When people talk about refinancing their mortgage, they are usually talking about swapping their old mortgage at a high interest rate with a new mortgage at a lower interest rate. With rates lower on 15 and 30 year fixed rate mortgages by around a whole half a percent, many families have been taking advantage of rate refinancing. A half of a percent, or 50 basis points(.50), may not sound too significant, but when compounded out over a year, or many years for that matter, you can be looking at a savings of several thousand dollars or several tens of thousands of dollars. So you many want to inquire with you loan holder about refinancing if current rates are lower than the rate that is on your loan documentation.
Refinancing can also be used to do what is known as cash out refinancing. With this type of financial transaction, you need to have access to equity in your home. As an example, if you owe $100,000 on a $300,000 mortgage, you have $200,000 of equity. You can take out $200,000, pay off the remaining $100,000, and the use the remaining money for whatever you like, such as home repairs or additions. Whether or not you'll be able to take out a full $200,000 depends on the institution that you do business with.
In some instances you may be able to eliminate your private mortgage insurance premiums by refinancing. If when you took out a loan for your home, you were not able to come up with a twenty percent down payment, you could currently be paying private mortgage insurance(PMI). However, if the equity in your home is now more than that twenty percent, you should ask your loan holder if upon refinancing the PMI will be eliminated. <
People also refinance to get out of an adjustable rate mortgage(ARM) and into a fixed rate mortgage. Often times one opts for an ARM when rates are low and look good, but the future of rates is uncertain. Now, that fixed rates are relatively low, it may be advantageous to switch into a fixed rate mortgage if you want to know exactly what you will need to pay each month for the life of your loan. One can also attempt to refinance the length of their loan to save money on interest payments in the long term. If a family has a 40 year mortgage,and their incomes have risen in recent years, it may be beneficial to refinance into a 30 year mortgage to pay less interest over the life of a loan.
Another very interesting way to use a home equity loan is to consolidate credit card debt and make credit card interest a tax deduction for yourself. You can potentially save yourself a lot of headaches if you use your home equity to help alleviate the pain caused by credit cards. But, you should consults a financial professional to see if this is a reality for your situation.
Friday, October 21, 2011
Banks vs. Owner Financing
It can often be difficult to obtain a loan from banks, which is why owner financing is becoming very popular among home and real estate buyers. Among the many perks of owner financing, the seller often accepts a low down payment whereas banks often charge 20% or more. In addition, many owner financed properties can be obtained without a credit check. This is especially beneficial for anyone who has a few blemishes on his/her credit report, which may cause banks to charge a higher than normal interest rates. An individual, or real estate developer, who is in the business of providing owner financing will likely extend financing to anyone who agrees to keep the payments current.
In recent years, the internet has become a hub for owner financing properties while also providing plenty of lending opportunities for anyone who wishes to apply for a loan from banks. Currently, a lot of the major internet auction sites have a category that is specifically designed for buying and selling real estate. These categories are more often used for owner financing options related to land purchases, but buyers will find a few homes sprinkled in now and then. From a mountainous retreat to a tropical island paradise, there is owner financing for land in these and other areas
Customers who wish to apply for loans from banks will find a variety of resources online, including eloan.com and lendingtree.com. These sites offer a customer the ability to have banks competing for their business. According to these sites, offers may begin arriving within hours. Not everyone will be approved, however, as there are a number of deciding factors that banks look at when deciding to extend credit. Among them, the customers credit history, debt to income ratio, ability to repay the loan and the presence of regular income.
Loans that are obtained through banks will require documentation, which may include previous 2-3 years of tax returns, current pay stubs and/or proof of employment. If they own land, individuals who are interested in buying or building a home will find that they have more success with banks. The reason is because the land will become partial collateral for the loan and, if the buyer defaults, banks will foreclose on both the house and the land. In addition, many land owners do not have to come up with the money for a down payment as the equity in their land will serve as the down payment.
