What’s real estate?
Real estate is usually defined as property which consists of land and all the resources available on the land such as crops, livestock, and water and minerals below the ground. The “Real Estate Market” usually takes only residential homes into account, but real estate can be classified into three types – residential living, commercial, and industrial. Residential real estate includes houses, condominiums, land, townships; commercial real estate includes office buildings, storage houses, and retail shops; industrial real estate includes farms, mines, and factories. The real estate business is shaky but a robust one. New homes and office spaces are being constructed all the time.
Home ownership is the most common type of real estate investment around the world. People who are on the look-out for a house generally have to buy on the mortgage, since the prices are usually exorbitant and young people who are looking to settle may not have that kind of savings to afford a house on their own. The two types of mortgages are the fixed-rate and variable rate. Fixed-rate mortgages have higher interest rates than variable-rate mortgages making them a tad bit more expensive in the short run.
People who buy homes on mortgage often incur additional costs in the form of taxes and transaction fees that come along with the loan itself. After securing the mortgage, the homeowners must complete a few other steps so that the property can be sold legally and is in good shape.
Real estate as an investment:
Unlike other investments real estate investment largely depends on the area surrounding the property that you are interested in. With the sole exception of global or national recession, real estate values are determined by the quality of schools in the vicinity, crime rates, job availability, and property taxes.
Real estate in Heidelberg:
Heidelberg is a suburb of Melbourne, 11-km north-east to its central business district. Heidelberg’s governance is handled by the city of Banyule. Heidelberg was once a large town on the outskirts of Melbourne before it got absorbed during the expansion following World War II. Heidelberg had its own central business district. Prior to Heidelberg, the town was named Warringal referring to an aboriginal term for an eagle’s nest before it was changed by a land agent. The rural scenery and beautiful vistas attracted tourists to Heidelberg; there were no utilities or proper transport causing real estate to be pretty cheap in the 1880s. Heidelberg was finally made into a city on 11 April 1934.
Let’s look the performance of real estate agents in Heidelberg in 2012/2013.
The real estate agents in heidelberg sold around 103 properties( 46 houses and 57 units). The houses took an average of 29 days to sell and with a discount of 10 percent from its initial price. The units, on the other hand, took 32 days with a 22 percent discount from its initial price. There are currently 45 Heidelberg agents operating and the best agents sell the properties better. It is important that you find one of the best Heidelberg agents that will help you secure that property you have been eyeing for some time, at the best possible price.
‘Which Real estate agent’ is an online service that gives you a free report about the agents and then you can make an informed decision.