Category: real estate

Are you a Secret Real Estate Agent?

The expression “Secret Real Estate Agent” almost looks like it was borrowed from some action movie. In reality it is a little bit less spectacular but, without a doubt, equally exciting.

What is a Secret Real Estate Agent?

“Secret Real Estate Agent” – does not mean you do this profession without being registered. Of course, also a secret (real estate) agent has to be registered and fulfil everything that is required by law. By “secret” we mean, that the agent is not publicly advertising a specific property he or she was asked to sell. He/she may not even have a website or advertise the business and in many cases the main profession is another real estate related profession, such as architect or engineer.

They are usually approached by a client who asks if they may know someone who would be interested to buy one of their properties. And that’s the only way there are allowed to sell it, by offering it directly to someone.

This might seem strange at first, but among certain groups that is exactly what they want. The best to explain this is by giving an example.

Seller doesn’t want to look like he needs money

In many cases the properties in question are from rich families. Having a certain popularity and their place in society they like to give no reasons for gossiping.

Huge estates can cost a lot of money in maintenance, tax and so on… If they actually don’t use it anymore it makes sense to let it go. This is regardless of their financial situation – nobody likes to throw money out of the window, no matter how rich you are.

Of course, if people see the big family estate for sale, the first thing they may conclude is that the family is in financial difficulties – that’s how people start talking…

That’s why it is better to sell it secretly – through a secret real estate agent of course.

Or in another case, the seller might be having an apartment block for sale and he doesn’t want his tenants to find out. Also, he would approach such agent, who will then go and talk directly to investors who may be interested to buy.

How does a Secret Real Estate Agent sell?

The only way you are allowed to sell it, is by offering it directly to someone. Or in some cases you are allowed by the seller to advertise it in another country. Like this you can get a foreign buyer.

It is a far more difficult job than a regular agent. You need a pool of good contacts, including millionaires, investors … etc. But of course, it pays off big time as the properties that are sold this way usually have a high value. You can find foreign buyers by listing real estate internationally.

Are you one of those agents? Then drop us a line and let us know how did you get started? Do you have any advice?

Benefits of Getting a Prefab Coach House in Ottawa

Prefab coach houses are getting popular by the day in Ottawa and more people have moved past considering it to getting one. If you have decided to join the moving train, then we bet you are struggling to make an important decision now.

Should you simply opt for a prefab home? Believe us, we have all been at this crossroads. What helped us was considering all the benefits a prefab has to offer.

But what do we even mean by prefab? Prefab means prefabricated and houses like these are usually manufactured off-site, and assembled when they are brought on site. You can visit https://www.housebeautiful.com/design-inspiration/a25655602/prefab-homes-styles-facts/ to learn more about the prefabricated construction method.

In this read, we will be discussing some of the major benefits of getting a prefab coach house in Ottawa or even anywhere else in the world. Let us get right into it.

1. Saves Cost

One of the most common reasons people opt for prefab is that is more cost-effective. There are so many reasons for this one of which is that the building is manufactured in a controlled and centralized indoor environment.

Therefore, weather delay isn’t something to worry about. Therefore, cost overruns that are caused by working in harsh weather conditions like when it is windy, raining, or snowing are eliminated.

The same can’t be said for homes built on-site as they are prone to several disadvantages which include subcontractor and weather delays. The building materials can also get damaged by the weather or be stolen or vandalized. Sometimes, there may be delivery issues that would ultimately cost more money.

Another reason this method is cheaper is that labor cost is significantly cheaper. This is because the labor cost required for a manufactured house is often between 8-12% of the building’s total construction cost. Whereas, an on-site construction labor cost takes between 40-60% of the construction cost.

Finally, manufacturers often buy their materials in bulk so they get large discounts for the materials bought. These discounts are often passed down to people who buy from them.

2. It is Faster

The production cycle of manufactured coach homes is a lot shorter. Depending on several factors, a coach house built on-site can take a while to build.

Manufactured homes don’t have to go through that much process as they just have to be bought and then set up. This would help you move into your new house in record time if you are short on time.

