4 Reasons Why You Should Consider Co-living Spaces

co-living spacesPhoto by nrd on Unsplash

Today’s changing landscape of work and play has also led to a shift in where and how we live. One of these is the rise of co-living spaces, a new form of shared housing becoming more widespread especially in bustling cities. For the young and starting out, co-living offers several advantages over staying in dorms, boarding houses, or even condominiums and apartments. Read on to find out the top 4 reasons why you should consider co-living spaces as your next housing solution!

1. Budget

The biggest plus to co-living spaces is that they are relatively easy on the budget. Many persons living away from home for the first time might consider co-living spaces to be a great step between the family dwelling and an apartment or condominium shared with roommates. These communal dwellings offer basic necessities as well as common spaces such as lounges and roof decks, for as low as less than 6,000 to 7,000 pesos per month. This fee covers personal space, which may be as small as a bunk or as large as a cubicle, as well as shared bathrooms and kitchens. Additional appliances such as electric kettles and induction cookers can be provided by yourself, or better yet, by a housemate. These perks of co-living allow you to enjoy the comforts of living in your own space while having a little extra to set aside for other needs or even eventually a place of your own.

2. Ease of Dealing with Utilities

One drawback of living in your own apartment or condominium is that you are responsible for calling and paying for your own plumber, handyman, or anyone who can help service your utilities. Co-living spaces have it so much easier; if something needs servicing, all you have to do is notify the manager or concierge who will help schedule the repairs. They will take care of designating someone to be there during the repairs and ensure that the payment is given on time. Since you are sharing the space, the costs of repairs, as well as regular billing for utilities, are split among you and your fellow residents.

3. Added Security and Comfort

Many co-living spaces come with security features such as 24/7 CCTV monitoring and biometrics at the entrances. Residents are also entitled to secure storage spaces such as safes and locked cabinets to allow them to stash their belongings. These are steps up from the minimal security provided in many dormitory and boarding house setups and are worth the slightly higher monthly rental. With these features in place in your co-living space, you can enjoy added peace of mind, even when they are away for the weekends or short vacations.

Co-living spaces also offer added amenities that add significantly to the comfort of dwellers such as airconditioned rooms, elevators, and use of common spaces such as receiving areas and roof decks. Another plus is in-house Wifi, at no additional charge to the monthly fee. Now that is a perk!

4. Flexible Lease Terms

Most leases for apartments, dormitories or other living spaces require you to be locked in for a year before the contract can be renewed, terminated or even re-negotiated. Co-living spaces offer accommodations for more flexible spans of time ranging from three months up to a full year. These types of lease terms allow you to enjoy the comforts of shared living even for the time required to complete a project, temporary assignment, or other short-term situation, all without being obligated to find another tenant or co-renter to finish the duration of a long lease. Co-living spaces with these lease terms are ideal for today’s very upwardly mobile young professional, or someone starting out on an itinerant career track.

Although having one’s own apartment or condominium remains the dream for many young employees and professionals, this goal may take some time to achieve. Setting up in a co-living space is a great way to begin building your nest egg for a space of your own. And who knows, you may make a friend or two along the way, or just enjoy the feel of being independent and on your own! Happy co-living!

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Commercial Confidence – 5 Secrets for Successful Commercial Real Estate Investment

commercial real estatePhoto by Drew Beamer on Unsplash

So, you’ve decided to take the plunge and start your commercial real estate portfolio. If you’re new to this sort of investment, don’t go in blinded by ideals and ambition. Even those who’ve been in the residential property game for years will want to regularly brush up their knowledge and understanding of this exciting, yet challenging field. Commercial real estate is often viewed as a safer investment than its residential counterpart. While this may be true, any sort of investment is a balance between risk and reward. Generally, people get into this side of the game because there’s more security with tenancy and larger returns to be earned. However, these won’t help you if you fail to do your homework and manage the associated risks. Luckily, there are certain steps you can take to further minimise your exposure and keep your portfolio strong:

Do Your Research

It doesn’t matter where you’re looking, there will always be commercial property for sale. Just because it’s there doesn’t mean you should just jump in and buy it without performing your due diligence. Do some research on the area in which you’re looking to buy, and compare the property you’re considering against those around it. This is what your prospective tenants will be doing, so it pays to know the market well. If you have your eye on a specific property, it’s crucial to have a comprehensive history of the property, so that you know what kind of maintenance it will require.

