Earnest money is a deposit that a well-intentioned buyer makes to a seller, in good faith that is, basically to buy a house. Although it may look as if it's an actual down payment, it's not - and this is where we must be able to differentiate down payment from good faith money.For the sake of simplicity, in PNG context, earnest money can be compared to what is known as “tea moni” or an engagement pledge between a boy and a girl in most Papua New guinean culture and tradition.  For instance, when a boy and a girl have made plans to marry, traditionally, the boy will offer the girl’s parents or immediate family some form of guarantee that he will marry the girl. This can range from packets of cigarettes and bags of betel nuts, to pigs and garden foods, accompanied by cash and other items of value such as several cooking dishes, kitchen utensils and the like. The occasion is usually low key, compared to the actual bride price ceremony which will happen later. This in mind, one can easily understand the purpose of the earnest money concept in a home buying process. On the whole, earnest money can also be considered as a deposit on a home by the buyer in good faith; hence, another way of saying an escrow deposit. As an escrow, earnest money begets two major elements which are:A binding contract/purchase agreement between the seller and buyerThe conditional delivery to an independent, or better said, a neutral third party of an instrument or item of value, befitting the scenarioThese two elements, separately, weave differing competing threads of narrative and instruments up until the end. Although these parts may vary due to your situation and the real estate professionals you’re working with, they’re as important as the closing itself.Among these threads is earnest money. No matter how reserved-and-behind-the-scene earnest money can be, it can make or break the escrow, hence, the closing process. Depositing earnest money plays a significant role in the home buying process.Sometimes referred to as “good-faith” deposit, the sole purpose of earnest money is to offer a piece of mind to the property seller that the buyer is in earnest, and it will help fund his or her down payment.Usually in the form of a check, earnest money is cashed and held by the neutral third party in an escrow account - which resembles a trust account - with what is known in real estate as a title company, or an escrow broker’s account. Once you, as the buyer, deposit the money into escrow, the brokerage gives you a receipt - so your deposit is not in vain.Supposedly all is smooth and without bumps, the buyer's good-faith offer is accepted by the seller, and there are instances where the earnest money amount can be more than enough to offset not only the down payment but closing costs as well. As it stands, earnest money keeps on with down payments and closing costs beforehand. The best part about it is that if a buyer happens upon an issue with the house, and decides the issue is intolerable, earnest money can be refunded. What is the required earnest money amount?How much the earnest money amount is, will normally reflect factors such as seller's requirements, policies and limitations in each province, real estate agent recommendations, and the current market trends.In some countries, however, the average earnest money amount is represented by 1%, or 2%, of the total purchase price of the house. Again, this will depend on the factors highlighted above. So, if a house is on sale for K400,000, example, then the buyer’s earnest money deposit would be between K4,000 and K8,000 (0.01 x K400,000 or 0.02 x K400,000). And where market trends dominate the overall impact on this average amount, you will come across corresponding effects like a slow market requiring a little less than 1% of the earnest money to be deposited. While a high performing market that has houses selling fast, deposits of 1% or 2% earnest money is not uncommon.In essence, the tradition of earnest money dictates that the bigger the earnest money amount deposited, the greater the chances of you winning the bid on the house in question - in a way, that is. In fact, In such a scenario, the seller will be coerced by the circumstances to negotiate a little bit more than what you've already given. But there's always the common courtesy of being mindful, as you do not want to put more than what you should be putting. Your earnest money deposit must serve its purpose. Otherwise, putting down a huge sum of deposit and losing its use for weeks or months on end, before the purchase contract closes is a misrepresentation of its true purpose.In the ensuing course, you may end up getting some paperwork done for your lender, which will compensate for a strict verification of the source of the earnest funds, when a large deposit is involved. And it won't be an issue if you're able to prove that you've been in possession of the funds for at least 60 days, or more. When is the ideal time to make an earnest money deposit?Depositing earnest money enters the scene immediately once the buyer's offer has been accepted by the seller, and the purchase agreement has been signed by both parties. Who maintains the earnest money deposit?The purchase agreement will stipulate this, and the holder usually varies by terminology and from country to country. Some will mention “title company”, while others will indicate a real estate brokerage.During this time, it is crucial that you make a comprehensive credential check of the title company or real estate broker. The idea here is to verify who will take care of the funds, and that they will be held in an escrow account. It is also advisable that you never give the seller your earnest money; because if things go wrong, chances are you may never see your deposits again. Rightfully preconceived, your earnest money is meant to be held in an escrow account until the sale of the home reaches its final stages. Upon fulfilling all obligations tied to the purchase agreement, the earnest money is released from the escrow account and divided between your down payment and closing costs. Can earnest money be retrieved by the buyer? If the contractual agreement is unsuccessful, in the sense that either the buyer or seller fails to uphold their end of the bargain, a small cancellation fee will be deducted from the deposit. The rest will remain in escrow.Based on the terms and conditions stipulated in the purchase and sales agreement, the neutral third party will typically determine whether or not the buyer can have his or her deposits refunded. Experienced buyers will have this in mind when going over the agreement with the seller. But things are said to get better only when the agreement contains what are known as contingency addendums, which depict how refunds will be handled. For instance, an inspection contingency protects the buyer's interests during an inspection, should he or she points out an intolerable issue, while a financing contingency ensures that the earnest money is refundable if the buyer is unable to secure financing from a lender. Even with a title insurance.Worthy of consideration, pre-approvals by lenders don’t always guarantee a favorable mortgage rate that the buyer can afford. There are times the lender will stop half way because the appraisal or valuation amount is less than the purchase price. At this stage, a standard contingency will normally give buyers an insulation with the legal right to renegotiate the purchase contract, and get back their deposits.As we type off here, we’ll leave you with this simple advice: Win if you can. Lose if you must. But never quit! DisclaimerThis article is meant for informational purposes only and is not intended to be construed as financial, or investment advice. Hausples encourages you to reach out for professional help regarding your own real estate situation.

There's quite a number of moving parts to go by, when buying and holding a property. This typically leads to the question, "where do you even begin?"If you're a newbie property investor and you're wondering what success looks and sounds like in real estate, start with the 1% rule; it's your best foot forward. But here's the catch: there's a time and place for everything and it also applies to the 1% rule. For starters, this rule of thumb in real estate investing follows a simple calculation process, and what one would like to call a “metric baseline”. It comes with the added advantage of giving you a good idea of whether or not a rental property is worth your investment.This in mind, we begin part one of this two part article covering:How the 1% rule can help you pilot the property evaluation processWhat the 1% rule is all aboutPutting the 1% rule into perspectiveThe importance of the 1% rule in evaluating investment propertiesExamples  The 1% Rule Can Help You Pilot The Property Evaluation Process As a first time real estate investor, your goal may stem from your desire to maximize your cash flow, create room for passive income, establishing a property portfolio, or become financially independent, or an integration of the whole lot. Regardless, they're achievable and, at best, require a great blueprint to reach reality. This is where the 1% rule comes into high gear.For instance, say you found yourself with a buy and hold property purchase, the next phase in your decision should be all about the 1% rule. The math behind this metric will certainly set you on the path towards milk and honey. Even though it is wise not to rush into a deal that solely revolves around the 1% rule, by and large is an excellent screening tool for real estate investment deals.The 1% rule, in general, saves you a lot of time and money when analyzing investment properties. What Is The 1% Rule?This is a simple investment calculation that's designed to propel an investor towards an inclination, resting on the premise that the property of interest has the outright proclivity to generate a gross monthly rental cash flow no more than 1%. This figure will reflect the total purchase price. Some investors, however, have the habit of including upfront costs of renovations in the equation, and it's not an issue, really. In fact, it's advisable.This criterion integrates the logic needed to determine if the projected gross cash flow is high enough to account for monthly expenses, at the same time offering the investor a golden dish of positive cash flow. Bringing The 1% Rule Into Perspective To make clear what the 1% rule is all about, consider the following example where the asking price is K350,000. What you want to know is if investing in this property will bring you a handsome ROI, through analyzing the monthly rental cash flow. Purchase Price x 1% = Monthly RentK395,000 x 0.01 = K3950 per monthNow, depending on your expected forecast, in this scenario your monthly rental income will be K3950.  From the example, you can see that this baseline calculation is a starting point analysis that gives an investor the room to decide if the property analyzed makes sense, and if further analysis is required.Example 1 - A Property That Meets The 1% RuleA newbie investor looking to establish himself in real estate is considering a property going for K250,000 (an assumption). The pull factor in this case is the property's condition and the neighborhood it is located in, which adds up to a reasonable K2,500 a month.  This indicates that not only has the property passed the 1% rule, but also incites further evaluation just to ensure it bears all the markings of a good deal.Example 2 - A Property That Does Not Meet The 1% RuleAs much as the investor would love to invest, the cap rate is sadly low at K1,500 per month. This means that this property does not pass the 1% rule, which is K5,000 a month, thus, not a worthy investment in that part of town, because of the fact that its monthly rental income is below K3,500. (K5,000 - K1,500).The Importance Of The 1% Rule In Evaluating Investment PropertiesInvestors evaluating buy and hold properties such as single-family homes, duplexes, and triplexes etc., will normally begin with the 1% rule which puts them on the path not to righteousness, but to success and are justified by the following reasons: 1. The Starting Point For Evaluating Buy And Hold PropertiesThis particular rule of thumb in real estate investing serves as a gateway to analyzing and distinguishing an investment property's financial risk from its profit-making potential. Executed correctly, the 1% rule can result in deals that are streamlined, efficient and profitable in all respects. In the process, investors will also discover that they can easily eliminate properties having the characteristics of low cash flow potential.For instance, a new investor finds himself with twenty properties to view. He applied the 1% rule calculation and was able to determine which ones were worth the hassle, in no time.He now has enough time to go through those that are worth his time and investment intentions. 2. Determines if there is a Baseline Cash Flow that Makes SenseWhile a handful of factors fall in line when calculating the cash flow of a buy and hold property, the 1% rule turns out to be the consummate plateau on which to determine if the cash flow - no less - makes sense ahead of time.Supposedly your 1% rule calculation reveals that you should entirely focus on a much higher rent than what you can collect at the moment, it's an indication that you'll be falling short of your expectations once your mortgage and operating expenses are paid. This tells you clearly that the deal is not worth pursuing any further.Ultimately, the chances of you becoming an investor with a goal to surge ahead in your financial game will be high. In this vein, you will want to ensure that a real estate asset has the potential to reap a favorable monthly net income, setting you apart as a successful investor from the others as hit-or-miss investors. 3. Helps Set Target Rental RatesWhen it all boils down to setting your target rental rates, it can be quite intimidating, especially when you have to account for influential factors such as location, proximity to amenities and so forth.At this stage, it's imperative that the fine print of a rental agreement has within itself the final figure of what you intend to charge as your rental rate, and mirrors an achievable positive cash flow.This is where the 1% rule serves as a handy guide in decoding your target rent tag. Hence, the 1% rule dictates that your rental amount for the property in mind should be greater than, or equal to 1%, in order to qualify as a good deal.This particular metric buffer is largely effective in creating good opportunities for building wealth after all the qualifying expenses have been settled. Here is an example of the 1% rule to elaborate on the above points:Let's say you've stumbled upon a single-family home going for K300,000 on the market, and you want to turn into a rental property. You do your math using the 1% rule to determine how much your rental rate should be, and end up with K3,000 a month. Immediately, you knew that this is an excellent deal that will earn you a positive cash flow. So you pursued the deal further and closed it, after the property also satisfied other relevant criteria.After buying the house, you placed your tenant, and began your first month of rental. As expected, the beginning month earned exactly what you had in mind. This enabled you to pay off your monthly mortgage of K1350 (assumption) and other qualifying expenses totaling K1095, leaving you with a total net income K555 (K3,000 - K2445). In this case, you realize that the 1% rule actually helped predict a positive cash flow, and deemed the property worthy of your investment. While the opposite is true, do you see the usefulness of the 1% rule in evaluating real estate for rent?We hope you liked this article. Please stay tuned next time for part two where we’ll conclude with the pros and cons of the 1% rule, and what you should consider next after your rental property passes this rule of thumb.   Disclaimer:This article is meant for informational purposes only and is not intended to be construed as financial, or investment advice. Hausples encourages you to reach out for professional help regarding your own real estate situation.

Have you ever wondered if it was possible to invest in real estate with no money? Or, do you know how to become a property investor with little to no money at all?Generally, the first thing that comes to most peoples' minds when talking about real estate investing is "money" - that is “one needs money to start investing”. The fact of the matter is, there are real estate strategies in existence that require little to no money to kick start your real estate portfolio.Yes, you really can invest in real estate with no money. But if you don’t have any money, you will have to find some other way to contribute resources – time, skills, relationships, or sweat equity. There are a million ways to structure a real estate deal, and if you can’t bring money to the deal, then what can you bring? A Real Estate Investing MindsetBefore we delve into the strategies for investing in real estate, even when you have no money at all, it's imperative that the reader understands the importance of having a property investor's mindset.One of the key fundamentals in this situation is passion. If you're not passionate about what you want to do, chances are you will fail; or, you will not find satisfaction in what you do. The antidote is found in your enthusiasm, even if you aren't getting paid for it. And this applies to just about anything. It doesn't mean you worship the pursuit of happiness, rather be overwhelmed by a healthy passion at the core of your goal or mission. Become A Real Estate Investor With No MoneyThere are three types of real estate investing strategies that require little to no money at all, to trigger your journey towards real estate success. They are: Real Estate wholesaling; Lease Options; and, Seller Financing Shall we? 1. Real Estate WholesalingThis investment strategy is the cornerstone of this article, hence; being at the top of the mentions here. To all intents and purposes, real estate wholesaling doesn't require any money , to begin with; other than yourself and your intelligence. In short, all that's needed is for the real estate wholesaler to first contract a seller, followed by reassigning the contract to a buyer, usually another investor. And these deals can amount to several thousands, for the most part.In essence, this topic appeals to a significant number of real estate educators before you make any attempts, but for informational purposes, the concept is broadly outlined here, just to show those who are interested what lies ahead in this venture. How Does A Real Estate Wholesale Deal WorkThis strategy begins with finding properties that are either classed as distressed, or below-market value, however this isn't always the case. Once the wholesale investor locates this property, the next step is to locate the owner.The idea here is to discuss a price that the owner will happily oblige. To achieve this, once the owner has been located, there are several key numbers that you will rely on, in order to accurately come up with a good estimate.Your task then is to calculate the ARV, the cost of repairs and maintenance, holding costs, closing costs, the buyer's profit, as well as your profit.In hindsight, after the estimation of the number, the investor will use what is known as the 70% rule in order to determine whether the deal is workable or not. If the outcome is positive, the investor will move forward with an offer and negotiate the estimated purchase price with the seller. If the seller likes the idea, a purchase agreement will be sought for signing.The next step then is to find a targeted buyer, which is obviously another investor - in this regard - who is in the market for below market properties, whereby they're prepared to purchase, renovate, and retail the property at an ARV. Once such a buyer is found, the investor will move on with price negotiations, and close at a title/escrow company.The wholesale investor's profit for his/her part equates to the difference between what was paid to the seller, and what the buyer will give. This is also known as an assignment fee; thus, you've made money by investing with no money down payment. 2. Real Estate Lease OptionsLease options are actually alternatives that involve leasing a home to someone under legal oath to purchase the property within a set time period, usually between two and three years, tops. This strategy is sometimes known as rent-to-own homes. How does a Lease Option WorkThis strategy embodies creative endeavors and is heavily dependent upon the situation at hand. Regardless of the numerous ways to put this strategy into play. One way this is feasible is when the investor contacts a motivated seller. This particular seller will be one that's either in distress, facing a foreclosure, or is on default with his/her mortgage payments.Be that as it may, the investor is bound to make a reasonable fair price offer on the property in question, provided the terms and conditions of the deal are positive. This will either be found in the price or the term, where the chances of the investor making money are imminent.In addition, the investor will allow the homeowner to choose one of the two, rather than both.  Say the homeowner is motivated and is in great need to sell it, but can't. What the investor can do is offer a lease option to allow the homeowner to sell "in time" within a three year period. Put differently, the investor will decide on a lease option on the house from the seller, and negotiate a price as well as figure out terms to factor in the agreement (down payment, monthly payments, etc).Once you have the signed lease agreement, you can make a lease option on the property to a potential buyer.The investor, in this case, earns his/her money based on the difference between what he/she is going to pay for the property, plus what they sell and the difference in the monthly payments. 3. Real Estate Seller FinanceAmong these three strategies, this one’s the easiest. However, it’s only the down payment that may require you to execute some cash. Seller finance refers to a loan offered by a seller of a property or commercial enterprise to a purchaser, in spite of the fact that legal ownerships are vulnerable to changes in payment to the seller. Seller finance narrates that the seller must actually own a home outright, without any qualifying mortgage on the property.The benefit that comes with this strategy is it prevents an investor from requesting a bank loan. Better yet, the strategy enables those with poor credit ratings, or are without money, to invest.If the investor negotiates with the seller, provided they meet the requirements of the term or pricing, the seller will be more than happy to oblige with what's being offered. For example, they may not require a down payment if you increase the sale price, offer more on the monthly payment or have a higher interest rate.Sellers with their own homes will find it economical in getting paid periodically, than earning a one off large payment from a sale. By and large, these sellers will potentially get a lot out of this deal, when they assume the role of the bank, and resort to charging interests.This is one area where effective negotiations skills become handy, especially when the investor - by all accounts - is trying to strike out a good deal with the seller finance. We hope you liked this article. Please subscribe to our newsletter for more useful content and soak up as much as you can, while we work hard in the shadows to bring you more practical information about real estate.   Disclaimer:This article is meant for informational purposes only and is not intended to be construed as financial, or investment advice. Hausples encourages you to reach out for professional help regarding your own real estate situation.

