Saturday, November 28, 2009

Tips For Buying Property in 2010

Tips For Buying Property in 2010


As we wave happily to the end of 2009, many of us hope that the New Year will bring about positive changes, especially to the property market. A large portion of London property buyers have held back this year and have decided to wait until 2010 to purchase. Buying property is a serious investment and must not be taken lightly or acted upon too hastily. Property experts are already offering some advice on how to buy smart next year and here are a few insider tips to help you for your future property investment.

Wait and See:

If you intended on buying a Putney property or a house in Hammersmith, it is advised that the closer to the end of next year you buy, the better. There are high hopes for improved mortgage availability and a possible fall in home prices of up to 6.6 percent. Buying a property is a lengthy process, and approaching purchases with caution is not a bad thing. After the busy September/October UK property purchase season, there will be many homes left over, with owners ready to sell at affordable prices to people who are buying. In addition to this, there are usually fewer buyers looking for homes at this time, so the competition is not as stiff.

Getting all of your ducks in a row:

Before you decide to buy that 5 bed-roomed property on a two bedroom budget, make sure that you can actually buy the home that you want. By making sure that your finances are all in order as well as being realistic about what you can afford, you will be able to find a home within your means. Property analysts advise that you find a reliable mortgage broker who knows your financial limitations and will be able to help you acquire a reasonable loan for your home. You must also make sure that your credit history is spick and span first before buying a property and if it is not, getting it sorted out is a top priority.

Read the small print:

There are numerous costs that must be paid when buying a new property. According to property experts, it seems as if a 25 percent deposit is necessary in order to receive the best mortgage rates. Also, do not forget costs such as solicitor fees, stamp duty, bank transfer fees and land registry fees. All of these separate costs add up so it is important that you budget correctly for this and also leave a considerable margin in case any extra payments need to be made.

Buying property is not an easy task, especially in today's current financial circumstances. It is important that you are fully prepared and armed with all the relevant information in order to buy a home that suits your lifestyle and your pocket.  

Lauren Potgieter wrote this article for Douglas and Gordon Estate agents. Visit their site and search their London Property and Putney property listings

Article Source: http://EzineArticles.com/?expert=Lauren_Potgieter

Wednesday, November 25, 2009

How to Buy Investment Property - 5 Top Tips!

How to Buy Investment Property - 5 Top Tips!


Are you interested in learning how to buy investment property successfully? This article will give you 5 top tips that will help you succeed and make money from your property investments.

Let's get stuck straight into these tips.

1. Do your research. If you are buying a property in the hope of becoming a landlord then make sure you have checked the areas rental potential and make sure the types of properties that you are planning on buying are the ones in demand by tenants. If you are planning on flipping the property, make sure you buy a property that is wanted by homebuyers.

2. Don't' blindly trust what anyone says. This includes so called experts. Talk to a few different property professionals to try and get a balanced view on things such as:

- What type of property to invest in

- What location

- What type of tenant to aim for

Sometimes it is only after canvassing lots of different opinions that you can really formulate you own strategy with confidence and with solid reasons why you plan to do what you plan to do.

3. Get for comparables for everything. Rental comparables, sales comparables - everything you can. Make sure your comparables are as much like for like as possible. For example: if you want to rent out a two bedroom flat next to a railway station, then try to get the rental comparison of other two bedroom flats next to the same railway station.

If you use a two bedroom flat that is ½ a mile away from the railway station, then your comparisons maybe way off. ½ a mile can be a long distance if it takes you from the desirable part of town to the rough drug dealing part.

4. Get your finances in place. This is a good thing to do even before you start looking for properties to buy. If your finances are sorted out before you start looking at how to buy investment property, then you will be more likely to be looking with confidence and purpose because you know if you find that bargain property you have the finances already in place to do the deal.

But if you don't have your finances in order there might be doubts in your mind about whether you can finance a deal even if you find it, this in turn may cause you to self sabotage any deal you see even before you put an offer in.

5. Employ the right professionals, whether that means builders, solicitors, contractors, or someone else, skimping on employing qualified people to do a job correctly can cost you a lot more money than you expect. Just because someone is cheap, doesn't mean they can do a good job and just because someone seems expensive doesn't mean that they can do a better job than someone who is cheaper.

The only way to find out for sure is to check references and their qualifications to do the job. Try and speak to real people, preferably face to face, that they have worked with before.

Hopefully by reading this article you now have a clearer understanding on how to buy investment property that will make you a long-term profit, as well as perhaps making you a quick buck now.

Do you want to learn even more on how to buy investment property for profit? Are you interested in learning how to buy property with little or no money down? Then go to the http://www.investment-property-guru.com website for more free tips articles and advice.

Article Source: http://EzineArticles.com/?expert=Carlton_Johnson

Friday, November 20, 2009

Top 10 Overseas Property Investments in 2010

Top 10 Overseas Property Investments in 2010


1. Brazil

The Brazilian property market has got a lot going for it. The country is attracting a lot of inward investment, has one of the world's fastest growing economies, a rapidly emerging mortgage market, a general shortage of quality homes, and has been selected to host the 2014 football World Cup and 2016 Olympic Games. This will lead to the construction of new and improved infrastructures and homes across Brazil.

Property investors from around the world are flocking to Brazilian shores with a view to snapping up real estate, in anticipation of future capital growth.

One local expect projects Brazilian property prices could appreciate by up to 200% over the next decade, driven by the country's burgeoning economy, and the pending introduction of mortgages to overseas nationals.