3. Superior Quality Control

As we have said earlier, prefab houses are made in climate-controlled environments. Also, the people in charge are experts who have a lot of experience in the field as they build several houses daily. They are used to making the same work every day so their expertise can hardly be questioned.

Despite all these, their works are properly supervised. As if that isn’t enough, they have to abide by both the state and federal quality control laws and programs. Finally, the tools, technology, and machines used by manufacturers are top-notch. This does not just speed up construction but also delivers more precise results.

So, the quality control when it comes to prefab coach homes is often superior.

4. Safety

The materials used for prefab homes are also used for on-site buildings. Also, as we have said, manufacturers often engineer their products for energy efficiency and wind safety. So, safety isn’t something to worry about if you opt to get a manufactured coach home.

5. Less Waste

When you opt for a prefab coach house in Ottawa one thing you won’t have to worry about is excessive waste. This is because prefabricated houses are already made, hence, the greater part of the waste would have already been disposed of or recycled in the factory.

Aside from this, waste is also reduced in how much defective materials like damaged boards and warped studs have to be replaced.

As we have said, manufacturers of a prefab coach house often buy their materials in bulk. Material suppliers, therefore, often send the best materials to them so that they will keep coming back.

Conclusion

Deciding on whether to get a prefabricated coach house or to build it on-site can be quite a difficult choice to make. Hence, we have discussed some of the benefits of prefab coach homes in this article to help you make a great choice.

Author: Antoinette Navarro

www.all-real-estate.com says thank you for the nice contribution.

Architect vs Real Estate Agent – who gains more?

If you are deciding your career and you like to know what’s the deal with architects vs real estate agents – maybe to decide whether you should be an agent now or study to become an architect than this article is for you.

Architects design buildings and carry a lot of responsibility – therefore one might think that an architect would gain more money. But this might not necessarily be the case. Of course, it depends on a few factors, such as the country you are working, how famous you are as an architect or how many social connections you have as an agent.

Who Gains More – The Architect or the Real Estate Agent?

Architects gain less on a house than real estate agents, and this is because they don’t get a commission on the sale of the house. They instead get paid by the hour or for their design.

Therefore, there is a sense of fairness in paying architects less than they would pay to an agent. Architects are rewarded for their creative skills that they put into the design of the house, whereas an agent may just be rewarded for negotiating skills.

In some cases, it might be that the architect gets as little as 1% of the house worth for his work whereas a real estate agent might get 3% or more to sell a property. Also, one house might be sold a few times over the years, giving more chances for agents to make money. If that’s the case it seems obvious that it is more profitable to be an agent rather than an architect.

You have to keep in mind though, that agents don’t sell all houses that they have on offer. This means they might be putting a lot of time and effort into some deals that will never give them anything in return.

Architect vs Real Estate Agent

An architect is the one who designs the building. They are responsible for the construction of buildings, buildings layouts, and more.

An agent is a person who sells real-estate property on behalf of the owner. They are also called property agents or estate agents. Their main job is to find clients and help them buy or sell their property.

Architects who are famous are more likely to make more money. They are the ones who design the big building, and they need to be paid for their expertise. On the other hand, real estate agents will always be needed in the process of selling and buying a property.

The Difficulty for Architects in Marketing Their Own Product

Architects face a lot of difficulty when marketing their own work. The architecture profession already suffers from low status and low pay, so it is increasingly difficult to get into marketing your work as well.

They must take on the role of artist, developer, manager, and marketer in order to market their work well. They must become a jack-of-all-trades in order to succeed in this industry.

What Are the Best Countries for Architects?

Architects are one of the most well-travelled professions in the world. They visit different countries for various reasons; such as to get inspiration, to network with other professionals, or even to find a better work environment.

While this is true for all architects, it is especially true for freelancers who have more flexibility in their schedule. Freelance architects often rely on connections with local firms abroad because they can’t afford to work without income for too long.

What is the Difference Between the Two Jobs?

Real estate agents are professionals who are responsible for the sale of properties. They market the property, show it to prospective buyers and negotiate the price of the property.

Architects are professionally trained in disciplines like design, construction, and engineering. They take up careers in building construction and design.

