Mayfair Group
Global Investments – Local Reach
Mayfair Group has developed a unique and simple way for investors to capitalise on the Global Real Estate downturn.
We Specialise in hands free investments that can provide investors Gross Yields of up to 25% per Annum. Our Investment properties offer up to 50% equity from day one thus giving our investors strong return on investment.
For further information please Contact
Us.
USA Foreclosure Property Refurbishment FAQ'S
If you have any questions that are not answered in this detailed frequently asked questions pack,
then please do not hesitate to contact us.
Q. I have heard of grants being offered to renovate properties, can I take advantage of these?
A. Grants are available for renovating properties and also tax credits of up to $8000 can be used to offset against the purchase of a property. However these are only available to American citizens. So whilst you may not be able to benefit directly, home values on your street will improve if your American neighbours take advantage of these schemes.
Q. What does it mean having a property 'up to code'?
A. In many parts of the US, properties that have been repossessed, such as the ones that we offer, they are often in various states of disrepair having been unoccupied for sometimes up to two years. Before they are lived in, the local council will require a surveyor to view the property and ensure that it meets their safety and quality requirements. Until it does, a property will not be classed as habitable and you will not receive a certificate of occupancy.
When we sell our tenanted homes, we ensure that all our properties meet the local council's code.
Q. What is a Certificate of Occupancy? Do the cheap American properties you sell come with these?
A. The properties that we sell are repossessed houses and have been designated as being empty so do not come with a valid Certificate of Occupancy. In order to be able to live in them/rent them out, you will need to apply for a certificate of occupancy. To be approved, the property must be put into a habitable condition (any faults must be corrected) and be safe to live in.The Detroit Municipality will send round a surveyor to inspect the property and depending on approval, you will receive your occupancy certificate. Typically this costs around 295 USD. If you are purchasing a tenanted property from us, then we cover this cost.
Q. Is the property insured from the time you acquire the property?
A. Yes the property is covered for fire and natural disasters during refurbishment and it is included in the price.
Q. Who is responsible if a contractor meets with a accident in my property?
A. All Mayfair Group approved contractors have there own liability insurance and we request a copy of this each time the contractors start work.
Q. How do I know what work is required?
A. The city inspectors of Detroit visits the property once it is has been purchased and produces a detailed report of the work required and it is high-lighted in a document called ACR. The inspectors give a period of 3 months to complete the work. Once the work is completed they then supply the occupancy Certificate to the management company, who will forward it to you.
Q. How long does it typically take to complete the refurbishment?
A. The work begins the day the property is transferred to your name and can take anything between 2 to 3 weeks.
Q. Will I have to pay any thing extra on the refurbishments?
A. No, the total cost of the refurbishment is all included in the price. We evaluate each property that is listed on our website and our contractors evaluate each property to ensure that we provide properties in good locations that fit withinthe price model we offer to our investors.
Q. What does a typical refurbishment cost?
A. A typical refurbishment will cost us anything between $14,000 to $16,000
Q. What is the minium refurbishment that is carried out in each property?
A. During the refurbishment of each property we do the following as a minimum: Landscape the front and back gardens, paint all walls magnolia color, paint all ceilings white, paint all doors / skirtings white, change carpet through out the property, if there is a wooden floor it is brought up to standard or replaced, repair or replace allbathrooms, check or repair or replace kitchen, check plumbing and repair where required and check theproperties electrical and repair where required.
Q. Who is responsible for connecting all the utilities?
A. The management company / contractor will get all the utilities connected at the property.
Q. During the refurbishment process am I responsible for all payment of the utilities?
A. No the management / contractor will be responsible for payment of the utilities during the refurbishment process. The utilities are connected and charged to the management / contracting companies.
Q. Once the refurbishment is completed who will change the utilities over to the tenants name?
A. The management company will be responsible for transfering them on to the tenants name.
Q. Do I get before and after pictures of the refurbishment of my property?
A. Yes you will get pictures before the work starts and when the work is completed.
For further information contact us on info@mayfair-group.com