In recent years, the internet has become a hub for owner financing properties while also providing plenty of lending opportunities for anyone who wishes to apply for a loan from banks. Currently, a lot of the major internet auction sites have a category that is specifically designed for buying and selling real estate. These categories are more often used for owner financing options related to land purchases, but buyers will find a few homes sprinkled in now and then. From a mountainous retreat to a tropical island paradise, there is owner financing for land in these and other areas
Customers who wish to apply for loans from banks will find a variety of resources online, including eloan.com and lendingtree.com. These sites offer a customer the ability to have banks competing for their business. According to these sites, offers may begin arriving within hours. Not everyone will be approved, however, as there are a number of deciding factors that banks look at when deciding to extend credit. Among them, the customers credit history, debt to income ratio, ability to repay the loan and the presence of regular income.
Loans that are obtained through banks will require documentation, which may include previous 2-3 years of tax returns, current pay stubs and/or proof of employment. If they own land, individuals who are interested in buying or building a home will find that they have more success with banks. The reason is because the land will become partial collateral for the loan and, if the buyer defaults, banks will foreclose on both the house and the land. In addition, many land owners do not have to come up with the money for a down payment as the equity in their land will serve as the down payment.
Thursday, October 20, 2011
7 Quick Cash Fixes To Recover From A Money Emergency
When you are desperate to raise emergency funds, it usually doesn't take very long for you to realize who really cares about you, who is truly a friend ... be they family or not.
Here are a few emergency budgeting tips:
Budgeting Tip #1: The first thing you want to do is prioritize to get back on track very quickly. If that means letting your credit card bill go for a bit, so be it. As soon as you realize that you have a money emergency, contact your credit card issuers and request reduced interest rates and payments. Not only one, both!
Budgeting Tip #2: For your car payment, call the creditor and request a payment extension. Perhaps you hate payment extensions, because they require a fee and you still have to make the payment at the end of the contract. In this case, a payment extension can allow a little breathing room to help you recover during your money emergency. Expect that you will likely have to pay a fee (usually about ¼ - 1/3 the car payment amount) for the extension. Freeing up the money you need today is your first and only goal at this point.
Budgeting Tip #3: Check to see if your mortgage holder will allow an extension for a nominal fee. Do this today!
Budgeting Tip #4: Another quick fix, is to host an on the spot yard sale. You don't have too much time for planning, so do a quick survey of your personal belongings. Come up with clothes that no longer fit, but that are in good condition, knick-knacks, dishes, and books as well as stuff you bought but no longer use. Throw it all together, quickly. Put some notices up the same day at laundry mats and grocery stores around town, and remember to place a sign at the end of your driveway. You can make a quick $300 this way with very little time and effort.
Budgeting Tip #5: If you have a larger item to sell, call into the local radio stations to see if they have a "call in swap show" on the weekends. This is a very popular way to quickly convert gently used and more expensive items to fast cash.
Budgeting Tip #6: Another quick option is with utility and telephone bills. If you aren't already on a budget plan, ask that the current bill (plus any previous balance you owe) be set up for a budget plan. Expect to pay a down payment (usually ¼ of the bill) and that all future bills (while on the back payment budget plan) must be kept current. The nice thing about it ... it's usually interest free, and can give you some much-needed breathing space for a month. You must be sure though that you maintain the regular utility payments AND the budget payments in the coming month.
Budgeting Tip #7: Check with your family church regarding emergency help. Local churches can be one of the best places to find out what's available in the community to help those in need, or in times of emergency. Check with your local church, first.
Getting Fast Cash through Borrowing
If you are absolutely, positively, in a bind, a real cash emergency, and you have exhausted all of the above, then consider borrowing. First, ask your family, then your local bank.
As a last resort, you may want to consider what's known as a "Payday Loan." These types of borrowing stores can be useful when all else fails.
Here are a few emergency budgeting tips:
Budgeting Tip #1: The first thing you want to do is prioritize to get back on track very quickly. If that means letting your credit card bill go for a bit, so be it. As soon as you realize that you have a money emergency, contact your credit card issuers and request reduced interest rates and payments. Not only one, both!