Investment banking firm Goldman Sachs believes that Brazil's economic growth could outstrip that of the other BRIC (Brazil, Russia, India and China) member nations over the next few years.

Brazil's economy is widely expected to become the fifth largest in the world by the time the Olympic Games kicks off in 2016, and yet Brazil property and land prices still remain a fraction of those found in more developed nations.

The Brazilian president Luiz Inacio Lula da Silva has already pledged to spend up to £11.5bn on building a million new homes in Brazil between now and 2011.

However, potential high property investment rewards are not with out their risks, as crime and corruption still remains widespread in Brazil.

2. France

In stark contrast to the relatively high risk, high return nature of investing in Brazil, the risks associated with investing in French property are far lower.

France has traditionally always been a rather safe haven for property investors. The nation was the first European country to come out of recession in 2009, reflecting the fact that the global credit crunch had much less of an impact, compared to other European counterparts.

France's strong economy is having a positive impact on its property market, which now appears to be on the road to recovery.

Increasing property and mortgage transactions are boosting residential values, with the latest FNAIM data revealing that the average price of a French property appreciated by 2.8% between April and September 2009.

Although average prices remain down 7.8% year-on-year, the market is generally expected to improve further, due to France's prudent attitude to mortgage lending.

Anyone taking out a mortgage in France is generally only permitted to borrow one third of their total gross monthly income. This has ensured that mortgages remain readily available, with 100% loan-to-value home loans available at competitive borrowing rates.

Consequently, mortgage lending in France is soaring. French mortgage broker Athena Mortgages reports that there was a 21% rise in mortgage enquiries in Q3 2009 compared with the previous quarter.

The buy-to-let and leaseback sectors are reportedly attracting particular interest from investors, due to improved yields across the country.

The capital city of Paris has long been identified as one of the most attractive European cities for investment, and is typically the most popular place to buy a home in France, along with Cannes, Marseille and Nice, which are all located along the southern Mediterranean coast.

3. USA

The USA property market may be showing tentative signs of improvement, following one of the worst economic and property crashes in living memory, but the downturn has come at a cost to many US homeowners.

Data from RealtyTrac shows that a record high of 938,000 US homes foreclosed in the third quarter of 2009. If this trend continues, foreclosures would reach around 3.5m by the end of 2009, up from around 2.3m properties last year.

Properties in Nevada had the highest foreclosures rates in Q3, followed by homes in Arizona, California, Florida, Idaho, Utah, Georgia, Michigan, Colorado and Illinois.
Rising unemployment levels - currently at a 26-year high of 9.8% - was cited as the main reason for the increase in foreclosure levels. Yet, there may be worst to come, as the unemployment rate is not expected to peak until mid-2010.

Unfortunately, one person's misfortune is another's gain. With around 7m properties currently in the foreclosure process, compared with 1.3m for the same period in 2005, predatory investors are buying up distressed, abandoned and repossessed homes at bargain-basement prices, as now appears to be the ideal time to fill your boots.

Although the sub-prime mortgage crisis started in the USA, there are growing signs that the property market may now be at or near the bottom of the cyclical downturn. Various indices reveal that average residential prices started to rise, albeit marginally, during the second quarter of 2009.

4. Norway

Sales in Norway have nosedived over the past year or so, as residential values have cooled.

However, the Norwegian property market downturn, which has not been anywhere near as severe as in other neighbouring countries, appears to have already bottomed out, and looks ready to lead the Scandinavian property market recovery.

The key to the Norwegian property market is the strength of the country's economy, which has made it one of the wealthiest in the world, while new housing output has dropped below average, which could fall short of demand next year.

Norway is rich in both gas and oil and this helps to support the country's economy and ensure that its currency also stays strong - both alluring to property investors.

The country's population is estimated to increase by 23% - approximately one million people - over the next 40 years, which should make sure that long-term residential demand is robust.

Another positive is the fact that unemployment is extremely low - approximately 3% - compared to its European counterparts.

Almost half of the Norwegian population resides in the counties of Oslo, Rogaland, Akershus and Hordaland, and so this is where property investors should focus their attentions. Property prices in these places remain relatively cheap compared to wages in Norway.

5. Switzerland

Many of the high earners currently living in Britain look set to quit the UK in droves ahead of the introduction of a 50% top tax rate in April 2010, and escape to more tax-friendly shores, such as Switzerland.

The Swiss authorities are actively lobbying to attract many of these disillusioned high-net worth individuals, who are being tempted by assurances that they will be allowed to steer clear of European Union regulation and Britain's Financial Services Authority.

It is estimated that hedge funds managing in the region of £10 billion in assets have already moved to Switzerland in the past year alone. This has increased demand for homes to rent and buy.

Due to canton restrictions, it has previously been difficult for foreigners to buy property in Switzerland. However, the country has now eased its strict property buying regulations, and opened its doors to more international buyers, partly through the introduction of 'residence de tourisme' style investments, which is similar to the ever-popular 'leaseback' formula in France.

Switzerland, one of the richest nations in the world, is of course a tax haven.
Anyone who sets up permanent residency in Switzerland would be entitled to take advantage of the country's favourable tax law, including the lump sum taxation, which charges a levy based on people's lifestyle and spending habits.

Given that one's taxable income is charged at just five times their annual rent or rental value of their property, and the fact that assets outside Switzerland remain tax-free, should ensure demand for Swiss properties - to rent and buy - remains strong for years to come.

