Monthly Archives: May 2013

Selling Land – How Do I Value It & What Buyers Are After

Selling Land - How Do I Value It & What Buyers Are AfterWhen assessing the land it is of the utmost importance to keep in mind that although there are numerous internet tools which you can use to value your property, it is always better to ask for an expert’s opinion because knowing the situation on the market and the delicacy of the assessment process is part of their job. However, it is good to be familiar with some basic principles of estimating the land value which both you and the assessor have to understand and use.

First, according to the principle of substitution an individual will pay for the land the same amount of money he would have to pay for an equally desirable substitute property. This approach assumes that the buyer will collect data, make adjustments, compare the prices and buy the property that meets his needs at the lowest price.

According to the principle of supply and demand the value of property will be higher if the demand increases. Since the supply of the land is unchangeable, when the demand goes up, the prices go up as well.

The principle of anticipation holds that the present value of the property depends on the anticipated benefit the owner will have in future.

The principle of conformity states that the price of the land is likely to be higher if it is used in a way that is compatible with the use of surrounding properties.

Good assessor will take all these principles into consideration, together with other components such as gas, electricity, water, sewer and other public utilities. He will also evaluate the possibility of using rights like mineral, grazing, fishing, hunting and others.

Of course, there are other factors that contribute to the value of the land. Above all, physical attributes of the land – fertility, location and climate – are of crucial importance to buyers in search for land. Different types of buyers are looking for different qualities in property – whether or not the land can be subdivided, is it far enough or close enough to their home, will the property fit into their lifestyle and so on. The type and amount of taxation, planning, building laws and other restrictions will certainly influence the price, as well as economic and social factors.

To value your land properly, you have to take into account all of these factors and methods. You have to check the sales prices of similar properties, to calculate the price of your property by square meter, and make reasonable and appropriate adjustments based on factors that contribute to the value. Combine this price with the income the property could generate and you’ll get the idea of how much your land is worth.

However, this is all subjective. The real price of the land is the sum the buyers are willing to pay for it. So, do your homework, make a research, calculate and consult real estate agents to arrive at a final opinion of value.  And hope for the best.

Posted in Property, Selling Tips | Tagged , , , , | 167 Comments

Hunting Land For Sale In Lebanon – Current Hotspots

Whether you are looking to buy or sale land, Lebanon is a promising country. In the last decade both Lebanon and its capital Beirut started regaining their fame as tourist and financial centers, and not without reason. It is one of the most fascinating countries – beautiful coastline, snowy mountains, thousands of years of history and well developed banking and financial sector, wine production and agriculture make Lebanon a place where money works for your investments.

If you are planning to buy a property in Lebanon, it is good to know some facts. Unlike many other countries which discourage foreigners from acquiring properties, Lebanon allows foreign ownership of the real estate but only if the amount of the land in possession doesn’t exceed 3,000 square meters. Otherwise, you’ll have to obtain a special permission from the Council of Ministers. And of course, foreigners can’t own more than 3 per cents of total land in this country, except in Beirut where that limit is 10 per cents.

When it comes to buying properties, apartments and villas are good investment. But, better than that is buying raw land. It is less risky because less money is involved; still it can turn great in the years to come if you know how to choose the right location. So, let’s see what current hotspots are when it comes to land for sale in Lebanon.

If you are dreaming of your own winery, than the fertile Bekaa Valley is a place for you. Lebanon has thousands of years long wine culture, and in the last few decades the wine industry is blooming again. Grape from more than 5000 acres of vineyards is being fermented in more than 30 wineries. The best of all is that Lebanese climate is perfect for wine production, especially for varieties such as Cabernet Sauvignon, Merlot, Cinsaut, and Grenache. It seems that this area will soon become a popular destination for wine tourists therefore now it’s great time to invest.

Another great location is to buy land in Keserwan District, or its capital Jounieh. This once small coastal city 16 km north of Beirut is the fastest growing and developing city in Lebanon. This city started to progress in the middle of the 20th century, but during the war Jounieh became as important as Beirut thanks to the massive migration of Beirut traders and bankers. Today Jounieh is tourist, financial, banking and commercial center with population of more than 200,000. It has great infrastructure, and tendency to merge with Beirut so every piece of land bought here can only increase its value with time.

Keserwan Mountains are a perfect choice if you are a nature lover who sees himself in eco-tourism and eco-agriculture. Other locations appropriate for this type of business are Mountain Lebanon and the Chouf Mountains. It takes 45 minutes by car to escape from Beirut’s humidity and pollution into the paradise of the Chouf Mountains. The nature here is untouched which is perfect for those who would like to try their luck in growing organic food.

However, if you prefer purchasing a few acres in Beirut you can’t go wrong, although you will probably overpay for the land. In urban areas it makes more sense to buy a property with a house on it, but with a good idea th eland purchase can turn into an excellent investment.

Posted in For Sale, Property | Tagged , , , , , | 23 Comments

10 Tips for Buying an Apartment

tips in buying an apartmentIf you’ve decided to buy an apartment, you’re probably aware that it will be one of the major investments of your life. Really, why throw your money away on rent when you can buy your own property for the same price? Still, having a roof over your head will make your life easier and stressless only if you buy a home you can afford and, of course, a home that will meet your needs. In this article you will find ten basic tips that will help you choose and buy a perfect apartment.

  1. Before you even start looking for the place to buy – think, calculate and think again. Have you got enough money for a decent deposit? How much can you borrow? How will monthly repayments affect your budget? There are many simple tools on the internet that can help you deal with these questions – online budget planners, mortgage and deposit calculators, and so on. Use them. As for the deposit size, you will probably have to pay between 15 and 25 per cent of the purchase price, so make sure you don’t bite off more than you can chew. And don’t forget about taxes, fees, removal van, repairs, and furniture. They also cost money.
  2. Decide what you are looking for – which area do you prefer, how many bedrooms do you need, do you want a garage, are shopping malls, schools, kindergartens in the vicinity important to you? When you’ve figured this out, you can focus your search on desired location.
  3. Check sales in the area, research the market and compare the prices. Be in touch with the local real estate agents because many flats sell before they appear in the ads.
  4. When you’ve found the property that suits you, go and see it. Note down all the important information about the apartment – when it was built, how long and why do the owners sell, were there any problems in the neighborhood or with neighbors, when were electrical and gas installations inspected, what’s included in the sale, and so on. And of course, ask your solicitor to do a research on the apartment.
  5. Take pictures of the apartment so that you could compare it with the others you take into consideration.
  6. Make sure to view at different parts of the day. It might look nice and calm during the day, but you wouldn’t like a bunch of junkies shooting stuff in their veins under your balcony.
  7. Check for the mold, wet corners, rust pipes and leaking radiators. Test if all the doors and windows are working well.
  8. Think how much to offer. You can get a lot of help on the internet forums of the property search websites for people there have tons of experience.
  9. Consider auctions. Apartments selling in the auctions can be much cheaper than the ones on the market. However, you will probably need to invest some money and time in renovation.
  10. If you are satisfied with the apartment and your offer is accepted, exchange the contracts with the vendors and book the moving van.
Posted in Home Tips, Property | Tagged , , | 243 Comments