Budgeting Tip #2: For your car payment, call the creditor and request a payment extension. Perhaps you hate payment extensions, because they require a fee and you still have to make the payment at the end of the contract. In this case, a payment extension can allow a little breathing room to help you recover during your money emergency. Expect that you will likely have to pay a fee (usually about ¼ - 1/3 the car payment amount) for the extension. Freeing up the money you need today is your first and only goal at this point.
Budgeting Tip #3: Check to see if your mortgage holder will allow an extension for a nominal fee. Do this today!
Budgeting Tip #4: Another quick fix, is to host an on the spot yard sale. You don't have too much time for planning, so do a quick survey of your personal belongings. Come up with clothes that no longer fit, but that are in good condition, knick-knacks, dishes, and books as well as stuff you bought but no longer use. Throw it all together, quickly. Put some notices up the same day at laundry mats and grocery stores around town, and remember to place a sign at the end of your driveway. You can make a quick $300 this way with very little time and effort.
Budgeting Tip #5: If you have a larger item to sell, call into the local radio stations to see if they have a "call in swap show" on the weekends. This is a very popular way to quickly convert gently used and more expensive items to fast cash.
Budgeting Tip #6: Another quick option is with utility and telephone bills. If you aren't already on a budget plan, ask that the current bill (plus any previous balance you owe) be set up for a budget plan. Expect to pay a down payment (usually ¼ of the bill) and that all future bills (while on the back payment budget plan) must be kept current. The nice thing about it ... it's usually interest free, and can give you some much-needed breathing space for a month. You must be sure though that you maintain the regular utility payments AND the budget payments in the coming month.
Budgeting Tip #7: Check with your family church regarding emergency help. Local churches can be one of the best places to find out what's available in the community to help those in need, or in times of emergency. Check with your local church, first.
Getting Fast Cash through Borrowing
If you are absolutely, positively, in a bind, a real cash emergency, and you have exhausted all of the above, then consider borrowing. First, ask your family, then your local bank.
As a last resort, you may want to consider what's known as a "Payday Loan." These types of borrowing stores can be useful when all else fails.
Wednesday, October 19, 2011
What Should I Consider When Buying Discount Sunglasses?
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You have to look good in your sunglasses. There is no question about that. After all, they sit right in the middle of your face! And while they are on, your sunglasses are probably the first thing that somebody else notices on your face. But of course, to look good in a pair of sunglasses, you don't need to go out and spend a bundle on them. From a simple trip to a pharmacy, department store or superstore, to a quick search online, it's easy to see that you can find yourself an eye-catching pair of sunglasses at a reasonable price.
But looks aren't everything! Sunglasses serve an important purpose, besides shading your eyes and complementing your good looks. They guard your eyes and your vision from the dangerous ultraviolet, or UV, rays of the sun. Just as these UV rays can cause sunburn, sunspots, and skin cancer on the rest of your body, these harmful UV rays can also damage your eyes.
One type of UV light in particular UVBs can cause temporary blindness with a condition called photokeratitis, or snow blindness. Photokeratitis occurs when your cornea gets burned by the Ultraviolet B rays. The damage and pain can last up to 2 days. Long-term exposure to UV rays can also be responsible for macular degeneration, cataracts, or skin cancer around the eyelids if your eyes are not protected outdoors. <
Sunglasses are meant to protect your eyes from these harmful effects of the sun. But not all discount brand sunglasses do the trick. It is important to consider whether or not a pair of sunglasses can adequately block out UV rays. Check the labels on the sunglasses before you buy them. All sunglasses should block out 99-100% of UV rays.
In addition to protecting your eyes and filtering out UV rays, sunglasses should also reduce glare and be comfortable to wear. Sunglasses containing polarized lenses are especially great for reducing glare, and are popular with outdoorsman for activities like fishing and boating. The color of your sunglasses lens may also reduce glare. Brown, Amber, Yellow and Red lenses reduce more glare than other lens tints.
