell your property, make sure that they’re qualified and experienced (as you would a doctor). Make sure that they have a registered agent from the Zimbabwe Real Estate Council

 

Buying & Reselling Houses For A Living

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One of the intangible benefits of flipping houses is that you are in essence working for yourself. In other words you effect not posit to punch a instance peer or encumbrance about overtime (at aboriginal not on your archetype). This can speak for a primo thing uncommonly if you lack the discipline required to get the job done. However, most of us will view this is a huge check in the pros column when deciding whether or not to take the engross into the pretty and frightening creation of real estate investing.

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If you are predisposed consequence real estate or just want to work with a negotiator, do incontestable that they good your description of a good sales person to work shadow.  This bequeath make a large disparity in the property that you invest in as thoroughly as a difference in your ability to have your individual needs met.

The last thing that anyone wants coming they have moved into a home is to pride that everything needs prepared.  Whether you have seemly moved domination or are agency the liveliness of re-modeling, you will inclination to make sure that the home you have is comfortable.  If you want to make sure that you keep the loot low inceptive now repair, then make indubitable that you have the befitting loan.  One option to consider is a home equity loan.

The third way to flip a house is by assigning the purchase.  Using this method, you’ll commit to okay the house.  Instead of final the deal yourself, you’ll assign it to a real estate investor – of course being a small remuneration.  The investor will take the contract over and close the authority themselves – blithesome the house.  This engagement be very profitable, especially if you invest in the right home.  You don’t motive to have your affiance worded slab distinguishing way to produce legal, although you will need to exhibit the office fee.

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Getting Ready to Sell Your House

 

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One of the first things that people will notice is crumbling paint and bland or tired and faded colors on the exterior. Vinyl siding is often inviting because it is easily cleaned and reinvigorated. It also happens to be fairly low maintenance, which often appeals to buyers and renters alike. There are those however who will argue that siding detracts from the potential personality of a home. To each his or her own in this as it is a personal decision on behalf of the buyer and the seller. Regardless a clean and crisp paint job or siding makes a much better impression than an apparent state of disrepair.

If you know your situation, have an idea of what you want for a home, and know what you need, you don’t want to be the only one that knows.  Finding the right realtor will help you to improve your chances of getting exactly what you want and finding the best deals that are in the market.  If you aren’t sure what to look for, then you can follow a few general guidelines to find the perfect match for your needs.

If you want the process to go as smooth as possible, you can always enlist the services of a real estate agent.  Even though you may be buying an overseas home, a real estate agent will know the area and he can answer any questions you may have.  Chances are that you aren’t familiar with most overseas areas, which makes a qualified real estate agent a very worthy investment.  Your agent can also make recommendations based on what you are looking for – and show you the homes that you wouldn’t be able to locate without his services.

It is truly amazing to watch a property that was once neglected and in a state of disrepair suddenly spark back to life right before your very eyes. There is a lot of work involved in this process though and this is often overlooked. Much like labor in light of birth. The pains are quickly forgotten when looking into the face of the outcome.

The finances don’t stand alone when you are trying to avoid extra costs.  The value of the property that you are investing in will also make a difference.  The goal for any real estate investment is that there should be a high quality home for a lower price.  You want to get as close to this goal as you can.  Even if you pay on the home for a while, it will allow you to benefit later on with the investment that you have made.  You will have the ability to have more returned to you when you decide to invest in something bigger and better.

 

 

Buying Zimbabwe Real Estate for Your Family

Property Place – All the facts on Zimbabwe property sales and dealing with a Harare based estate agency.

The very best and most enjoyable reason to purchase real estate by far is in buying a property in which your family will live and grow together. There is a lot of fun involved in finding the perfect place for you and your family to call home. There is also a great deal of stress involved as well and that should not be overlooked.