Have a Plan

You’ll want to sit down and work out exactly where the money for this venture will be coming from, and have contingencies in place should tenancy arrangement not go as planned. You’ll also need a solid plan for how you intend to execute your ideas. This is good practice with any investment but real estate tends to require a larger initial outlay, so it’s vital to be prepared should the market throw you a curve ball or two.

Speak to a Professional

Now you’ve got the basic groundwork done, it’s time to bring in some specialized help. We’re not talking about chump change here, so it always pays to have at least a financial advisor and real estate agent on your side. Set up a meeting with your trusted advisors and start crunching numbers, while you may think you’ve covered every angle, two heads are better than one, and three is even better. Your A Team will also be able to help you go through your buying, funding and maintenance plans to ensure you’ve covered everything, and advise you as to any permits you may need.

Have a Purpose

Speaking of permits, if you’re going to want to change anything in your building, you’ll probably need one. Head into your new purchase with a solid idea of what you want to do with the property and if you plan on making any alterations, make sure you’ve factored in the cost of renovations, surveying, permits and lost income from the time where your new building probably won’t be habitable.

The critical mistake that people make when entering the commercial real estate market is thinking that they’ll be fine without planning and investigating all possible variables, because it’s established itself as a “safe” investment. If you can avoid this pitfall, you’re halfway to having a successful property, which can help provide for you for years to come. Make sure that all of your ducks are in a row before you put any money down, follow your plan and watch your bank balance, and portfolio, grow.

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The Truth Behind Land for Sale in Arizona

About a year or so ago, you could see land for sale in Arizona and go back a few weeks later to see it still on the market. It’s not like that anymore, as we see people closing on more land in Arizona than what they have before. Almost as quick as the listing can be made by the real estate company, someone’s already jumped the gun and started expressing their interest in purchasing it.

land in ArizonaPhoto by Nextvoyage on Pexels

You’re probably thinking, what in the world could be happening out there in the middle of the desert? It’s got to be something for them to be buying it up so quickly. Well, it could be the enhanced economy being seen in Phoenix and Flagstaff. Not too long ago, Arizona did have to cross a rough patch but when they did this is what ended up coming to the surface.

Buying Land In Arizona Safely Isn’t Hard At All

As a matter of fact, it’s easier to find raw land today than I can ever recall. Maybe it’s just the fact that we finally have technology that supports the marketing of it better than the traditional real estate marketing methods. Either way, this is a great thing.

One of the main focuses you need to have is to know exactly what you need and what you can sacrifice for the right plot of land. Some of the plots of land may have hookups for utilities, while some land hasn’t been developed yet so you’d have to take care of that part. Another thing to think about is if it needs to be close to town or if you don’t mind it being rural. There’s nothing worse than making a purchase like this only to find out it wasn’t something that accommodated your needs.

Embrace the Beauty & Warmth That Sold Many On Arizona

Think of it like Florida, except for the fact that it’s a desert instead of a swamp. Having a minimal winter in comparison to other areas is one of the most popular benefits among those who decided to give in and buy land in Arizona online. On top of that, from the trout to the vistas, the natural landscape and wildlife are unbeatable.

You can even take it further and head to the Hoover Dam or the Grand Canyon. Take some pictures and put it on Facebook to tease those living in other parts of the country. It’s sure to spark some entertaining conversations. You’ll be close to some of the most beautiful landmarks people spend all their lives wanting to see. Cherish it.