Nothing is finer than being outside on a sunny spring or summer day, soaking up the rays, playing in the water, or having a family picnic. So just remember to wear adequate clothes, sunscreen and your sunglasses. One last thing to consider before buying your discount sunglasses; they may be worth your while because when you lose them, it won't hurt your wallet so much!
You have to look good in your sunglasses. There is no question about that. After all, they sit right in the middle of your face! And while they are on, your sunglasses are probably the first thing that somebody else notices on your face. But of course, to look good in a pair of sunglasses, you don't need to go out and spend a bundle on them. From a simple trip to a pharmacy, department store or superstore, to a quick search online, it's easy to see that you can find yourself an eye-catching pair of sunglasses at a reasonable price.
But looks aren't everything! Sunglasses serve an important purpose, besides shading your eyes and complementing your good looks. They guard your eyes and your vision from the dangerous ultraviolet, or UV, rays of the sun. Just as these UV rays can cause sunburn, sunspots, and skin cancer on the rest of your body, these harmful UV rays can also damage your eyes.
One type of UV light in particular UVBs can cause temporary blindness with a condition called photokeratitis, or snow blindness. Photokeratitis occurs when your cornea gets burned by the Ultraviolet B rays. The damage and pain can last up to 2 days. Long-term exposure to UV rays can also be responsible for macular degeneration, cataracts, or skin cancer around the eyelids if your eyes are not protected outdoors. <
Sunglasses are meant to protect your eyes from these harmful effects of the sun. But not all discount brand sunglasses do the trick. It is important to consider whether or not a pair of sunglasses can adequately block out UV rays. Check the labels on the sunglasses before you buy them. All sunglasses should block out 99-100% of UV rays.
In addition to protecting your eyes and filtering out UV rays, sunglasses should also reduce glare and be comfortable to wear. Sunglasses containing polarized lenses are especially great for reducing glare, and are popular with outdoorsman for activities like fishing and boating. The color of your sunglasses lens may also reduce glare. Brown, Amber, Yellow and Red lenses reduce more glare than other lens tints.
Nothing is finer than being outside on a sunny spring or summer day, soaking up the rays, playing in the water, or having a family picnic. So just remember to wear adequate clothes, sunscreen and your sunglasses. One last thing to consider before buying your discount sunglasses; they may be worth your while because when you lose them, it won't hurt your wallet so much!
Tuesday, October 18, 2011
International Money Transfer
International Money transfer is an essential part of your international move and/or business, which, if handled correctly can boost your bottom line or settling funds dramatically. Anybody looking to move overseas, send money to family or conduct business with an overseas company will need to purchase or transact in the destination currency. In order to complete any property acquisition ahead of your move or just simply transfer your existing assets over to your new country, the method you choose will make a big difference.
In today's volatile currency markets, a small change in the currency rates, coupled with the high commission charged by most banks can make an enormous difference in the net currency amount received when converting your currency, you are placing what is possibly your life savings into someone else's hands. Depending on the size of transaction, this could make a tangible difference of several thousand dollars; money you may prefer to put towards starting your new life! This can leave you exposed to the market fluctuations and could give you a handsome boost to your funds or put a big hole in your budget.
To start with you have several choices how you move your money:
1. Use your normal Bank and accept the charges and the fact that you may not be talking to an expert when you discuss the transfer.
2. Use a specialist international currency transfer company
3. Use a normal money transfer agent (again accept the charges)
4. Buy a huge amount of traveler's cheques or take cash (not recommended)!!!
Lets discuss each one with a bit more detail:
Possibly the most important piece of advice I was given when emigrating was that the high street banks were not the best people to entrust with your money transfer overseas. How do you know that the bank teller has any idea what you are talking about (not being belittling but it probably isn't an everyday service)? They charge commissions, transfer fees and then to cap it all off they give a reduced exchange rate.
Essentially, the high street money transfer agencies are similar to the banks. They may know more about the transactions but will hit you with commissions, charges and not the best rates.
