Buying Your First Vacation Home: All Your Questions Answered
With 1.13 million dollars spent on vacation homes in 2015, the number of Americans looking for a private, paradise getaway is soaring. More and more people are starting to vacation and investing in a second property is becoming a popular option for families. If you’re looking to join this growing list of investors, you probably have a lot of questions that you would like answered. So, to ease your pain and create a smooth transaction, check out some of the answers to the most common vacation home concerns.
Is it Worth it to Buy a Vacation Home?
Before deciding to embark on your next adventure, you’re most likely wondering if it’s worth it. However, a simple calculation can help you determine if a vacation home is worth buying. Financial advisors suggest that you should estimate the number of weeks that you’ll spend next year. Then, multiply this by the average weekly rental rate at your favorite travel destination. Is this number more or less than what you would spend on a second home? Although this is the basis of your analysis, you can also take into account how you’ll use your home. If you can and are willing to rent out your second property while you’re not using it, you can also add these incentives to the value of your purchase.
Can You Afford a Second Home?
If you think that you’d like to invest in a second home, the next step is to determine whether or not you can afford it. Real estate is not a liquid investment and you can’t immediately count on selling the home for profit. Therefore, you should really sit down and determine if you can afford the house in the first few years of your ownership. Determine your annual income and deduct your monthly debts. This will include credit card payments, student loans, retirement funds, current mortgages, and any other bills you pay. You should also consider the strength of your credit score as this will also affect your ability to purchase a new home. If these are in line and you have about three to six months of emergency funds, you can probably afford to buy a vacation home. Take 10 percent of the number that you received by deducting your debts from your annual income and use this number as a base of how much you can afford on your vacation home.
Where Should I Buy My Home?
Most people that buy a vacation home choose one that is on a beach. However, you can buy a home wherever you’d like. First, consider how far you want to travel for your trips. As a general rule, most investors say you shouldn’t pick a home that is more than a two to three-hour drive or flight from your primary house. This will give you the most use out of your home and make you feel as though you made a good investment. You should also choose a place that you’d like to visit often as well as a place that is touristy. This will allow you to make plenty of trips to your home without being bored and it will also give you a greater chance of selling it if there are many people visiting the area.
Buying a vacation home is a significant investment. Before you decide to embark on the adventure, be sure that you’ve looked at your finances and do your research.Read More
How To Secure Your Home From The Inside Out
When owning a home, one of the most important things to think about is safety, for you and everyone else that resides in your home. There are always dangers around, and you can lessen the risk of these as long as you’re careful and take all the necessary precautions. You also need to think about the style of home that you have, as this will determine the kind of security that you install.
For example, if you live in a bungalow, then you won’t need to worry about any upstair alarms or cameras, because there is no upstairs. Here are some of the most common types of security for your home to get you on the right track.
You should always make sure that you have a substantial lock fitted on not only your front door, but the back door too that leads out into your garden. Standard locks just aren’t good enough, especially not if the potential threat is an experience bulgar that knows how to pick the lock, or just remove it altogether. So call in an expert locksmith to come and evaluate what you currently have, and then they’ll tell you all the other possibilities that are out there. The residents who live with you come into play too, even the likes of having a dog or a cat, as that may mean you have a flap installed for them to get in and out, which can also cause a slight problem, making the area more vulnerable.
Windows are a very common form of entry for burglars because they can easily be opened if they are left ajar – even if only a little bit. Not only that, but they can also cause a risk to you if you have small children around as they can climb or fall out if not careful. One way to prevent this from happening is by getting some window restrictors fitted so that the window cannot be fully opened enough for anyone to climb out, or in. You may want to read up a little to know when window restrictors are required by building regulations, as certain properties may vary.
Never leave anything out in your garden that is valuable, as it will instantly put you at threat of being broken into. You also want to make sure that no tools like ladders are left lying around, as these could be used to enter an open window upstairs. You might also want to consider getting a light sensor fitted so that it goes on as soon as it detects movement. This will scare anyone that is attempting to enter your property as the last thing they want to do is draw attention to themselves. Pair that up with an alarm, or even a security camera, and not a lot of criminals will be stupid enough to target you.
