#best home business
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#selling a business
If you decide that selling your business is the right exit strategy for you, be sure that you cover all your bases. In order to sell your business officially, you will need to prepare a sales agreement. This is the key document in buying the business assets or stock of a corporation. It is important to make sure the agreement is accurate and contains all the terms of the purchase. It would be a good idea to have an attorney review this document. It is in this agreement that you should define everything that you intend to purchase of the business, assets, customer lists, intellectual property and goodwill.
The following is a checklist of items that should be addressed in the agreement:
Names of seller, buyer, and business
Assets being sold
Purchase price and Allocation of Assets
Covenant Not to Compete
Any adjustments to be made
The Terms of the Agreement and payment terms
List of inventory included in the sale
Any representation and warranties of the seller and buyer
Determination as to the access to any business information
Determination as to the running of the business prior to closing
Fees, including brokers fees
Date of closing
For additional guidance and to view a sample sales agreement, visit Agreement to Sell a Business .
Rent to Own Homes – Pros and Cons, Tips and More #pros #and #cons
Rent to own homes: When it’s not time to buy
Just a few years ago, you hardly ever heard the term “rent to own” in a market where homeowners had multiple bids from which to choose. But now, it’s a different ballgame. Homeowners may be more willing to work out rent-to-own agreements, even with people who would be turned down for home loans.
A rent-to-own contract requires prospective buyers to pay monthly rent to the homeowner, with a portion of it going toward a home purchase at a later date. This contract usually lasts two to five years at which time both parties start the standard home purchase, said Rich Arzaga, a financial planner in San Ramon, California, who has taught commercial real estate investment at University of California, Santa Cruz.
“If you’ve had your house on the market for a while, this transaction could let you move while having someone in your house generating cash flow for your mortgage,” said Ron Phipps, past president of the Washington D.C.-based National Association of Realtors.
For wishful homebuyers with checkered credit histories, it’s a homebuying option worth considering, said Sam Tamkin, a real estate attorney in Chicago. “You may be unable to qualify for a loan right now, but there are sellers who may be willing to consider renting to you with an option to purchase later.”
Pros and cons for both parties
Besides having time to build up a down payment and good credit record. renters have the advantage of “trying out” the house and neighborhood, said Arzaga. “You can also lock in the sales price and terms upfront, allowing you to purchase the house at a below-market price in a few years,” he says.
Not all the money you pay in rent will go toward the down payment. “Mortgage lenders are the ones who decide how much of your rent payments are credited toward the down payment and closing costs,” said Phipps. Most lenders will only allow a credit for an amount paid above the market rate for local rentals to be held for eventual homebuying costs.
For example, the house could be rented by its owner for a standard rent of $1,750. But when negotiating the rent-to-own contract, you and the homeowner can agree that you will pay $2,000 a month, with $250 as your homebuying credit. At the end of a three-year lease, you’ll have $9,000 set aside. That money is returned to you at the time of settlement and can be used for your earnest-money deposit, down payment or closing costs.
If you decide not to buy the house at the end of the lease, you probably won’t get a refund. That money is usually only returned to you when you buy the property, said Phipps.
For sellers, the advantages are having an eager buyer and a long-term renter who will care for the house more than the standard tenant. However, there’s a risk of the renter opting out of buying your house at lease’s end, making you go through the listing process again, Tamkin said.
“This transaction gives the buyer (the advantage) to lock in the price in advance, but if the home value goes down, he can choose to renegotiate the deal or move on,” said Tamkin.
Buyers could also get the upper hand — and sellers, the disadvantage — if the home’s value rises more than expected. Say the house is currently valued at $200,000 and the buyer and seller agree to a purchase price of $230,000 in three years. If the home ends up worth $250,000 in three years, the seller loses that extra $20,000.
What to put in the contract
There’s no standard rent-to-own contract; each one is negotiable. This arrangement can be complex, and every state has its own regulations. Sellers and buyers should consult with an attorney or real estate agent beforehand to understand the financial implications, said Tamkin.