Welcome back to Part 2 of this two-part article on real estate investing terms and formulas. As promised, here we’ll take a look at:Additional BenefitsExpensesTerms and DefinitionsSo, without further ado, let’s head straight into it... ADDITIONAL BENEFITS Principal AppreciationPrincipal appreciation simply refers to the value of your property that appreciates or increases over time.This may be unheard of in PNG's real estate market, but there are those among us that buy properties - apart from investment and ownership reasons - because of the appreciating nature of their values.Since a property's appreciation value, in itself, has the tendency to create and develop wealth, it is equally important that you understand full well that it (appreciation value) can decrease as well. To ensure this insight, it's advisable that you consider cash flow first before considering principal appreciation as the sole motivation towards buying rental properties. The main goal behind buying investment properties at this point is to make money, and one way of doing this is buying properties that are below market value, so you can flip them to build equity - one of the simplest ways of earning positive cash flow, thus, making money for yourself. Principal Pay Down/Principal RecaptureThis is the equity that you gain when making your monthly mortgage payments, and can also be seen as the extra savings that you're entitled to within your loan. Since your property will be up for rent, your tenants will indirectly make these pay downs, while you stand back and witness your net worth rise. Tax Benefit(s)Tax benefit is actually a comprehensive summary that talks about a form of savings by a taxpayer. This means anything, in monetary terms, that lessens a taxpayer's monetary burden - and they usually promote responsible behavior and profit-oriented enterprises.Examples of expenses that you can claim tax deductible interest on are:Loan interestProperty Management FeeMaintenance and Repair CostsProperty TaxesLegal FeesTravelDwelling InsuranceUtilitiesand moreOverall, when it comes down to tax benefits, always seek professional advice from an accountant, just to be on the right track with your investment calculations. EXPENDITURE Capital ExpenditureThis type of expenditure specifically represents the costs involved in replacing critical fixtures and fittings of a property such as fencing, walls, plumbing and hot water tanks, etc.Capital Expenditure (or CapEx) is one of those varieties of expenses that many rookie investors fail to understand and consider, when investing in real estate for the first time.To execute a rough estimation of how much you can prepare for CapEx, begin by saving up to 5 or 10% of your monthly rental income as your CapEx allowance.By and large, when you purchase an investment property, bear in mind that you're entitled to find out the last time these big fixtures and fittings were serviced or installed. With such information on hand, you can work out, according to your capability, how much you can put aside as CapEx, in case you may need to do maintenance on or replace these items in the future. Debt Service(s)Debt services actually represent the amount of money that you put forward in paying off your loan every month. This money is part loan principal and part loan interest, which you are required to pay towards servicing your loan. In other words, it is the payment that you make periodically to reimburse the principal and interest you paid on the loan.Of course, if you’re dealing with cold hard cash to purchase your property, then debt services will be far-fetched. In addition, when out shopping for a loan, always make sure you visit every lender you can possibly find to get the best rate, and a loan that suits your situation.All in all, if you tend to stress too much on where exactly you can at least obtain the value of your investment property for analysis, use a debt calculator online, so you’ll have a fair idea of how much of your rental income can qualify as your monthly debt payment. Dwelling Insurance Dwelling insurance, also known as "dwelling coverage" or "hazard insurance" makes up part of a homeowner's insurance policy, and can help to facilitate the costs of rebuilding or repairing damages to all or part of your property by a covered hazard.As a homeowner, you will need to cover for potential unfortunate events that might happen at your property, and this is one such insurance you cannot ignore.Whilst most homeowners may define their dwelling as a structure in which they live in, a dwelling insurance can help protect more than just that dwelling. This insurance policy may protect other physical structures, beside your home, that are attached to your home. For instance, a hot water tank or a garage, etc., as long as the structure, no matter what type, is attached to your property, it can be covered by the dwelling insurance.For the most part, the contents specified in a dwelling insurance coverage will vary from one policy to another, or from region to region. So if you're thinking along this line, it's best you seek expert advice from a licensed insurance broker or the real estate agent you're dealing with. Vacancy Allowance/Vacancy rate Vacancy allowance or vacancy rate is the money that a landlord puts aside every month to match the rental expenses of their investment property, once it becomes vacant.Formula: Vacancy Allowance = Vacancy Rate (%) x Monthly Rental IncomeThis is one thing all new real estate investors must be aware of and prepare for when venturing into the realm of real estate investing.Without awareness and preparation, you’ll end up squeezing out your personal savings account when your rental property is vacated. To better understand how much you should save as your vacancy allowance, first of all find out the vacancy rate of the area you wish to invest in. Your local real estate agency is probably the best place to start with in obtaining this information. Maintenance / Repairs These are the costs of maintaining good living conditions in your rental property, for the sake of your tenants. They are worth mentioning because they do happen and will happen.In addition, when your rental property encounters the need for repairs and maintenance, you will have to classify each of these tasks into regular expenses and capital improvements. Some of these repairs and maintenance work can be done by your tenants. But it’s wise to prepare anyway, in case things do not turn out the way you expected them to.For those who may be confused about how much to put aside for these tasks, you don’t necessarily need expert advice. You can decide with what feels right to you - setting aside 10% of your monthly rental income isn’t a bad idea. Property Management This term talks about a company acting on your behalf in managing your investment property. Property management is plausible when, for instance, you’re in Port Moresby but investing in Lae. This way, you can engage a local property management company or real estate agency in Lae to help manage your property. The advantage of this is that it helps you avoid making emotional decisions. In other words, when you become personally acquainted with your tenants, you will be ashamed just to get them to make up for their missed payments. So property management is one of the best ways forward when you find yourself in one of these situations. Property Taxes This is a tax you pay on your property. In real estate, property tax is often described as an ad-valorem tax, and can also be considered as a regressive tax. This tax is usually calculated by the government and, thus, is met by the property owner.In essence, this tax normally reflects the value of the property together with the land. However, there are some jurisdictions that go as far as taxing personal properties like motorbikes and boats. TERMS AND DEFINITIONS Closing Costs Closing costs are fees that you pay at the end or the closing of a real estate transaction, and usually make up between 2% and 5% of the mortgage principal. In fact, there are various other closing cost components, and they vary from one country to another. Some closing costs, however, are negotiable between a property buyer and seller.How much you should pay as closing costs will entirely depend on the home’s purchase price, the flexibility of the market, and the location. Examples of fees that are associated with closing costs include:Appraisal feeCredit report feeOrigination feeTitle searchTitle insuranceUnderwriting fee, etc Days On Market In real estate, Days On Market (or DOM) simply refers to the number of days a listing has been on the market. Put differently, a property's active time on the market while on sale.Generally, the longer a house for sale sits on the market, the less valuable it becomes. Nevertheless, there's a catch, just like there are two sides to a coin.The number of days a home sells on the market gives you the opportunity to get a few statistics out of that saga. A handsome grasp of those statistics will lead to your prosperity in real estate.You see, through these data, you can be able to work out the average number of days it took for a home to sell in any number of categories:By province;By city;By neighborhood; or,By suburb For instance, say it took four months for a single family home to sell in Gerehu recently, compared to two months with a similar property at the same time last year. This tells us that the market is slow, and probably because of COVID-19.Or, say it took just two months to sell a property in 8 Mile on average, while it took a similar property in Gordon to sell in four months. With this, we can say that 8 Mile is in high demand, etc. The essence of such statistics come about when you're in the process of comparing the average number of days of properties for sale between locations. This averages, overall, will tell you exactly how the local market is performing.On the other hand, when you find a property that has been on the market for too long, most of the time you’ll be able to negotiate a better deal; the owner is probably tired of listing their property and wants to get rid of it as soon as possible.And this is what Days On Market or DOM is all about in real estate. Down Payment This is the amount you put down as your part in purchasing a property, when you apply for a loan. In PNG, the down payment is usually 10% of the property's purchase price. So if you've applied for a home loan to buy a K400,000 property, you're required to chip in K40,000 as your down payment.That's basically what it means. Emergency FundsThis has a lot to do with "saving for a rainy day". It can go by many names depending on how it’s interpreted, but in all entirety it’s simply your personal savings set aside in case of emergencies.In real estate investing, it would mean just that: emergency funds. How to go about it as a rule is to earmark 3 - 6 months of expenses, or better, concerning your rental property. This means to take stock of everything that your investment property gives you as expenses. Security Deposit Security deposit is basically the amount of money given by tenants to landlords, banks, or home sellers as a confirmation of their intentions to move-in. In PNG, most landlords would be familiar with this term as "Bond Fees".These deposits are sometimes refundable, while other times they aren't. The purpose of a security deposit is to cover any damages to the property in the future, on the part of a tenant(s). In conclusion When analyzing two kindred properties to determine the best deal, try to remain prudent with your numbers.Since the real estate industry has tons of formulas to offer, in order to assist with your cash flow analysis, where applicable, use them with a grain of salt. At the end of the day, you want to be comfortable with the results of your investment, rather than one that spells poor judgement.Remember, not all deals that reflect one or more of these terms and formulas will suit your situation. The goal is to not stop until you find the one that works best on your behalf. Furthermore, although some of these terms and formulas may not be common in PNG’s property market, they’re worth your understanding, just like what an emergency fund entails. So it’s wise to take your time, be patient and do the math before heading straight into a deal.   Disclaimer:This article is meant for informational purposes only and is not intended to be construed as financial, or investment advice. Hausples encourages you to reach out for professional help regarding your own real estate situation.

Are you thinking about paying off your mortgage early? What’s your target period? Monthly mortgage payments can be a huge burden on your budget. Fortunately, there are ideas to help you work around this problem.So, if you’re looking for an easy way out of your self-made enigma, consider the following six tips:1. Loan RefinancingLoan refinancing is another way of saying get a new loan to replace the existing one, because you're aiming to cut back on the amount on your current loan, as well as lower current interest rates, cash in on equity, or simply switch between a fixed-rate mortgage and an adjustable rate mortgage, and vice versa - provided your circumstances are justified accordingly.As a rule, you must qualify for a short-term loan with higher monthly payments, as this will help you pay off your existing mortgage quickly, providing the luxury of huge savings in total interest. For instance, say you have 25 years left on your loan and you decide to refinance it with a 30-year mortgage, obviously your monthly payment may actually go up, but you may pay tens of thousands less in interest over the long run (and you’ll have your house paid off 10 years sooner).Secondly, ensure you have a good credit score because down the line, you can apply for yet another loan to offset the one before; and with a poor credit rating, you inflame your own undoing. All in all, the two major reasons to refinance in this scenario are:To reduce your monthly mortgage payment or;To save on the overall interest you will pay on your house in the long run.2. Extra Mortgage PaymentsLike any other debt, or "dinau", you must pay off your mortgage. So, in order to get it over and done with as soon as possible, every usable alternative counts, such as additional payments on top of your required monthly loan repayments. This is another simple way to pay off your loan early.When you make extra mortgage payments, not only do you get rid of your debt or “dinau” quickly, but you also end up saving enough in interest payments. The cognition behind this is that, obviously, the more debts that you have, the bigger the interest and the more it will lead to your undoing; and this is one position you don’t want to be in.Worse yet, if you fail to capitalize on the opportunity to make extra payments, chances are your interest rate will grow and you’ll end up paying huge interest costs. Remember, your goal here is to pay off your loan early, in order to achieve financial independence. However, this will depend on the type of loan you qualified for and the strategy used in paying off your original mortgage.Like yin and yang, it should be in your best interest to better understand the condition of the loan, because you don’t want to be paying extra interest costs that come with extra payments. For the most part, there are some loans that restrict extra payments, that’s why it’s essential that you fully understand the type of loan you’re getting. 3. Strategize With DisciplineThere are two things that fall into place here: a strategy and the discipline needed to fulfill that strategy.The essence of establishing a time frame to pay off your mortgage early is that it gives you a target to work towards, and a vehicle (mindset) to reach that target (paying off mortgage early). As a starting point, use a mortgage calculator online or one that’s offered by your lender. This will tell you how long it will take for you to complete your mortgage payments, and how much you’ll be paying periodically.You can then use the result to determine if that’s what you’ll settle for, or consider a viable alternative to help you pay off your mortgage quickly. 4. Create Side Hustles To Help Offset Your Mortgage PaymentsUnless you’re disciplined to the point where you can manage one or two snacks biscuit and a cup of tea a day for two weeks, and have more than enough saved up, then maybe you won’t have a problem affording extra payments on your loan. Other than that, in most cases, your fortnightly expenses will exacerbate your ability to make that stretch.Now, making extra payments is one thing, how to manifest that is something else, and requires a great deal of exploring alternatives apart from loan refinancing. One that sticks out like a sore thumb is a side hustle.This can be as simple as selling buai and cigarettes, writing CV and cover letter for job seekers, designing book covers or company banners, and the like, for a specific fee; even writing blogs for companies at K1 per word, whichever that works for you, as long as it’s legal and helps you make extra payments on your monthly loan repayments.There are heaps of ideas for side hustles out there you can use. You just have to explore them and put into perspective one that suits you. Besides, this will come in handy if refinancing your loan is an option if you have a poor credit score rating.A side hustle will also prove very useful when you no longer have a stable income. 5. Cut Down On Unnecessary SpendingThis may result in a smile on your face, but it’s no laughing matter. It’s quite a drag, when you’re in the shops with a list of things to buy but end up with extras because you simply can’t walk pass those reflecting twisties packets, or that shimmering, transparent bottle of Trade Winds Vodka inside a room at the far end of the shop that has a huge sign that reads: Bottle Shop - just some examples of unnecessary spending. Come to think of it, some of the things that we end up buying, apart from the shopping list we’ve written back home, are things we don’t necessarily need. So if you have a loan to pay, and you want to pay it off early, there are certain things you will have to sacrifice, and one of them is unnecessary spending. It’s all about being disciplined, that’s all.  6. Lump Sum PaymentsEspecially when you want to pay off your loan or mortgage early, this another thing you’ll have to work into the equation. Either it’s a tax refund, a bonus, or overtime, try consider those rightful earnings as extra payments. Of course, we can’t deny the fact that temptations are just that - very tempting. The moment we get some form of bonus or extras, we are tempted to buy this and buy that. Worse when we have a loan to pay and quickly. But with a strategy in place alongside discipline we'll realize that these additional earnings can be used as extra payments on our loan repayments. ConclusionPaying off your loan or mortgage is one of those ideas that help you save money. There are dozens of ways to achieve that and become financially independent, and we’ve six in this article. You don’t have to take them all in, as you might have an extraordinary idea that will make these tips obsolete. Rather, what you should remember is that you need a strategy and the discipline to get you there.   Disclaimer:This article is meant for informational purposes only and is not intended to be construed as financial, or investment advice. Hausples encourages you to reach out for professional help regarding your own real estate situation.