Now you have a few ideas, keep these in mind so you know how to keep yourself and your home safe from dangers lurking in the shadows.Read More
A Beginner’s Guide to Flipping Houses
Are you curious about the lucrative world of house flipping? You’ve likely seen the shows on TV. People buy aged and worn-down houses and then turn them into real estate beauties for a big profit.
It’s totally possible for anyone to get in on this business, you just need to know a few things. For a beginner’s guide to flipping houses, keep reading.
1. You Need Cash to Start
Most people don’t have the cash to buy a house straight out. Even the cheapest properties will require money upfront. You can try and get a bank loan or seek out investors.
Another creative option is to form a joint venture with someone who has the cash and is willing to split the profits with you. Yes, you do lose out on profit in the end. But for a beginner, this is a great way to gain experience.
2. You’ll Need a Team
Unless you’ve worked in every aspect of real estate and construction, you don’t have the knowledge to do this by yourself. Even the most experienced house flippers have a team they can trust. Most comprise real estate agents (like the ones at RE/MAX Downtown), contractors, attorneys, and designers.
When hiring your team, always check references. Ensure your people will show up on time and bring their A-game, just like you.
3. Location Is Everything
If you purchase a house that in an area with a declining economy and high crime rate, you won’t be able to resell it. There are lots of factors to consider when choosing the location of your flip. Consider the following:
- Crime rates
- School quality and proximity
- Employment growth
You may find a cheap but promising house. But, the nicest house in the worst neighborhood won’t sell. Instead, look for the worst house in the best neighborhood that you can renovate to perfection.
4. Pick the Right Home
If you’re purchasing a home on the market and not at an auction, you may have time to get an inspector out to the property. This is crucial for predicting potential costs and renovations.
Your inspector should check the foundation, roof, electric system, plumbing, and building codes. Roof replacements and mold damage are some of the costlier expenses, so avoid houses with these issues if you can’t afford to fix them.
5. Price It Right
Another reason for choosing the right location is the price. No matter how many awesome renovations you do to the house, you can’t sell it high above market level for that neighborhood.
Pricing below market value in a hot area means your profits can only go up. Speak to a real estate agent for professional pricing advice.
Ready to Start Flipping Houses?
Flipping houses is a fun, lucrative, and fascinating business. It’s attracting the eyes of more and more Americans looking to try their hand at design and reselling.
If you’re ready to get in on the action, check out our blog for more information.Read More
How to Sell Your House Fast in 5 Easy Steps
It’s a seller’s market in the United States right now. The fact that 5.5 million pre-existing properties were sold in the year 2017 alone, prove that fact. That encouraging figure may not mean much to you as a seller though if you’re trying to sell your home and haven’t had any luck thus far. Fortunately, there are tried and true methods of how to sell your house fast in both up and down markets, 6 of which we are going to share with you right now!
1) Brush Up Your Exterior
Nothing brings more interest to your property than its exterior. It’s the first thing people will see when they pass by and that first impression has massive implications on if buyers will make further inquiries.
To boost your home’s curb appeal, we recommend starting with doing some landscaping work. Something as simple as mowing the lawn and trimming shrubbery can go a long way.
2) Stage Your Home
While you have a lot of emotional connection to the interior of your property, prospective buyers need to be able to visualize themselves in it if you want a solid offer. To help with that, depersonalize the inside of your house and stage it in a way that appeals as broadly as possible.
To get started, take down personal photos and artwork created by family members. Then, think about getting the perspective of an interior designer to set up your furniture in as appealing a fashion as possible.
3) Consider Making Fixes/Upgrades
Making fixes/upgrades to your house before selling is a tricky subject. You never want to put more into improvements then you’re likely to get back in additional value.
In our experience though, going through your home and patching up things like cracked tile, a broken shower door, etc., can have a profound impact on the number of offers you get.
