Posted by Luke Ford on Feb 16, 2013 in mortgage | 0 comments

London has the distinction of being one of the liveliest cities of the world. It is a hub of activities and hundreds of thousands of people dream of spending their lives in London. As a result, property is scarce in this city and you may have to compete with the wealthiest and the most famous people of the world to acquire a London property.

In 2013, however, there will be some respite in this scenario. Barratt Developments, a leading name in London property market, has obtained two brand sites that plans to offer 1000 new homes to potential buyers. Given below are the reasons why the projects are exciting-

1. The Location of the New Projects

The location of your future home is a significant detail that needs to be just right. You do not want to end up at an obscure locale that makes commuting difficult. Nor do you want a home that with unhygienic neighborhoods. With Barratt Developments’ new projects, you would not have to worry about settling at a horrible location.

The officers-in-charge for these projects confirm that these new homes will be located in the prime areas of Southwark and Surrey Quays, respectively.

2. The Investment

The total estimated value of the project is approximately £400 million. This generous amount would ensure that the inhabitants of these housing projects get the best amenities, and luxuries, which modern living has to offer. For instance, the projected 670 piece of Surrey Quays will house a majority of private homes. In addition to these, a sprawling retail space is also being designed, at the location.

Similarly, the 400 units of the Southwark project would have sufficient parking space and a large number of affordable homes. At this place also, you can also expect some sort of market space to be developed.

3. The Precedence

Barratt Developments is one of the fastest growing homebuilders in London city. They have the experience and the expertise that is necessary for executing top-notch housing projects. Recently, the company was in the news for acquiring a posh site, in Central London. They wish to keep up the good work, and a large number of other developments are also in their cards.

The company is especially known for undertaking projects in the highly sought-after Zone 1, and Zone 2, of London. They are also spread across other regions of the United Kingdoms. It is their London projects, however, which are the hot favorites of all those people, who want to acquire affordable homes in the city.

The scramble for a London home never ceases and since long, prospective Londoners have bemoaned the absence of more estates and properties in this busy city. Although housing developers make a concerted effort to increase the number of London properties every year, they sell like hot cakes the moment they are listed.

With the new projects of Barratts Developments, however, you can expect to get a step closer to your dream London home. Check out this great site to know more about this exciting development, and keep abreast with your dream of a London home.

Comments

comments

Powered by Facebook Comments

Posted by Luke Ford on Feb 15, 2013 in mortgage | 0 comments

2012 was a nightmare for the real estate market in India. With property price dipping, the investors were not keen, but even that did not show any signs of purchase by the buyers. This scenario is likely to change in 2013. There are several reasons for that. One of the main reasons is that the home loan will become cheaper with banks reducing the rates. The other reason is that the investors are trickling in and taking up shelved projects again. Given below are five things in store for the Indian real estate market this year-

Favourable Policies For The Real Estate Market

In 2012 the government finally took a step to draw some policies in favour of the real estate market. They have promised to give it a status of an industry as well. In 2013 you will be able to see a large number of bills being introduced, like the real estate investment trusts (REITs), Land Acquisition Bill and the real estate regulatory bill. These bills will help shape up this sector in a favorable way.

Increase In The Demand For Office Space
In 2013 you will see an increase demand for office space. The demand for such spaces will be in the prime locations, like downtown and the centre of the city. The price of these office spaces will be quite high. There will be a greater demand for rental office space, as the prices are high and there are limited projects like this.

Residential Market Will Become Expensive

This year, experts are saying will likely see the rate of absorption going up drastically. The Real Estate Investment Trusts will allow rental investment. You should know that this is likely to increase the demand for investment in property in important cities. Investment in the home real estate will be more expensive than the last year because the prices of construction materials and gone up and so has the inflation. This will make per square feet more expensive.

Demand For Both Investment And Buying

The reduced SBI home loans have ensured that buyers are ready to invest in new homes; this has made the investors rise up and take action. They are coming up with numerous new projects and with the help of the government’s help are starting on projects that have previously been shelved because of lack of funding or interested buyers.

Prime Cities Will Notice A Scurry For Real Estate Investment

In cities like Delhi, Mumbai and Bangalore, buyers are rushing to buy property while the price is still low. In Delhi, the per square feet amount has grown up drastically since last year and therefore buyers are keen on purchasing before property prices rise any further. It is similar in the case of Mumbai, Bangalore and Chennai.

These are the five things that are in store for 2013. The real estate market is finally turning around and this is proof enough.

Comments

comments

Powered by Facebook Comments

Posted by Luke Ford on Jan 24, 2013 in mortgage | 0 comments

On January 1, 2013, Congress extended the Mortgage Forgiveness Debt Relief Act, or MFDRA, as part of a tax bill designed to address the so-called “fiscal cliff.”

First introduced back in 2007, the MFDRA was supposed to expire on December 31, 2012, but the new bill extends it through midnight on December 31, 2013. This means that the act now applies to any mortgage debt that was forgiven between January 1, 2007 and December 31, 2013.

The MFDRA

The Mortgage Forgiveness Debt Relief Act exempts distressed homeowners from paying taxes on any debt forgiven with a loan modification, short sale or foreclosure. This allows homeowners with underwater properties to look for alternatives to foreclosure, such as loan modifications or short sales, without the added stress of owing several thousands of dollars in taxes.

Before the MFDRA passed, financially strapped homeowners often negotiated a loan modification or avoided foreclosure with a short sale, just to discover they owed a huge tax debt afterwards. This act, which is often referred to as the “Debt Forgiveness Act,” relieves them of that tax obligation because the forgiven debt is no longer considered as income.

Qualified Principal Residence

The Mortgage Forgiveness Debt Relief Act allows homeowners to exclude any canceled debt from being taxed as income but only if the debt was incurred on the owner`s “qualified principal residence.” It doesn`t give you any tax relief for business properties, second homes or investment properties.

The act only applies to canceled or forgiven debts on loans used for buying, substantially improving or building your principal residence. Additionally, the debt must be secured by the principal residence.

The good news is that even debts incurred because of refinancing should qualify but only up to the principal amount of your original mortgage.

You can only count up to two million dollars as a qualified principal debt if you and your spouse file jointly. The limit is one million dollars if you are married but filing separately.

Not every state recognizes the MFDRA, however. Several recourse states require their underwater property owners to find other kinds of tax exemptions, prove insolvency or file for bankruptcy in order to prevent taxation after a short sale. Consult with a tax professional or a licensed attorney before committing to a short sale if you live in a recourse state.

IRS Forms

If you have a mortgage debt that was forgiven, the lender is required to send you a Form 1099-C, or a Cancellation of Debt, statement at the end of the year. This form must show the total amount of forgiven debt as well as the fair market value if the property was foreclosed. Notify your lender promptly if the information on the form is not correct.

Those who qualify for debt forgiveness must claim the special inclusion by filling out IRS Form 982, which is called Reduction of Tax Attributes Due to Discharge of Indebtedness. Attach the filled-out form to the federal income tax return for the year in which the qualified debt was actually forgiven.

Increase in Short Sales

Many financial pundits believe that the MFDRA extension is crucial for helping America`s housing industry recover. The federal government is letting the homeowners, real estate professionals and mortgage lenders know that short sales are preferable to foreclosures. Fewer foreclosures should help stabilize the purchase price of homes and lead to a healthier housing market.

The MFDRA offers debt help to struggling homeowners. If you are financially stressed or own underwater property, you have until the end of 2013 to take advantage of this act.

Comments

comments

Powered by Facebook Comments