Buying a foreclosed property can be an opportunity to purchase a property at a discounted price, but there are also several pitfalls to be aware of. Here are a few: Condition of the Property: Foreclosed properties are often sold "as-is," meaning the buyer is responsible for any repairs or renovations needed. It's important to inspect the property thoroughly and budget for any necessary repairs. But most of the time, you won't be able to do even a tour of the property; leaving aside Inspection, the only thing you can make your assessment is on the disclosure statement provided by the auctioneer, if there is one. Competition: Foreclosed properties can be highly competitive, with multiple buyers submitting offers. This can drive up the price and make it difficult to secure the property. Most of the time, you would have a Mix of Newbies trying their luck; an end-user homebuyer is a rarity, but are there too, and then there are the investors, so it's a way more competi
Showing posts from April, 2023
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The Vacation Rental industry continues to navigate challenges stemming from the pandemic as well as more recent headwinds from labor shortages, inflation, and geopolitical concerns. While tourism and hotel performance recovery forges ahead in much of the world, the need for timely data and analysis remains as great as ever.
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What is de-renting? Its a shift from traditional rentals to short term rentals. But Why? There are five major reasons: Stop Rental Decay: No Matter how good your tenants, the usage of the property 24/7 leads to decay of the house. Just think about it how long do you use hotel room on a vacation viz-a-vis your own home. Value Preservation: Traditional Renter has no meat in the property, so net result is “I don’t Care”. With short-term renting, less decay and more value retention. Pro-Active Maintenance instead of corrective repairs. Traditional Renters being less cared, lead to delayed repairs and thus much costlier Maintenance, no access or regular inspection leads to neglect and corrective, instead or pro-active repairs. Stop Alienation from the property: Once rented, you have no access to your own property, so no way to see what is going wrong due to usage or mishandling. Win-Win Situation, you keep your home as well as your income, actively maintained property retains and increase