If you work as a real estate agent you would interact with clients on a daily basis who want to buy or sell their house or land. It is possible to work as an agent without any formal education. Although most people prefer experience over qualifications which is why it’s always better to start by working at another agency before branching out on your own.

Architects usually have graduate degrees in architecture from accredited schools/universities that take three years or more to complete.

Conclusion

Do real estate agents make more money than architects? Yes! While architects need to go to university and carry a lot of responsibility, real estate agents don’t need to go to university, and they make more money with less responsibility.

Expert Healthcare Real Estate: Choosing the Right One

Buying or leasing a property is a huge experience that requires a lot of planning. There is the hunting phase and the sealing of the deal.

To make the whole process easier, you will need the help of a good real estate agent. Working with a trustworthy and experienced agent, who knows the ins and outs of the industry, can guarantee you the best prices in the market.

Nonetheless, with so many brokers in the market, finding a perfect agent can be tricky. To make the search easier, here are some of the key things to consider when choosing the right expert healthcare real estate to work with.

Healthcare Real Estate Expertise

It is advisable to choose a realtor with healthcare industry experience. Although there is a thin difference between a home agent and a medical facility agent, there are things a healthcare real estate expert must understand.

In healthcare real estate, careful consideration is paid to space planning, patient flow, and facility access. A realtor who understands this will help you choose the right space that befits a health center. This also saves the tenant money and time during the search process.

Abides by different laws

When leasing a commercial health care facility there are different laws to abide by. The realtor must be aware of these laws. These restrictive regulations include occupation safety and hazards, proper disposal of medical waste, required building capacity along with state at local regulations. A good realtor will also ensure their clients abides by these laws at all times.

Seek referrals

While you can always find the information you want online, but referrals are always the best. There is no easier way to know about an agent than a referral from someone they worked with in the past. Ask a fellow health care provider for recommendations. If someone had a good experience with a particular agent, they will most likely recommend them to someone else.

Strong core values

Core values are important in both business and pleasure. You want to work with someone truthful and transparent with what they do. They should be honest when it comes to prices, the number of listings available, and their years of experience among others.

Availability

The activities involved in the real estate business are many. Sometimes the realtor may be required to work extra hours to beat the deadline. Choose someone who will be there to answer your calls and solve issues beyond their typical office hours as long as it is within reason. However, calling your realtor in the wee hours of the night can be quite unprofessional. Still, if you find it difficult to communicate with the realtor within the day, we recommend looking for someone more reliable.

Interest in client’s well-being

Every realtor has to guide the client accordingly. However, this doesn’t mean deciding for them. A reputable agent will provide all the information about the property, whether good or bad.

However, for them to provide you with the right data, be honest and transparent with what you’re looking for. Also, don’t be afraid to ask questions when stuck. If you both disagree a lot in many areas then you should look somewhere else. Read more here https://www.inman.com/2020/01/24/the-biggest-benefit-of-agent-healthcare-benefits-happiness/

They know the neighborhoods well

Once you have sited the best location for your hospital, you will want a real estate company that is familiar with the specific area.

Does your agent know about the number of hospitals in the district? How about the area’s population and the selling or leasing prices of houses in the neighborhood?

The agent should also give you a feel of the community including the parks nearby, the kind of volunteer services available, the popular restaurants among others. Also, find out if there are any chemists nearby where you can source your hospital supplies.

Price

Buying or leasing a medical facility is an expensive affair that requires proper financial planning. The prices vary from one agent to another.

A majority of them will ask you to pay a fixed amount as rent and deposit. Others will ask for additional legal fees and service charges. Compare prices from different realtors and only choose an agent who fits your budget.

Still, if the price is unrealistically low, this could be a huge red flag. The low prices are probably due to incompetence or lack of experience.

Location

Check to confirm whether the realtor’s office is close to where your property is located. Being close means that he will be easily accessible when needed. They are also likely to be aware of the real estate listings in the area.it also means you will not have to travel long distances to view the property.

The right credentials

Besides a license, the healthcare real estate expert must have undergone various training and acquire credentials or affiliations at the end of the studies. This means they are well versed in the real estate market. Consider choosing a realtor with vast knowledge of your individual needs. Click here to read more insights on how you can choose the right real estate agent.