Historically, Swiss property values have typically appreciated in line with inflation. Properties located at the top end of the market, in cantons like Valais and Vaud, have reportedly increased by up to 20% in the past year.

6. Australia

The Australian economic and property market recovery has been swifter than the other leading nations around the world.

It has been claimed that the revival in the country's property market and economy is as much as 12 months ahead of the other developed countries in the economic cycle.

Unemployment peaked in September 2009, in stark contrast to Britain and the USA, while increasing commodity demand from China has forced the Australian Central Bank to raise benchmark interest rates. Yet this has failed to cool strong residential demand, which coupled with a general housing shortage, is forcing property values higher.

The latest Australian Bureau of Statistics house price index shows that the average price of a residential property in Australia appreciated by 4.2% in the third quarter of 2009, which means that in the year to September, residential prices increased 6.2%.

Australia could be set for a residential property price boom over the next few years, as the country's economy continues to show genuine signs of recovery.

A recent Australia property report projected that average residential prices in nearly all capital cities would increase by between 11% and 19% by 2012, with the greatest property price rises expected to be recorded in Sydney, Adelaide and Melbourne.

7. Malaysia

I tipped Malaysia to be the number one place to invest in property in 2009, due to the country's robust property ownership laws, lack of capital gains tax and attractive mortgage rates.

However, residential sales were sluggish during the early half of the year, as the market struggled as a direct consequence of the global credit crunch, while there are some political uncertainties emerging.

But with consumer sentiment improving, the recent positive market recovery, supported by the construction of new residential schemes across the country, should continue in 2010.

While property prices race ahead across much of Asia - in countries like China, Vietnam and Singapore - which has led to heightened fears of budding property bubbles, the Malaysian property market has merely stabilised, making it suited to more balanced investors.

With an extremely young and well-educated population, long-term demand for property in Malaysia looks set to grow.

Domestically, an increasing number of people are moving from the countryside into the larger cities, while internationally Malaysia looks set to cross a demographic landmark of huge social and economic importance.

Malaysia's population is growing by around 2%, or an extra 500,000 people, every year. The World Bank projects the country's population will grow annually by 1% until 2050, which will place further pent-up demand on property values.

Malaysia's property prices are still lower than they were in 1997, due partly to the Asian financial crisis in the late 1990's, suggesting very real room for growth.

8. Abu Dhabi

The recent property price falls in the fast growing UAE capital of Abu Dhabi, the richest and largest of all the seven UAE states, have been nowhere near as severe as in neighbouring Dubai.

The tax-efficient emirate has the largest fossil fuel reserve in the UAE, is the fourth biggest natural gas producer in the world, has the world's highest income per capita, is home to almost all of the Arabic Fortune 500 companies, and is currently sitting on over 88 billion barrels of proven oil reserves.

Yet Abu Dhabi is now actively trying to reduce its reliance on oil, and is diversify its economy into the financial services and tourism sectors. Billions of pounds have been allocated for infrastructure projects and the development of residential, leisure and cultural schemes across the oil-rich emirate. The plans are truly remarkable.

Nevertheless, investors seeking out bargain deals will find some of the best opportunities for distressed property investments in the Gulf region in Abu Dhabi.

The recent slowdown in the property market means that just 45,000 are anticipated to be completed in the capital in the next four years, augmenting the exiting housing shortage.

The supply of housing stock remains scant, partly because Abu Dhabi is not part of a community master-plan like those pioneered by Emaar and Nakheel in Dubai.

The housing shortfall in the capital is expected to stand at around 15,000 homes next year, which could mean that property prices and rents are forced up, while residential demand - domestic and international - is expected to increase.

Because Abu Dhabi does not have the same high level of exposure to the global financial crisis, compared with other UAE emirates, mortgages for non-residents - at up to 75% loan-to-value - are readily available again. This is likely to appeal to buy-to-let investors, as well as those people seeking equity release and to remortgage their properties in Abu Dhabi.

9. Oman

The relaxed Arabian state of Oman, voted 'destination of the year 2008' by Vogue magazine, has long been a popular holidaying destination for people living within the GCC.

With a population of around 2.3m, Oman is being modernised and liberalised culturally and economically by hereditary Sultan, Qaboos Bin Said Al-Said, a forward-thinking leader.

Sultan Qaboos strategy for economic growth - Vision 2020 - aims to diversify Oman's economic dependency on oil, and focus on other industries, such as property and tourism.

Demand for property in Oman is primarily being driven by the Sultan's decision to introduce legislation in 2004 - ratified in 2006 - permitting foreigners to buy freehold property and land in designated tourist areas, most notably Muscat. These projects are referred to as Integrated Tourism Complexes (ITC). Furthermore, foreign homeowners can now apply for residency visas.

A number of luxurious developments are being erected across Oman including, The Chedi, Azaiba, Wadi Kabi, The Wave, Barr Al Jissah Residences, Jebel Sifah, Salalah Beach, The Malkai, Muscat Hills, Al Madina A'Zarqa, Jebel Sifah, and Salalah Beach.

The fact that Oman appeals to end-users - not just investors - means that the medium to long-term prospect for Omani property market growth looks good.

10. South Africa

South African property market conditions look ripe for investment, as the country starts to come out of recession. Recent property price falls appear to be bottoming out, while FIFA's 2010 football World Cup fast approaches.

From the moment world football's governing body, FIFA, awarded South Africa the rights to host the World Cup in 2010, shrewd property investors from around the globe have been looking on with great interest, with one eye firmly on cashing in on the sport's popularity.

