Whether you’re a first-time buyer, or have owned a few different properties in your lifetime, most of us have heard the terms ‘freehold’ and ‘leasehold’. Certainly, anyone who keeps up with the news has probably seen the run of horror stories about leasehold properties, and the often-complex set of obligations that they can place on owners. But these news stories rarely give a full picture of leasehold property ownership, and often make little mention of how it compares to owning a freehold property. So what exactly are freeholds and leaseholds? Essentially, the terms ‘freehold’ and ‘leasehold’ refer to the legal relationship that the owner of a property has to the land that their property resides on. With freehold properties (usually houses), the property and the land it sits on are bought and sold together, and are owned in perpetuity – the property owner owns both the property and the land. With leasehold properties however (often flats/apartments), only the property is bought and sold, and ownership of the land beneath the property – or the building it’s in – remains the separate property of a freeholder (sometimes referred to as the landlord). Because leaseholders don’t own the land beneath their property/building,…

Investing in real estate is a viable alternative to other risky investments and a great way to achieve financial freedom. With that said, there are some smart strategies you must consider to put yourself on the right path and ensure your real estate investment proves worthwhile and pays off. Let’s dive into some strategies that you can use to your advantage that will give you the best chances to build wealth from your properties over some time. Buy and Hold Investing in property and holding it for an extended period is a low-risk investment strategy that can garner favourable returns in the long run. Instead of selling the property based on market fluctuations, you will hold the property and collect income from rent to fulfill short-term cash-flow requirements as the property’s market value appreciates over time. You must conduct thorough research and choose an area primed for property value appreciation in the future. Consider factors like excellent infrastructure development, its transport network, top-class health and education facilities, and other similar amenities which potential buyers may find highly attractive. However, keep in mind the initial costs when choosing this long-term strategy. These would include agent commissions, property taxes and insurance, and…

The most successful people do not work for money, they let money work for them. This is one of the phrases synonymous with most investors. Investing entails putting money in a certain venture that generates profit for you either through your direct input or others’ inputs. One such investment is land and, in this case,a commercial plot that could be used for current business investments. However, before committing any amount of money to buy a commercial plot, one should consider the following factors. Infrastructural development This includes roads, electricity and water which are vital when establishing a business venture. The plot should be close to the main/tarmac road for easy access to the business by prospective customers and suppliers. Inaccessible businesses seldom survive. Electricity and water are important since their absence or scarcity could increase the cost of production, which eats into profits. Population In case you are buying commercial plots plot to establish a venture that deals in retail, it is important to have it in a place that is fairly populated since the residents will be your target market. Underpopulated areas may see your venture under-perform, while overpopulated areas may pose risks to your business due to lack…

If you’re like most young adults, moving out of your parents’ home when you turn 18 is one thing you look forward to most! It’s the first time you get a taste of independence. It’s also the first time you get to create your own space according to your style and comfort. However, it’s easy to get carried away with dreams of not contending with a curfew and living on your own. The reality is that moving out is a major challenge, and when you actually do it — a major achievement. It takes careful planning and execution of everything from budgeting to choosing a place that best suits your needs. In short, moving out isn’t easy. Most young adults need a guide to successfully transitioning from mom and dad’s home to their own apartment. Luckily, this is that guide! Here’s absolutely everything you need to know about moving out and how to nail getting your first apartment. Let’s dive in! 1. Figure out How Much Rent You Can Afford Usually, the biggest hurdle to moving out that young adults face is actually being able to afford their first apartment. Apartments aren’t cheap. Neither are the supplies to furnish a…

The biggest challenge anyone faces when seeking to invest in real estate business is money and the question people often ask is, how much do you need to make your first real estate investment? This includes knowing how much you will need to make that investment and is usually the most intimidating part in real estate investment. This is because you always have a variety to choose from, despite having started out with a different financial goal. This sometimes pushes one to change their mind and try to get something that looks better or sometimes more valuable than they had in mind. The initial goal has to change. The truth, however, is that you need not stress about having to change your budget or overspend. You don’t need to have millions in your bank account to make that real estate investment and become a property owner. When you set out to purchase property, it is important that you get this property through trusted real estate companies. So, here’s how much you need, to make your first real estate investment: Most real estate companies offer various payment options to their clients and as soon as you identify the property you want…

Landlords will now be allowed to evict tenants who default a one-month rent if proposed law is adopted. In a report to the National Assembly by the Public Works and Housing Committee, landlords will be required to give tenants a one-month eviction notice, down from the previous three months. In proposing the reduction in notice period, the report stated that it was a middle ground agreed upon by the landlords and the tenants during the public participation forums. If approved by the National Assembly, landlords will be at liberty to evict tenants who default on rent payment for just a month. The original bill by Majority Leader, Mr Amos Kimunya, had proposed default of three consecutive months. However, landlords will not be allowed to seize or auction a tenant’s property when they default on rent without following the legal process. The proposed law protects tenants from being subjecting to any form of annoyance by landlords with the intention of inducing or compelling them to vacate. Landlords will also be entitled to terminate tenancy for any reason without reference to the rent tribunal upon the landlord giving notice of not less than 12 months for residential and 24 for business premises….

Whether you have a tenant who wants to talk on the phone, meet in person or only texts, it all boils down to one truth: the landlord business is a relationship business. Building and maintaining a professional yet personable rapport with your tenants is key to developing a lasting business relationship. Building and maintaining a professional yet personable rapport with your tenants is key to developing a lasting business relationship. Here are five tips forensuring your interactions with tenants are positive: Start off on the right foot Fromday one, you want to work on developing a positive yet professional relationship with your tenants. That means making them feel welcome and comfortable at the property, and providing them with all the information they need to start their tenancy off right. That includes contact numbers, details on your expectations, important dates and locations of the nearest grocery stores, schools, bus stops, etc. Document everything This helps with your budgeting but also helps keeps track of your tenants’ payments and requests. Be sure to keep archives of all your communications and receipts. It will also help when a tenant has a question orfollows up about a charge. Communicate early and often about repairs…