Renters also should meet with a mortgage lender at the start of the rent-to-own agreement so they know what it will take to qualify for a loan. Before you sign a rent-to-buy deal, pretend you’re buying the house outright, Phipps said. Get an appraisal and a home inspection. Phipps recommended checking with a listings broker to ensure the house isn’t in foreclosure or a short sale.
“Include terms stating that your rent money goes toward real estate taxes, mortgage and insurance to avoid foreclosure,” said Tamkin. “Have an attorney review the title to the home to determine there are no impairments that will prevent you from purchasing the home.”
On the seller’s side, Tamkin recommended contract terms that include a security deposit and rights to evict the tenant should he stop making payments.
Other details to spell out are how the money will be held by the sellers and under what conditions the sale will take place. Tamkin said both parties also should consider maintenance, repairs and home improvement, and who pays for them.
There may be negatives about rent-to-own deals, but there can be upsides for both parties.
“Someone who can cover your home expenses is better than having a vacant home,” said Tamkin. “And it’s a stepping stone for renters who dream of owning their own home.”
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The Pros and Cons of Owning a Swimming Pool Home #pros #and #cons #of
The Pros and Cons of Owning a Swimming Pool Home
Doesn’t everyone love homes that have swimming pools. The relaxation and the fun activities that the kid’s can enjoy in the summer time is the appeal. While others would argue that the upkeep and safety risks should be taken into account by home owner’s before they purchase a swimming pool home. Swimming pools are a luxury for some, and a necessity for others. If you’re considering buying a swimming pool home, or plan to have one built, look at the pros and cons of being a swimming pool owner.
RECREATION: Whether you live in warm or cool climate, swimming pools usually can be enjoyed by home owners at least 3 months out of the calendar year. For those that have indoor pools, the weather has no bearing on their use.
PROS : Swimming pools are a great way to get exercise for adults and children. The added benefit of no impact exercising on the body is a plus over impact filled activities. Kids and adults alike, enjoy playing and relaxing around a pool. Summer time pool parties or a late night swim is always enjoyable when you own your own pool.
CONS : Swimming pools can be dangerous around children and those who don’t know how to swim. If you choose to own a swimming pool you should have the proper safety fencing, and door locks installed on your home. The homeowner can be held responsible for injuries caused in their pool by neighbors, or friends.
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COST: Swimming pools are a costly investment. Buying a home that already has a pool is cheaper than having one installed later on.
PROS : In the current building construction economy, having a swimming installed is much more affordable than years ago. The benefit of the cost is also in resale appeal of your home. A home buyer will likely be more attracted to yours, than one without a pool.
CONS : When selling your home, you may not receive back the amount invested in it. This means that if costs $50,000 to have it installed, you cannot just add $50,000 on to your asking price. Remember, all home upgrades and renovations equate to what the current market demands are in your area. Only a residential appraiser can tell you how much increase your swimming pool is worth at the time of resale.
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MAINTENANCE. The upkeep of a swimming pool requires time, chemicals and pool care knowledge.
PROS : Many swimming pool owners know pool maintenance and keep their pools pristine. If you plan on buying a home without prior pool maintenance experience, do your research first before committing. There are plenty of professional pool companies that provide maintenance as a service. Consider using them if you don’t want the responsibility.
CONS : If you don’t take care of your pool, health and safety issues can arise. Proper chemical use is required to keep water PH levels accurate. Improper use can lead to swimmers getting ill, or algae and other bacteria forming in the pool.
Swimming pools can be a beautiful addition to your home. With proper knowledge and research your home can benefit from a pool. Do your homework on the front end, to find out if owning a swimming pool home is right for your family.
Compelling arguments for both sides. Well written. I personally would have to lean towards the PROs vs. the CONs but I m a pool lover. A lot of it comes down to education.