Conclusion

Finding a good property expert might not be easy, but with the right source, the entire process becomes much easier. You can always get referrals from those you trust or from agents you have worked with before. Even so, you should also consider searching their web and interviewing them. Getting first-hand information is always the best option. Also make sure they are licensed and have the right credentials. Lastly, choose someone you’re completely comfortable working with.

Author: Deo Fuerte

www.all-real-estate.com says thankyou for the contribution.

How to Start a Real Estate Investment Firm

Real estate investment is a great way to make a passive income with a lot of potential. But what should you do before starting your own business?

There are a few things that you should know before you start your own real estate investment firm. The first thing that you need to know is what kind of business model do you want to use? Do you want to work with investors as an information broker or as an investor yourself? If this is something that appeals to you, then it is important for you to understand the risks associated with both options.

The Current State of the Real Estate Industry

The real estate industry has been a longstanding and profitable industry that has been around for decades. The market has shifted over the years where more and more people are going to real estate investment firms to buy property because of their low capital requirements as well as the profitability of the trade.

Might sound like an oxymoron but a lot of people want to be a “real-estate agent” these days. They want to be an authority on all things real-estate, but what they don’t know is that there are many other ways for them to invest in the field without being an agent.

How does One Determine if they have Enough Funds or Credit Scores to Start an Investment Firm?

A strong investor with a successful track record is not the only requirement to start an investment firm. They also need to have enough funds or credit scores that are relevant for the type of investment they are starting.

There are many factors that one needs to take into account when considering investing in an investment start-up. One of the most important ones is your credit score and your ability to borrow funds for investment start-ups.

Introduction of Potential Investors in Your Real Estate Business Venture

The first step in getting potential investors is to have a plan. You need to write down all the risks, the benefits, what will the company look like after it’s been funded – basically everything that can go wrong and what could go right.

The next step is to find people who are interested in your project. This typically involves networking or reaching out on social media.

The third step is to create a pitch deck for potential investors who are thoroughly interested. A pitch deck typically includes financial information about your business, information about the team running it, and other important details about your company’s future goals.

Networking Strategies for Successful Real Estate Investors

Finding a network of people with the same interests and goals is one of the most important steps in becoming a successful real estate investor.

Networking is a broad term that means connecting with others to share knowledge, skills, and expertise. There are many different networking strategies for entrepreneurs who want to make connections with others in their field. In order to create successful connections, you need to be remarkably genuine and offer something of value in your interactions.

In addition, there are many ways for entrepreneurs to get started when it comes to networking. For example, you can go out and attend events that will allow you the opportunity to meet new people and potentially find potential connections in your field. You can also use sites like LinkedIn or Facebook groups for this purpose as well.

What are The Different Types of Property You can Invest In?

Owning property is an exciting prospect, but can also be daunting. There are many different types of property you can invest in, and the price ranges vary widely. To make it easier for you to narrow down your options, here are some of the most common.

There are four main kinds of properties that you can invest in: residential, commercial, industrial and agricultural properties. Residential properties are the most common type of property for people to buy because they require less work than other types when it comes to upkeep and they already come equipped with things like plumbing and electricity for your convenience. You may want to look for apartment blocks for sale.

Financing Your Investment Properties

Investing in property is not always the safest way to make money. However, it does offer a lot of investment opportunities and can be a great way to grow your wealth over time.

One of the most popular ways for investors to finance their properties is by taking out a loan from their bank. This option offers the simplicity of being able to get approved for up to 95% LTV on purchase or refinance transactions. The downside, however, is that you are not only securing your own house but also any other investments you have.

There are also many private lenders who offer financing options for real estate investors who have good credit scores and cash reserves set aside for their own down payment. As with any other investment opportunity, there are risks involved with private lending.

What Helps You Succeed as a Real Estate Investor?

It’s important to know that investing in real estate is not always an easy task. There are many ways to lose money and there are also many ways to make it. If you want to be successful as an investor, then the following tips will help you.

1. Do Your Research

Develop a game plan before you purchase your first property so that you’ll know exactly what you should buy and how much it will cost. You’ll also need to decide if you want the property for rental, flipping or long-term hold so that you can find the right place for your investment strategy.