The first ever FIFA World Cup to be hosted on African soil has the potential to be the biggest sporting event of all time.

The tournament is expected to attract around 350,000 football fans for a month of football mayhem, starting on 11 June 2010, which is tipped to contribute around £1.5bn to South Africa's gross domestic product and generate another £500m in government taxes.

South Africa property prices haven softened over the past year or so, due to a fall in residential demand, caused by reduced housing affordability, higher inflation and interest rates.

But residential prices could soon experience growth, on the back of what should be a reinvigorated economy, spurred by the football tournament.

While the odds may be stacked up against the South African football winning the World Cup in 2010, it is not too far fetched to assume that the country's housing market could prove to be the real winner of the tournament, generating significant returns for property investors in the process.

Marc Da-Silva for HomesOverseas.co.uk.

Brazil property for sale. Overseas property news. Expert advice on buying property overseas and overseas property investment.

Article Source: http://EzineArticles.com/?expert=Marc_Da-Silva

Thursday, November 19, 2009

All About Sell and Rent Back Scheme

All About Sell and Rent Back Scheme


Many times people get stuck in difficult financial crunches, in which they have no option but to sell off their house. Selling your own house, especially in this desperate way, is a very tough decision to make. Such situations generally arrive when a person is unable to payback their mortgage payments. However, many mortgage rescuer companies now offer a solution to such problems, 'Sell and Rent Back' scheme.

What is Sell and Rent Back Scheme?

In this scheme, a mortgage rescuer company buys a home from people desperate to sell their house fast for cash. These companies buy the house on a discounted price and rent out the house back to the borrower at market price. The deal takes place quietly without any of your neighbour even getting a hint about it. The borrower gets the advantage in terms of the overdue debts. But there is also a disadvantage; the house is purchased on a price lower than the market price, especially by unregulated firms.Mostly, the borrower gets 75% to 85% of the money. The price is less than the actual cost of the house, but for a person desperately in need of money, it comes as a God sent help. The cash payment can be used by the borrowers to take care of his/her financial crunches or settle all the mortgage payments. Many mortgage rescuer companies also offer the borrower the possibility of buying back his/her house after few years or when they are financially stable enough to purchase it back. However, the borrower can only buy the house back on the then current market prices. The paper work and legal matters are taken care of by the company and are completed within the few days of the deal. Also mostly payments of taxes, like sale tax, etc are also taken care of by the company. However, some borrower is taken for a ride in such deals. Some companies and real estate agents keep an open eye for people with desperate need of money and huge unpaid debts and mortgages. They take undue advantage of the helplessness of the borrower by quoting a very low price for their house. The borrowers are in dire need of money and reluctantly accept the offer, which means an instant profit for the company.

Few Words of caution:

Internet has made it easier for these companies to grow their tentacles and clutch such helpless people. They find such people who are in difficult financial crunches and offer them to sell to rent back. The only way to get best solution is to approach reputed and big scale companies. Approach the companies who have a good reputation in the market for offering appropriate price for the properties and offer a future prospect of buying back their house. Do a proper back ground research of the company and approach previous borrowers who have had experience with the company to get best price for your house in difficult situations.

For any help on Sell and rent back, check out the info available online; these will help you learn to find the Sell to rent back!

Article Source: http://EzineArticles.com/?expert=Michel_Disusa

Wednesday, November 18, 2009

Real Estate Opportunities and Alternate Streams of Income for Investors

Real Estate Opportunities and Alternate Streams of Income for Investors
coasters? Do you get nauseous or do you feel the thrill, throw your hands in the air and yell with excitement? If you want to succeed in the real estate industry you must learn to love unexpected turns of events and a wild ride. The real estate market is in an up and down cycle just like the stock market. Currently, many agents fear a soft or slowed market but the market has simply adjusted, as it has in the past. Change is a part of life and in the business of real estate you can count on it.

Two Words: Marketing Plan

Over the last few years many agents rode in on the sellers market and started a business with leads from family and friends. Unfortunately, relying on these types of leads is not a sustainable way of marketing yourself as a REALTOR®. In the excitement of a hot market many agents failed to think ahead and are now struggling to compete. Nationally there is a marketing frenzy that, without a plan of action, will shake you right out of the market. According to real estate expert Terry Watson, one of the “Top 7 Rookie Mistakes” in the real estate industry is having no marketing plan. “When you go into real estate sales, you are going into business for yourself,” states Watson. “But many salespeople have no clear goals or timeline for achieving their goals,” he continues, “Consistently, real estate professionals who have a written business plan are more successful than people who don't”.

Be an Entrepreneur

Basically a REALTOR is an independent contractor. Don't get confused and think, as an agent, you work for a broker. If you are not earning a commission split of ninety-five to one hundred percent why take your money and pay fifteen to fifty percent of every commission dollar? This alone will put your real estate career in the toilet. At the end of the day you:

1. Lack the money to market yourself.

2. Are unable to claim the maximum number of tax write offs.

3. Cannot afford an office assistant so you can meet with clients and prospect.

Terry Watson calls “Not Maximizing Your Productivity” another one of the “Top 7 Rookie Mistakes”. “According to the NATIONAL ASSOCIATION OF REALTORS® Member Profile,” Watson says, “real estate practitioners who used at least one personal assistant had a significantly higher sales volume than those who didn't. You may erroneously think that you can't afford a personal assistant. But think again.” Also every agent should partner with a franchise. Although you have to generate your own leads, you put more money in your pocket and take charge of your own destiny.