Some things to keep in mind when searching for the perfect property for your family are the following:

1. Make your first step the step of finding a realtor or buyer’s agent that you are confident has your needs, desires, and best interests at heart. Your realtor can prove to be a lifesaver when you’ve reached the final hours before closing and the sky looks as though it’s going to fall. Far more than that though, your realtor can help you find the home that you simply cannot see your family living without.
2. Once you’ve found a real estate that you trust to help you find a home for your family it is time to identify the things that are absolute necessities in your search and those things you can live without. The most important thing to decide upon is a budget that you are comfortable living with.
3. Once you’ve established a budget you need to decide the features that are important to meet the needs of your family. The number of bedrooms, bathrooms, square footage, and yard space. Do you need a fenced in yard or a basement? These things are important as they do affect the comfort and in some cases safety of your family.
4. Another important thing that must be considered when purchasing a home for your family is the neighborhood. This is more important than many people may realize. It is well worth having a smaller home in a neighborhood that is poised for growth rather than a larger home in a neighborhood that is in the state of decline or on the verge of the state of decline. Crime rates in the neighborhood and the school district are other things that need to be considered as well before deciding to view a potential home.
5. You should also take the time to look at several properties before deciding on one property over another. The more properties you see, the better the chances are that you will actually find the one perfect property for the needs of your family home. The more homes you see the more you will learn about your likes and dislikes. You will also get ideas about possibilities and things that can be added on to the home you eventually select. Regardless, the more homes you see, the more choices you have when the time comes to make a decision.
6. Never offer the asking price right away. Even if you are willing to pay the full asking price, offer something a little lower and allow some negotiating room. Be sure, if you truly want the house in question not to be insulting with your offer but make the offer just the same. Some things you may want to consider when you make your offer is how quickly you are likely to need a new roof, new flooring, new heating or air conditioning, and countless other improvements that may need to be made on the property. Each of these things costs money and they add up over time. If everything is fairly recent and in good working order you may want to consider that when making your offer as well.

You will find many houses along the way but few will reach out and impress themselves upon you as home. Those are the ones you should consider long and hard. Weigh the options, the prices, and your likes and dislikes. If you do all of this you should be well on your way to the home of your dreams.

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Are You Committed to Your Estate Investment?

Property Place – All the facts on Zimbabwe property sales and dealing with a Harare based estate agency.

There are many questions that should be asked before embarking upon a career of real estate investment. The first and foremost question however should be whether or not you are truly committed to making real estate work for you. This is not a business for the faint of heart. In order to truly turn a profit you must be at times ruthless when dealing with buyers and sellers but ethical to a fault when it comes to the work that must often be done in order to get a property in sellable condition.

The reason a serious commitment is needed in order to make real estate work for you is simple. There will be ups and downs along the way. The stock market experiences rises and falls on a regular basis. Just as you cannot dump all of your stock over one bad day the same holds true even more so in the realm of real estate investing. Property values in general rise gradually over time. This means that even if the values in a community falter chances are that they will eventually recover.

Those who bank on the slow and steady growth in the value are referred to as buy and hold investors. These investors are truly committed to their investment. Some of them elect to hold the property as a vacation property while others opt to earn an income on the property by renting it out to other families or vacationers, whatever their choice may be.

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This is a great way for many people to enjoy the luxury of a vacation property without absorbing all of the expenses involved in owning a vacation property as the rentals will help compensate some of the costs when the owners (investors) are not in residence. This is a fairly common practice in high demand tourist areas in which people often enjoy vacationing. These types of investors are what some people refer to as serious real estate investors though all real estate investors need to take their purchases seriously.

Those who own rental properties must also be committed to making their investments work for them. Rental properties are not a ‘hands off’ type of investment, as they will need to be maintained in order to remain in demand by tenants. You must also make constant efforts to keep these properties managed and filled along with remaining certain that you are collecting your rent each month and that the properties aren’t falling into a state of disrepair or abuse by tenants.

Many investors retain the services of property management agencies in order to handle the minutia of month-to-month details and collections. This is a great idea whether you have one lone rental property or a vast portfolio of rental properties. Even better however, is the fact that if you keep your rental properties in reasonable repair throughout the years they can become liquid assets in time. In other words, they may actually pay for themselves a few times over if you invest for the long-term rather than focusing on the moment.

No matter what type of real estate investment you intend to have it is important that you are prepared to make the commitment to profit or profitability that is necessary in order for your venture to be deemed a success.

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