Property

Property is anything tangible that a person possesses. Property can be classified as real property or personal property, and many have to figure out between tangible and intangible properties.   Real property can’t be moved. It also included the land it sits on. The exception to this is mobile homes. They are movable, but considered real property.

There are two types of personal property, tangible property and intangible property. Tangible property includes stereos, televisions, vehicles, clothes, and animals. Intangible properties, also known as abstract properties, are financial items such as stocks and bonds.  Patents, copyrights, and trademarks are also considered intangible property.

In the United States, a person can‘t be owned by law. This is not the case in some cultures.  It is customary that the male of the home has ownership and possession of everything tangible and his wife and children. Depending on the culture, if the husband dies, everything he owns goes either to his first born son or his brother. It stays in the family. The wife never gains control over anything. She is simply property.

Some things aren’t considered anyone’s property. However, the government is allowed to make rules and regulations about how that area can be used and maintained. For example, the water in the ocean is not owned by any person or entity. The government has established pollution laws regarding what can be dumped into the ocean. Certain parts of the seafloor are under restrictions set by the United Nations Convention of the Law of the Sea act. Another example is many animals in the wild are not owned by anyone, but the government has set restrictions certain animals.

The term ‘private property’ refers to land belonging to certain individuals. They are able to use this land for any purpose as long as it does not violate government regulations. Private property means it is not to be accessed by individuals hiking or hunting as well. Those who violate that can be prosecuted if the land owner decides to press charges.

Property management can be a very profitable career. However, it is often time consuming and full of complaints. Most investors own several different property locations. This would take all their time to manage properly, leaving no time to continue searching for new investment properties. Many property owners, especially of hotels and apartment complexes, hire a property manager. This person, or couple, lives on site. They collect the rent as well as resolve complaints. They are responsible for minor repairs as well as evictions and calling in the plumber or electrician for serious repairs.

Property managers live on site free of charge. Their quarters are often nicer than the rest of the apartment or hotel they work in.  The also earn a very good amount of money. The majority are paid on a salary, meaning they earn the same amount of money each month no matter how much work they do or how many complaints they handle. This doesn’t mean the property manager can slack off though. All it takes is a few complaints from unhappy tenants to the owner, and the property manager may find he no longer has a job. On the other hand, many owners will give bonuses to good property managers. Happy tenants tend to pay their rent on time and stay in one place longer.

Property management companies handle the care of the house while the residents are away; some property management companies are involved in time-shares with their customers.  Many companies even specialize in mobile home parks, and RV parks, condominiums. There are also companies who deal with pet management, and even hotels there are certain people who deal with property management because of the pool-area in its establishment.

Over the years, property management has taken some unusual twists. Many property managers are taking care of properties where people don’t live all year long, such as summer homes and winter cottages. The care for the property in the same ways, only they don’t deal with the tenants on a regular basis.  Another change in property management involves time shares. This process allows a central location, a town house for example, to be lived in by a variety of people at different times throughout the year. This makes the job of the property manager even more difficult because the needs continually change depending on the people who are living there.

The newest type of property management facility is a storage area, similar to storage units. You place all of your belongings here to be supervised until you have a permanent place to put it. This is very useful for those who temporarily need to put their thing somewhere while they are in the process of moving somewhere else. This type of storage is generally very cheap compared to the cost of a rental unit.

Retail property management is a very profitable business as well. Shopping malls are the best example. The property manager takes care of the building as a whole, then rents out space in the male to various shops for a monthly rental. These shops include beauty salons, clothing stores, department stores, specialty shops, and fast food restaurants.

Property tax is the amount a real estate owner must pay. The amount is based on the value of the property as determined by the tax assessor in that area. The assessor takes the appraised value of the property and the value of the other property in the area into consideration to determine your property tax. Be sure to take that into consideration when purchasing a home or land next to large open spaces. Should someone else buy that property and build homes on it, your property taxes will double or even triple.

 The topic of how property taxes has long been debated. Many people feel they just aren’t fair.  It is believed they should, like income taxes, be based on income, not the value of the property. For example, someone who inherits a house may have to sell it because they can’t afford the property taxes on it. Property taxes for farmers and ranchers are generally unreasonable as well. They are taxes on the square footage of the land, while much of their income goes to pay the overhead to raise cattle and grow crops. The inability for a homeowner, farmer, or rancher to pay their property taxes can result in having to sell the property or have it foreclosed on.
  