When it comes to real estate investing strategies, it’s quite an ordeal to determine which ones you can use, and which ones will make a statement. There are, however, a variety of investment strategies to choose from, but none morecatchy, creative and full of flair than the BRRRR strategy.The BRRRR strategy was coined by a real estate entrepreneur, Brandon Turner from BiggerPockets.com, and it stands for Buy, Refurbish, Rent, Refinance, Repeat.At first mention, it may remind you of the sound we make when we're cold, or as if reacting to a Sumerian utterance. (pun intended)  Although it may be new to PNG real estate jargon, it’s rarely the case among investors in other countries, because it has been around for quite some time.Speaking of building your rental property portfolio in a short space of time, this strategy is the best way to sustainably bag a rental property. The originThe BRRRR strategy barely qualifies as a new concept in this era.Real estate investors of old have been submitting to this model for years under a different theme before the name "BRRRR" bounced into existence.However, these quirky acronyms have a way of engraving themselves on our minds, and because they're easy to remember, new investors tend to become familiar with them in no time. The essencePurchase a below-market value property or fixer-upper with short-term cash or financingOnce refurbishments are completed, put it up for rentWhen a tenant is secured and an income stream generated, the property can be used as collateral for the next project.As a matter of choice, a new BRRRR investor should be able to get back most or all of their initial capital back, in preparation for the next BRRRR income-producing property All in all, the logic behind this strategy is buying a cheap, rundown house, “flipping” it, and putting it up for rent as collateral for the next BRRRR investment. Enter the BRRRR strategyReal estate investing is seldom trivial within a set time period. There's always a pulse, a happening, a new way of making money; consider sweat equity as a relevant example. More often, you will come across a new strategy or a new approach to making money in real estate; not up, not down, nor left or right, but through investing.And there are those that actually get imprinted in your mind, because of their name, their purpose, and their proven success. It is among these that you will surely pass by the BRRRR strategy.This strategy is ideal for newbie real estate investors, and is a concept worth a thought in PNG's very own property market. The specs Let’s look at the specifics:B - BuyPurchase an investment property that's in dire need of reconfigurations or value adds. This can vary from minor cosmetics to major repairs and maintenance, even landscaping will factor into this equation - anything that will help bring it up to par, making it livable as well as rentable. R - RefurbishJust like an ugly duckling turning into a beautiful swan, in a similar fashion, that's what you must do to this unattractive, relic of a property - transform it into a living, breathing, beautifully charming abode. But don't go overboard. Work within your budget so as to be sufficient, not exaggerated. What you should aim for here is to get back more than what you invested in repairs and maintenance, once it goes on rent. R - RentAt this stage, your once fixer-upper property at below-market value has achieved the move-in-ready title, and is welcoming applications for long-term tenants who are able to take care of it.  R - RefinanceHere, you will want your remodeled property to maintain its new image, because you'd be anticipating a lender to offer a loan of 90 percent that will match the after-repair-value of the property.If you find a lender that agrees with you, expect them to hire a valuer (at your expense) to give a considerable estimate of your property's value.What the valuer will do is compare similar properties in your area and how much they're going for on the market, how much you're charging for the rent, and the total cost of the repairs or improvements.If the valuer offers the bank a much higher appraisal amount than what you originally intended, you’ve got the loan fair and square. Now you’re at a vantage point where you can pay off any loans or mortgages you acquired earlier for the property, plus reimburse yourself for what you invested on repairs and maintenance.Bear in mind that, to be successful under this strategy, you must first qualify for a loan. Unless you're a self-made billionaire, to qualify for a loan, you must be able to substantiate your income statement and credit history. In fact, there are certain creative ways to work around this, however, they're way beyond the scope of this overview.Needless to say, don't let these details discourage you. It only takes a mixed dose of open mindedness, creativity and enthusiasm to overcome whatever that stands between you and prosperity. R - RepeatIf you’ve made it this far, that means you still have some finances remaining. You’ve got two choices: 1) Spend it carelessly, or 2) Invest in another BRRRR.Imagine if you continued this trend within a year or two, having several BRRRR properties to your credit? You can picture the rest.  Who should use the BRRRR strategy?Let’s get this straight - the BRRRR strategy is not for those who want well-appointed or fully renovated properties, ready to be purchased and rented out. This strategy works best for those who prefer:Projects and project managementSeeing the life cycle of things from start to finishA bit of uncertainty around construction dates and budgetsTo grow their real estate investing portfolio very quicklyTo truly learn the ins and outs of real estate investing (with the BRRR method, you tackle several different hurdles involved with real estate investing) The BRRRR strategy exampleAssume that you paid K80,000 for a property below market value worth K120,000 (only an assumption). Then you chipped in another K15,000 for repairs and maintenance. This leaves you all-in for K80,000 on a property worth K120,000. Applying the BRRRR method, the refinance part comes after the refurbishing of the property. Your lender will base the property’s value on the initial price of K120,000 and not the K80,000 you paid for. At a 90% loan-to-ratio, you could easily refinance and recover K108,000 (or 90% of K120,000). As it stands, you only spent K95,000 (K80,000 + K15,000) to buy and remodel the house, so now you’re left with K13,000 (K108,000 - K95,000) in the deal.Now, if you compare this to the traditional method that involves down payments, you wouldn’t recover much of the capital that you put into refurbishment. More will be discussed in a later article.  Bottom lineMany real estate investors - overseas - have struck gold with this strategy. You get what you give, and this strategy can be your friend or foe, depending on how well you understand its schematics. On the whole, it's an incredible way to build wealth in real estate, as well as your real estate portfolio.The best part is that in the long run, you will come to consider leaning towards lower risk strategies like what is known in real estate calculations as the Rental Debt Snowball.Most importantly, however, is to get your remodeled property rented, because if you don’t then you’ll only end up with a growing list of debts to pay, as well as digging your own grave.Nevertheless, these concepts may be foreign to PNG's property market but they're worth bringing to light. After all, “ideas” are bulletproof - they cannot be killed, only be accepted or ignored.

A virtual tour, like a remora, strongly emphasizes a sense of ownership. What does that mean for your listing?Once prospective viewers are reeled in by the awesomeness of your listing, the accompanying virtual tour ensures they lavish their time on your property online, before a physical tour is apparent - just one of many benefits a virtual tour brings you. Sell more properties fast while keeping your clients engagedClick on the image and select 360° Virtual Tours for a realistic tour A property listing that comes with this option, usually encourages a lot of property viewings online, as if a huge property auction was taking place in reality. More than 80% of views are said to result through this alternative, than what you'd expect from the old fashion way.Imagine, from a HR specialist’s perspective, the term “turnover” is a word with negative undertone, especially when a company has a high human resource turnover rate. But not in real estate, because a market with a quick turnover rate for properties means all the positives and is ripe for exploration.A virtual tour and its related tenets, the likes of which are 3D walkthroughs and 3D tours, have proven highly successful in attracting a huge following from online property viewers.So the question remains, why hasn't PNG's real estate market tried a hand in this technology yet? What's keeping the industry from utilizing this marketing tool?On top of that, serious buyers with the intention-to-buy won't take long to decide if they want to buy a property. The ethos of a virtual property tourClick on the image and select 360° Virtual Tours for a realistic tour A decade ago, virtual reality made headlines around the world in every science and technology news.  This significant improvement in technology made in-roads into major industries we have today, including real estate. And it has brought about many changes that inspired a new perspective on marketing both products and services. The thrill of a virtual tour in real estate is twofold: for one, it allows online viewers to get a realistic glimpse of a property's interior, accounting for every detail as if they were there physically. The other is it gives online viewers the ability of 3D rendering. More preferably, a comprehensive glimpse of your property interior, for that matterCome to think of it, why waste time trying to come up with an emotional narrative that has the essence of Shakespeare, just to encapsulate your prospective buyers in a property purchase, when a virtual tour has all that covered for you in one swooping-moving image? The magic of virtual house tours is that they come with the additional flavor of allowing viewers a visual walk-through of a property on sale, combined with a strong sense of ownership, and without the need for being on-site. Visitors to listings online can see each compartment of the property in detail with a few clicks of their mouse.  In the end, they get a rich experience of the property while visualizing themselves owning it. Why choose a virtual house tour? Let's consider the ten key benefits of a virtual house tour:Click on the image and select 360° Virtual Tours for a realistic tour 1. Saves timeOnce you list a new property for sale, chances are you may rake in more enquiries than you could handle from potential clients. But "potential" becomes a word for the hopeful and reluctant if each client was only curious, rather than having the intention to purchase.Furthermore, making the effort to appropriate time for one-on-one conversation with each of your clients, only to end up with something like, "I'll think about it and get back to you".A virtual property tour, in this case, separates the well-intentioned buyers from the "just curious". Visitors to Hausples website are presented with an all-inclusive viewing of the new listing captured on video, flavored with a 360-degree perspective. Those who are instantly mesmerized and decide to buy will call you immediately. While those less inclined won't even bother. In the end, freeing up most of your time so you are able to make time for other matters of your business.Additionally, if a potential tenant is travelling into the country or city where your property is located, the virtual tour provides a great perspective to the client beforehand, to confirm if they will find your property ideal for them. 2. Cost effectiveApart from meeting with indecisive clients, imagine how much you'd be spending on fuel alone? On top of that, the clients you met with couldn't promise you a purchase.These are aspects of a property viewing or inspection that a technology like virtual tours can eliminate.All you have to do is link the tour with the new listing and your customers can easily checkout the full scope of the property, beforehand. Again, those with a strong intention to buy will eventually contact you, rather than just admiring your listing online. 3. Net more visitors to your websiteClick on the image and select 360° Virtual Tours for a realistic tour Online property listings with virtual tours rarely fail to increase online views, than what you’d normally expect from traditional listings.In other words, the more clicks you register, the bigger your website traffic will be, and the better your chances of selling one or more of your listings.The major benefit of virtual listings on Hausples website is that you easily stand out from your competition. For instance, a notable banner will be displayed across your display image, signifying that your listing comes with a virtual tour. What’s more, your listing also has the opportunity to rank highly in Google search results; thus, enabling your property listing to be found quickly and stay on top of your prospects mind, the first time, everytime. 4. Record low bounce ratesBounce rates represent the number of visitors who leave your website after viewing just one page. Apart from posting quality content, you have the luxury of using virtual tours to your advantage in keeping your visitors engaged.The logic behind reduced bounce rates is to maintain a huge number of traffic to your website and improve your search engine rankings. This leads to an unrivaled customer retention rate and boosts your online presence. 5. Go viral on social mediaCompelling virtual property tours have the effect of anchoring attention and are most likely to go viral.People love to share what's trendy, what's hot, and what's all encompassing of fun, loving and moving. If your virtual house tour has these characteristics, you can be sure it will be shared numerous times and spoken of on social media for some time.Social media, on the whole, have been used by search engines as ranking factors, therefore, if your website content goes viral, chances are you will rank positively on search engines. In the end, your positive ranking will reflect positively on your website. 6. Receive quality backlinksLike social media, quality backlinks are also key ranking signals. And they can benefit you by:Establishing you as an authority online;Strengthening your reputation;Expanding your brand’s awareness; and,Enabling excessive traffic to your website7. Stand out from the crowdIn essence, apart from what social media and quality backlinks offer, virtual house tours can give you a competitive edge in helping your brand stand out.The “wow” factor in real estate is well defined by virtual house tours, and that is exactly what you get, when you incorporate them into your marketing plan.In addition, customers will trust you more than your competition, and may even congratulate you for your ingenuity. Once you earn and solidify that trust, you can take comfort in customer loyalty and high customer retention rates. 8. Increased convenienceIn a physical home showing, it's always important to ensure the house is in a pristine condition. Even unforgiving, is the hassle of engaging cleaning professionals or asking the homeowners to make the necessary preparation for viewing.With virtual home tours, it's a different story. The house is presented in the best condition possible, less the efforts of cleaning agents and homeowners to declutter.The technology even highlights key features of the property that help in closing a sale fast. 9. A realistic experienceClick on the image and select 360° Virtual Tours for a realistic tour Virtual tours, in a sense, are permanent open houses. If you have subscribers overseas, regardless of the different time zones, potential clients can access these virtual tours anytime, anywhere, 24/7. This technological innovation has the propensity to create and instill an immediate sense of ownership; and those that are susceptible to this experience are the ones that can easily imagine themselves owning and living in that property. Bottom lineThe task of sending photos, videos and floor plans have been made simpler by this particular advancement in technology.The essence of virtual tours is that, you can easily customize background music and narration with a single listing; thus, building on customer experience.Once on Hausples’ website, you can later do adjustments or add extras based on preferences.Create a stellar virtual tour for your listing with Hausples 360° Virtual Tour Service If you're ready to reach more clients and take your real estate investment to new heights, email [email protected] or call +67575393248 now.