Travellers cheques and cash speak for themselves – don't do it! They are easily lost/stolen, some countries only allow a limited amount of cash to be carried into the country and in the case of travelers cheques, you may have to pay to buy them and then to cash them in. Just plain don't do it!!!!<
Last, but not least, it's the international currency transfer companies. I had no idea that international currency transfer specialists even existed, never mind the exceptional services on offer.
Naturally, securing the very best rate of exchange becomes all important. There are several money transfer companies that offer an alternative to the banks – in fact "alternative" is too weak, they outclass the banks by a mile! When we first heard about the services on offer it really did seem to be too good to be true and we were very skeptical. We thoroughly researched the major high street banks in the UK and the rates they were offering (adding the fees and commissions!) and then compared to the service we were offered. Again, there had to be a catch.
The transfer company had no commissions, transfer fees and also gave a rate that was close to 3 cents to the pound better than the banks. All the funds would be transferred electronically to the bank account of our choice normally within 2 working days. We were even offered a choice of payment methods which included direct debits/debit cards/electronic wire transfers and the ability to "book" a rate in advance for a small deposit and then pay the balance prior to the contracted transfer date.
We had to find out how these people could offer such a service so quite bluntly asked. The answer was very simple. This was a dedicated, specialist company that dealt on the Forex markets in large volumes – this meant that there would be a low profit margin on each individual deal but the overall volume made it worth while. Because they are a specialist company, they could pass on the savings to their customers and the use of modern, electronic transfers ensured the costs were low with no need to pass them on to us! A true Win-Win situation.
The other added bonus is that these people are dedicated foreign exchange experts who research the markets and accurately forecast the trends and can advise action accordingly. If it makes sense to "book" a rate for settlement up to 2 years ahead then that will be recommended – you pay a deposit and commit to the deal and then they buy the currency at the agreed rate of the day. They hold the currency on your behalf and then at the agreed date you pay the balance and the money is transferred. This protects you against fluctuations and allows you to budget accurately.
Paid Surveys Online, Make Money By Working At Home!
What would you do with……
• An extra $200each month? Pay a bill?
• An extra $500 each month? Pay cash (instead of credit!) for things you have been wanting?
• $ 1,000??? Now you can dream a little here……
This kind of extra "fun money" is definitely within your reach!
You can make these amounts each and every month right where you are sitting now, in your own home. All that is required is to fill out simple, quick, Paid Online Surveys.
You have no doubt filled out some sort of survey before. Did you get paid for it though? Take another look at dollar figures above.
So think about it, filling out paid online surveys at home, on your own computer. You do the surveys YOU choose, do them when you want to. No boss and no deadlines.
The paid survey company we work with are currently paying between:
• $10 and $95 per online survey! (Up to $95 /hr. !)
• $25 to $75 per hour to shop, eat, or see a movie !
• $10 to $35 per hour just to drive your car!
The obvious question is ….Why would some company pay me to do these things????
- It costs companies a small fortune to develop, launch, and advertise new products! If they hire people (employees) to test the products or try them out, the results are not always reliable and unbiased.
- Gathering YOUR valued opinions and paying you, even at the rates above, are just what these companies want. They can reach many different types (all ages, sexes, etc.) of consumers faster. For them it is all about direct access.
Is there a catch?
NO! These are legitimate businesses that need to know what you honestly think about their product before they go into large scale production and distribution. They need consumers opinions in order to make informed marketing and advertising decisions They are more than happy to pay for this service.
There is no free lunch! You will have to work, but how hard is completely up to you. Most surveys take 20 minutes, some a little longer, but they pay you for it too.
A few tips as you continue on….
• You could get your name enlisted in as many companies as possible. This will take some research in order to find the best ones with decent paying surveys. There are many to sift through, we did the same thing.
• Or you can make your life easier and look to an organization that has a database of 250 to 450 companies in their network that offer paid online surveys.
• Registration in an organization like this will carry a minimal cost of $25 to $35, but you benefit from the quick access, ongoing support, updates, and bonuses.
• We recommend you register, then choose the companies whose surveys appeal to you, and register with them individually.
• No further payment is required at this point, and in a flash you will be receiving surveys in your inbox!