There are both pros and cons and definitely more cons ( if you look in detail) of owning a pool home. The maintenance factor cannot be overlooked. I used to get my pool cleaned by the staff from Ferarri Pools every month to ensure that kids are safe.
I ve been wanting to install a pool with my husband in our new home, so I m looking up the pros and cons to make sure we re completely prepared and know for sure whether or not it s worth the investment. At this point, it might not be something we re willing to invest in, but it s thanks to articles like this that provided the info we needed
Selling a business
Selling a business will require planning to make sure you receive the best possible price.
You will need to understand your obligations before selling or closing your business .
Generally, selling a business involves the following steps:
Determining whether selling is the right option
Before deciding to sell check whether you:
- really want to sell or if you just need a break from your business
- have considered options such as bringing in outside management
- have the support of family and friends
- have considered if the market conditions are right for selling
- will make enough money from the sale to support yourself until a new income source is secured
- will be restricted from trading in a similar business once you have sold
- fully understand the implications of selling, by consulting your financial adviser, accountant or lawyer.
Preparing your business for sale
Ideally, you will begin preparing for sale well before you put your business on the market.
This could include:
- Making sure you document processes and policies, making it easier for the new buyer to operate the business.
- Ensuring employees have documented job descriptions.
- Obtaining written agreements from suppliers and review contracts to make sure they don’t expire during the sale.
- Selling obsolete or slow moving stock.
- Reviewing plant and equipment and selling anything not required.
- Making sure premises are well presented.
- Reviewing your lease agreement to ensure it doesn’t expire during the sale and includes provision to transfer the lease to a new owner.
- Collecting outstanding debts and paying your creditors.
- Obtaining audited financial statements for at least the previous three financial years.
- Reducing employee leave liabilities by encouraging them to take leave, if possible.
Potential buyers will want to undertake their own due diligence into your business. However, it is a good idea to prepare a buyer’s information pack outlining key information about the business and what is included in the sale.
As a general guide the pack should include:
- confidentiality agreement
- description of your business
- customer or client profile
- industry information including how your business performs against industry benchmarks
- detailed list of business assets and their value – these may include documented procedures and systems, plant and equipment, stock, intellectual property, client list, lease information, employees’ skills and qualifications, key business relationships and contracts.
- testimonials from suppliers and customers
- audited financial statements for at least the previous three financial years
- offer and acceptance form
- contract of sale.
Setting the right sale price
Determining the value of your business can be very difficult. You may want to obtain advice from your financial adviser, accountant or a registered business broker with experience in selling similar businesses.
TIP: Only a business broker licensed under the Real Estate and Business Agents Act 1978 is permitted to act as an agent for a business owner in the sale of their business in Western Australia.Generally businesses are valued using one of the following methods.
Return on investment (ROI)
This is the most common method for valuing a business. The following formula is used to calculate the selling price:
Sale price = (net annual profit x 100) ÷ ROI percentage
TIP: To find the ROI percentage for your industry talk to your accountant or contact us
This method adds all the assets of the business together to determine its value. Assets may include stock, plant and equipment, property, vehicles, furniture, intellectual property, established client list and goodwill. The following formula is used to determine the asset value:
Sale price = assets of the business + goodwill
TIP: Valuing goodwill can be difficult, seek advice from your financial adviser or accountant.
This is most commonly used to value professional practices such as legal, veterinarian or insurance brokers. It is rarely used to value retail businesses.
The following formula is used to determine the market value:
Sale price = turnover x industry multiple
TIP: Make sure you have a good understanding of the current market and are aware of industry standards. Research the market for businesses similar to yours, compare prices and set a price that is competitive.
Making the sale
Selling your own business requires specific skills and resources; a licensed business broker or commercial real estate agent can assist you.
If you decide to sell your own business, here a few matters to consider:
Use your immediate networks of competitors, clients, employees, friends and family to promote the sale of your business; you never know who could be interested.