Technology Isn't Just for Geeks

Another key to a successful real estate career is to utilize the technology available. As a real estate agent, technology makes you more efficient and organized. Again Terry Watson writes “If you look at top-producing real estate professionals who are selling 600-plus units a year, you will notice that they have two things in common: assistants and systems.” He continues, “These practitioners are multiplying their efforts and increasing their output through people and technology.” Also, approximately eighty percent of all buyers begin their real estate search online. The Internet is a tool no REALTOR® can afford to ignore. As an agent, I not only have web sites to attract online buyers and sellers nationwide, I have assembled a team of Internet marketing specialists. A focus on my niche market, those planning to retire or relocate to the Williamsburg region, makes Internet marketing essential. Don't spread yourself thin, find a marketing strategy that works and invest in it!

Last But Not Least: Customer Service

Although exceptional customer service should be the top priority of every real estate agent, it isn't. Customer service counts, especially when assisting people with the sale or purchase of one of their most precious investments, a home. I find more new clients by answering my cell phone and returning messages within four or five hours. Homebuyers and sellers don't want that “real estate if you're lucky” feeling, they want a REALTOR® for life. Also, when you are with a client don't answer phone calls. Give them your undivided attention and be responsive to their needs. These practices ensure referrals in the future.

Your career as a REALTOR® can lead to success if you are willing to put your sweat, heart and ambition into this ever changing industry. Find a real estate company to work for that is agent friendly and in turn you will be customer friendly. Approach successful real estate agents and ask them to mentor you.

Article Source:
http://www.bestmanagementarticles.com
http://real-estate-management.bestmanagementarticles.com
About the Author:
Elaine VonCannon is an award winning REALTOR with RE/Max Capital in Williamsburg, Virginia. She specializes in retirement and relocation in the Williamsburg, South Eastern Virginia area and in Virginia Estate properties. To learn more about real estate and the current market visit my web site at http://www.voncannonrealestate.com. or http://www.estatesinvirginia.com. Email Elaine at vonmor1@cox.net.

Sunday, November 15, 2009

PROPERTY INVESTMENTS YIELD HIGH RETURNS

PROPERTY INVESTMENTS YIELD HIGH RETURNS
Posted: Oct 23rd, 2009 | Comments: 0 | Views: 19 | Bookmark and Share
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PROPERTY INVESTMENTS YIELD HIGH RETURNS

Author: zameensapna


You can invest in property for both immediate rental returns and long-term wealth creation, says Vikas Agarwal

As economic conditions improve globally, the cheer is coming back into the property market. Analysts believe it is a good time for those looking at investing in property, both residential for own use as well as from an investment perspective. Investments in property bring diversification to an investor’s investment portfolio. Historically, it has been proved that a property investment is a lowrisk option with high returns over a long term.

Usually, price volatility is quite low in the property market. Due to the global recession, property prices corrected in the recent past. As the global economic conditions are improving, the demand in the property market has increased. The property prices have begun to show signs of appreciation. Therefore, it is a good time to go in for property.

Investments in property offer short-term returns in terms of rental income and long-term returns in terms of capital gains. Therefore, it is suitable from a short-term as well as long-term perspective. Property adds to the long-term wealth creation goal of an individual. The government also provides income tax exemptions for those invested in residential property.

In general, investments in property require a significant upfront investment. Therefore, it is important to plan well while entering into a property investment. Location and price of the property are the two most important factors that pretty much decide the returns from the property investment. A property investment in an upcoming area gives the best returns over time.

Here are some options available for investors:

Residential property

Investors who do not have a house of their own should first look at buying a residential property. There are many sops available for investors buying a residential property, especially the first residential property. The government gives an income tax exemption on interest paid against a housing loan, to a maximum of Rs 1.5 lakhs per year. Also, investors can claim a rebate in income tax on the principal repaid, to a maximum of Rs 1 lakh.

The government is planning to increase the limits of these exemptions in the new tax code. In addition to these, attractive housing loan schemes are available in the market and the interest rates on housing loans are lower than the interest rates on other borrowings.

Site

A site is good for those who can keep a regular watch on it. An investment in a site requires relatively more attention at the time of purchase. The percentage returns on sites at good locations is mostly higher than other options. The value of a site in developing areas has appreciated many times over the last few years.

Commercial property

A commercial property is a good investment for those looking at high rental income and capital appreciation over a long run. The price of commercial property is quite high. However, commercial property in a prime location has the potential to earn 10 to 12 percent returns in terms rental income.

Perspective

There are two avenues in property investments - buying a house to live in and an investment for capital appreciation. Buying a house to live in should be done as early as possible as it saves tax, and creates long-term wealth.

An investment for rental returns and capital appreciation should be planned well. It helps in portfolio diversification.

Courtesy:- TOI dt:- 17-10-09

About the Author:

Article Source: ArticlesBase.com - PROPERTY INVESTMENTS YIELD HIGH RETURNS




You can invest in property for both immediate rental returns and long-term wealth creation, says Vikas Agarwal

As economic conditions improve globally, the cheer is coming back into the property market. Analysts believe it is a good time for those looking at investing in property, both residential for own use as well as from an investment perspective. Investments in property bring diversification to an investor’s investment portfolio. Historically, it has been proved that a property investment is a lowrisk option with high returns over a long term.