Property taxes aren’t just in the United States. Canada, United Kingdom, Netherlands, and Hong Kong have them as well. However, each country determines the method for calculating the property tax differently. Some base it on a flat rate per household, others base it on income level and some like the United States choose to base it on the value of the property as well as the surrounding property.

Property taxes can be a heavy burden on property owners. The thought of having to sell the property or be foreclosed on can also be a stressful decision. There are some ways to ensure you are able to pay your property taxes each year. In some cases, it is as simple as having property taxes escrowed into your property loan. Another easy way is to find out the cost of your property taxes from last year, and then add 30%. Divide this amount by 12. Put that amount into savings each month with the understanding that it is not to be touched under any circumstances. If your taxes are lower that what you have saved, keep that money in the account and start saving for the next year. Then when a high jump in the amount of property taxes you owe, you will be ready for it.

Community property can be described as property that is accumulated between a married couple. It does not include gifts and inheritances. All such property is considered by law to be jointly owned and equally shared.  It a couple decides to divorce, the community property is divided up equally. This is done by determining a dollar amount for each item, then each party gets ½ of that dollar amount. Most couples have their favorite items, and will list the ones they want. If they are in agreement, the judge will approve it. If they both want certain property, the judge will hear their reasons for wanting it, then make a decision.

A very touchy subject in most states is the issue of common law. In today’s society, many couples choose to co-habitant rather than get married. During this time, they accumulate property in the same way as married couples do. Since they are not married, the property is not considered community property. However, some states do recognize common law when dividing up the property. Others claim what you can in to the relationship with is what you take out. Both parties then have to proof what they bought. It gets even trickier if they jointly purchased large ticket items such as a TV or a vehicle.
 
Some individuals have chosen to protect themselves from being involved in such legal matters by presenting a prenuptial agreement. This is generally done by individuals who are very wealthy, who have many investments, or have been burned by that process before. Prenuptial agreements can be enforced for both married and co-habitating couples.

Many people believe prenuptial agreements can have a negative effect on a couple’s relationship because it is saying I don’t trust you. Most Churches are against they as they feel it is an easy way of getting out of your commitment to stand by your partner. For the couples who sign prenuptial agreements, they view it as just another legal contract. A big reason some do it is they own a business, but with other partners. All partners have agreed to complete prenuptial agreements to ensure the security of the partnership. This way, if one of the partners has a relationship end, the business will not be in any danger.

Community property is a way of identifying items that two people jointly own. For most couples, it never becomes an issue. For those who find their relationship ending, a compromise for dividing the community property is in everyone’s best interest.

Nothing sounds more relaxing than a day at the beach. Have you ever looked at the homes available there and wondered who lived there? Beach properties are a hot commodity in the real estate market. This type of property does not stay empty long. Real estate agents often have long waiting lists for beach property. Occasionally a buy can find a new house built on the beach or be lucky enough to find one in foreclosure status. 

Beach property sells at a premium price. The homes are often modern and roomy, with expensive lighting, carpet and windows. In addition, you are paying for the prestige of living in a home that overlooks the beach. You are essentially paying for the view outside, rather that what is inside the home! If you have made up your mind that beach property is what you want, and you can afford it, there are some things you can do to make the search easier.

Searching for beach properties can be time consuming, but the internet allows you to easily search for beach property. You can choose to look at all available, or narrow your search to a particular area. You can also enter the maximum you are willing to pay to further narrow the search. This also takes away the chance of disappointment when you see your dream home listed, and then see that the price is out of your ball park.  Most online site will offer you a virtual tour of the property as well.

If buying beach property just isn’t realistic for you, consider a time share. For a relatively small cost, you can select the dates you want to use the property. Other people will be using it on days when you are not, which makes it the perfect set up. Such time shares are available in most every region, making finding one near the beach property you are interested in shouldn’t be that difficult. Most time shares include maid service, so you can enjoy your stay much the way you do in a hotel. Some time shares also allow you to take pets, which is a plus considering most hotels don’t. Make sure you discuss this in detail before signing onto a time share program.

Beach property offers a gorgeous view of the ocean. It is a great investment, both to live in and to rent out under time share guidelines. While the search for available beach property will take some time, it will be well worth it when you step outside and see that view.