Brimming with potential for a robust shopping and office compound, a paradigm of flexible workspaces at Koki Bay Commercial Center are waiting for you to inject your own style.What’s more, nothing spells “ideal” better than the strengths of this property when viewed under these perspectives: PersonalitySuitable for spin-off professional services, as well as newbie retailers.Promotes adaptability and collaboration among employeesAccommodates a variety of tasks to be done quickly, compared to breakout workspacesBest square-foot-per-occupant efficiencyA dynamic, versatile work environmentScalableCaters to overflow areas to accommodate additional or temporary staffs LocationAs important as they come, the location of your business must be easily accessible by your customers, clients and your team.Owing to that fact is Koki Bay’s address, simply because it’s a minute’s walk from Koki’s main bus stop, the old Koki market, and the recently erected Koki Fish Market. Foot trafficThe beauty of Koki Bay’s location is its affinity with foot traffic - and lots of it. “Proximity to the major Koki bus station, as well as the Koki market and Koki fish market being on either side of the property, means that the foot traffic is incredibly high,” said Kitogara Limited’s project manager, Daniel Hii. Now, imagine from being able to strategize your marketing plans, to hosting events around peak foot traffic times in one location with ease? Because you’ve got what it takes to command raw foot traffic?Your only challenge is setting up and making yourself known. ParkingParking will always be an important consideration for clients, customers and staff alike. And not just any kind of parking, but sufficient and secured onsite parking, and Koki Bay Commercial Center ticks this off with both eyes shut.Notwithstanding, the parking spaces allow tenants to make the most of the beachfront views and the restless Koki skyline. WellnessSeems funny that we had to mention wellness here, but it is inspired by the lengthy sidewalk that links Koki and Ela Beach.You see, a typical day for most employees looks something like this: Sleep >> wake up >> breakfast >> work >> lunch (fast food) >> work >> dinner >> SleepOf course, “keeping fit” or the likes of it are foreign to this routine. But you can change this with end-of-trip facilities, so that your employees have the opportunity to exercise by walking, cycling or jogging to work and from work; amidst their busy schedule and vulnerability to unhealthy diets. When you put two and two together, you have Koki Bay Commercial Center to thank for.  SecurityUnsurprisingly, there is no other property type that requires a comprehensive security system than a commercial property, because of the security concerns and challenges it presents. This gives way to a security program that’s unique and customized to the property’s security needs, and you can expect the same with Koki Bay Commercial Center, 24 hours a day, seven days a week. DesignThe aesthetics of a flexible workspace is crucial when determining its design, because design alone impacts on a business’ image and reputation in the market.Following design are functionality and appeal. Why else would we want to account for this aspect, if it weren’t true for Koki Bay’s flexible workspaces?On top of that, these flexible open floor plans are presented as blank canvases, so you can see them in your own design - you decide how you want to be perceived by your customers and clients.With adequate natural light and refreshing views of the beachfront, each 300m2open office plan is split over two levels, and are equally worth K15,000 (+GST) per month (negotiable). Room to growWhile it can be difficult to know exactly how much room your business may need over time, looking for an office that has room to grow with your business is critical. With Koki bay’s open floor plans, flexibility is key. So if you’re looking for a space where you could potentially expand, or go for a shorter lease or one that will allow you to exit should you need to, Koki Bay Commercial Center is an opportunity you cannot ignore. Mr. Hii added that each office space within the compound is ideal for up and coming firms, who require a work space for team expansion and flexibility, such as architects, surveyors, and retail suppliers.Basically, these flexible workspaces are defined as open floor plans with ceramic tiles throughout, sufficiently catering to separate male and female restrooms, plus a kitchenette - the kind of things one would expect in a modern turnkey office space.Moreover, Koki Bay Development is a dual building compound (Building A and Building B), and currently Building A accommodates a supermarket, a medical clinic, and a fried chicken outlet which is distinctively found on either side of the compound.“For the available units, the development is great for a modern open office space or retail opportunity,” said Daniel Hii.Tenants can rest in the comfort of knowing that Kitogara Limited is an experienced commercial and residential developer, whose directors have international experience in developing commercial complexes in Australia, Malaysia and Singapore. In PNG alone, Kitogara’s success is evident in projects such as Waigani Village and Rainbow Heights.For further inquiries or to know more about Kitogara’s progress, visit hausples.com.pg, email [email protected], or simply call Kitogara’s Sales Team on 7254 4999.

Photo Credits: vectorstock.com Real estate investment is referred to as one of the finest ways to increase wealth. Since the ages, people have been believing this, and a wonderful fact is that it is actually true – both in the present time and in the past. Even better, the roles of real estate professionals in helping you become a homeowner, among others.From inquiries, to inspection, to closing of escrow, a real estate agent is your trusted guide throughout the buying process.  Here are a few reasons why you should engage a real estate agent, when you decide to become a homeowner.1. Offer Mortgage Advice And TipsWith experience comes job knowledge that pours over customer service etiquette, and relationship building out of many.Of course, when you decide to buy a house, there are certain obstacles you need to overcome, beginning with a mortgage. But it's not just any kind of mortgage that you can ask for. There are different types of mortgages with different purposes, so you will have to find the one that's suitable to your situation.This is where your real estate agent's expertise plays an important role. To make the most of it, your real estate agent has the best contacts to recommend, and offer tips on how to work effectively with a recommended lender. 2. Narrow Down Your Search CriteriaAs a tradition, every buyer has a list of things they need and want in a house. Just like sculpting an image out of a solid matter, this list narrows down from unwanted factors to the house of your dreams.Most often then not, just by reading your list, your real estate agent will know exactly the property that mirrors or closely matches your criteria, inclusive of the location and price range.Moreover, if you understand how a listing agent’s website works, that’s what a real estate agent can do for you in-person. 3. Craft A Solid Offer On Your BehalfThere are certain rules to professional writing to adhere to, if you want your reader to quickly grasp what you're trying to convey.Rules like understanding your audience, spelling and grammar, write like you speak, structure, and context, all are paramount to the basic rules of professional writing.These rules or principles apply across industries, and real estate is no exception.As far as real estate deals and offers can admit, a real estate agent has the intelligence to draft up a solid deal or offer on your behalf, when you’re on the verge of making an offer to the seller.Real estate agents understand your audience, and so will know the kind of lingo to use, in order to get positive feedback. In the end, your rights as a buyer are protected and the seller goes away impressed.Seems like superhuman, does it? Rarely. Just enthusiasm, experience and repetition - a typical day in a real estate agent’s line of duty. 4. Negotiating PricesBeing in the field for some time, professional agents understand the importance of putting their clients’ interests first. Not to mention the value in helping their clients in a home buying process.There’s more to buying a house than just getting a mortgage and closing a sale; that’s why it’s called a process - a home buying process. And in that process, you go through stages or steps to get to the endgame. Among these steps, you will encounter the need to negotiate the price of the property.Imagine overpaying for a house, because you didn’t know what to consider and how to negotiate those considerations before partaking in a closed sale?Many buyers fall short of this understanding and end up disappointed once the buying process has concluded. They fail to understand that there are certain aspects of the property that can reveal its true value, and these are the things that provide a ground for negotiations, before the purchase goes through.Moreover, like professional writing, you must know what to say and when to say it, if you want the best deal possible, and only an agent can expertly accomplish this on your behalf. 5. Accompany You To A Home InspectionBecoming a homeowner is one thing. Knowing what it takes to become one is something else; none more so crucial than understanding the importance of home inspections or viewings, and why they are a necessary evil in a buying process.You see, with home inspections, it's not just about being present to admire the property and take it on face value "as-is". There's an inkling of eyes-and-mind to realize subliminal mediocrity, that go hand-in-hand with property inspections.For instance, while exploring different areas of the house you come across an issue, which, to your untrained and inexperienced mind, it's nothing you can't fix. So, without even pointing it out to the seller, you move on. But what you didn't know was that that particular issue has the potential to determine whether or not the home buying process should proceed further. This is why an agent will accompany you to a home inspection, as they have the eyes-and-mind to pinpoint the indifference - and are vested with the right to ask sellers to either do repairs, meet the costs or forget about selling at all. 6. Recommend professionalsProperty issues aren’t one hit wonders. Some are occasional, while some are regular. Yet, all are progressive and exotic, every time, from the one before. And each issue begins with an unconventional counseling. These issues appeal to specific professionals who make up the real estate equation such as home inspectors, lenders, contractors, and home maintenance experts. In your case, when the need arises, your agent is well positioned to recommend any of these professionals, in particular those that are highly reputable.Simply put, whatever your property issue may be, your real estate agent is there to advise and recommend. 7. Flexible communication with the seller’s agentAs a medium for communicating all pertinent information between concerned parties, your real estate agent will keep you and the seller on the same page throughout the process. This is where everything counts, such as:Relationship buildingEffective communicationUsing industry lingoProfessional etiquetteTransparencyProtection of your interestsAnd a host of bits and pieces that make up a valuable home buying experience. A professional agent in your team will tick off these points without hesitancy. 8. Monitor your mortgage commitmentWhen it comes to going the extra mile for clients or customers, no one does it better in real estate than real estate agents.Putting your interests first, and doing everything they can under the sun just to give you a good experience of their services, real estate agents have what it takes to make it happen for you.One way they do this is by keeping tabs on your loan status, and offering advice on what to do and what not to do before your loan is approved. It’s their way of saying “thank you for choosing us as your top of the mind agent in real estate”.Sounds like fun? You haven’t seen nothing yet! 9. Work around escrow and your closing costsThe home buying process doesn’t stop once an offer or agreement is reached. Escrow and closing costs will follow, and where they surface, your agent is on hand to help you navigate through them in a streamlined manner, before successfully closing.But between there and then, you have title transfer, home insurance, exchange of money and related documents, attorney’s fees, pest inspection and the like to deal with. They all fall in immediately after an offer has been agreed to, and just before a transaction is marked “closed”.As you can see, there’s lots to do in that short time frame that you’re vulnerable to make mistakes. But not unless you have an agent by your side will your home ownership journey be one to remember for quite some time. Bottom lineYour dream of homeownership will only become painstaking and tedious, if you don’t understand the process and what it takes to sail through with ease and bright sparkling teeth. Worse still if you skirt the assistance of a real estate agent.All things considered, whatever the issue is in real estate, your agent is your knight in shining armor.

You can't deviate from the fact that when you're window-shopping online for a house or an office space, you come across several that standout, with the ability to hold your attention to ransom.But just by having an outstanding property doesn't necessarily guarantee quality leads, a sale and an eventual close. Upon satisfying their inquiries (neighborhood, street addresses, proximity to amenities, price, etc), home buyers or would-be office tenants will compare listing results with their online searches. Without proper listing components, chances are the number of potential buyers or tenants wanting to view your property in-person would be slim. But do not sweat, here we share with you our 7 core components of a good property listing online: 1. Tell a story with your listing photosFirst things first, if you want to capture your would-be buyer's or tenant's attention, good quality photos are your magic bullets. Here, quality and presentation speak for themselves, and when done mindfully, a story develops; hence, you’ve created a piece about your listing - because in themselves, photos are non-narrated stories waiting to be interpreted.In addition, photos of your listing must comprise only the best and the most marketable strand of your property. Consequently, it is essential that you capture shots that count. That said, there are no limitations of the number of photos that you can upload onto the Hausples portal, and the more photos that you can provide will give your audience a better story. The order you would enterPhotograph your property in the order you would enter, beginning with the exterior, the entryway, the kitchen, dining room, living room, master bedroom and finally the other spaces. Some helpful advice when preparing for the photoshoot:Declutter: Remove clutter like paper work, clothes or any items unnecessary for the photo has to be absent from the photoshoot. For instance, in PNG, dirty dishes, scattered clothes, unmade beds, butt spear, and ashtray, etc., are commonly forgotten and mistakenly snapped. The logic behind this step is to try and make the property look like a display home.Show off nice fixtures: If a bathroom or kitchen has great fittings, make sure these are captured in your image.Open all doors: Always open doors in a home to create a larger feel and display the flow of the property. Opening doors that open onto an outside living area will give the feeling of space. Opening doors creates depth.Decide: Lights On or Off?: whatever decision you make, be consistent throughout the entire photoshoot. Avoid the middle of the day: this is the time when shadows are the darkest and overhead. With external photos, you want to avoid having too much shadow. Rain trees are a common sight around several suburbs in Port Moresby, so if your property for sale is in an area surrounded by raintrees or similar, make sure you take note of this. 2. Embed a video into your listingApart from virtual tours, real estate videos have proven to be one of the most important marketing tools in the hands of real estate agents.Where necessity is a mother of invention, real estate videos have transformed the way agents do their marketing, and have always been for the better.A great property video - be it from a virtual tour via a phone, or an aerial footage of a drone - is an invaluable resource for a home seller, because it projects a chasm of intricate details, compared to photos and textual descriptions.Property videos are considered impactful and of good quality when would-be buyers or tenants hoping to get a little bit more detail, end up getting more than what they bargained for - and are excited about the experience.For instance, say an aerial drone footage was embedded to your listing. This can make for great marketing strategies, because you’re not only covering the street and the property itself, but the neighborhood as a whole. Be it buying or selling a property, quality videos are signatories to a high-stakes process. However, the overriding advantage is that either process can be simplified further.In addition, Hausples also supports video embeddings, besides multiple photos. 3. Add a 360° virtual tourAlso known as 3D tours or 3D walkthroughs, virtual tours are designed to allow potential home buyers or office tenants to take a digital tour of a property, both inside and out.This technology gives would-be buyers or tenants the ability to explore different areas of the property, as if they were there in-person, and from which angle. Virtual tours command the same respect as Street Views on Google Maps, only that they are indoors.In a different light, listing videos fall short of being interactive. Thus far, they are more of a child's play and from time to time are usually accompanied by music and narration.Unlike 3D tours, the viewer has no control over which space to explore and from where they can begin exploring, i.e., the viewer has no control over the movement of the video. Virtual tours also come with an interactive floor plan. Meaning, virtual visitors are given a distinct view of the property’s interior, at the same time are able to easily navigate their way around, as if being there on-site. Hausples has now gone live with its 360° virtual tour, and the following three examples represent this service inclusion:Click on any of the images and then select 360° virtual tour Worthy of note, as a matter of choice, virtual tours shouldn't be viewed as more upscale and advantageous over professional photography - real estate photography has its merits and will continue to remain as a crucial part of every property listing.Notwithstanding, virtual tours should be considered as complements of a property's marketing arsenal, that helps to fuel interests for property and make it stand out from the rest. 4. Give your listing an enticing title or headlineThe thing to remember here is without a proper introduction, you won’t be taken seriously. But with a compelling listing title, you can bet your bottom kina all hell’s gonna break loose.As a rule, alongside your photos, videos or 3D virtual tours is where your complimentary and attention-grabbing headline should be - 50 characters or less. No need to squeeze in a bulk of text or even get whimsy.For starters, review and research newspaper articles, magazines or online listings for the different types of headlines, in order to get a good handle on crafting a suitable headline for your own listing. The trick is the headline that instantly captures your attention, is the one you should adapt to your situation.Here, you will focus mainly on your "what" and "where", and forget about "why", "who", and "when". 5. Provide detailed information on your property listingOnce you've accounted for steps 1 to 4, now it's time to ensure that your listing(s) are well documented and without error or discrepancies.If you want to get your property in front of your would-be buyers or tenants, plus you want them to take your offering seriously, make it your business to check several times that all required information about your property is given.There are certain listing information that synchronizes with search filters, such as price, street address, type of listing, age and more. And if they are either missing or incorrect, chances are prospective buyers who are after a property like yours will not come across it.As an example, if you put the property price as “K1”, then anyone searching within your property’s real value (or range) won’t see your listing.Again, if your listing has limited information, an indelicate description and just a handful of poor quality photos, your potential buyers will continue to pass your property for ones that are more remarkable in all aspects. 6. Listing descriptionEvery listing description begins with an opening statement, and precedes one or two paragraphs that dresses the property for sale with at least two features and two benefits.The rest of the copy must be crisp, which will be the focal point of each feature and benefit introduced. For instance, a barbecue area is a feature. Relaxing by the barbecue with friends and family for a jolly good time is a benefit.It's important that when writing your listing descriptions, you must choose your adjectives carefully. Real estate selling involves a variety of descriptions to create value in the minds of prospects, so that a transaction can eventuate. Choosing the right adjectives can ensure a successful closing. 7. Featured ListingHausples has over 3,000 available properties at any given time, and are ordered based on the age of the listing. That is, the newest listings appear first and the oldest last. As new properties are listed, existing ones are pushed down the chain and impatient buyers may only look through the first few pages. This means that, regardless of how good your listing may be, it might not be seen if it’s on the third or fourth page.This is where a featured upgrade can solve this problem, and make your listing stand out from the rest. In essence, once your property becomes a featured listing, it will always appear above a standard free listing in the search results, and will be one of the first to be  seen. All the more, it will be viewed more frequently, receive increased enquiries, and ultimately it will sell fast. A small investment can bring excellent returns! Bottom lineIn this day and age, a good number of real estate window shoppers head online to inspect properties, before arranging an on-site viewing. With the conveniences of technology, more people are visiting the online world and having a good property listing will attract better interest in your properties. This is why it's more important now than ever to stand out online, with your property for sale or lease.To know more about Hausples’ 360° Virtual Tours or Featured Listings, or to know more about any of the tips provided, you can email: [email protected] or call: +6757539 3248.