Usually, price volatility is quite low in the property market. Due to the global recession, property prices corrected in the recent past. As the global economic conditions are improving, the demand in the property market has increased. The property prices have begun to show signs of appreciation. Therefore, it is a good time to go in for property.

Investments in property offer short-term returns in terms of rental income and long-term returns in terms of capital gains. Therefore, it is suitable from a short-term as well as long-term perspective. Property adds to the long-term wealth creation goal of an individual. The government also provides income tax exemptions for those invested in residential property.

In general, investments in property require a significant upfront investment. Therefore, it is important to plan well while entering into a property investment. Location and price of the property are the two most important factors that pretty much decide the returns from the property investment. A property investment in an upcoming area gives the best returns over time.

Here are some options available for investors:

Residential property

Investors who do not have a house of their own should first look at buying a residential property. There are many sops available for investors buying a residential property, especially the first residential property. The government gives an income tax exemption on interest paid against a housing loan
, to a maximum of Rs 1.5 lakhs per year. Also, investors can claim a rebate in income tax on the principal repaid, to a maximum of Rs 1 lakh.

The government is planning to increase the limits of these exemptions in the new tax code. In addition to these, attractive housing loan schemes are available in the market and the interest rates on housing loans are lower than the interest rates on other borrowings.

Site

A site is good for those who can keep a regular watch on it. An investment in a site requires relatively more attention at the time of purchase. The percentage returns on sites at good locations is mostly higher than other options. The value of a site in developing areas has appreciated many times over the last few years.

Commercial property

A commercial property is a good investment for those looking at high rental income and capital appreciation over a long run. The price of commercial property is quite high. However, commercial property in a prime location has the potential to earn 10 to 12 percent returns in terms rental income.

Perspective

There are two avenues in property investments - buying a house to live in and an investment for capital appreciation. Buying a house to live in should be done as early as possible as it saves tax, and creates long-term wealth.

An investment for rental returns and capital appreciation should be planned well. It helps in portfolio diversification.

Courtesy:- TOI dt:- 17-10-09
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Tuesday, November 10, 2009

property busines

Property designates those things commonly recognized as the entities in respect of which a person or group has exclusive rights. Important types of property include real property (land), personal property (other physical possessions), and intellectual property (rights over artistic creations, inventions, etc.). A right of ownership is associated with property that establishes the good as being "one's own thing" in relation to other individuals or groups, assuring the owner the right to dispense with the property in a manner he or she sees fit, whether to use or not use, exclude others from using, or to transfer ownership. Some philosophers assert that property rights arise from social convention. Others find origins for them in morality or natural law.
Use of the term
Various scholarly communities (e.g., law, economics, anthropology, sociology) may treat the concept more systematically, but definitions vary within and between fields. Scholars in the social sciences frequently conceive of property as a bundle of rights. They stress that property is not a relationship between people and things, but a relationship between people with regard to things.

Public property is any property that is controlled by a state or by a whole community. Private property is any property that is not public property. Private property may be under the control of a single individual or by a group of individuals collectively.[1] Some philosophers like Karl Marx use it to describe a social relationship between those who sell their labor power and those who buy it.
General characteristics
Modern property rights conceive of ownership and possession as belonging to legal individuals, even if the legal individual is not a real person. Corporations, for example, have legal rights similar to American citizens, including many of their constitutional rights. Therefore, the corporation is a juristic person or artificial legal entity, which some refer to as "corporate personhood".

Property rights are protected in the current laws of states usually found in the form of a Constitution or a Bill of Rights. The fifth and the fourteenth amendment to the United States constitution, for example, provides explicitly for the protection of private property:

The Fifth Amendment states:

Nor be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation.



The Fourteenth Amendment states:

No State shall make or enforce any law which shall abridge the privileges or immunities of citizens of the United States; nor shall any State deprive any person of life, liberty, or property, without due process of law.



Protection is also found in the United Nations Universal Declaration of Human Rights, Article 17, and in the French Declaration of the Rights of Man and of the Citizen, Article XVII, and in the European Convention on Human Rights (ECHR), Protocol 1.

Property is usually thought of in terms of a bundle of rights as defined and protected by the local sovereignty. Ownership, however, does not necessarily equate with sovereignty. If ownership gave supreme authority it would be sovereignty, not ownership. These are two different concepts.

Traditional principles of property rights includes:

1. control of the use of the property
2. the right to any benefit from the property (examples: mining rights and rent)
3. a right to transfer or sell the property
4. a right to exclude others from the property.



Traditional property rights do not include:

1. uses that unreasonably interfere with the property rights of another private party (the right of quiet enjoyment). [See Nuisance]
2. uses that unreasonably interfere with public property rights, including uses that interfere with public health, safety, peace or convenience. [See Public Nuisance, Police Power]



Legal systems have evolved to cover the transactions and disputes which arise over the possession, use, transfer and disposal of property, most particularly involving contracts. Positive law defines such rights, and a judiciary is used to adjudicate and to enforce.

In his classic text, "The Common Law", Oliver Wendell Holmes describes property as having two fundamental aspects. The first is possession, which can be defined as control over a resource based on the practical inability of another to contradict the ends of the possessor. The second is title, which is the expectation that others will recognize rights to control resource, even when it is not in possession. He elaborates the differences between these two concepts, and proposes a history of how they came to be attached to individuals, as opposed to families or entities such as the church.