2. Get Creative with Your Finances

It’s important that real estate investors have enough capital because their money is their most valuable asset in this business – they need enough of it to cover all ongoing expenses.

Do you have your Real Estate Investment for sale? List it with us for free.

How to Purchase a Government Land in Auction

Buying land can seem intimidating, but it doesn’t have to be difficult if you know what to expect when you go in. If you are looking to buy a piece of land, the government is one of the best places to start your search. The government offers many different types of land for sale at their auction sites. Some auctions may even be specifically designed for homes or businesses! Follow these steps, and buying a piece of property will be much easier than expected! 

The government has a lot of land ready to be sold, but they lack time and commitment, so they use various auction websites that help the government sell the land as easily as possible. Before you start looking for the perfect land that fits all your needs, you must research for the best website that can help you fulfill all your needs. If you wish to buy government land for sale in US, research is what will take you there!

Timeline

The right type of Auction can make the process easier and more efficient. If you’re looking to buy a large plot or piece of property, an early-date real estate sale may be just what your business needs! You’ll have ample time to conduct research before taking out those bids; knowing when they take place and how long closing will last within such tight timelines means there won’t be any suspense at all about whether this purchase is good for them or not.

Level Playing Field

Auctions are one of the most transparent forms of transactions because they operate with complete, open information. Buyers battle it out in an even field and compete on equal footing despite any influence or reputation that may be involved at either end – this is not always true for other types of sales where one party’s willingness to buy might depend upon who else he knows (or doesn’t).

Negotiations

The hassle of negotiating can drain your time, resources, and sanity. Going to governmental real estate auctions saves you from all that by ensuring the terms are known upfront! With the information provided in detail about every property on offer at an auction with due diligence packets for buyers who come prepared, they’ll avoid any surprises when purchasing land.

Options

The multi-property auctions allow buyers to see several offerings in one place and compare. When you plan on buying land at Auction, observing the bidding on a similar property may give your more insight into what is happening with the value of the home that is of your interest. 

Price

In a friendly, competitive environment with the best real estate professionals in attendance, you will be able to arrive at true market value for your land. Bidding on properties can give buyers an inside view into how much people are willing to pay and when they may want that property – especially if it’s currently distressed or priced below what is considered normal. Thereby giving them more time ahead of the purchase decision and securing discounted prices based on current conditions rather than going through long, drawn-out negotiations and only getting discouraged before completing the deal because the seller didn’t budge one penny from the asking price!

It is important to determine the maximum price you are willing to spend on a property before starting an auction. Too often, people get caught up in competition with other bidders and end up overpaying for their land or home.

A Few Terms that you Should be Aware of

Absolute Auction: An absolute auction is a type of public sale in which the property for sale is offered to the highest bidder, with no minimum bid requirement. This term typically refers to an auction conducted by a third party that purchases and sells items on behalf of others. 

The process begins when you submit your online bid for an item that’s up for grabs, just like any regular e-commerce transaction. However, unlike other bidding services where you can offer a price below what others have offered or withdraw your offer before the end of the auction period, Absolute auctions are not flexible. 

Minimum Bid: To protect themselves from being taken advantage of, many sellers set a minimum bid price that guarantees at least the cost owed or prevents buyers from colluding to purchase properties below market value. Market value will be a matter of perception if the property is unique or otherwise tricky to price. 

Government auctions are a great way to purchase land at affordable prices in many cases. You can find all sorts of properties, including raw land, farms, timberland, and more. If you wish to invest in government land, we hope that this blog was able to give you all the information you were looking for. 

Author: Eernesto T Felder

What We Can Learn from Irish Housing Estates

Irish housing estates are just lovely. Lots of green, space, cute houses and windy roads where kids are playing. They look like a perfect little village – the best place to raise a family with all modern comfort available. They are remarkable examples in many ways.

Most of these housing estates that fit this description are developed during the Celtic Tiger period. The “Celtic Tiger” is a term for the very successful Irish economy that emerged during the 1990s and reached its peak in 2000. Ireland made a remarkable transformation from a country of poverty to one of prosperity before the world economic crisis.