As mentioned, you can also put new fixtures into your home to modernize it. Just stay conscious of the additional value any upgrades will translate into before investing in them.
4) Price to Sell
If you want to sell your house fast, you don’t want to overprice your home and wait for an ambitious buyer. You’ll want to inspect comps with your agent and price your property equal to or slightly below them.
This competitive approach to pricing will make you stand out to buyers.
5) Don’t Skimp on Photography
Most buyers will discover properties through websites and home buying apps. To get attention on these mediums, visuals are important.
A professional picture is significantly more likely to get you engaged with online than an amateur photo. Because of that, it’s well worth the investment to get a professional photographer on board when marketing your home.
6) Consider Cash for Home Companies
If you’re truly in a pinch and need to sell now, there are companies whose slogans are, “we buy houses for cash” that will take your house off your hands lightening fast.
You’re likely to get slightly below your property’s market value through these types of transactions but if you’re looking for a quick sale, there is no better “how to sell your house fast” method than this one.
Wrapping Up 6 Steps on How to Sell Your House Fast
If you’re wondering how to sell your house fast, we recommend going through the steps above. Investing in the appearance of your house, pricing competitively, and having great photos will increase leads to selling your home significantly.
And, if all else fails, there’s always cash for home buying companies to get you the money you need right away. If you’d like in-depth information on the best opportunities to expand your real-estate portfolio in the South Florida area, our team is here to help.
At Sky Five Properties, we have inside information on the hottest homes, condo offers, and beyond in the region. We also have more helpful blog content for developers, buyers, and sellers that you can dig deeper into today!Read More
Finding Your Personal Home Decor Style
Once you have purchased your dream property, the journey has only just begun. You then need to consider how you are going to decorate your new home so that it looks stylish and fits in with your own personal style. But, what if you do not know what your personal home décor style is? Read on to discover some of the different ways you can gain the inspiration you need.
Start a Pinterest board
If there is one thing that Pinterest is good for, it is helping us to hone our own style. From wedding planning to indeed interior design, people use Pinterest to gather all of the things that they like in one place. Once you have created a board on here, you will get a real feel for the sort of interiors you like and this will help you to develop your own personal home décor style.
Look at different furniture collections
While mixing and matching is in right now, it is always a good idea to look at different furniture collections from renowned designers for inspiration. This is because such collections tend to boost the perfect furniture recipe, containing all of the pieces that are required per room and tie in beautifully together. This can help you to make sure that you have the right balance in your home.
Consider taking a flower arrangement class
The importance of flowers in interior design cannot be ignored. They look beautiful within the home and they bring a number of other benefits too, including improving the airflow within a space for a more comfortable living environment. Not only this, but flowers are a source of inspiration for so much that goes on in home décor, as well as beauty and fashion too. A flower arrangement class will enable you to play around with blooms in different textures, shapes, and hues. You cannot only use these skills to ensure your home is always adorned with beautiful flowers, but you can take what you have learned and apply it to all elements of interior design.
Purchase a statement piece for every room
Last but not least, it is a good idea to purchase a statement piece for every room. This piece will act as your design anchor, meaning it starts the interior style for the rest of the room. This is advisable because it gives you something to refer back to so you can ensure that everything fits in together beautifully.
As you can see, there are many different ways that you can get the inspiration you need to determine your personal home décor style. Use the advice that has been provided above and you will have a property that looks luxurious and expresses your personality from every corner.Read More
How to Find a Realtor That’s a Perfect Fit For You
It’s one of the biggest decisions you will make in life. The home buying or selling process is a long and sometimes daunting one. So, you want to ensure you’re placing your time and trust in the right hands. More than 5.51 million homes were sold last year, not even including newly constructed properties. That number began with many homeowners looking to find a realtor and not just any realtor, the perfect realtor.
Just because someone has a license to sell doesn’t mean they are right for your unique situation. The right realtor should be sales savvy, with experience and a trusted reputation in your market. Follow this guide to vet potential agents, and find the best realtor for your needs.
