Getting to grips with your equity is key when it comes to purchasing a property.IF YOU are considering selling your property a question that will come up is what level of equity you have in your home.It is important you fully investigate your equity position before making any decisions about selling or buying another property.There are some common traps associated with using equity in your home and it’s important you do the sums early so you understand your position.Equity is the difference between the market value of the property and the owner’s unencumbered interest in the property. In other words, it’s what would be left over if you sold the property today and paid off all the associated debts with the home (that is the mortgage).The equity (or “net profit” as it can sometimes be called) is often what people use to fund activities such as renovations.To have equity in your home the market value of the property should be growing.But what happens when the value of the property falls and the potential sale doesn’t clear the associated debts?More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020It is well documented that regional Queensland property markets are doing it tough and Townsville is no exception.Unfortunately, it’s possible that there may be owners who have bought property in Townsville in the past five to 10 years who are paying off a property that has a lower market value today than it did when they bought it.When a property owner is considering selling the property and they have negative equity it’s likely they may need the bank’s approval before they can sell. It’s important you thoroughly investigate your financial position before you make any decisions.Many experienced agents who have seen a few property cycles in their time (and I’m one of those) will know to ask the equity question early to avoid any heartache down the track.If you’re serious about selling start by finding out from the agent what costs are associated with the property sale and then talk to the bank to find out how much equity you have.It’s much better to ask this question early and avoid potential tears and disappointment down the track when you’ve fallen in love with your dream home only to find out you don’t have as much equity as you thought.
President of the Democratic Republic of Congo’s FA, Constant Omari has been appointed as the replacement for the departed Amaju PinnickThe decision was announced at the CAF press conference in Cairo, on the eve of the 2019 Africa Cup of Nations finals.The Congolese has served a number of years on the African continent and is a member of the FIFA Council.In September 2015, Omari was appointed as the chairman of FIFA’s Task Force Against Racism and Discrimination.Constant’s appointment as the First Vice President of CAF also follows his exploits in promoting football on the African continent.Faouzi Lekjaa, the FA President of Morocco also takes the position of second Vice President of CAF and Danny Jordaan of South Africa takes the role of the third Vice President of Africa’s football governing body.The decision was announced by President of CAF, Ahmad Ahmad.
Govt jubilee plan…received $590M write offsThe Jubilee payment plan, which was offered by the Central Housing and Planning Authority (CH&PA) under the aegis of the Communities Ministry, saw more than two thirds of beneficiaries being those persons that were allotted middle and high-income house lots.This information has since been disclosed by CH&PA when it recently provided a breakdown of the entity’s performance over the past year.Department of HousingAccording to the information released, a total of 2881 applicants benefited from the plan paying over to Government a total of $590 million during the course of March and May 2016 during which time the Administration made its offer available.Only seven persons in the very low-income category benefited from the Jubilee payment plan.Those persons were allotted house lots at a cost of some $59,000, while 215 persons in the low income categories at $92,000 per lot managed to benefit from the plant.A total of 524 persons allotted house lots in the range of $150,000 and $200,000, considered by Government to be moderate income earners, benefited from the Jubilee plan.Middle-income lots ranging from $500,000 to $1.2 million saw 1440 persons cashing in on the Jubilee payment plan.The highest category of house lots awarded – in excess of $1.5 million – saw a total of 695 persons benefiting.The almost 3000 persons cashing in on the offer benefited from a total discount of $590 million.Government had also offered an additional subsidy towards home improvement and saw the programme offering beneficiaries a maximum of $50,000 in building materials, redeemable via vouchers, to effect approved improvement works to their existing basic building.CH&PA has since indicated that the subsidy saw persons from across the country in each Region benefiting.The information supplied by CH&PA has also revealed a dismal track record with regard to the expenditure of almost $6 billion, which was set aside to be spent from the CH&PA’s housing fund.According to CH&PA’s records, a total of $5.8 billion was budgeted for the year 2016, with $5.2 billion of this sum identified to fund the infrastructural investments and housing construction programme.However, as at December 2016, the total capital expenditure stood at $688.4 million, which represents 12 per cent of the total budgeted sum, while current expenditure was $414.2 million.The entity’s current revenues for 2016 stood at a paltry $67.8 million.The CH&PA reported too that there were no new housing areas developed, or upgrading works completed within existing areas, “since decisions to develop new areas or the prioritising of existing areas for upgrading ought to be informed through a process of feasibility assessments that is supported by current, comprehensive and accurate data/financial information for each housing area.”The CH&PA said the field data collection exercises were completed in November, while the data entry and verification exercise was in progress.Meanwhile, as it relates to the allocation of lands during the course of 2016, the CH&PA reported that only 2015 house lots were allocated, but that represented a more than 100 per cent increase over its target of 1000 allocations.Two hundred and twenty-one regularised squatters received allocation letters, out of the target of 400 squatters.As it relates to this year, the CH&PA is geared to fund its 2017 programme from the housing fund to the tune of $8 billion.Of that amount, some $2.3 billion has been earmarked to fund several of the projects that would have had to be rolled over from 2016.Some $2.5 billion has also been set aside for the “consolidation of existing housing schemes to conduct feasibility study of existing housing scheme as requested by CH&PA Board prior to intervention, and the upgrading of roads, drains and structures in low-income, regularized squatting areas and other planned housing areas”.According to the information supplied by the CH&PA, Government has set aside $1.6 billion to be utilised on the first phase of infrastructural development works and housing pilots, namely those for the townhouses, duplexes and single-flat houses.Minister with direct responsibility for the sector, Valerie Sharpe-Patterson had recently contended, “2016 was not our best year…2017 cannot and will not be a repeat of 2016…We have a job to do – to provide decent, affordable housing for the Guyanese people.”