Remarkable design of Irish Housing Estates

It is outstanding that the Irish housing estates are designed in a way to promote safety, comfort and general wellbeing. This is achieved by introducing lots of curvy roads in the estates and have only one way in and out, avoiding fast traffic or having a lot of cars that would just pass through.

The houses are designed to the general liking – friendly and homy looking rather than modern. There are rules to implement public greens in the estate as well as dedicating a certain percentage of houses to an affordable living program. Like this also less fortunate families are integrated in the neighbourhood. By doing so, they are avoiding the development of poor neighbourhoods somewhere else that would come with a number of social problems attached.

The Celtic Tiger and the Real Estate Bubble

Image by Zotx on Pixabay 

When Ireland’s growth began to slow down in 2007, there were many warnings that it would not be able to avoid the impending global recession.

In 2008, Ireland was hit by a severe financial crisis as its property market collapsed due to over-speculation and over-development. This is leading to a substantial rise in unemployment rates and substantial falls in wages.

Simply explained, the property bubble started due to a real estate shortage. That’s why many property developments were initiated, that lead to shortage of workers. As more workers were needed, many foreigners came to Ireland to work, who also needed housing… Slowly but surely this was blowing up the bubble.

As a result of the 2008 crisis, high unemployment rates lead to people leaving the country or in case of foreign workers, they would return to their home country. Therefore, no more housing was needed and Ireland was left with a situation of over-development.

How the Irish Government dealt with the Property Bubble

Successfully addressing the housing and property market in Ireland has been a major challenge. That’s why NAMA comes to play.

NAMA is the National Asset Management Agency of Ireland. Set up in 2009, they take on some of the burden of loans from Irish banks. They try to address the financial crisis that Ireland experienced in 2008. The main role of NAMA was to take on some of the burden of bad loans from Irish banks. Also, they try to address the financial crisis that Ireland experienced in 2008.

NAMA purchases assets from financial institutions for cash or bonds, aiming to reduce lending risks for banks and other financial institutions.

We Can Learn From The Irish Housing Estates

We can learn a lot of lessons from the Irish abandoned housing estates. It is important to keep in mind that these developments are still wonderful homes where people live. They will do so for decades to come.

What happened to the Irish housing estates is a good example to study further when it comes to urban planning decisions.

Main image by candelabra on Pixabay 

3D Images – How They Can Help Sell Your Home

The Idea Behind Using 3D Images

3D images are used in a variety of industries but they are especially common in the entertainment industry. This is because 3D images add another level of realism to the experience and make the viewer feel like they are present in the scene.

3D images captured in 3D photography are not only conducive to the needs of the client, but also have a greater effect on the prospective buyer.

It can be viewed so that buyers can get a sense of feel at home.

How You Can Make Your Home Look More Appealing to Buyers

The real estate industry has been using 3D rendering to create photorealistic images of homes for a long time now. The sales of virtual staging software and services is on the rise as it saves the seller from costly home makeovers and repairs.

Virtual staging refers to presenting a property virtually, through either a 3D model or photo-realistic renders. It’s an affordable and timely alternative to physically staging your home for sale, which can involve expensive makeover jobs and extensive repairs. It doesn’t matter if you are selling a flat, house or apartment block, a 3D image can perfectly present what it can look like in the future.

Why You Should Consider Investing in Professional 3D Visuals

Professional 3D visuals for your real estate agency can make a world of difference in your online presence. It will make the process of staging and marketing the property much easier, attracting more potential buyers.

3D visuals can help you to showcase a property in a way that 2D photography cannot. They allow viewers to better see the scale and scope of a space, as well as any features that might be difficult to identify from afar. The immersive nature of 3D visualizations makes them perfect for showings and tours, letting viewers explore even the smallest details of a space with ease.

What are the 3 Major Benefits of Using 3D Imaging in Real Estate Marketing?

In this article, we will find out what are the 4 major benefits of using 3D imaging in real estate marketing.

1. It’s a low-cost solution. 3D technology is well established in the industry. It is a well-understood technology which costs less than other technologies.

2. It can offer a window into space. 3D models allow for a more immersive experience with a sense of depth and scale, giving viewers an idea for what to expect before they visit the property in person.