Seek Personal Recommendations
Referrals are your friend. Ask your neighbors, work colleagues, or family members for realtor recommendations. When it comes to finding the right realtor, 33% of buyers used a recommendation. Do a bit of community outreach and see which realtors reputations fair well in your area. Word of mouth referrals is an honest and quick way to gather information before making your decision.
Be sure to ask if the realtor specializes in buying or selling, and how their experience relates to your situation. If you’re planning to sell your house to buy another, you’ll want someone well-versed in both transaction types. If you’re relocating to a completely new area, ask your current broker’s office for recommendations. When coming from a trusted source you’ll feel much more confident about your realtor’s credentials.
Don’t forget the importance of technology in real estate. For example, say you want to find a realtor to help you search for Rio Rancho homes for sale. Take those keywords to Google and search for qualified local agents, with stellar online reviews.
Ask Questions, Questions, and More Questions
Whether buying or selling, the process is going to leave you with many questions (especially if you’re a first-time buyer).
Your realtor should be knowledge powerhouse and share a wealth of information with you, such as:
- Housing market how-tos
- What to expect during the buying and selling process
- Financial expectations
- Property details/taxes/disclosures
- Community and school information
- Market trends
- Comparative market analysis
- Vendor recommendations for title companies, inspectors, and lawyers
When asking these questions, your realtor should give timely responses. They should also be able to work with your communication preferences via email, text, or in-person meetings.
How well they communicate with you is a clear sign of how serious they take their job. In a seller’s market, homes move quick so your realtor should be just as fast.
Research Past and Current Listings
Agents who are good at their job get lots of listings. While this is a good thing, you want to ensure they also have the time to dedicate to you. Find out the average amount of clients the realtor works with. A good balance of listings indicates they have experience and can handle the pressure of finding or selling your dream home.
Top selling real estate agents with a high volume of clients most likely have an assistant or someone to help with the workload. You want to ensure they or someone from their team will be readily available when needed.
When vetting out listings, pay attention to price points. These will, of course, vary depending on the home, market, and value, but can at least provide some insight. Look to see what previous homes have listed and sold for. The best realtors are also good negotiators and should be able to get the right price for your home.
Perform a Background Check
Don’t be afraid to do some digging. Thanks to the internet, the realtor’s previous sales, experience and reputation among the community shouldn’t be hard to find. You want to make sure the agent has an up-to-date license for the state you are located in. For bonus points, look into whether they have any extra awards or credentials.
Get a feel for how long the realtor has been in business in your area. It doesn’t hurt to have you or a friend drop by an open house. This will give you a chance to see how the agent relates to others on a personal level. Ask for references. It’s always helpful to have non-rehearsed and real-world accounts of how the realtor has handled past transactions.
Look for That Bit of Extra
There are over 2 million licensed realtors in America. Some are decent and some are very good at their jobs. When selling, it’s important to know what real estate tools and tactics they will use to market your home. Are they an out of the box thinker? More creative realtors are using social media marketing and video production to go that extra mile.
Realty can be so much more targeted than buying and selling homes in a select area. Some clients are looking for a lifelong investment, while others are flipping houses. Each situation is unique, and your realtor should be able to mold to your specific needs.
Some realtors have specialties in specific property types. Pay attention to their niche (luxury, gated communities, vacation properties, single-family, etc.) and whether it’s relevant to your situation.
Trust Your Gut
A realtor is a person, and if you don’t mesh, or feel something is off, there’s a reason for it. Ask yourself, who’s doing all the work? If it seems you are finding new homes faster than your realtor is sending them to you, this could be a red flag. Yes, realtors work with other clients, but you should still feel like a priority.
Does the realtor keep you well informed throughout the process? There should be frequent and open communication about new leads or new listings. If you’re having a hard time getting answers or results, you may need to change things up.
Say you’ve matched up with a great realtor to sell your home and things are clicking. While they are out promoting your property, follow these tips to speed up the sale of your home.
Find a Realtor for Life
Once you find a realtor that can lead you to your dream home, don’t let them go.