Building a Custom Home On Your Newly Acquired Property

One of the most popular choices among those buying land in Arizona today is the acceptance of tiny homes and using them as a way to move to their new dreamscape. It can be more affordable than other building options as well if you go about it in a cost-efficient manner, of course. What it boils down to is your personal taste and vision for your new home as well as what your finances are like.

Whether you want to build a tiny home or a full-size home, just know that you’ve already taken a step to changing your life for the better. Make sure you do your homework to see what your best options are and that way you also know what must be done to the property in order to get it ready to break ground on construction. This is the moment of a lifetime, so take no chances.

If Bill Gates can do it, surely you can do it too.

We all know, the guy is a geek, but he’s also one of the most progressive businessmen in the world who has made (and continues to make) huge contributions to our world. He has proven time and time again that everything he does is just something to lead him to something bigger. He definitely went big in Arizona as he dropped millions on what will soon go “all out” to be one of Arizona’s smart cities.

There are probably some entrepreneurs out there that are disappointed they weren’t the first one to take this step within the United States. You snooze, you lose. Isn’t that how it usually goes? You’re not going to let the chance of acquiring land in Arizona pass you by while many continue to secure theirs, are you?

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3 Tips When Hunting for a Property Online

Scouting for a property online can be an easy yet overwhelming task. The key? Keep these 3 non-negotiables in mind to pin down that specific space you’re looking for.

property onlinePhoto by rawpixel on Unsplash

The internet serves as the definite go-to if you want to learn more about a space. Open up a browser, type some keywords in mind, and you’ve got instant search results to read about. Researching is easy, to say the least. But it’s when you have to choose and narrow down your options that things get a lot tricky. Numerous deals, promotions, and a wide array of choices laid out can be quite confusing.

It’s important to know what you want and stay on track with that goal. Keep in mind these 3 tips and make sure you have a concrete answer for each item before proceeding with the other to-dos on your checklist. Know your priorities and don’t deal with other factors yet if you haven’t settled these non-negotiables.

1. Know what you want and be firm with it

A space is like having a kid; it’s a life-long investment. The process doesn’t just stop at the point of purchase. You have to take care of it, maintain it, and make sure that it’s in prime condition as the years pass. Establish your purpose for buying the space. Property size and number of residents are important factors to consider. Do you need a condominium unit to cater to a fast-paced lifestyle of a young professional? A townhouse for a married couple planning to have a family? A house for a big family with weekly visits from relatives? Or an apartment that will just be used every now and then? Analyze your current living condition and envision yourself five, even ten years from now. Discern if your lifestyle will still be the same – will you be leading a simple or extravagant life? Note that as your needs change, your house will most likely have to heed to those needs. Will the people around you still be present in the future or will there be a decrease in number? Think of the number of rooms and if your space is guest-friendly, or not. At the end of the day, it doesn’t matter how aesthetically appealing a space is as long as it heeds to its purpose.

2. Be realistic with your budget

You can’t buy a house you can’t afford so decide if it’s the right time to purchase one or if you’ll wait it out for a few more years. Money and timing come hand-in-hand so make sure that the property you’re buying is within the scope of your financial capability. It’s good to have a dream house or finally have that business space but come into terms with your current status and discern if you’re being wise. Consider the duration of your stay – is it a permanent space or a temporary rent? Is it a one-time payment or coursed via installment? Can you afford a loan? Don’t assume ownership of money that you don’t have in your bank account because that would mean assuming something you don’t have. Instead, look at how much you have now and come into terms with what’s within your scope.

3. Decide on a location

Location is a crucial factor – a make it or break it for some. The area and vicinity of your space should be able to cater to your lifestyle and your daily necessities. Convenience and accessibility are important factors that should be within your reach. Is your space near your office? Is it family-friendly? Is there a school or church nearby? Are there malls and businesses around the space? Consider traffic. How long is the travel time to and fro places and how much gas would you be spending on a weekly basis? Moreover, is your space nestled in an area you can proudly call a community that is safe and secure? Though a house is indeed a physical space, it’s important that it is also able to create a sense of identity for you and your family.

