I was so sick of waiting. And if the owners didn’t agree to pay more there would be no money for anything. But there was silence. What happened to the money? Or, who is responsible for this? I asked if people understood what was being discussed. Not one person asked; why is the condo nearly bust? I said, with little response. There was some muttering. In fact, they didn’t seem interested at all. Some were sending text messages or maybe playing games on their phones. Others got up to help themselves to more biscuits. And things moved swiftly on – without a single question from anyone. Would the signal strength be better? What channels would be included? This was serious stuff. The subject was hotly debated for over 10 minutes. Does everyone have to get the same package? Eventually the juristic person was told to find out more information. It had mysteriously vanished. Was unaccounted for. The juristic person said they would have to use what was left to pay for essential things like cleaning equipment, a repair to the water tank and some additional lighting. As the meeting continued it became clear there were real problems with the way the condominium was being managed. I pointed out that there wasn’t actually any money left to pay for anything. And that was it. The sinking fund had been pretty much wiped out. The meeting was over. What had we achieved? We had decided to have another meeting.
Often people use them as an excuse to avoid making decisions – except deciding to have another meeting, of course. The meeting had been called to discuss much needed improvements to the common areas. The meeting was scheduled for 10 am. I thought this would be fiercely debated. By that time only one other person had showed up. I asked the person in charge who else was coming. Another person turned up at 10.30 and helped himself to coffee and biscuits. There were big financial decisions to make which would directly affect the investments of 52 condominium owners. She said the developers were representing several owners and they’d be there soon. Finally, at 10.45, another 6 people sauntered in and the meeting began. Were they really not bothered? As usual, the first thing on the agenda was to appoint a chairperson. You won’t be surprised to hear that nobody wanted to do it.
Generally, the deposits are non-refundable but it all depends on the project. In some cases, deposits are taken to hold units in a pre-launch sale before the price is released. When the price is released on launch day the buyer has the choice to continue with contract payment or have his booking fee refunded. This will then deduct from the total purchase price. In case, if you fail to settle the payment, the seller or developer retains the deposit. If the seller fails to keep up their side of the bargain, then the deposit is refundable. Once the project is completed, 10 % to 20 % of the deposit required. Retain a receipt of the transaction. A statutory protection option available for buyers, where the developer cannot forfeit the above in the event the developer goes bankrupt. Ensure that these conditions are written in terms of the agreement. A property manager is proficient in his field. Knows all the laws of property management. The agent knows how to negotiate with the dealer. Provide the best services to them. It is necessary to inform your rental agent your intended dates for your stay in advance. A good agent will let you know when you will purchase a property. Some projects offer rent guarantees, whereby they take control of your property and guarantee you a yearly rate for a fixed number of years. Therefore, it is recommended to hire a professional and experienced agent for choosing a reliable property. Sometimes, they will offer a few weeks allowance per year for the owner as a part of the scheme. The property tax and the foreign buying guide are subject to change. So, it is always advisable to check with the local property agents or lawyers for the latest updates.
While investing in any property, every property investor must know that income is the ruler of running investment property. It will provide you with relevant returns to your acquiring property to investment property. The property will produce positive income. Be less maintained at all over the time period. In any case, if the property is going to be under a foreigner’s name, the money has to come from overseas. So, it would be better to consider buying real estate with cash or obtaining a refinancing of your current property in your own country. With years of experience, an investor needs to measure every aspect of the property and its location in order to find the right property. You must have a copy of a passport. They need to do thorough due diligence on all projects before putting them to market. Ensure that your offers achieve an international standard of expectation on quality.
As you know, every real estate property can increase your capital and secure your economic future. Every investment property gives positive returns. This will decide all the investment which assists you to reach your financial goals. You simply need to remember how proficiently you control your investments. When buying or investing in real estate, every investor must think about regulations and requirements for foreigners. It is important to make thorough research and dig deeper to collect all information and documents that are necessary. If any foreigner is interested in buying a property, then he/she has two options – either a 30-year leasehold or purchasing the property through a limited company. The 49 % foreign quota is available in the building while 51 % comes under nationals without any restriction. It is recommended to visit. If you are searching for obtaining an investment property, then you need to pick the right investment property. It is also recommended that the right investment contains regular cash flow and less maintenance.