We’ve all heard about the cliché “you don’t get a second chance to make a good first impression.” In fact, putting together a great impression is crucial to exerting an influence of some kind.The Greeks of old devoted their time to critical thinking and writing about the impact of a personality on someone else. As a result, they divided this particular aspect of communication into three definable parts, which they named ethos, pathos and logos. All three had a significant bearing on the importance of first impressions, and the way they affected someone else’s perception of another. These parts have since evolved over time into various understandings and ideologies, notwithstanding the different industry policies and regulations; cultures, if you like. It takes only 7 seconds to make a first impressionBetween two people, a first impression usually centers around the kind of person each one is, and how one perceives the other to be. Not only can this make or break each of their credibility, but also affects each other’s capability to influence the other.As a rule with first impressions, everything counts - everything including the watch on your hand, your clothes, and not to mention the smile you wear. The fact is, when you meet a person for the first time, it takes only 7 seconds to make a first impression, and the same applies to the world of business.  In the eyes of the beholderImagine driving up to your own house for viewing. As you turn the corner into the street where your house is located, what do you expect to see? A neatly trimmed lawn with sod-ridden flower beds and a manicured driveway? Or one that characterizes a scruffy, careless and irresponsible homeowner?These are the kind of thoughts that will flood the minds of potential buyers while on their way to view your house. Remember, it’s not about you anymore. It’s about your buyer, it’s about “the eyes of the beholder”, and first impressions; if your goal is to sell your house quickly for a good return, you need to consider several fixes around the house that can help you reach the end of the tunnel. Tips to preparing your home for a quick sale and top kina it's not just any kind of upgrade to sell your home. But being strategic about these upgrades can potentially earn you big rewards.  Let’s chart the course of selling your house fast in 13 frugal ways in a slow market, even though you may be skeptical:1. Improve your landscapeBasic landscaping doesn’t naturally add substance to the appeal of your property without some imagination and creativity. A cliche yard with pork shots of flowers here and there is a thing of the past.People want yards that are attractive, beautiful and easy to tend to; yards that signify a resolute, comfortable living, and that's the kind of impression you want to offer when your property is being viewed online and in-person.Adding an outdoor fountain or even bombarding the senses of your buyers with colorful flowers to the footpaths of the property will only add more value. Guaranteed, your buyers will have a good time imagining themselves utilizing this wonder during a barbeque, down time and what have you. 2. Revamp the drivewayAs a starting point, begin by revamping your driveway to restore your home’s curb appeal. Think about it, your driveway is among the first things about your property's curb appeal that passersby normally notice. If your driveway is pitted, cracked or bare, it's time for some restoration.Everything counts, even leaving your tired looking driveway to chance can warrant a longer lifespan for your house on the market. Worse, when you're trying to make a quick sale. 3. Spruce up your entrywayYou want your potential buyer to establish a good first impression, the second they walk in the front door. This means:No footwear piling up at the front doorNo furniture to the immediate right or close to the front doorMaking sure your front door has a fresh coat of paint and no broken or loosely hanging door knobsEnsuring the front door functions properly and is easy to openRemember, it takes only seven seconds to make a good first impression; seven seconds to make or break your chances of a fast sale in a slow market. 4. DeclutterIf your kitchen counters are messy, clear it up. If your private space is bursting at the seams again, clear it. Organize everything that won't be sold with your home into boxes.Your buyers need to be impressed with the amount of space available, and allowed to visualize themselves in your home.A home that mirrors organization, order and clutter-free, usually creates an image of an easily maintained property that begs comfortable living. 5. Edit your storage spacesEvery element that contributes to the definition of a home deserves an ounce of consideration, before the home goes up for sale. The same applies to your situation, too.For instance, buyers will be curious about what your kitchen and bathroom cabinets look like inside, including your closets.This is why these areas deserve your time, in organizing them. Leaving them cramped and stuffy will tell buyers that your home doesn't have enough space. A buyer who has excess baggage and an intent to buy immediately will be put off by a home with cramped spaces. 6. Clarify any other spaces or rooms that might confuse buyersIf there's an extra space in your living room, add a chair or two with a mini table to it. What you should aim to achieve is to show the buyer how the space can be used. In some houses, especially those big 4 to 5 bedroom-like houses, there are several odd things that can be easily corrected. You don’t want your buyers guessing several “what is this space for?” preceding a “We’ll let you know”, or “We’ll think about it” at the end of the viewing.Worse still, if your buyer could be led to believe that a particular corridor in your house is surely a secret passageway to a dungeon of monsters and everything unholy. 7. Upgrade lighting and fixturesUnless your budget can cater to a variety of upscale modern day lighting and fixtures, your home can radiate the same eminence under a typical fluorescent lighting, as would a mezzanine under accent lighting with LED strings, just to add character.To be frank, there's really no need to buy fixtures for the rest of the house, simply because you want to do an update of the lighting. Sometimes, it's just a matter of moving a fixture from a room in which it no long serves, to a different part of the house. That's all you need to do. Some buyers would like to install their own fixtures as well, so keeping things working but as they are will give the buyer the vision to make their own installations down the line. With that, don't forget the natural light outside. Removing unnecessary treatments, cleaning your windows and washing the curtains or replacing them with light colored ones will give the space a bright look - filled with life and energy. 8. Use neutral color paintsThe green living room that you're so accustomed to may not be in the best interests of your would-be buyer. Remember, you want to sell your house, so it's not about you anymore than it is for your buyer.White is often the “go-to” color for ceilings, and although that does feel clean and bright, it can be a little harsh. Consider a softer, paler, almost white version of the wall color. Not only will this make the room feel more substantial, but it will also appear warmer.First impressions last, and if a quick sale is your main goal during this COVID-19 situation, leave no stones unturned. 9. Rehabilitate your floorsFloors that are on an "as is where is" basis, should be cleaned thoroughly. Hardwood floors deserve the same attention, as well as alternatives like sanding and retaining, depending on your budget and the state of the floor.If you have carpet, shampoo the hell out of it to remove unpleasant stains or smells. Do whatever you can to get it cleaned. If not, replace it with a new one.Meanwhile, if you are thinking of replacing any flooring with hardwood, go for engineered hardwood which won’t break the bank but is still of a high enough quality to appeal to buyers. Even a new vinyl floor in the kitchen or bathroom has a likely impact, so long as it blends in with the rest of the space and the whole floor area.Just like first impressions, even though we can’t control our biological makeup, we can control how we dress and present ourselves to the world. Likewise, you can’t control what the buyer is thinking, but you can control how your home appears in the eyes of the buyer. 10. DepersonalizeWhen putting your home up for sale, it's natural to want everything in order for your potential buyers to see.But cleaning, tidying and decorating your home in preparation for sale is half the challenge. What gives this process value and meaning is to allow your would-be buyers to imagine themselves making long-lasting memories in your home.And the key to that is depersonalizing. When you depersonalize, you're making room for your potential buyers to imagine how they could personalize the house, for themselves and their family. So Instead of having all the regular items covering the kitchen bench, free it up a little so the potential buyer can picture where they would place their microwave or fruit bowl. If you can get them on that plateau, chances are you've sold your house and for a handsome return, too. 11.  Do regular clean ups before SOLDTwice, thrice or daily cleaning may mean something different to everyone, but it's essential to keep your home on a regular cleaning schedule.Your home has to be in top "viewing condition" at all times, especially when it's up for sale.Imagine receiving a call from your real estate agent about a viewing while you're out and about. You realize your bed sheets and pillow are still on the couch from last night’s movie session, or the dirty laundry is lying on the bathroom floor. Worse still, the unwashed coffee cup, ashtray and spear butts are still on the coffee table. Even betel nut stains on the side walkway.Is that the kind of house your would-be buyer would want to see? What do you think? 12. Take photosGreat photos with listing potential can effectively convince your would-be buyers into buying, if done correctly.Taking great photos of your property comes with great care and skill, of which certain crucial aspects traipse into view:The right time of dayShooting horizontally on a wide angle lens - slightly higher than usualChoosing the best distanceChoosing a steady, unobstructed angle to get your home’s depthStoop down for an f-stop in order to bring everything into focus 13. Stage your house virtually with HausplesVirtual staging is the online version of viewing your property in-person, and this can be made possible through the Hausples platform. We can enable you, the seller, to present both the interior and exterior of your property in a 3D perspective, offering a highly suitable option to advertise your property during this social distancing climate. Additionally, this would be a great inclusion to have for remote buyers to view beforehand.Put differently, virtual staging is an electronic editing program that can adapt a property's image or photo into different settings, in line with a buyer's imagination.  Confused where to start and how to avail this privilege?  Hausples can help you.  All we would need is to conduct a walkthrough to determine the most important spots of your home, conduct the virtual tour and that’s it. The video is attached with your listing and posted on Hausples’ website, so instead of presenting still photos with a limited view to your would-be buyers; you now have a 360° spherical view of your property instead.Final thoughtsWith the ongoing S.O.E to help prevent the potential spread of COVID-19, you may be hesitant to move forward with these tips. Don’t be, because there are more ways to skin a cat.Physical property viewing may be on pause, but not virtual tours. If you can’t make an impression in-person, you can do it online and the Hausples team can make that happen for you. Moreover, the issue is whether you can be cost-effective with a convincing bang. Anything less prepossessing isn’t fully engaged with the mundane realities of effective real estate marketing.

Supposedly you're in the process of buying a house, and your offer was accepted, among several important steps to follow, what do you think one of them would be? Yes...home valuation.As part of the process, the mortgage lender that you engaged will order a property valuation of the property you wish to buy. What is a property valuation?Property valuation is the workmanship of a licensed or certified valuer and contains a thorough, unbiased verification of the fair market value of the property concerned. This value, by standard, reflects the purchase price.Generally speaking, a valuation is an objective report on the true worth of a home or property within the fair market. It is prepared by a licensed and professional valuer.As a rule, valuations must ensure the property buyer, seller and mortgage lender receive a comprehensive and accurate value of the real estate in question.In a traditional home buying process, or property transaction, the buyer is required to choose both a real estate agent and a suitable lender. Contrarily, the home buyer cannot choose a valuer. This responsibility will fall on the lender's shoulders, and usually orchestrates independence between the seller and the buyer.It's a must that a lender is in constant communication with a valuer. As it is highly critical at this stage for the lender to have vital information on-hand; in order to determine the exact value of the property, before a loan decision can be made.However, in order to avoid excessive influence on the valuer, there are several safeguards in place for lenders to abide by. For instance, the person in a lending institution that's responsible for recommending the valuer, will not be the one giving out the loan once all else has been satisfied, and given thumbs up. Why is a property valuation important to a home buying process?The valuation process, per se, unequivocally serves the home buying process by culminating into the precise property value. In most cases, this usually mirrors the fair market value.In this situation, property valuation is essential to the lender. It guarantees that there's no need to allow the buyer to borrow more, than what the property is actually worth on the market.Comparatively, while the valuation prevents the homebuyer from venturing into a certain doom, it also protects the buyer from overpayment.But as important as the valuation itself, most buyers and sellers still misunderstand the true purpose of valuation, how it is pursued and the kind of standards that corroborate its effectiveness. Who orders and pays for the valuation?In any given case in a home buying process, the buyer meets the cost of the valuation, even though the lender orders for it to be done.In other words, the lender orders the valuation, and with it a licensed valuer goes along for an analysis report. Whereas the homebuyer meets the overall costs - outside of escrow.Valuers are bound by what can be termed as a “valuer-client relationship”, which exists between the valuer and the lender. What is the difference between a valuation and an inspection?While a valuer looks at providing an objective and impartial analysis that enables the lender, in particular, to understand the real value of the property, the home inspector - under oath to the homebuyer - performs a visual examination of the property's physical structure; this examination ensures structural integrity of the property.For instance, a valuer evaluates the home in order to establish a valid opinion of the home's market value. While a home inspector will evaluate the home to determine whether or not it is liveable, based on its compliance to industry regulations and policies. Factors that impact the valuation process?The valuation process is all about intelligent estimations based on several factors. The following will elaborate on this matter:Comparable properties that have sold recently, especially those that are similar in size and location to the home you are buying. Their sale prices are usually the most important factor.General condition and age of the homeLocation of the home, including views or other remarkable featuresSize and features of the home and property, including the number of bedrooms and bathsMajor structural improvements such as additions and remodeled roomsFeatures and amenities such as swimming pools and wood flooring How can you improve your home valuation process?Lender - where there are questions or concerns about the valuation report, there are concrete steps to take by the lender, such as: Proffering additional comps for valuers to review; Request valuers to correct any error in the appraisal reports; and, Seek further clarification on the conclusion of a valuation, if need be.Buyer - as a rule of thumb, a homebuyer can ensure the valuation process works in their favor; where the valuation report must carefully outline his/her property rights, in terms of fair market value. If portions of the report are flawed, the homebuyer has every right to voice his/her concern.Seller - Valuers will want to check for important upgrades to the property, especially improvements to the important features. As a seller, it would be an excellent idea to give the valuers a list of all the recent upgrades to the property. This will ensure that nothing that can impact the value of the property in any way isn't left out of the valuation report. How much does a home valuation cost?A valuation fee will normally encapsulate the cost of engaging a licensed valuer to assess a home, and come up with an objective value.It's also worth remembering that the cost of a valuation process will be in tandem with the real value of the property. For this purpose, the more upscale and sizable the property, the more the valuation cost will be.  The bottom lineAn objective and accurate property valuation goes as far as officiating a smooth and successful real estate transaction.It really doesn't matter if you're the seller, buyer or lender in this case. What matters most is to remain informed throughout the valuation process, as to what significant aspects of the property were considered during the process.Of course, we can't deny that there are misunderstandings of the valuation process floating around, still, especially on how they are ordered and why they're important to the buying process. But with a perfect grasp of their purpose and how they serve the buying process with distinctinction, these misconceptions will evaporate.   Disclaimer:This article is meant for informational purposes only and is not intended to be construed as financial, or investment advice. Hausples encourages you to reach out for professional help regarding your own real estate situation.