According to Adam Smith, the expectation of profit from "improving one's stock of capital" rests on private property rights, and the belief that property rights encourage the property holders to develop the property, generate wealth, and efficiently allocate resources based on the operation of the market is central to capitalism. From this evolved the modern conception of property as a right which is enforced by positive law, in the expectation that this would produce more wealth and better standards of living.

* Classical liberals, libertarians, and related traditions

: "Just as man can't exist without his body, so no rights can exist without the right to translate one's rights into reality, to think, to work and keep the results, which means: the right of property." (Ayn Rand, Atlas Shrugged)



Most thinkers from these traditions subscribe to the labor theory of property. They hold that you own your own life, and it follows that you must own the products of that life, and that those products can be traded in free exchange with others.



: "Every man has a property in his own person. This nobody has a right to, but himself." (John Locke, Second Treatise on Civil Government)



: "Life, liberty, and property do not exist because men have made laws. On the contrary, it was the fact that life, liberty, and property existed beforehand that caused men to make laws in the first place." (Frédéric Bastiat, The Law)



: "The reason why men enter into society is the preservation of their property." (John Locke, Second Treatise on Civil Government)

* Socialism's fundamental principles are centered on a critique of this concept, stating, among other things, that the cost of defending property is higher than the returns from private property ownership, and that even when property rights encourage the property-holder to develop his property, generate wealth, etc., he will only do so for his own benefit, which may not coincide with the benefit of other people or society at large
* Libertarian socialism generally accepts property rights, but with a short abandonment time period. In other words, a person must make (more or less) continuous use of the item or else he loses ownership rights. This is usually referred to as "possession property" or "usufruct." Thus, in this usufruct system, absentee ownership is illegitimate, and workers own the machines they work with.
* Communism argues that only collective ownership of the means of production through a polity (though not necessarily a state) will assure the minimization of unequal or unjust outcomes and the maximization of benefits, and that therefore private property (which in communist theory is limited to capital (economics)) should be abolished.

Both communism and some kinds of socialism have also upheld the notion that private property is inherently illegitimate. This argument is centered mainly on the idea that the creation of private property will always benefit one class over another, giving way to domination through the use of this private property. Communists are naturally not opposed to personal property which is "Hard-won, self-acquired, self-earned" (Communist Manifesto), by members of the proletariat.

Not every person, or entity, with an interest in a given piece of property may be able to exercise all of the rights mentioned a few paragraphs above. For example, as a lessee of a particular piece of property, you may not sell the property, because the tenant is only in possession, and does not have title to transfer. Similarly, while you are a lessee the owner cannot use his or her right to exclude to keep you from the property. (Or, if he or she does you may perhaps be entitled to stop paying rent or perhaps sue to regain access.)

Further, property may be held in a number of forms, e.g. joint ownership, community property, sole ownership, lease, etc. These different types of ownership may complicate an owner's ability to exercise his or her rights unilaterally. For example if two people own a single piece of land as joint tenants, then depending on the law in the jurisdiction, each may have limited recourse for the actions of the other. For example, one of the owners might sell his or her interest in the property to a stranger that the other owner does not particularly like.
Theories of property
A natural rights definition of property rights was advanced by John Locke. Locke advanced the theory that when one mixes one’s labor with nature, one gains ownership of that part of nature with which the labor is mixed, subject to the limitation that there should be "enough, and as good, left in common for others"[1].

Anthropology studies the diverse systems of ownership, rights of use and transfer, and possession[2] under the term "theories of property". Western legal theory is based, as mentioned, on the owner of property being a legal individual. However, not all property systems are founded on this basis.

In every culture studied ownership and possession are the subject of custom and regulation, and "law" where the term can meaningfully be applied. Many tribal cultures balance individual ownership with the laws of collective groups: tribes, families, associations and nations. For example the 1839 Cherokee Constitution frames the issue in these terms:

Sec. 2. The lands of the Cherokee Nation shall remain common property; but the improvements made thereon, and in the possession of the citizens respectively who made, or may rightfully be in possession of them: Provided, that the citizens of the Nation possessing exclusive and indefeasible right to their improvements, as expressed in this article, shall possess no right or power to dispose of their improvements, in any manner whatever, to the United States, individual States, or to individual citizens thereof; and that, whenever any citizen shall remove with his effects out of the limits of this Nation, and become a citizen of any other government, all his rights and privileges as a citizen of this Nation shall cease: Provided, nevertheless, That the National Council shall have power to re-admit, by law, to all the rights of citizenship, any such person or persons who may, at any time, desire to return to the Nation, on memorializing the National Council for such readmission.



Communal property systems describe ownership as belonging to the entire social and political unit, while corporate systems describe ownership as being attached to an identifiable group with an identifiable responsible individual. The Roman property law was based on such a corporate system.

Different societies may have different theories of property for differing types of ownership. Pauline Peters argued that property systems are not isolable from the social fabric, and notions of property may not be stated as such, but instead may be framed in negative terms: for example the taboo system among Polynesian peoples. [2]
Property in philosophy
In medieval and Renaissance Europe the term "property" essentially referred to land. Much rethinking was necessary in order for land to come to be regarded as only a special case of the property genus. This rethinking was inspired by at least three broad features of early modern Europe: the surge of commerce, the breakdown of efforts to prohibit interest (so-called "usury"), and the development of centralized national monarchies.
Ancient philosophy
Urukagina, the king of the Sumerian city-state Lagash, established the first laws that forbade compelling the sale of property. The Cyrus cylinder of Cyrus the Great, founder of the Achaemenid Persian Empire, documents the protection of property rights.[3]

The Ten Commandments shown in Exodus 20:2-17 and Deuteronomy 5:6-21 stated that the Israelites were not to steal. These texts, written in approximately 1400 B.C., were an early protection of private property.