You’ve closed on your new home, popped the champagne and unpacked all the boxes. But it might not be over yet, because right now is the time to invest in real estate. Learn more about how investment properties are a smart move, not only from an extra income standpoint.
Be sure to share the wealth, and recommend your new realtor to friends and family.Read More
How to Stop Foreclosure on Your Home
In the US, about 1 in every 2058 homeowners experiences a foreclosure. Failing to pay a mortgage is something many people never anticipate at the time of borrowing it. But some extenuating life circumstances can force you to stop making your monthly payments.
This puts your home at risk of foreclosure. Dealing with this fact can be quite depressing. The situation can also worsen if your property’s worth is less than the amount you owe. In this case, your lender can pursue a deficiency judgment.
As with most problems, there are several workarounds for foreclosure. Here, we’re going to show you how to stop foreclosure.
Communicate with Your Lender
Some life circumstances, such as losing a job, can be understandable, and some lenders can empathize with your situation. So, when you realize you won’t make your payments, reach out to your lender and tell them about your situation.
Some will gladly adjust your plan to make it more affordable for you. If your mortgage is an adjustable loan, your lender might change or freeze your interest rate. Do not wait until you’re unable to pay to contact your lender.
Prevent Filing of a Notice of Default
Some lenders may not want to foreclose, but they will file a Notice of Default. This helps to protect their interests, but you should strive to prevent that from happening. First, don’t get embarrassed or snub letters from your lenders. This only worsens your situation.
If you miss payments for several months, ask your lender to consider forbearance to give you time to work out your options. Also, consider asking them for forgiveness. These options allow you to prevent the filing of a Notice of Default.
Sell Your Home
Another way for stopping foreclosure is selling your home. This is known as a short sale, and you can contact your lender to discuss it. Selling can be a great idea if you have positive equity.
The trick here is to sell it quickly. If you take longer than the average time to sale, foreclosure rates will be higher in the buyer’s market. Once you sell the house, your lender will be repaid, and you can walk away.
Apply for a Loan Modification
You don’t want to wait until the last minute when things become bumpy. Applying for a loan modification can help you delay a foreclosure because the lender could be prevented from dual tracking.
This means that your lender can’t proceed with foreclosure even when your loan modification application is pending. When it’s approved, the foreclosure will be stopped allowing you to keep up with the modified payments.
File for Bankruptcy
This is usually a last-minute action, but it can help with stopping foreclosure. Usually, if the foreclosure is to happen in the next few days, you can file for bankruptcy immediately to stop it.
Once you file it, the lender can’t collect the debt or foreclose your home. So, any foreclosure activity will halt during the bankruptcy process. Keep in mind that your lender can file a motion to continue the foreclosure.
Even if the court approves their motion, it usually takes a month or two for them to proceed. This gives you adequate time to explore alternatives.
Learn How to Stop Foreclosure
If you anticipate a possible delay in keeping up with your monthly mortgage payments, don’t hesitate to take action. You don’t need to buy a house only to lose it to your mortgage lender.
This post provides you with some of the ways on how to stop foreclosure. In some cases, you can even file a lawsuit if the lender is using a nonjudicial process to foreclose.
If you have any ideas or thoughts on home ownership, you’re welcome to share them in the comments.Read More
Head to Head: Bought Vs Hired Furniture
Furniture is an integral part of the overall outlook and function of any space. It shows how good an office space can look and feel and lends to the overall ambience and design of the office’s environment. It even works the same way for a home.
Buying furniture, however, may be too costly and not the right decision at times. Sometimes you just need to rent the furniture like tables or chairs. It all depends on what your particular situation is. It makes sense buying sometimes, while at other times it makes sense renting furniture.
Here are the circumstances where you may need to ponder over the decision of hiring versus that of renting your furniture.
1. Do You Need It Quick or Can It Wait?
Buying entails greater involvement of your time and money. For instance, if you’re moving into a home, you need to consider the bills and the mortgage you are paying and whether you can afford to buy those items or furniture.