Avoiding scams…..
• Unfortunately, there are paid survey companies that are unreliable, have no customer support, and just collect fees from ambitious newcomers.
• Learn to recognize these paid survey scam sites. These are full of outdated directories, lame resources, useless phone numbers, and dead-end email addresses.
• One sure sign of a rip-off is the lack of any guarantee whatsoever.
After extensive research, there is one paid survey company that we found, and highly recommend. They offer an unconditional, 60 day, money back guarantee. They have outstanding customer service and support. They are constantly updating their survey database and offer a special $25 sign up survey for new members! They offer the best resources for making real money doing paid surveys online!
Tourism Is Back In Full Swing In Cancun, Mexico
Cancun is back, better than ever! Over a hundred Mexico resorts have reopened and the state tourism minister predicts Cancun will draw as many visitors in 2006 as it did two years ago. And the travel deals are great! If you haven't been, now may be the best time to take a vacation to Cancun.
Since Hurricane Wilma hit in late October, the clean up has been moving fast. In fact, commercial and charter flights are back on regular schedules and many of the Cancun hotels, restaurants, bars, shops, golf courses and clubs have reopened. Even the ancient Mayan sites of Tulum and Coba are open and looking better than ever. In an effort to repair the beaches, engineers have been working around the clock building the equivalent of two American football fields of beach a day by collecting the displaced sand, from 22 miles off shore, onto two ships and re-depositing it back in it's original location.
The hotels and shops in Cancun continue to deliver exceptional, very personalized and attentive service. Clearly, Cancun wants everyone to come on back!
Additional Notes about the Restoration
Beach Restoration Project Moving Forward: A $17 million beach restoration project, funded by the Mexican government, is currently underway. The project, which is expected to take about eight months to complete, will restore and augment beaches along the 7 1/2-mile stretch between Punta Cancun and Punta Nizuc.
It's a Divers Paradise: Divers are enjoying less crowds, great conditions and personalized service now that those areas have re-opened.
Expedia.com Helping Get the Word Out: Expedia is working closely with travel industry partners in Cancun to create more awareness about the region as well as setting up smart business practices for local merchants that will keep more money in the local communities.
New jobs: Cancun has added 10,000 new jobs since the Hurricane
Its time to go to Cancun
So, when you make travel plans this year, don't forget about Mexico's number one vacation destination. Cancun has received a real facelift with remodeled shopping centers, new hotels and restored beaches. The government, business owners and local people look forward your arrival.
Democrats Search For Platform; Find It In FDR's Basement
The Democratic Party, sensing electoral weakness in the war-ravaged Republican Party, began an intensive search for a platform that might lead to a rejuvenation of their own habitually unfocused and widely unattractive party.
Apparently, they have finally grown alert to the inadequate support provided by the random planking that has been delivered to them by various political strategists – usually, they now see, not deeply resonating and indubitably ethical ideas, but hardly more than sound bytes based on evanescent hot topics. Now, they long for an entire foursquare platform but, so far as is detectable, have yet to arrive at one.
Desperate to grasp the new grail, a leading member of the party found himself inspired to make a pilgrimage to the home of the legendary Democrat, FDR, in Hyde Park, New York, there the better to meditate toward a new vision.
While strolling the grounds, he happened to notice a bent and weathered gardener, who was intently spading in a flower patch and engaged him in a conversation, which turned to how long the aged son of the sun had been employed at the estate.
The gardener, affable in the suspect way many oldsters are, confided that he had been tending the tulips and other resplendent blooms for so many years he actually knew FDR. Then, having answered his interrogator, asked, "And, may I ask, what brings you here?"
The wandering wonderer confessed, "I came to find a Democratic platform."
The wizened gardener suddenly grew much more animated, and effused, "I know where the platform is."
"You do?" asked the surprised politico.
"Sure do," the gardener confirmed.
"Mind showing it to me?" the somewhat skeptical Democratic replied.
"My pleasure."
He led the curious visitor to the basement of the historic home. In a far reach of it, he pointed to a white canvas, which he reverently lifted away to reveal nothing other than a speaker's platform.