How do you define the “new normal”? Better yet, how do you say “new normal” in real estate jargon?Generally, the term itself is used in a variety of circumstances to imply that what was previously foreign to common knowledge has now become mainstream dialect. While social distancing proclaims veni vidi vici in and around all corners of the globe, here at Hausples, we paraphrase the new normal as “360° Virtual Tours.” Unless you’re an NGO, the main goal of every business is revenue. Once you’ve established that as your driving force, you find yourself on a path crisped with strategies at every turn -  the most significant of which are quality customer experience and outstanding marketing. Fast forward to the modern real estate era, only a 360° virtual tour can address both strategies efficiently and eloquently. A Realistic Representation Of Your ListingYou see, in the world of 360° virtual tours, panorama is king. And what better way to magnify this position than through the lenses of a virtual technology apparatus?...Yes, a virtual listing for this matter.Since almost every real estate enthusiast begins their property search online, virtual technology can easily lead them to your listing. It gives them reasons enough to stop and absorb every detail of the property, on their laptop, smartphone and other digital devices.Apart from boosting your customer service and marketing blueprints, a 3D virtual tour can sell your property 24/7 anywhere, anytime while you sleep, and introduce your listing in the best light possible.A 360° virtual tour goes as far as bringing your property into your customer's home, in a manner they feel as if they are viewing your property in-person - hence, a realistic representation of your property listing. Stand Out Among The CompetitionIn a time such as this, not only has the pandemic came, saw and conquered every aspect of human life with its social distancing culture, but also created a dire need for businesses to rise up from the ashes with new mindsets, new schemes, and the need to regain recognition.As a rule, the efforts are noticeable across social media, email advertising and real estate portals. With countries beginning to chart their parts out of lockdown, you can expect a chalk-and-cheese way of doing business.Hausples is introducing the 360° virtual tours into the market. What that means for you is that we have expanded our listing options, to help you stand out from the rest when you want your property to have a short life span on the market.Additionally, if being distinguished is the name of your game in real estate, then a 360° virtual tour is your ally, because it will reanimate your game plan. Bottom LineInnovation is an essential part of real estate technology, especially in times of pandemics. In this day and age, where social distancing has made its mark, it's more important now than ever for many businesses to invest in some form of resuscitation equipment, none more so than what is deeply felt in the property market. Regaining recognition and standing out from the competition will be the driving force, moving forward. And the only reliable and dependable option right now is a 360° virtual tour, which Hausples has considered for its clients.

For a while, homeownership has been the hallmark of everyone's dream, or at least a form of plausible investment, if you'd like. Even so, the current variations in the housing and lending sectors, due to the pandemic, has inspired new vantage points toward the rent vs. buy debate.Imagine having lived a better part of your life growing up in a particular suburb of Port Moresby. You've reached the stage where you’re considering living apart from your family. You crunch the numbers and decide you're better off on your own.The magic here, however, is the length of stay you plan on making. If it's short-term, then renting is the next best thing. But if it’s long-term, yes, you know the answer - get a mortgage, buy your dream home and be seen as a real estate investor. So what follows is a pint of common sense here, a splice of simple mathematics there, and you're primed for the biggest decision of your life.Windward West Unit 1.2/02 Kermadec, Ela Beach, Port Moresby, NCD, Papua New Guinea What does that mean to you? Rent versus buy is a hugely personal choice. And choosing between renting and buying isn't an easy choice to make. There is so much to voice over before the one that's right for you sticks out like a sore thumb. An informed decision will only come about when you're able to make an intelligent comparison between the two.Comparisons such as how much it will cost you fortnightly or monthly for renting, over how much you’ll be paying to offset your mortgage, piece by piece.It will make a lot of sense to rent rather than buy a house, if the rental payment is quite less than what your mortgage costs are. Let’s consider some pros and cons of both renting and buying to help you arrive at the one that best suits you - financially and mentally:Renting A HomeVBuying A HomeProsConsEProsConsMore flexibility to pick up and moveYou’re not investing in yourselfRFinancial security for the futureThe responsibility and obligation of a mortgageLess financial riskRestrictions on decor and design optionsSTax benefits, i.e., mortgage interest deductionsIf you choose to sell in a down market, you could make a lossMinimal responsibility for maintenance costsMany renters are not allowed to have pets, or pay a premium if they doUEstablishing roots in the communityAdditional costs associated with buying a home, i.e., moving and closing fees A landlord could raise your rent or sell at anytimeSPotential to earn rental income if you buy a multi-family homeResponsible for all repairs and maintenance   Your home, your rules when it comes to pets and decor  Whether it’s rent that you want, or buying a house, deciding between the two usually involves a complex process. Fortunately, there are options to help you realize the break-even point, as well as consolidate the kind of questions that will further help you make informed decisions, such as:How long do you plan on staying in an area?How much flexibility do you enjoy?Are you prepared for the responsibility of homeownership?1 Avaka Street, Gordons, Port Moresby, NCD, Papua New Guinea As mentioned earlier, if you're planning on staying short-term, then settle for rent. In the fullness of time, if you find yourself packing up and ready to move, it would be better not to waste your time thinking about home ownership, alongside:A down paymentClosing costsLoan chargesAppraisal fees Presumably, the corresponding costs of house hunting and getting a mortgage can translate to tens of thousands of kina (even more). As a renter, you may want to pay an application fee, banker's fee, a refundable security deposit for several months’ rent, etc; - if that's what your situation befalls.On the other hand, if your plan is to remain in the area, say for another 50 years, you will find that renting gradually increases within that time frame, thus, becoming more expensive than buying a house. How is that so?Consider BSP's fixed-rate loan for example. No more, no less, the repayment is consistent throughout the 40 year term. With rental payment, however, each year sees a fractional increase.  In the end, if you were renting during that period, you will have spent more than the cost of homeownership.1/Era Dorina Estate Stage 2 | 3 Bedroom Apartment, Town, Port Moresby, NCD, Papua New Guinea But, in the long run, like yin and yang, there are significant advantages with home ownership. You will own the property, and you can sell it after a while, rent it out or transfer ownership to your next of kin. You're the king, the emperor, the commander of the property. You dictate the terms and conditions; no one else.The other advantage is the mortgage interest deduction - a tax benefit that allows you to minus your mortgage interest payments from your taxable income. This is a process on its own and requires you to file your tax returns, which are beneficial only to the point where your interest deduction totals to K200 or more, as incurred expenses in earning your salary or wages.Windward West Unit 1.2/02 Kermadec, Ela Beach, Port Moresby, NCD, Papua New Guinea Rental payments, by contrast, fall short on such advantages, unfortunately. In comparison to home ownership, a portion of your individual mortgage payment ends up raising your stake in the property to build your equity. Rental payments, hitherto, favors your landlord's wealth building and increases overtime with rental prices. Hence, down the line the costs of renting tend to be higher than that Of buying a property.Not to mention, property taxes, homeowners insurance or maintenance costs are the sole responsibility of the landlord and not the renters. Irrevocably, these costs can quickly accumulate.Edai Town, Port Moresby, NCD, Papua New Guinea And so we ask, if renting aligns well with a short-term stay, and buying equals the longer term, where does financial logic exist?In a different light, when exactly do costs associated with long-term renting always outweigh upfront costs of buying a home? This line of thinking usually leads to a break-even point. Comparison Apartment | Wards Road, Hohola, Port Moresby, NCD, Papua New Guinea While analyses like the ones above speak well of your decision to be economical, there are other unbearable financial factors you may have to work into the fore.Many renters, for the most part, appear to enjoy the perks of renting - flexibility of being able to change apartments, experience new neighborhoods, wacky adventures and develop financial discipline at the end of their lease.  If you haven't found the neighborhood of your dreams yet, or need to relocate because your job says so, then renting will afford you a piece of mind.Mavaru Street, Boroko, Port Moresby, NCD, Papua New Guinea For a homeowner anticipating a new settlement, you can't help but walk on broken glasses before you get to your objective:Finding a real estate agentGetting the house listed (which means professional photos, filling out a seller’s disclosure and possibly handling home repairs)Navigating offers and negotiationsPaying a number of fees to close the saleThe time it takes to complete these obstacles can take many months, where within that stretch the costs tend to scrape together correspondingly. And sometimes waiting is a luxury you won't have when you have to sell your property fast to move, which only adds to the headaches you could have avoided if you were renting. In some areas of Port Moresby, rental prices can shift quickly in a short space of time. What may have matched your budget sometimes before may now be ridiculous to you.  In retrospect, there are occasions where a renter finds the rent price has gone up a notch upon renewal. Even so, there are renters who complain about unresponsive and ignorant landlords who seem to shy away from repair and maintenance issues.When reformed into social proof, it can become detrimental to the landlord and your decision to rent versus buy. In any case, these incidents will have you asking yourself if you'd prefer doing the home maintenance and repairs by yourself? Or have someone else do it for you? One way of deciding which is right for you, rent or buy? Background shift: homeownership to rentingBoroko, Port Moresby, NCD, Papua New Guinea The conventional wisdom of old was that purchasing a property was far better a choice than renting one. While home prices are on a 45 degree climb in the 21st century, owning a home may just be your safest investment.Whatever your preferences and current situation is, this decision usually strikes up a dilemma, especially if you don't understand the pros and cons of each choice. So although we may not speak for everyone’s situation, we have covered a broad perspective of the things you would have to consider when deciding whether to rent or buy.  ConclusionToday, there's rarely an absolute answer to the rent vs. buy question. In some areas of Port Moresby alone, and for some people, buying a house may make more sense, while for others, renting will be the better choice. Even more important is to run the numbers and see what's economical for you and your family. After all, the decision to rent or buy falls entirely on what you prefer, plan and have as personal finances. If you know for sure how long you will remain in your home and where you chose to reside with some money saved up, your final decision would equate to simply calculating which option will not burden you as far as costs are concerned. On the other hand, if your future is bleak, then you might just have more to consider.

Without exception and compromise, the coronavirus pandemic maintains its shadow of uncertainty over the real estate market in Papua New Guinea, as 2020 progresses. And it seems commercial office tenants returning their backs on extreme conviction as they attempt to walk alongside cautiousness.But like every other crisis, there’s an end to this pandemic. It may not be tomorrow, next week or the following year, but it has an end and it will still reach that end. This then begs the question of what returning to work will be like post COVID-19.So much has been professed about buying and selling abodes amid the coronavirus outbreak, but nothing substantial about commercial office spaces after the pandemic. This in mind, we’ll look at how commercial office spaces are responding to this current crisis, and what may possibly result once the pandemic eases.  Working from homeAt this point in time, many office spaces are empty due to the social distancing protocols put forth to help prevent the spread of COVID-19 across major sectors in PNG. Business houses and Government departments have so far submitted to the pressures of transitioning to working from home, at the same time, making efforts to ascertain what will become of the workplace post-COVID-19. Conversely, empty office spaces may be considered as a coup de grace. Once employees become used to working from home, the ripple effect will encapsulate cost saving measures to be had by employers.On the other hand, this may not be the case. As social creatures, we always look for ways to interact in-person, so while working from home may be observed as a viable option for companies post-pandemic, there will never be a suitable substitute for one-on-one interaction, business-wise. Coworking spacesBesides working from home, PNG may soon witness the birth of coworking spaces, as far as the need for a private and flexible workspace goes. Rising up to this challenge, Pacific Palms Property is currently offering these services at their Harbourside West Complex. A typical scene in a coworking space will entail inner workings such as a co-mingling of individuals with similar or contrasting backgrounds in fathomless focus at private desks. While others will play up charming conversations at large shared tables.  This is the kind of scene you can expect in a coworking space, which serves as the culture. Combined with essentials such as Wi-Fi, meeting rooms, shared kitchens and bathrooms, Pacific Palms Property are a step ahead of their game.Like video conferencing, coworking spaces can qualify as part of the new normal and the future for flexible office spaces.Needless to say, all post COVID-19 workspaces are bound to harness the ability for employees to team up in developing their desire for more flexibility, while allowing themselves the freedom they yearn. The moment you enter a coworking space, you'll immediately experience an atmosphere unlike any regular office setting; an atmosphere of electricity, elasticity and freedom. Most likely, the demand for commercial office spaces may be subdued in the coming quarter. This means pressures from the pandemic will eventually subside; one that will reinforce plans to resuscitate business operations in these flexible workspaces. Co-working spaces aren't just cost effective, but offer flexibility in terms of time periods of rental agreements. These fun, pliable spaces can be rented on a daily, weekly, and even monthly basis, depending on the office needs of the business. Co-working spaces usually offer a suite of office-like conveniences such as private meeting rooms, kitchens, coffee and what have you. More often than not, coworking spaces create communities, and the usual suspects are freelancers, entrepreneurs, startups, SMEs and small teams of professionals availing themselves of the flexibility.By the same token, Pacific Palms Property, at their Harbourside West location, currently hosts SMEs and loan traders for that matter. Return to conventional office spacesWhile working from home has taken shape in every workplace configuration, traditional or conventional office spaces have become a major cause for concern for both the tenant and the landlord, thus far. The forced transition to working from home has been an arduous exercise for many companies and government agencies. The employers in this regard are beginning to see this exercise as a viable move, one that is proving effective in testing business continuity and resilience.But one can't deny the fact that there's a general sense of missing the office environment, the atmosphere, and colleagues, from both a personal and professional stance.Then there's the reality of not having a suitable space to turn into an office: a reality that has unfolded into one of many issues such as shared accommodation, children being around you constantly, and furniture that doesn't make for a suitable desktop or work table to operate on.Further considerations would entail the mental health and well-being of the employee. Utilizing videoconferencing at this point has never been of greater importance, and the adaptation of it in this scenario cannot be understated.Moving forward, employers can begin planning a back-to-work scenario, whereby the math behind this move is to lead customers and clients back to normal as soon as convenient. A pause in leasingSince the pandemic, traditional offices remain empty while a distinctively low demand emanates across new offices. However, most offices are tied to a lease, so while they may be empty, rents are still being paid.As office tenants continue to review their business continuity plans amidst this great uncertainty, one cannot expect a downward trend within the strands of commercial rent just yet, directed by an unshakable underlying commercial market.Many companies by now will realize that they are able to adapt to remote working. This suggests an increase in what is known as satellite offices like Hausples Limited, with more people appearing in flexible workspaces, as companies and business houses distance themselves from long-term leases. With many more companies laying off a good number of their employees, one can expect to come across a significant amount of empty office spaces.Apart from that, one can only expect delays in leasing, which corresponds to the extent of the pandemic - the more COVID-19 persists, the more leasing may be delayed. Shifts in market dynamicsObviously, working from home is not for everyone. Many business verticals and functions will still rely on an office setting to get things done. Three-quarters of office work will journey upon constant monitoring alongside professional infrastructure, whereby only an office setting can resolve, ergonomically speaking. Nonetheless, market dynamics carries on at a rapid shapeshifting process. The bottomlineEvidently, the need for remote work may increase for most of us. This will lead to a collective agreement that greater flexibility will be needed like never before. As we've mentioned earlier, working from home usually will require some getting used to for many Papua New Guineans. Once it develops into a trend, companies will distance themselves from signing long-term leases, instead opting for the more viable short-term leases. But this is only a prediction. The only surefire thing is offices will always be the ideal place to do business and, now more than ever, they still prevail as the catalysts for enduring success.Moreover, the office market is expected to bounce back strongly in 2021, so what landlords and investors can do now is to remain cool, calm and collected in this troubling time. Surely, just like all good things must come to an end, so do bad things. It pays to wait.