When tenants also move into a space, it may take considerable time, for the furniture they’ve bought to actually arrive there. Till the time your new furniture actually arrives at your home or office, you can choose to hire the furniture from rentacentre.com.au to seat your guests or employees.
Rental companies can furnish the house hassle free in as little as two days. That means you can get on with settling into the new office of home. When the purchased office furniture is delivered, the rented furniture can be easily returned, hassle free.
2. Unpredictable Company Growth
While the previous situation could apply to residential or commercial property owners, this one is more relevant to company offices. There are times of fast paced growth in companies, whether they are established or new start-ups that may happen in bursts, which begs the decision, how to spend the extra money wisely.
In growth phases it can become difficult to account for the rapidly growing workforce and physical space needs. In an uncertain time like this, it is best to hire the furniture that adds to your office until that rapid phase growth subsides.
If you know that your company is in an industry that gets seasonal employment cycles, you should be able to benefit from the decision to hire desks, chairs and other office furniture for a rented office space.
This way you will not have to bear the high costs of buying and getting stuck with furniture once your seasonal employment cycle is over.
3. When You Have the Money
When you do have the money to buy classy furniture from Christophe Living that adds to the style of your home (or office) you should do it. Your office may benefit from classy furniture that matches the overall look of the office and provides potential customers a good impression when they visit. It may even be a wise decision for a home, as it gives a similar impression to guests.
And the best part? The furniture is yours to keep.Read More
The Other Side to Property Investing
When it comes to investing in real estate, the majority of people will consider something akin to looking around properties in their area with a view to doing them up, and renting them out, or flipping them a few months down the line to a new buyer after make some home improvements.
People have a tendency to stick with what they know in order to avoid property investment pitfalls, yet there’s a whole other side to property investing.
Introduction to REITS
This other side might be more attractive for investors than the typical residential properties, as the commercial property investment market, offers a way to earn a decent return on your investment with potentially lower risk.
This is also what’s known as a “hands off investment” meaning you can sit back and see your capital appreciate, unlike with a domestic property where you tend to have to get your hands dirty, whether that’s literally, in the sense of building work, or just keeping on top of receiving rent payments from tenants.
See, the value of a commercial property tends to increase over time and therefore, it provide a steady source of investment income. However, that is the case, only when the economy is strong – yet if the economy slows down or crashes you are less likely to experience big losses, like you might if you had a residential property.
Value Down Under
Today, property syndicates known as Australian Real Investment Trusts (Australian REIT) are becoming more popular with commercial investors. Yet, not everyone has heard of these before or fully understand what a REIT is.
Essentially they open up investment opportunities within large-scale commercial properties, such as shopping centers or office buildings. The benefit is that they enable savvy investors to diversify and tap into the strong and consistent income stream on offer in the commercial property sector without having to invest millions into a project, like most commercial investors are required to do.
Since commercial properties are a lot more expensive that residential, it’s understood that not everyone has the funds lying around to play at that level, this is where syndicates come in, as they help individual investors to invest in bigger commercial projects than they would otherwise be able to, and therefore tap into the profit potential of the corporate market.
Here are some of the benefits to this side of the property investment market, using a REIT.
- Save Costs
Understandably, you need a huge sum of money to purchase a commercial property, but by pooling financial resources with other investors, you can invest in profitable properties that are within your budget.
- Save Time
If you purchase a commercial property as an individual investor you will spend a lot of time managing different aspects from property selection to tax issues and maintenance. A property syndicate, on the other hand, allows you to share these responsibilities with other members – meaning you’ll save time, and also mitigate risk.
- Diversify Your Portfolio
Many property investors stick with what they know, and this can be good advice, however the best way to make a lot of money as an investor is to diversify your portfolio, and what better way than to invest in commercial property in addition to residential.Read More
3 Insightful Examples of Blockchain in Practice
Mining the vast online in search of cryptocurrency is, in fact, not the only way to get rich through blockchains. By making it possible to share and access information instantaneously, the Internet has opened so many doors – both in terms of closing the information-gap as well as carrying out transactions without going through the bank or even the government.