3. It can generate higher engagement rates. By making properties feel more real, 3D images can elicit stronger emotional reactions from viewers. It entice them to take action such as scheduling an appointment or visiting an open house.

Conclusion: how 3d images can help sell your real estate

There are three ways in which 3D images can help sell your house faster.

The first way is that 3D images are much more realistic than the 2D images present in websites. The second way is that they give prospective buyers a better idea of what their house will look like in your neighbourhood. The last way is that it helps prospective buyers to see the different options available, which increases the probability of them making a purchase decision because they can get an idea about what other homes in your area look like.

Image by 3dimages.eu

3 Ways How to Downsize Your Home

Downsizing is a common occurrence in today’s society. We live in a world where we are constantly told that we need more and more things, even though most of us don’t have enough space to store the things we already have. This post will give you 3 tips on how to downsize your home and live a more minimalist lifestyle.

1. Declutter your house and reorganize

Helping with the burden of lessening your stress from a chaotic life, there are many services you can find to help declutter your house. This includes laundry, organizing drawers, moving furniture and even getting rid of things you don’t need.

if you don’t feel up to the challenge yourself but you don’t have the money to use such service you might want to ask a friend or family member.

You might not believe this, but there are people who will give you money for the things you want to get rid of. You can sell anything! There are people who buy old video games, old books, clothing & even car parts. So why not make some extra cash by selling what you don’t need?

2. Organize your home in a more efficient way – where to start?

Where to start with organizing your home? It can be tough enough to find the time to organize the one room you’re working on, let alone an entire house.

A messy room will make you feel anxious and stressed. You can maximize your time and energy by making a list of each room in the house. It’s also important to identify which rooms need the most work because those are the rooms worth tackling first.

Once you decluttered things and are left with the essentials you are able to see what is the best way to organize the space. If you are not sure, don’t be shy to ask the opinion of someone you trust.

3. Less space is needed? Look for a smaller home and save some money

Once you are through with clearing out your house it is time to downsize your home, you may find that it is not necessary to have such a huge house. It’s time for a downsizing. Why not try this? It sounds like a win-win situation. You gain some money in selling your current house and save in monthly expenses in your smaller home. Not to mention it will be quicker, easier and less work to clean a smaller place. Plenty of benefits for this decision.

If that’s the case, we are here to help you, look for a smaller home in our real estate listings or sell your house without any listing fee.

Image by Hans Braxmeier on Pixabay 

How to Successfully Apply for a Bankruptcy Loan

If you’ve been declared bankrupt but need to take out a loan, don’t be despondent – bankruptcy loans are a great option if you find the right one to suit your needs.

You can increase your chances of being approved by practising good saving and spending habits during bankruptcy. This can slowly but surely increase your credit score on your record.

We’ll delve into the different types of loans that bankrupt people can apply for, how you can increase your attractiveness to lenders, and your chances of being approved.

What Are the Types of Loans for Bankrupts?

There are various loan types for bankrupt people available. You need to do your research to determine which best suits you and your personal financial circumstances.

Payday Loans

Payday loans are sometimes called small amount loans because they offer just that small amount of money you need to survive until payday.

According to Money Smart, the small amount can go up to a maximum of $2,000. 

In an attempt to get borrowers to pay these loans off quickly, they generally have exceptionally rates and finance charges compared to other types of standard loans. 

The longer you take to pay back the money, the more expensive the charges become. If you do this, don’t be surprised if the charges exceed the total loan amount – even up to 200%!

Personal Overdrafts

A personal overdraft is linked to your transactional account. Once you have depleted the money in your account, you can continue spending, and the money will be deducted from your overdraft facility.

As soon as more money is deposited into your account, it will cover up the overdraft amount first, and the balance will remain in your transactional account. 

Interest is charged on the overdraft funds, too.

If you’ve had a personal overdraft before and honoured it well, your lender is more likely to approve another minor overdraft.

Business Loans

You can apply for a secured business loan if you’re starting a business and have relevant assets to do so.

The assets could be:

  • property;
  • equipment or machinery;
  • tools;
  • cars or trucks.

