Real Estate Means

A property must be appraised in terms of its highest and best use. The reasonable, probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. When a site contains improvements, the highest and best use may be determined to be different from the existing use. Implied in this definition is that the determination of highest and best use takes into account the contribution of a specific use to the community and community development goals, as well as the benefits of that use to individual property owners. An additional implication is that the determination of highest and best use results from the appraiser's judgment and analytical skills; that is, the use determined from analysis represents an opinion, not a fact to be found. In appraisal practice, the concept of highest and best use represents the premise upon which value is based. In the context of most probable se...

Why You Should Care about the Main Differences Between a Property Manager and a Landlord. If you’ve been searching for houses for rent, you may come across one that's rented out directly by the Landlord and another by the Property Manager. Is there a difference?  The terms “landlord” and “property manager” can't be mixed up interchangeably. These are two different stakeholders within the rental property industry. However, the two will be the people to see when renting a property. Let's define, and put a meaning to the two and tell you the roles played by the two stakeholders. Who is a Landlord? A landlord refers to the proprietor of a house, an apartment, or real estate that is rented or leased to a tenant. The tenant can be a business or an individual.   Who is a Property Manager? A property manager is a company hired by the property owners to run the management operations while ensuring property maintenance.  Therefore, the fundamental difference between the l...

Answers to Most Googled Mortgage Questions Mortgages can seem complicated and a little scary. That’s why thousands of people punch mortgage-related questions into their Google search bars every day. But before you put your thumbs through their paces, scan this list. These are some of the most common mortgage questions — along with helpful answers and tools to get and manage a mortgage with confidence. -What is a mortgage, and how does it work? A mortgage is a loan and a legally binding contract. When you sign a mortgage agreement, you promise to repay the loan in full. You also agree to let your lender repossess the property if you don’t. Mortgages are provided by banks, credit unions and some other financial institutions. The lender you choose has a big impact on how much your monthly payment is and how much your mortgage ultimately costs. Comparing the origination fee and annual percentage rate (APR) from a variety of lenders can help you make the best choice. - What ar...

For many, buying a home through mortgage can be just as exciting as it is scary. We’ve all heard the rumors and stories about what you should or shouldn’t do when it comes to buying a home with mortgage. But don’t let these mortgage myths intimidate you. In fact, some of the most common myths have been debunked here Myth #1: I can’t afford to buy a home. Truth: If you can afford to pay monthly rent, you may be able to afford to make a monthly mortgage payment. To find out how much mortgage you can afford, talk to a qualified mortgage lender. You can get a quick, non-binding estimate, or a prequalification, just to get an idea of how much money you could potentially borrow. Myth #2: You must put 20% down to buy a home. Truth: Having a 20% down payment is ideal, but plenty of people don’t have that much money to put down. The good news is that there are many programs available for borrowers who can’t afford a large down payment. Myth #3: You need excellent credit to be approved for a mor...

The HIGHEST and BEST USE of PROPERTY. When looking to buy real estate investors look for what is feasible and that results in achieving maximum use and legal permissibility for their money. To do this, they must undertake a market analysis to determine the highest and best use of the property. Before you spend any money on an investment property questions that should be answered and Items that can be considered as a test of the highest and best use include :  Is it physically possible? This is usually the first test to get an overall view that verifies that the potential use must be physically possible to undertake. Is the soil type, physical conditions, topography and other characteristics plus shape & land size, weather conditions suitable to allow the development or redevelopment possible? What are the best possible uses, qualities and features of the site or property? Can you afford it? Would the use be financially feasible? Construction and improvement costs can escal...