The gardener, placing an affectionate hand on the still polished oak, averred, "I saw FDR himself speak from this platform."
"Really?" the impressed Democrat replied. "Say, do you mind if I stand on it?"
"Go right ahead," the gardener replied.
Then the congressman in quest of wisdom mounted the platform and consulted his inspiration. Suddenly, the elusive grail he had sought dropped from an unseen height in the ceiling-works of his mind right onto the floor of it with a startling bang. What the Democratic Party had to do was what FDR did. Build a platform made out of good, solid oak, instead of one made out of the usual Formica – something real and convincing, instead of a trifle easily perceived by any conning voter as a contrived and dismissible fake.
Now, enlivened by his inspiration and being a bit of a historian, he found his mind wandering back to The New Deal. He considered FDR's oak-solid programs for rejuvenating the economy and rebuilding the middle class. Could, he wondered, the sentiments behind those now seemingly outmoded denotations be reinterpreted for today, even given our comparatively cynical and rapacious mindsets?
Then, like a pile of lumber cascading onto his contemplative brow, the new Democratic Platform came to him. We ought to build it, one plank at a time, he advised himself, with the issues that the generally strapped and somewhat befuddled middle-class American is actually concerned about. And, tempting as the prospect might be to many of our members, we shouldn't, if we want to get elected, tack on any wood that's bound to look out of place to a lot of Americans. We should just stick with the mighty oak.
Inspirited with his remarkable new vision, he thanked the gardener with a handshake so enthusiastic it cramped the fellow's spaying prowess for a few minutes. Then he bolted out of the basement and bounded onto the first flight back to Washington.
While dreaming of electoral victories fluttering down on the party like confetti, he considered how he might convince the majority of his party of his vision. Given their welcome but often self-defeating diversity, was there any possibility of unity? Realizing he had a daunting deal of work ahead for himself, he let out the sort of sigh that is so unexpectedly audible it always startles the one who perpetrates it.
A passing stewardess happened to hear his exhalation, and asked, "Are you OK?"
"Yes, I just wish my party was."
"What party?" the stewardess asked. "Maybe I can help. I'm only a stewardess part-time."
"Really?" he asked.
"Yes, my husband and I both have to work to make ends meet. And this job doesn't pay enough. It's not very secure, either. I'm sure you know, the airline is in bankruptcy."
"I heard about that," he admitted.
"Yes, it's a shame," she herself sighed, and then turned to bright-eyed affirmation. "So I started my own business."
"What kind of business?" he inquired.
"Just what you need," she advised him, putting her hand on his shoulder and smiling as engagingly as she could manage. "I'm a party planner."
New Rules For Buy To Let Landlords
A tightening of regulations regarding the letting of larger properties containing three or more storeys, converted into smaller self contained residential units, came into force at the beginning of April 2006. Further information on the Licence for Multiple Occupation is available on www.propertylicensing.gov.uk, but here are the basic facts:
The licences will be issued by the Local Authority after an inspection regarding room arrangements and sizes, facilities included and fire and safety regulations. The landlord will also have to satisfy the Local Authority that acceptable arrangements have been made for the management of the properties. The costs of these licences are expected to be around £100 per each tenant and will be renewable every 5 years.
It's felt that the tighter regulations may help genuine landlords wishing to enter the market, by assuring mortgage lenders that these properties are to be converted and managed in such a way that they could be favourably considered as suitable for buy to let mortgages.
Unscrupulous landlords may be less than happy with the new rules, which carry a fine of up to £20,000 if they don't conform!
Typically the property we're referring to would be student accommodation. If you live in or near a University town you'll be aware of the huge demand for such accommodation.
Here are a further two rules designed to protect tenants in multiply occupied properties:
· Tenancy Deposit Scheme (TDS)
· Housing Health and Safety Rating System
First, TDS - This regulation comes into force in October 2006 and is being introduced as an amendment to the Housing Act 2004.
