Get informed on your credit status:
Get to know what the credit bureaus say about your credit reports before the lender does. Make sure you require for your reports from the three credible bureaus in the country, [Equifax, TransUunion and Experian]. Most of the time the lender may not need to check from these three bureaus, however, it is important that you do. By the time you get this information the next stage is to critically examine the content of each.
Get rid of the debts:
After you have thoroughly examined your credit reports and you have reported all errors to the appropriate bureau. You need to devise ways to rid most debts. This may involve you informing your creditors to keep your accounts current. You may also need to inform your banker to auto pay your creditors.
Keep your borrowing priority in control:
Since it is obvious that you have credit problem, your first priority is to keep your borrowing under control. This you can achieve in two ways.
- Increase your income: increasing your income would make you less dependent upon credit cards. It would solve some of the debts you have. Also lenders would be prone to lend to you, when they see increment in your salary annually.
- Decrease your debt: lenders are usually prone to check your debts to income ratio. So to get finance easily, be sure a minor amount of your total income is spent fixing debts. As small as less than 30%. This would definitely repair your credit history. (more…)
Is it the right time for property investment?
Investment in the property market is quite controversial at this period as investors fingers has been burnt both by the stock markets, as well as the property markets. The recessed economy is quite discouraging on investment. And many people are finding clever ways to get out of their present investments. However, not all the news is discouraging. There are hopes in the dark clouds.
Seasoned professionals and crude investors:
The tides are there to differentiate between adept professionals and crude investors. The crude will always look at the tides to invest, when the market is booming, then, they believe I can get my money. They tend to flow with the news to act. They hardly think of basic fundamentals to invest. However the professional are hardly moved by trendy news rather they are moved by the fundamentals guiding the market. (more…)
Buying a property in Greece can be one of life’s most exciting experiences – and one of the most challenging, so have you really thought about what’s involved? Have you done your homework, research and planning? A little forward preparation will help you achieve your goal of successfully living in Greece. It’s much better than leaving the purchase of your Greek property to chance.
One of the most common mistake people make when buying a property in Greece is to presume that the laws and property purchase procedures are the same in Greece as they are in their own country. They most certainly are not! Many people, who would like to buy a property in Greece, find that the Greek property market appears to be a daunting experience. At first the Greek property purchasing process seems to be a very complicated one, but, approaching the undertaking of buying a property in Greece step by step shows that it is easily achievable.
Purchasing property in Greece is generally safe, although it is wise to obtain legal advice and follow the rules provided for your protection. People that choose to ignore such procedures often do so at a financial cost.
If you have decided to buy a property in Greece there are a few fact you should know about before you buy your own property in Greece.
1. THE COST OF BUYING PROPERTY IN GREECE: When buying a property in Greece add at least 15 per cent of the purchase price for fees and taxes, including a property-transfer tax of 7 to 11 per cent. Lawyers fees 1-2%, other expenses approximately 1% for notary fees and land registry. Local municipal tax or community tax is currently calculated at 3% of the property purchase tax and is paid together with the property purchase tax. Annual taxes are payable in Greece on properties owned over the value of 200,000 Euros. The valuation of properties is carried out by the government which provides published values, announced for every type of property. This is known as the government objective price.
2. SETTING UP A BANK ACCOUNT: All transactions are conducted in Euros. You will need to set up a Greek bank account to pay for your legal advice, transfer money and pay bills. There are foreign exchange brokers that can transfer large amounts to Greece according to the business rate. Payment of utility bills can be set up very easily by direct debit via the bank, and money can be transferred online. To open a bank account you will need your passport and a utility bill with you address on it.
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Are you despairing of the UK property market and looking for an overseas property for sale? Greece could be the answer for you. In recent years Greece has become more than a popular location for tourists: it is a popular destination for conventions, international exhibitions and major sporting events. There has been a large investment in the infrastructure sine the Olympic Games were held in Greece in 2004, and Greece has one of the lowest crime rates in Europe – in many villages people still leave their houses and cars unlocked.
Property Investments
Greece is a popular tourist and investor destination and there is plenty of potential in the property market. Greece offers a wealth of different properties, from tiny holiday apartments to large stone mansions set in acres of land, with just about everything else in between. Each region has a typical type of property, for example, stone mansions in the Peloponnese and Pelion peninsula, windmill properties in the Cyclades, or Venetian townhouses in the harbour towns. Most British house hunters tend to head straight for the traditional coastal areas of the Peloponnese peninsular.
Prices remain very affordable in Greece and homebuyers get much more for their money than in other popular European holiday destinations. Properties for sale in Greece are almost all freehold. Once you’ve found the property you want to buy, you normally pay a 10% deposit to secure the purchase and the price. If a seller backs out of the sale they have to pay back your 10% deposit and an extra 10% as a penalty. All in all it takes about six weeks for the searches to be made and the legal documents to be prepared before you complete on your purchase.
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The Greek real estate market is currently one of the most exciting in the Mediterranean region because it offers real estate investors the chance to build an entire and well diversified property portfolio within one country.
The wealth of opportunities available in Greece for the international property investor really became known after the Athens Olympics in 2004. The promotion of Athens and mainland Greece to the wider world not only promoted the appeal of the country for investors, it resulted in a massive influx of tourists particularly to the mainland throughout 2004 and 2005.
Now add these growing tourism numbers to the large volume of visitors who annually holiday on the Greek islands and the total level of interest in this Mediterranean country has surged which has created more demand for rental and resale accommodation.
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