Your accountant may have clients looking to buy an established business.
Advertise the sale of your business using:
- websites dedicated to the sale of businesses
- local, state or national newspapers
- industry publications, trade journals, or specialist publications.
TIP: Use general terms to advertise your business and don’t disclose the business name.
Ensure potential buyers sign a confidentiality agreement
When selling a business it is common to receive applications from non genuine buyers. They could be competitors, suppliers, employees or clients trying to find out who is selling. Before giving your business information pack to potential buyers make sure they sign a confidentiality agreement first.
Negotiate the sale
Once a potential buyer has conducted due diligence, they may want to discuss terms before making a formal written offer. Prepare yourself for negotiation by considering:
- What conditions do you want from the sale?
- What are you prepared to compromise on?
- At what point would you stop negotiating and walk away from the sale?
Finalise the sale
It is a good idea to involve a professional business broker, settlement agent or lawyer in the sale of your business. This will prevent problems and make sure the sale is valid.
A contract for sale of a business as a going concern should include all the details, and terms and conditions, negotiated and agreed with the buyer.
Homeseller – s Checklist: Expenses to Expect When Selling Your Home #selling #your #own
Homeseller s Checklist: Expenses to Expect When Selling Your Home
Strategize for a quick and successful home sale with this all-in-one guide
In fact, if you start planning ahead of time, you may find ways to reduce some of the costs, perhaps by handling some tasks yourself or getting lots of competing bids for work.
Before the Sale: Expenses to Expect
Here are the typical upfront expenses. Some are a matter of choice, yet may be important investments in making sure your house sells for the highest amount possible — or sells at all.
- Painting. A new paint job is one of most cost-effective ways of freshening your house up, inside and out. If you’ve recently painted, this is less important — though if your color choices were bold or unique, you might want to tone them down with some crowd-pleasing neutrals. Your stager, if you hire one (see below) can help advise on the best colors. You can save some money by doing some of the painting yourself — hiring someone will quickly run into the thousands of dollars.
- Window washing. When did you last wash them — especially on the outside panes of upper floors? Sparkling windows make a surprisingly large difference to buyer perceptions. Hiring someone will cost a few hundred dollars, depending on the size and height of your home.
- Fixups. Which fixups are necessary (such as replacing cracked windows or stained carpeting) and which (such as major remodels) should be left for the buyer to handle is a separate discussion in itself. But there’s practically no house that couldn’t use some quick maintenance to make sure it looks well-cared for and leaves fewer items for a home inspector to comment on.
- Staging. It’s de rigeur in some parts of the United States, and less known in others — but staging your home, or having a decorator help declutter, reorganize, and in some cases refurnish it after you’ve moved your stuff out, can help impress buyers in a big way. In fact, studies show that buyers pay more for staged homes. Expect to pay a professional stager a few thousand dollars for their services (a bit less if some of your own furniture is usable.) For more on this topic, see Nolo’s article Is Hiring a Home Stager Worth the Cost? .
- Adding decorative or new items to your home (if you’re not hiring a stager). Even if you decide to save money by staging your own home, you’re almost guaranteed to have to buy things like a new doormat, new plush towels for the bathroom, flowers for the showings, and more, depending on what your house needs. Other likely possibilities include new couch cushions, area rugs, a nice table runner, and artwork to replace your wall of kids’ photos.
- Landscaping. Buyers are increasingly interested in the state of your garden. If it’s already fully planted, you’ll want to hire someone (or put in some sweat equity) to get it raked, pruned, and otherwise tidied up. If the area hasn’t already been landscaped, plan to add some new greenery and flowering plants. (By the way, if you plant in containers, you can take the containers with you when you move — unless they’re so big or incorporated into the property as to be considered “fixtures.”) Many sellers simply put in new sod — but do the buyers a favor and don’t leave the plastic mesh backing on it, in case the buyers want to replace it with something more interesting and environmentally friendly.