It has been found that a source of contention between landlords and tenants is the refundable deposit situation. Some landlords are less than scrupulous and on the other hand, some tenants are slightly less than perfect! As soon as TDS comes in, all refundable deposits will be held in a Tenancy Deposit Scheme. A scheme administrator, acting as a neutral "referee", will hold the deposit. At the end of the tenancy the administrator will pay back the deposit to the tenant if all has gone well on both sides. If there are any adjustments to be made, they should be agreed at this time and then the administrator should be informed of the situation. Payment should be made by the administrator within 10 days of this notification.<
If it is impossible to reach an agreement and it proves necessary for either party to obtain a final court order deciding the proportion of the deposit to be paid to either party, then the administrator holds the deposit until this stage is reached and will then pay out the money accordingly.
When an administrator returns a deposit, interest must be added. The decision on the rate will be announced by the Government. Any balance of interest will be retained by the administrator and may be used to fund the running of the scheme.
Secondly, the Housing Health and Safety Rating System – If a tenant is concerned that the condition of the property is affecting their health, they can call in inspectors to make a judgment on this. These inspectors will have the power to demand any repairs which they think are necessary. The fine for landlords not complying with these conditions will be up to £5,000.
Obviously, there will be a cost to landlords in complying with these new rules and this will have to be recouped. Not all landlords will have the means to carry out the work and in the short term some of the properties in really poor condition may close. The end result, though, should be a better standard of accommodation and a fairer deal overall, making it more tempting for shrewd investors to enter this type of market via a buy to let mortgage!
The licences will be issued by the Local Authority after an inspection regarding room arrangements and sizes, facilities included and fire and safety regulations. The landlord will also have to satisfy the Local Authority that acceptable arrangements have been made for the management of the properties. The costs of these licences are expected to be around £100 per each tenant and will be renewable every 5 years.
It's felt that the tighter regulations may help genuine landlords wishing to enter the market, by assuring mortgage lenders that these properties are to be converted and managed in such a way that they could be favourably considered as suitable for buy to let mortgages.
Unscrupulous landlords may be less than happy with the new rules, which carry a fine of up to £20,000 if they don't conform!
Typically the property we're referring to would be student accommodation. If you live in or near a University town you'll be aware of the huge demand for such accommodation.
Here are a further two rules designed to protect tenants in multiply occupied properties:
· Tenancy Deposit Scheme (TDS)
· Housing Health and Safety Rating System
First, TDS - This regulation comes into force in October 2006 and is being introduced as an amendment to the Housing Act 2004.
It has been found that a source of contention between landlords and tenants is the refundable deposit situation. Some landlords are less than scrupulous and on the other hand, some tenants are slightly less than perfect! As soon as TDS comes in, all refundable deposits will be held in a Tenancy Deposit Scheme. A scheme administrator, acting as a neutral "referee", will hold the deposit. At the end of the tenancy the administrator will pay back the deposit to the tenant if all has gone well on both sides. If there are any adjustments to be made, they should be agreed at this time and then the administrator should be informed of the situation. Payment should be made by the administrator within 10 days of this notification.<
If it is impossible to reach an agreement and it proves necessary for either party to obtain a final court order deciding the proportion of the deposit to be paid to either party, then the administrator holds the deposit until this stage is reached and will then pay out the money accordingly.
When an administrator returns a deposit, interest must be added. The decision on the rate will be announced by the Government. Any balance of interest will be retained by the administrator and may be used to fund the running of the scheme.
Secondly, the Housing Health and Safety Rating System – If a tenant is concerned that the condition of the property is affecting their health, they can call in inspectors to make a judgment on this. These inspectors will have the power to demand any repairs which they think are necessary. The fine for landlords not complying with these conditions will be up to £5,000.
Obviously, there will be a cost to landlords in complying with these new rules and this will have to be recouped. Not all landlords will have the means to carry out the work and in the short term some of the properties in really poor condition may close. The end result, though, should be a better standard of accommodation and a fairer deal overall, making it more tempting for shrewd investors to enter this type of market via a buy to let mortgage!
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