Seahaven Apartments, Port Moresby While the pandemic continues to blanket the property market with uncertainty, the market in general seems to mature into the new restrictions for on-site buying, selling or renting property.Of course, the environment has become a bit of a taunt where transactions are concerned. But no matter how stressful it may appear, the best part of it all is that the market remains open for business; transactions are ongoing, though not as hyperactive as it was before.Nevertheless, riding the resilience of the property market; let's consider how you can groom your house to sell post COVID-19, and what you should look for as a buyer or renter amid social distancing measures: Tips For Buyers And Renters 1. Search onlineCovid-19 has immediately thrown into perspective a bedrock of new beginnings; none more so than working from home in place of office spaces, and the imminent use of 360 degree, high definition, virtual walk-throughs for buyers and renters.Although not yet headline news in PNG, virtual viewings offer potential buyers and renters a 3D perspective of the property of their imagination.As a buyer or a renter, if you can’t feel it, touch it and smell it, virtual tour it!A reality overseas, and one that’s not impossible to adopt here in PNG. 2. Learn to read a floor planSounds new, doesn’t it?Yes, because as a buyer or renter, a single image along with a short description won't give you an image of what you’ll be buying or renting. When you can read a floor plan, you can understand the size of the property and the layout you’re purchasing.In other words, if you know the measurements of the floor plan you’re after, you’d be familiar with what’s written on the paper. Otherwise, it would all mean nothing to you in square footage.Tip: measure up a room at home so you understand space better when you see square footage written down 3. Prepare your mortgage paperIn a buying process, always have your credentials on hand, provided you’ve been pre-approved. You should also have in place some form of ID - whether it could be an NID card, passport, class 6 drivers license, etc, even your name must be consistent on all documents that you will need to offer as proof.Remember, once COVID-19 recedes and the market goes back to normal, having your paperwork all set and ready to go will increase your chances of being short listed as a likely buyer or renter out of the long list of applicants that are also looking into that particular property.Top Tips For Sellers 1. Complete all outstanding DIYsObviously restrictions are in place for general travel, but there are exceptions. Arrange a trip to your local hardware store for the tools and equipment you will need to finish off those nagging home improvements. Get all the tools necessary and get down to business. Fix any leaking taps, replace broken or cracked windows and polish up the unfinished paint jobs.Tip: When preparing your property for an inspection, declutter every room and place one or two pot plants or picture frames in each room to add some final touches to an empty room. They will be noticed by viewers 2. Enhance your flower bedsYou know, it is widely known that there’s no second chance to make a first impression. If you have a flower garden, tend to it. Plow it, sweep it, prune it, if you must. Add life to it, and in turn it will add a sparkle to your house.Whatever DIYs you do in the house, you do the same outside. It’s like finding the reciprocal in a math equation.Box up and bin the contents of the flower beds and the driveway as well. Ensure the wheelie bin is placed properly and away from viewing eyes.4. Tackle those exterior jobsThe human brain has the tendency to overlook certain aspects of a person’s surroundings when their specific volumes are inconsistent with what he/she expects to see. In other words, our brain’s ability to process every element of the scene before us is unintentionally affected by our expectations. Fortunately, this isn’t a deficiency, but a convenient trick played by the brain while it tries to quickly sort out the reality we’re in, in order to find what we are after. This is why you have to check every corner of your home’s exterior several times over for incomplete jobs, just to be sure you haven’t missed any clogged gutter, uncluttered driveway, or unpatched holes in the fence. Even a beautifully painted front door, porch and verandah can all make a cheerful statement.Homes without additional maintenance and repair tend to be sold quickly. Incomplete jobs give your potential buyers plenty of reasons to worry about what else you haven’t done to add value to your property. This is where your curb appeal efforts spring into importance.Tip: tastefully painted exteriors can add as much as 20 per cent to a street’s property prices 3. Give video tours Unless you’re an excellent storyteller who can easily mesmerize buyers with your words when they call to inquire, give them the luxury of video tours.A simple video recording done on your smartphone, showing parts of the property that may not show up in photographs has a stunning appeal and better visual picture of your listing.Rather than engaging in the risk of inspecting a property in person, clients can comfortably avail to the luxury of video tours in the comfort of their home.Put differently, these videos will give your clients the opportunity to “window shop” while they’re stuck at home.If you want to make a good impression and get the most interests, this will be your magic bullet. Be entertaining, be welcoming, be fun, be well informed and detailed.Remember, newly painted and vibrant walls, neat and tidy rooms, and enough furniture in each room to show its purpose; make up the parts of decorating your house, in preparation for that big sale.Once potential buyers can happily imagine themselves living in the house, without having to worry about additional repairs, you’ve successfully sold your home. Final thoughtsIn a time when social distancing is the order of the day with limited face to face interactions, individuals need to reconsider their approach to buying, selling or renting property. The digital world is constantly changing around us, with more efficient ways to go about the traditional methods of property inspections and advertising. The lengthy process of arranging multiple site visits and collecting brochures with poor quality images has translated to online advertising with numerous, high-quality images, floor plans and virtual tours, advancing the real estate industry into a different era.  Moreover, prospects now have the advantage of assessing numerous properties online and shortlisting the most likely investments they would want to lease or purchase. Real Estate agents are also adjusting to the changing times, by reducing the number of open home inspections and arranging individual appointments with prospecting clients. Better still, it is hoped that virtual tours will make the scene, soon. So if you’re looking to sell a home in the near future, be prepared to accept that numerous properties will be listed alongside your property, spruced up and ready to go. And if you’re intending to purchase or lease a property, the property owner or agent will be shortlisting applications and looking at the ideal applicants.

Unless you lack the motivation, drive and ability to adapt in this current coronavirus climate, selling your home is still possible! But in a different manner than what was previously normal.Obviously, there is the likelihood of a period of reduced activity in the property market. However, patience is never a virtue when the survival of a business is at stake. Not all vendors will find comfort in waiting out the crisis. There'll always be a percentage of the horde who are always on the edge of their seat in keeping things active as much as possible; it's human nature and you can't blame them. Here’s a few tips to consider when you’re thinking about selling your home in the course of the present coronavirus outbreak: Meet with a real estate agentIn the midst of escalating concerns about the spread of the COVID-19 pandemic, the real estate market is currently at a stand still. But realtors continue to keep in touch with their buyers and sellers. They’re continuing to make sure they market their clients' properties through various platforms to reach out to the active buyers market.By and large, the real estate industry has long been overwhelmed by creativity. So expect a new strategy every time, such as a private viewing or “by appointment only” format, along with virtual tours. It’s only by meeting with an agent will you know what alternatives are for the taking at this point, if you’re at the sharp of your determination.  How does a private viewing or “by appointment only” format works?A decisive marketing arsenal at a seller's disposal is a property viewing or inspection. It is the lifeblood of a sales process and has the overriding capacity to make or break a buying decision.Imagine having strangers wandering about in your house, prying every room, opening cupboards and drawers, and inspecting intimate areas of your daily life - just to get a good fix of all the spaces and grasp the finer details of your home. Somewhat intimidating isn't it? All the same, it’s important to understand that there are two types of property viewings or inspection:Open inspectionPrivate viewingFor optimal results, having a professional agent by your side is conducive to planning for either one of these property inspection types, because they're better placed to manage buyer expectations. But given our current COVID-19 situation, private viewings work best.At this time around, private viewings will not only ensure buyers are screened for trustworthiness and financial stability, but also if they're able to abide by public health directives in helping to prevent the spread of COVID-19. Your agent will arrange the viewing while having in place numerous precautions. For instance, plastic covers for shoes, alcohol wipes for door knobs, face masks, disposable hand gloves, hand washers or sanitizers at both the beginning and end of the viewing. How does a virtual tour work?This technological method can be conducted in a number of ways, if you’re that enthusiastic about selling your house, but are mindful of the pandemic.The technology uses a specialised camera that creates 360 degree views of your home and allows you to literally “walk through” the home via a computer or smart phone. Hausples will soon be introducing this technology to its website to allow potential buyers and renters to make decisions on a home purchase. Virtual tours are commonly known for having an additional feature of emotive music to capture the ambience of different areas of a property.Another form of a virtual home inspection is live stream. Facebook, Instagram or YouTube are ideal platforms for live stream virtual home inspections, leading to live engagement between seller and buyer online, all the while maintaining the characteristics of an on-site inspection in real time.And in the wake of the current pandemic climate, whatever alternative you choose, if it’s better than the invention of sliced cheese, you don’t need a second thought. (pun intended)  How will paperwork be done?For private viewing, if the prospective buyer is satisfied and proceeds to the final stage of the selling process, all paperwork can be done on-site at the expense of social distancing protocols.With virtual tours, a similar result will become a thing for online conveyancing and there’s lots of room for it; email, phone or video call, along with electronic signature options that make closing a sale as easy as butter on bread - not to mention eSignature or DocuSign. Will the coronavirus outbreak affect the value of your property?Quite frankly, it’s still early to predict the impact of the coronavirus pandemic on PNG’s real estate market, and the extent to which the impact will last. But there’s a huge probability that property values are bound to drop, due to cuts not only to interest rates but other areas as well like employment and income.So as a seller, you have to expect things to get weaker. However, would-be sellers who have greater flexibility and are able to postpone the sale of their home can be shielded from price falls. This is where you will have to make the decision as to whether you will be able to financially hold onto your property in the immediate future, and if selling at the right time at a low in order to cover any financial burdens encumbered is the best way forward.There are still property owners who are eager to sell, whatever the reason may be. The turnover? Apart from an apparent decline, new properties as well as renovated will still be entering the market, further suggesting that the increase of properties for sale will result in a competitive seller market, with new and long term property owners looking to sell at a lower price tag.The good news, however, is that businesses continue to preside in a rewritten conduct as preludes to social distancing protocols. While the global economy is seeing red flags, the PNG economy is still active and money continues to circulate as buyers buy and sellers sell.  So at this juncture, you want an agent who has adapted to this climate rigorously and has everything necessary to take you forward with your circumstances. You’ve sold your property. Selling a property amid the COVID-19 pandemic is an experience unlike any other because of the new measures implemented to cope with the current situation.Here, preparing to move in order to make way for the new owner is a process on its own, this time involving what is fast becoming the culture of the day:- face masks- hand gloves- hand sanitizersWhich will extend to the final goodbye and handing the keys over to the new owner.  Final thoughtsWhether you’re a seller, a buyer, renter or simply an investor, it is crucial from this point on that you conduct your business with public health restrictions and measures to prevent the spread of coronavirus in mind.Always observe WHO’s advice when out and about or in self-isolation.This article is meant for information purposes only and not to be construed as professional advice for financial and investment transactions. Hausples strongly recommends you consult a realtor about your real estate situation.Subscribe to our email newsletter to get the latest updates delivered right to your inbox for FREE!.

Since the reality of the coronavirus outbreak, the need and demand for self-isolation or self-quarantine has never been so dire, both domestically and internationally - it's as if all four corners of the globe have become ground-zero for any form of movement and physical interaction. Working at home may sound exciting, at the same time challenging and confusing; because normally this is something only true in countries overseas, in movies, novels and readers digests. Nothing hands-on in PNG, for many. Further research will suggest that only a fraction of the general populace - the size of a fingernail - are familiar with this way of working, and may comprise field workers and freelancers to that extent. Nonetheless, self-isolation is for everyone including employees and as a global community, no one is immune to this new normal.  So moving on, here are few tips and tricks to help you adjust in order to acknowledge the merits of working from home: 1. Establishing boundaries under one roofMost PNG homes may not have a suitable room or work space with furniture to imitate a comfortable work environment.To elaborate on this point, observe the chart below, because it is at this stage that you will have to establish clear boundaries within your home:Nearly half of respondents live with their immediate family or extended family. PNG is a family oriented societyMean occupancy is between 4 to 6, surprisingly 16% have over 10 occupantsWith this in mind, the first step is to discuss with your manager about what is exactly expected of you, then communicate that aspect of your reality to your household. This way you prevent misunderstanding and unexpected surprises from disrupting your work later on.If you're single and live alone, this won't be a major problem. But if you're on the opposite side, then make sure that your partner and/or immediate family are on the same page with you. 2. Be in regular contactDo you sometimes feel alone and stuck in a void, with emptiness your only companion? Whether you're far or near your family and friends, keeping in touch not only benefits your soul, but also your well-being and your health.So, even though COVID-19 has ignited a culture of social distancing and self-isolation, it doesn’t mean a complete resignation from social and professional interactions. Even while in isolation, keeping in touch with your family, friends and colleagues is crucial to your mental and physical health. Communication tools like Slack, Skype For Business, or Zoom will help keep you in the loop with your colleagues and employer in real time. Staying connected socially through Facebook, Twitter and Instagram will do all the more better for you. If you can’t afford face masks, gloves and three feet apart, at least a hand gesture indicating a wave, a head nod or an acknowledgement will do also.More importantly, staying in touch with your office at this time. 3. Limit distractionsWhile working from home is a familiar lifestyle for others based overseas, it is something new for many in PNG. Come to think of it, there's an overwhelming guarantee for hilarious moments, particularly for first-timers..For instance, imagine it's your first time to partake in a video conference. After formal greetings, the meeting proceeds. While everyone, seemingly, are all eyes and ears on the boss, you're admiring yourself in the bottom right screen on your computer looking back at you. To your colleagues and your boss, you’re obviously tuned in; sometimes nodding to the suggestions, sometimes smiling, but mentally entrenched in your self-image. Then, out of the corner of your eye, you see something on the wall behind you that resembles your underwear, at which point you realize you forgot to remove while preparing for the video call - welcome to the land of the unexpected. But this shouldn't be a discouragement for you. Instead, it's meant to be a lesson and something to remember when preparing your workspace at home and most importantly preparing for a conference call. Make sure everyone around you is on the same page so the unexpected is prevented. 4. Anticipate reliable internet connection and power supplyAs it is customary in PNG, frequent blackouts and unsteady internet connections are way beyond anyone’s control. For instance, one network provider will be offering the best call and sms bundle apart from its competition; yet fail in offering an efficient, reliable internet connection. The other may win hands down with internet connection but at a price: costly and rapid data usage for some reason. The rest will remain a bait for educated guesses and hilarious speculations.The challenge here is to have a secure, cost effective and reliable telecommunications and electricity service.This is why it’s important that your employer must have a fair idea of what it’s like to work outside of the office’s free Wi-Fi connection, and what to expect. 5. CommunicateSince employees will be susceptible to the new culture of working from home or remotely at the behest of their employers, communication tools will be of great demand this time around, in order to maintain a normal work environment. In fact, you may have adapted quickly to utilizing communication tools and gaining knowledge of it within a short span of time. You may have also learned which tools are separately suitable for the different communication scenarios in a professional setting. But using communication tools is one thing, communication itself is another. And if you don’t communicate regularly with your employer or your employer has no idea of what you’re up to, then what’s the point of all that knowledge about communication tools?Round the clock communication while working from home also says a lot about your character as an employee. According to local SME, Mr. Michael Paike, consistent communication between employer and employee is paramount to a business’s success. “Productivity can’t be measured when you have people working unsupervised,” added Mr. Paike. “Employers need to be in touch with their employees on a regular basis, to ensure that no two people are being paid for doing the same thing.”  6. Keep time zones in mindAs a first timer working from home, make sure you understand the different time zones of the world and the importance of dancing to that tune while keeping in touch with your colleagues in these time zones.For instance, a determined buyer in England is highly enthusiastic about a current listing in Port Moresby that you posted on your website. For a start, he contacted you by email. But because you both live in different time zones, you saw his email the next day when you logged on, meaning it was daytime for him and nighttime for you when the email was sent.To avoid this, you get back to him apologizing for the delay in response and ask for a time suitable for instant interaction, to move the interest forward.Moreover, if you work in a multicultural company with offshore ties, chances are you will be communicating with your counterparts overseas at some point. This is where the different time zones are in effect, and if you’re someone who knows how to cater to their needs, you might just be the one they feel obliged to communicate with on a regular basis, even while in lockdown; because, you seem to communicate at the appropriate hour. 7. Practice healthy habitsWorking from home has its drawbacks, and none more obvious than eat, work, sleep, repeat, without sweat. Know what’s next? Complications of the heart and probably six doors down to neverland. “Certainly, staff should practice good hygiene and try to maintain good health, including keeping themselves physically fit and healthy,” said Department of Higher Education, Research, Science and Technology’s Principal Media and Public Relations Officer, Mr. John Karani.Engaging any form of fitness in between your breaks, naps and total free time - before or after work - will result in a healthy perspective and optimism, as well as being in tune with your immediate surroundings and your work schedule.Whether it’s grass knives, sand shoes or push ups as early as 5 A.M., if it’s worth staying healthy, it’s worth doing.In these trying times, you can’t fall sick especially when you’re working from home and there’s a deadline to meet. Practicing healthy habits mean abiding by health advises on COVID-19, stretching and warming up in between work sessions, and engaging in healthy diets will keep you in a healthy state of mind, while working in isolation.  BottomlineAs well as what is expected of an individual in a new environment, working from home in PNG requires a lot of adjustments and change in work style with care and focus. Although working from home has its drawbacks, it doesn’t mean it’s detrimental in more ways than one. It simply means identifying and patching the cracks so that everything thoroughly and smoothly. Success will only follow if you take into consideration the dos and don’ts of working effectively from home, and making an effort to balance your personal and professional life under one roof.