It’s a beautiful shift in power and industries all over the world are making use of it, from retail to real estate. Here is a list of all the ways business have made use of the concept, so that you can wrap your head around it a bit quicker.
First of all: What is blockchain in any way?
Before we take a look at the various ways businesses have utilized this revolutionary technology, we first need to understand what it’s all about. Blockchain is based directly on the Internet but separate from the web. Think about it like this; two decades ago, we relied on newspapers and the big broadcasting channels to provide us with the news of the day. Journalists, as the information-providers, went through the big corporations to share information which again was controlled, of course, by their owners.
This means that both the nature of the information and the access to it was controlled by third parties. Now, when you want to make a quick bank transfer to your friend, you will still have to wait for the bank to first verify it before it updates on your friend’s account; just like with the news organizations, your money transactions are controlled by a third party.
Luckily, the Internet came along and changed everything – including your money transactions, as we will soon explain. Anyone can scramble together a news article now and share it on social media; launch their own podcast and even try to be directly in opposition to the mainstream news – which, by the way, still exists just like the banks are still hanging around today.
The power is, in other words, in the hands of the citizens who may share and access any kind of news and will no longer have to wait for the afternoon broadcast to stay up to date on current affairs.
With blockchain, the data of a money transfer, for example, is transferred once and for all to the recipient and is certified without relying on a third party. This opens up for so many opportunities which we hardly considered before – and it drastically reduces the costs of transactions.
So it’s really all about Bitcoin, right?
Although most people associate blockchain with the likes of Bitcoin, it is actually out to very good use in many industries all over the world. With this amount of enthusiasm for a technology that is still learning to crawl, it’s safe to assume that it’s only going to continue growing.
The best thing you can do is, in other words, to prepare for it now before the tidal wave hits. From private to public sector, blockchain is considered just as much an opportunity as it is a threat – and these businesses are already putting it to excellent use.
Blockchain in retail
Now that you have a vague idea of how it all works, it’s time to get started on how businesses are actually making use of the technology. At its core, blockchain wants to make data freely available and eliminate the middle-man.
Some retailers have already done this information about the products they purchased, such as Warranteer, an application that allows consumers to access this information and get service in the case of a product malfunction. It’s all about the accessibility of information and making warranties an online phenomenon as it ‘safely stores your eWarranties to the cloud’.
It certainly makes it a lot easier for consumers to find information about the products and it even keeps a record of your user manuals which, in all fairness, is quite original.
Blockpoint is another pioneer in retail blockchain technology that focuses on a simplified payment creation system. That way, you’ll be able to use all the up-and-coming eWallet technologies when you’re shopping and can complete transactions without waiting for approval from your bank. In addition to regular eWallets, Blockpoint allows you to use loyalty programs, gift cards, and a host of other functionalities.
Blockchain in real estate
The beauty of this concept is that every transaction becomes so much more efficient, transparent and, of course, a lot cheaper when there is no middle-man to keep happy. Real estate is also utilizing this and for good reason; with IHT initial coin offering, you’ll be able to make transactions on your assets instantly which again provides liquidity to the investors.
It integrates global real estate markets with the blockchain technology, thereby enabling real estate developers, financial institutions, and their users to be connected with each other – making the transaction of real estate a part of the digital credit society. It is a new way for people to own and share their assets easily and even ‘gain from the share economy boost.’
Blockchain in insurance
When you understand how retail businesses such as Warranteer makes us of blockchain, it’s easy enough to see how insurance companies may do the same. Accenture aims to boost efficiency and productivity within the insurance industry by building blockchain solutions for its clients.
Key insurance industry processes are, in other words, translated into blockchain procedures where all data is freely visible to everyone. This builds trust, naturally, and highlights the kind of transparency that blockchain is all about.
Industries are going to adapt to this revolutionary way of making transactions and sharing information, so it’s a good idea for any knowledge-hungry citizen to read up on the concept and stay up to date on all the changes. Everybody else is doing it, after all.Read More