Now pondering on these 3 things can sure take a lot of time and consideration. Decision-making can be made easier if you take into account the input of important people. With these set in stone, scouting for your next property online can be much easier.

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Are You Financially Prepared to Own a Home?

So you think you’re ready to purchase your first home? Lots of people reach a point where they want to be homeowners, but many end up failing at it because they simply weren’t prepared. You see, there’s a lot that goes into owning a house that you may not have been aware of. Beyond making payments to the mortgage company, you’ll also be responsible for a lot of other expenses. If you haven’t effectively planned for those expenses, your dream home can quickly become the start of your financial demise.

own a homeImage source: Pixabay

How does one know when they’re financially prepared to purchase a property? Start by learning what it costs to own a home (beyond the basics) and compare it to your budget. If the costs are greater than your income, you’re better off waiting. If, however, your income exceeds your household expenses, then you’re ready to embark on the process of buying your new house.

Below is a look at some of the common expenses you’ll need to determine the true cost of homeownership:

Insurance

When you make a purchase as large as a house you have to protect it at all costs. Part of doing this means securing a property insurance policy. Depending on where you live, the company you choose, and how much insurance you’d like, it could add up to several thousand dollars a year. Fortunately, most homeowners insurance companies offer the option to pay the insurance in monthly installments for easier budgeting.

Taxes

Property taxes are mandated by most states. If you own a real estate property, you’ll be required to pay several thousand dollars per year in taxes. This bill is generally required on a bi-annual or annual basis.

Emergencies

You can talk to any homeowner and they’ll tell you that household emergencies always tend to pop up. If it’s not one thing that needs to be fixed, it’s another. Plumbing leaks, electrical problems, HVAC malfunctions, and more could set you back several hundred dollars if not more. It is best to create emergency savings to cover these costs, but if you’re really in a bind there are also opportunities like Maxlend fast cash personal loans to tide you over. You can apply online and receive as much as $1250 to handle your emergency and then repay the loan within the required time frame.

Maintenance and Repairs

Not every household problem will be an emergency, but if you want your house to remain intact, safe, and comfortable, you’ll need to budget for routine maintenance and periodic repairs. Some service providers you may need to call on include the plumber, electrician, HVAC technician, home appliance repairman, landscaper, pest control, and more. Many contractors offer annual service contracts to help you save a bit of money.

Utilities

You can’t very well live safely in a home without clean water, gas, and electricity so don’t forget to factor these into your household costs.

Solutions to Help Cover the Cost of Homeownership

Quite a bit of things you’ll need to afford huh? Fortunately, there are solutions to make owning a home a lot more affordable:

Buy within your means – You should never spend more on a home than you have. In fact, experts say that housing should only account for approximately 30% of your income. Anything beyond that is beyond your means.

Create a budget – Budgeting can help you get a real understanding as to what’s going on with your finances. It can help you to reduce spending, cut down on debt, increase your savings, and more importantly, stretch your income further so you have the money you need to afford the above-mentioned expenses.

Build emergency savings – Whether you can afford to buy a home right now or not, you need a nest egg to fall back on. A rainy day account or emergency savings provide you with the cushion you need. How much you save is up to you, but having at least 3 to 6 months worth of monthly expenses in an account can really come in handy.

Borrow as needed – Sometimes, there are things going on in your house that you simply can’t afford to deal with on your own. In those instances, borrowing from a trusted lender is your best bet.

A lot of money goes into owning a home. Likely more than you imagined. Before you decide to buy your first home, be sure that you’re financially prepared. If it turns out you have to wait, it’s a lot better than investing in something you can’t afford and ruining your finances in the process. Start working to boost your savings, build your credit, and increasing your income so that in a few years you’ll be ready to buy the home you want.

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