- Pre-inspection reports. Having a professional inspect your house for either termite/pest damage or other structural matters isn’t required. nor expected in most parts of the United States. Buyers expect to pay for their own inspectors, and in fact will probably want to hire ones they know and trust regardless of whether you’ve had the property inspected first. Yet there are situations where you might want to have the house inspected before letting buyers in — for example, if you’ve owned the property for many years and wonder whether any problems have arisen “below the hood” that you’re oblivious to, and would perhaps prefer to fix before buyers have a chance to get upset about them. Inspections will run you upwards of $200.
- Lights and heat while the house sits empty. If you’ll be moving out before putting your house on the market, expect to pay double utilities for a while. You’ll want to leave the lights and heat on in the house for sale, or program them to stay on during any hours that potential buyers and their agents may be stopping by the place. No one likes to enter a cold, dark house and fumble around for the light switches. Check your current bills for approximately what to expect.
- Extra homeowners’ insurance for the vacancy period. Check with your homeowners’ carrier. Your insurance may not apply when the home is “vacant,” which term will be defined in your policy. You can ask for a rider to cover any period of vacancy.
At Closing: More Expenses to Expect
The good news is, most of what you’ll be paying out at closing will come out of the sale proceeds. The bad news is, you’ll be saying goodbye to some big dollars.
- Real estate agent commissions. You, as the seller, will likely be paying the entire 5% – 6% commission, to be split between the buyer’s agent and yours. For ways to reduce this figure, see Nolo’s article Negotiate the Agent’s Commission When Selling Your House .
- Other closing costs or credits to the buyer. You might have agreed — based on local tradition or buyer negotiation — to pay various of the standard costs associated with closing the deal, such as fees for the escrow company; the mortgage and home appraisal; recording and transfer of the property; homeowners’ and title insurance; and more. If your local real estate market is sluggish, buyers may also ask you to pay all or a hefty portion of the closing costs, which typically add up to 2% to 4% of the selling price.
- Transfer tax. Your city or state may require you to pay transfer taxes, as a small percentage of the sale price.
- Home warranty for the buyer. Whether because the buyer requests it or to make the buyer feel secure about the home purchase, many sellers buy a home warranty on the buyer’s behalf. This is a service contract that covers repairs to appliances and certain systems within the house for the first year of ownership. It will cost about $500.
- Capital gains tax. If you earn less than $250,000 on your home sale (or $500,000 if you’re married and filing jointly), don’t worry — you won’t owe a thing in the way of capital gains taxes. But if you earn more than that, you’ll want to look further into the matter. Once you’ve subtracted things like the costs of preparing the property for sale from the supposed gains, you may not owe the tax. For more information, see Nolo’s article Avoiding Capital Gains Tax When Selling Your Home: Read the Fine Print .
- Moving costs. Asking your friends with pickup trucks to help can save you some dough — but will take a lot more time. Sometimes it’s worth paying for the deluxe treatment, where the company packs your boxes for you, transports them to the new location, and unpacks at the other end.
For more information on all aspects of marketing and selling your home, see Selling Your House: Nolo’s Essential Guide .
Talk to a Real Estate attorney.
Own Your Own Direct Selling Company With K – B Small Business Opportunities and
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Explore one of the best business ideas for women
In Kaeser & Blair, I not only found a lifelong business partner, but I discovered one of the best small business ideas around!
I looked at a lot of business ideas for women, but none of them were appealing to me. Kaeser & Blair offers you the ability to make a substantial income while owning your own business and selling awesome products. What could be better than that?
The best small business ideas can be found with Kaeser & Blair
Many companies – direct sale companies in particular – promote themselves as being good business ideas for women. They may offer the ability to sell products that women typically enjoy selling, or offer flexibility and freedom that allow women to work around a hectic schedule or diverse set of priorities. Many of these small business ideas sound great, but just don’t deliver on their promises.
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