So these figures prove that over a period of 22 years the asset has increased by seven times its original value and all you would have to do is buy it at the beginning.
The truth of this is you don’t really have to worry about this. Depending upon what side you are on, residents do not get to decide what happens in a city, they can just complain about it. And, I can tell you stories about time after time after time where residents create a big stink and the city approves it anyway. First, you need to understand that there are laws, the people at the city are elected, they have to abide by the laws, and you have rights as well as a property owner. When the people that lived around that property bought that property, (especially those that bought it after you had a mobile home park there) there was nothing set in stone.
Before investing on a particular condo, do an in-depth research on how the project developers are taking care of the building and grounds. The next point that you must consider when investing in a condo that you plan to rent out is the target market. Do not just aim to buy the smallest or cheapest unit that is available as not many people are going to favor that. If you are targeting for singles, an one bedroom condo is fine. For couples with the possibility of children in the future, you may want to get something that is larger. Know the needs of the market you wish to focus on.
In the real estate sector, residential properties being sold in North Virginia don’t stay too long in the market too long. In fact, if you’re not fast enough to act and buy that particular house you’re targeting, you could miss it. Latest reports say homes in the area can sell in three months’ time.
Test the fireplace. Light up a fire to check if it works well. Simple chimney defects may lead to fire accidents, so checking the fireplace can avoid these risks at home.
Recently there has been some controversy over the property tax issue in Lake County. In order to combat the issue, the Indiana Legislature passed the Circuit Breaker law which guaranteed that residential property owners would not pay more than 2%25 of the assessed value in property taxes. As a result of the increase in the amount of taxes due, many people have been forced to either attempt to sell their homes or have left their homes outright. Several homes in Hammond, Gary, and Whiting have been left abandoned.
Even the apartment’s fragment has undergone almost a similar trend where the low budget residential units recorded a significant price hike of 14.6%25, while high and middle range apartments registered an average increases in prices by 10%25 each.
It was a great time to borrow money. Having been burned from shares, many speculators sort the safety of bricks and mortar, and used the combination of the equity of their existing homes and cheap financing to create what the Economist Magazine would later call ‘the biggest asset bubble in history’.