Your assets will act as security for the loan, so if you are unable to service your loan repayments, the assets will be repossessed and sold as collateral to cover your debt.

While lenders approve secured loans more readily because of the security offered, consider whether you’re prepared to lose the assets you’re offering up if push comes to shove.

Car Loans

Some lenders work specifically with car loans for people with bad credit. These lenders are comfortable taking on the risk because they require the borrower to have a guarantor as security. 

A guarantor agrees to guarantee the borrower’s loan and cover the borrower’s debts to the lender if they become unable to do so. 

In this case, lenders are also likely to approve the loan because they have security – but the tricky part could be finding someone willing to act as a guarantor.

Can Bankrupt People Get a Personal Loan?

Many banks and large financial institutions don’t offer personal loans for bankrupts. So, you can approach private lenders instead. 

There aren’t that many lenders who offer personal loans for bankrupt people, so those who do often charge higher rates and fees.

How Can I Increase My Chances of Being Approved for a Bankruptcy Loan by Lenders?

Instead of giving up, be proactive during your time of bankruptcy. This will prepare you for life as a discharged bankrupt.

Here are some ways to increase your chances of being approved for a bankruptcy loan:

Seek Advice From a Financial Advisor

A financial advisor can critically assess your financial situation and provide guidance, assistance, and actionable steps for the future.

A financial advisor isn’t only for prominent people with large bank accounts. Taking out small loans under the advice of a financial advisor can train you to become financially savvy and one day have complete control of your finances so that they can blossom into larger sums and assets.  

Know Your Bankruptcy Details

Be prepared and ensure all your documents are stored in a safe place; have digital copies on hand as well.

Know and understand your bankruptcy situation, and be able to prove it to lenders. For example, have your retrenchment letters to prove the rapid decrease in your financial situation that resulted in bankruptcy.

Try to Get a Job with a Reliable Income

Show lenders your eligibility for a loan by having a disposable income that you can use to repay that money. Income from Centrelink or your pension only is often seen as insufficient.

Even just a part-time job is an opportunity to receive a salary and practice the act of self-discipline to control your financial situation.

Maintain Good Conduct

If you want to regain a good credit record, you have to prove a good track record following bankruptcy.

You can begin by staying up to date with bills as far as you can. Avoid missing payment because defaults to your credit record will reflect negatively and count against your loan application.

If you can prove to a lender that you have turned over a new leaf and are in control of your money, they have reason to believe you will be able to service your loan. 

Apply for Loans in Person 

A person’s financial history is complex, and reducing it to a piece of paper can be grossly oversimplified.

A bankrupt person can benefit from speaking to a real human being because it initiates a relationship, and they are more likely to develop empathy and compassion.

Can Bankrupt People Get a Home Loan?

Home loans are more likely to be awarded to discharged bankrupts if they have proof of a stable income in the form of:

  • payslips, 
  • tax returns,
  • six months ABN registration, and 
  • six months GST registration.

By this point, you should have established a stable savings plan together with your financial advisor and built up a good history of regular and prompt debt repayments.

Consult With a Mortgage Broker

A mortgage broker can assist you with your home loan application process as a discharged bankrupt. 

Now that you have done everything in your power, your mortgage broker will take over. They compare different home loan options for you and recommend which will suit your circumstances. 

They act as a liaison between the borrower (you) and the lender and will facilitate and help you through the application process. Banks require certain things, and mortgage brokers know how to position your application to make it attractive to them.

Key Takeaways

Regardless of your past, you can still take positive steps to improve your financial future. 

Various bankruptcy loans could be applicable to you, such as:

  • payday loans,
  • personal overdrafts, 
  • business loans, and
  • car loans.

But, you need to try your best to ensure you are an attractive borrower to lenders.

If you set your mind to it and remain disciplined during your bankruptcy by paying off your debt, you could still obtain a personal loan or home loan once you are discharged. 

A financial advisor can be helpful to get you on the right track, and a mortgage broker can assist with your application once you reach that point.

Author: Tony Xia

Tony is the director of The Mortgage Agency based in Sydney. He is specialising in a holistic approach to home loans to help the clients with getting the right outcome based on their specific financial circumstances.

Image by Michal Jarmoluk on Pixabay