Alongside expansion and advancement in technology and social media to date, the nature of communication has changed significantly. In this modern age, it’s all about instant, effective and impressive transmission of information, and with a twist, too: working from home or remotely for that matter.You can now connect with your family in Manus, a colleague in Lae, or a business acquaintance in England online with just a click of a button. Better still, you can easily do this in the comfort of your lounge, verandah or bedroom, while utilizing the capabilities of digital softwares inbuilt to your phone or computer.Since it's still early to give an accurate account of how long the COVID-19 pandemic will last, and to determine its impact on the housing market in PNG; you can take comfort in knowing that the digital marketplace is available for the taking.From sales pitches and listings description, to enquiries and property showings, to signed contracts; virtual tours are the epitome of the modern real estate market.Sadly, it's not a question of "If", but "When" a virtual listing will become standard practice in PNG’s property market - suffice to say, will the current coronavirus situation be the catalyst for a new way of doing business in PNG real estate market? We hope so.Busy work schedules and lazy excuses aside, when it comes to real estate buying, selling, renting, and investing; the real estate generation of today turn to the internet as the first stop for information - to quench their thirst for everything real estate. Yes, by now, almost everyone knows that the internet provides unlimited access to hundreds and thousands of real estate portals, like Hausples.com.pg. All the while it was business as usual, until COVID-19. Once you had the presence of mind for a person-to-person contact with an agent or client; your freedom of movement is now commanded by travel restrictions, hand sanitizers and paper tissues. Fortunately, as a new terrain comes with a new approach, not only has the coronavirus brought upon a dark and gloomy future on the world, but light bulb moments too; moments to adapt and evolve; moments for new ideas and behavioural change, of cooperation and adherence, and the continuity of real estate businesses in a new environment,So we ask ourselves, as realtors, are we able to work from home? Ultimately, this would be a question of both personal and professional preferences with no correct answer. But given the COVID-19 threat currently at our door steps, the only answer is an upfront “yes”.  Accompanying the all-presence of mobile devices and most company applications available via cloud services, the process of transitioning the bulk of your office workload to your home has been made a lot easier. Still, as COVID-19 rages on and many businesses have mandated their employees work at home, there is much to appreciate about certain technologies that make remote work setup a convenience.  In real estate alone, however, virtual tours have become standard practice across any realtor website, this is why we’ll be looking into the benefits of these interactive solutions and how they can help realtors at this point in time: 1. The next big thingA part of the value of a realtor's service provision is their ability to manifest a successful marketing plan. Standard real estate marketing strategies have been incorporated across every digital platform. Real estate websites that feature virtual listings have proven to be an effective way of telling clients that the agent responsible is aware of cutting-edge technological solutions; further indicating the quality of their service through a versatile marketing toolkit.The end result is an impressive property listing by a marketing savvy professional. 2. Interactive by designTechnology that's interactive is exemplary by definition - a realtor's audience will always enjoy these forms of digital media, because of that fact it gives them room to explore independently. Virtual tours offer clients the chance to investigate what is known as a realistic digital environment - where clients have the leverage to visit every space in the property and even zero-in on every detail of each room such; as light fixtures, wardrobe layouts and type of tiles used for the flooring, all accessible through their smartphones and laptops, without having to leave their homes.What is common about virtual real estate tours is the use of 3D videos that have the capacity to hold attention for minutes at a time. This means that viewers are more likely to feel emaciated/invested during the interaction, and willingly move on the next stage in their property purchase journey. 3. Sense of ownershipOnce established, a sense of ownership is important in urging clients on the path to finalizing deals and agreements. Through virtual tours, clients tour properties independently, in their own pace and time. Where a sense of ownership has been established, the next dose is a sense of autonomy and personal connection which are conclusive in this virtual property experience.And like toy blocks, you can also enhance and deepen the spirit of virtual real estate tours by adding a suite of associated interactive features (mortgage calculator, information about local amenities, and interactive maps, etc), so clients can use these to conduct individual research.Psychologically, the concept of reciprocity works very much the same way here. When clients develop a personal connection with the property through virtual tours, they feel committed to reach out to you with an inquiry. You give them a sense of connection, they become loyal to you. 4. Available around the clock every time, everywhereOpen house events are a big part of any and all real estate agents, but inherently involve extra hands - scheduling, staging, and hours on end on-site, keeping track of notes and contact information, etc.In a different shade of blue, virtual tours achieve the same effect through digitized efforts - listings are kept "open" and on display 24-7 in different time zones. You can also reel in feedback with virtual tours when you make room for social media and blog updates, where viewers are allowed to leave their comments and questions. 5. VersatilityAt first, virtual tours will feel like they're time-consuming and are expensive marketing alternatives. But once you become immersed in their application and success you will find that incorporating them into a range of your marketing arsenal such as email marketing and open-house notifications wasn't a bad idea after all. It's worth remembering that they aren't restricted to strict realism.Virtual tours act as innovative solutions to agents representing properties that aren't ready yet for a move-in, especially properties that are new and buildings under renovations. A virtual tour opens the door to finished, furnished interiors and sometimes exteriors - making it that much simpler for prospective buyers to see themselves inside.Moreover, virtual tours have proven to be the epic attraction of views and generators of leads, than text and still images will ever be. When you consider incorporating this technology into your digital marketing plan, you've given yourself a solid advantage in a competitive market. The bottomlineYou must also realize that in the current global situation we're in, interactive technologies such as virtual tours in especially real estate make excellent substitutes for physical property inspections, and interactions. Although it hasn't made headlines yet in PNG, it's truly the way forward. Moreover, virtual tours have proven to be the epicenter of attraction in real estate digitized home showings than text and still images will ever be. When you consider incorporating this technology into your digital marketing plan, you've given yourself a solid advantage in a competitive market.This article is meant for informational purposes only and is not intended to be construed as real estate, or investment advice. Hausples encourages you to reach out for professional help regarding your own real estate situation.

The first case of COVID-19 reached the shores of PNG on March 22nd, 2020 and the number of positive cases reached over 23,000 by October 2021. Although Papua New Guinea has adapted to the pandemic, the economy and real estate sector has of course been impacted.The routine process of buying, renting, or selling a property - as well as home viewings, interested buyers, motivated sellers, and rent enquiries - were forced to adapt to the "new normal" and the mechanics of the property market have changed.It’s been challenging, and the vaccine hesitancy has slowed the rollout of the vaccinations in PNG, which got underway in early May 2021 with the support of UNICEF.How long will the pandemic last? The answer is uncertain. Deja vu?Fortunately, the Real Estate Market has seen it all; from outbreaks, economic recessions, employment redundancies, shifts from a seller’s market to a buyer’s market, lower interest rates, the list goes on. How long the virus outbreak will last, no one really knows for sure. Globally there is a recovery but variants of COVID-19 remain a concern. Real estate is also moving - albeit slowly, while the rental market was impacted by the exodus of expats due to the pandemic. The strict travel restrictions in Australia and New Zealand were contributing factors, although these appear to be showing signs of relaxing by Q4 2021.It is not true to assume it’s business as usual in PNG. Business is continuing, and under the implemented changes to practice social distancing and guidelines from the government and the Commissioner of Police and Controller of the Papua New Guinea COVID-19 National Pandemic Response.Specific to the real estate sector, this means instead of meeting an agent in person for buying or selling a house, clients have the privilege of video chatting, skyping, or simply chatting via Google hangouts or Zoom. A virtual tour might soon become a real estate ritual in PNG. COVID-19 is currently rewriting the book on human interactions and conducting business remotely, so perhaps “virtual real estate tours” might qualify as a new permanent chapter. Listing Property in PNGAs a seller, a lot of buyers are looking to earn the homeowner status. It's essential to anticipate your target buyer (and keep an eye on the profile of buyers in PNG).As long as you understand that if you have a solid reason to sell and you’re enthusiastic about it, then don’t sit on the sidelines. You might end up like the fisherman who let the big fish slip away. Remember, a house that’s been on the market for quite some time loses value and appeal. Buying Property in PNGImagine, with discipline, you had saved up enough to match your down payment for your ideal property. If your home buying plan was to take place before 2020, the future looked promising...until the coronavirus appeared and changed things as we know it.Should you still wait, or should you go ahead with the purchasing property during the pandemic?Undeniably, the economic impact of COVID-19 is extensive, affecting everything, from stock market shares to motivated sellers, to the willingness of both a buyer and an agent to attend a home viewing - enough reasons to raise doubts about purchasing a house.But, like sellers, if buying a house during this period of time is your goal and you’re willing to go the extra mile to achieve it, no matter what, go for it! Devise a plan, consider the options that persist with the restrictions, and work towards your goal. Even though viewing a home in person might not be your best option right now, you can always fall back on other viable online media applications to elicit communication and information.  There is also the possible mid to long term shift in the rental and homeownership situation in PNG. The clear impact of the pandemic on having fewer expat workers could mean that possibly more Papua New Guineans, especially those who may have been promoted into positions previously filled by expats, could be looking for properties it was reported by Business Advantage PNG.AgentsThe real estate market doesn't just collapse in a extreme situation like this. People will still be looking at properties via the internet, and this is where, as a property agent - you want to be prominent. From the comfort of a dinner table, lounge room or coffee table, agents can still conduct business with clients online via Skype, a WhatsApp call, Zoom, or a Google Hangout. COVID-19 has accelerated adaption and technologies.While in-person interactions have been restricted, take advantage of the situation by adapting for your buyers and sellers and also be ready for when restrictions ease in PNG. The fact of the matter is, you need to consider all of the health aspects of conducting your work and act responsibly to prevent the pandemic from spreading.Of note in the business of real estate, if your clients still insist on viewing a home you’ve recently listed, consider the following advice from the WHO:              Practical considerationsWhat do you get when you cross a search engine, an email and a website? - Digital interaction - business-wise, at least. There is a raft of paid-for and free digital tools at your disposal which can help you conduct your business remotely and safely, and of course online.The property market wrestles with both stagnation and slowing demand (just like stock markets). Real estate investors and stakeholders have to keep in mind that a property is both desired, and a long-term investment. Imagine not owning a home to quarantine in during these difficult times; what are the risks of you contracting or spreading the Coronavirus? From a social, work, and mental aspect, people have adapted to the situation from the comfort of a home.The Hausples website search volumes maintain a consistent growth on a daily basis. What that means is that people are still looking for houses to buy and rent, and what better way to do your bidding than interacting with property buyers, investors, renters, sellers or agents - online.Yes, COVID-19 may be responsible for changing the way the world and PNG operate and interacts, and for introducing social distancing to our vocabulary. Travel restrictions and restrictions of movement in your locality in PNG, may prompt real estate buyers, sellers, renters and investors to avoid engaging in substantial transactions is a real-world challenge.But digital interaction and engagement will prevail, as far as the continuity of the property market goes.Here are several practical options you can consider if you wish for your real estate business to endure this pandemic:Virtual toursWhatsAppSnapchat Video chatsGoogle HangoutsSkype Video conferencing, etc Safety Precautions in PNGWhile there's a lot of great information on the essentials you need to know about the coronavirus online, there are some sources that are unreliable. Be careful not to fall for fake news. For well-informed, factual updates, visit official sites or your genuine local media platforms.Common sense should be the key compass for agents, buyers and sellers in these times, in order to make things work, and even thrive. Here’s a few common-sense approaches to staying safe in PNG:Wash your hands with soap and water for at least 20 seconds.Washing your hands is an easy yet effective way to prevent the spread of germs. A trick is to hum a favourite song twice to make sure you wash your hands an ample amount of time.If you don’t have immediate access to soap and water, apply an alcohol-based hand sanitiser with at least 60% alcohol.Wear a facemask to help prevent the spread of disease in the community.Cough or sneeze into the inside of your elbow, not your hands, if you don’t have a tissue.Avoid close contact with people who are sick. Always ask your client before any interaction about their travel history.Constantly disinfect surfaces in your workplace and home.Commonly touched surfaces like doorknobs, handles, computers, tables, switches, toilets, bathroom sinks, counters, and stationeries are potential breeding grounds for germs. Make sure to regularly disinfect these areas, either in your office or before a home viewing takes placeRemember: Cleaning is different from disinfecting. Cleaning merely removes germs, while disinfecting kills germs. For good measure, first, clean a surface with soap (or detergent) and water. Afterwards, you’ll have to use chemicals to kill the germs and lower the risk of infection.Stay healthy -  Get plenty of sleep, physical activity, fluids, and nutritious food to strengthen your immune system.Helpful COVID-19 Resources for PNGBe wise and keep yourself updated on the latest safety tips from reputable sources - organisations that can offer health advice on how to protect yourself and your family and loved ones during these times.Coronavirus Disease - World Health OrganizationPost-courierNational newspaperFM 100EM TV Online NewsBBC WorldThere’s no room for panic during these challenging times. In our quest to navigate such outbreaks, like the current coronavirus. Choosing to panic means choosing illogical and negative thinking, follow the official advise and keep safe and healthy.Here's what the World Health Organization says about overcoming stress:Don’t forget to subscribe to our newsletters for the latest PNG real estate news and updates.