Aristotle, in Politics, advocates "private property." In one of the first known expositions of tragedy of the commons he says, "that which is common to the greatest number has the least care bestowed upon it. Every one thinks chiefly of his own, hardly at all of the common interest; and only when he is himself concerned as an individual." In addition, he says when property is common there are natural problems that arise due to differences in labor: "If they do not share equally enjoyments and toils, those who labor much and get little will necessarily complain of those who labor little and receive or consume much. But indeed there is always a difficulty in men living together and having all human relations in common, but especially in their having common property." (Politics, 1261b34)
Pre-industrial English philosophy
Thomas Hobbes 1600s

The principal writings of Thomas Hobbes appeared between 1640 and 1651—during and immediately following the war between forces loyal to King Charles I and those loyal to Parliament. In his own words, Hobbes' reflection began with the idea of "giving to every man his own," a phrase he drew from the writings of Cicero. But he wondered: How can anybody call anything his own? In that unsettled time and place it perhaps was natural that he would conclude: My own can only truly be mine if there is one unambiguously strongest power in the realm, and that power treats it as mine, protecting its status as such.

James Harrington 1600s

A contemporary of Hobbes, James Harrington, reacted differently to the same tumult; he considered property natural but not inevitable. The author of Oceana, he may have been the first political theorist to postulate that political power is a consequence, not the cause, of the distribution of property. He said that the worst possible situation is one in which the commoners have half a nation's property, with crown and nobility holding the other half—a circumstance fraught with instability and violence. A much better situation (a stable republic) will exist once the commoners own most property, he suggested.

In later years, the ranks of Harrington's admirers would include American revolutionary and founder John Adams.

Robert Filmer 1600s

Another member of the Hobbes/Harrington generation, Sir Robert Filmer, reached conclusions much like Hobbes', but through Biblical exegesis. Filmer said that the institution of kingship is analogous to that of fatherhood, that subjects are but children, whether obedient or unruly, and that property rights are akin to the household goods that a father may dole out among his children—his to take back and dispose of according to his pleasure.

John Locke 1600s

In the following generation, John Locke sought to answer Filmer, creating a rationale for a balanced constitution in which the monarch would have a part to play, but not an overwhelming part. Since Filmer's views essentially require that the Stuart family be uniquely descended from the patriarchs of the Bible, and since even in the late seventeenth century that was a difficult view to uphold, Locke attacked Filmer's views in his First Treatise on Civil Government, freeing him to set out his own views in the Second Treatise on Civil Government. Therein, Locke imagined a pre-social world, the unhappy residents of which create a social contract. They would, he allowed, create a monarchy, but its task would be to execute the will of an elected legislature.

"To this end" he wrote, meaning the end of their own long life and peace, "it is that men give up all their natural power to the society they enter into, and the community put the legislative power into such hands as they think fit, with this trust, that they shall be governed by declared laws, or else their peace, quiet, and property will still be at the same uncertainty as it was in the state of nature."

Even when it keeps to proper legislative form, though, Locke held that there are limits to what a government established by such a contract might rightly do.

"It cannot be supposed that [the hypothetical contractors] they should intend, had they a power so to do, to give any one or more an absolute arbitrary power over their persons and estates, and put a force into the magistrate's hand to execute his unlimited will arbitrarily upon them; this were to put themselves into a worse condition than the state of nature, wherein they had a liberty to defend their right against the injuries of others, and were upon equal terms of force to maintain it, whether invaded by a single man or many in combination. Whereas by supposing they have given up themselves to the absolute arbitrary power and will of a legislator, they have disarmed themselves, and armed him to make a prey of them when he pleases..."

Note that both "persons and estates" are to be protected from the arbitrary power of any magistrate, inclusive of the "power and will of a legislator." In Lockean terms, depredations against an estate are just as plausible a justification for resistance and revolution as are those against persons. In neither case are subjects required to allow themselves to become prey.

To explain the ownership of property Locke advanced a labor theory of property.

William Blackstone 1700s

In the 1760s, William Blackstone sought to codify the English common law. In his famous Commentaries on the Laws of England he wrote that "every wanton and causeless restraint of the will of the subject, whether produced by a monarch, a nobility, or a popular assembly is a degree of tyranny."

How should such tyranny be prevented or resisted? Through property rights, Blackstone thought, which is why he emphasized that indemnification must be awarded a non-consenting owner whose property is taken by eminent domain, and that a property owner is protected against physical invasion of his property by the laws of trespass and nuisance. Indeed, he wrote that a landowner is free to kill any stranger on his property between dusk and dawn, even an agent of the King, since it isn't reasonable to expect him to recognize the King's agents in the dark.

David Hume 1700s

In contrast to the figures discussed in this section thus far, David Hume lived a relatively quiet life that had settled down to a relatively stable social and political structure. He lived the life of a solitary writer until 1763 when, at 52 years of age, he went off to Paris to work at the British embassy.

In contrast, one might think, to his outrage-generating works on religion and his skeptical views in epistemology, Hume's views on law and property were quite conservative.

He did not believe in hypothetical contracts, or in the love of mankind in general, and sought to ground politics upon actual human beings as one knows them. "In general," he wrote, "it may be affirmed that there is no such passion in human mind, as the love of mankind, merely as such, independent of personal qualities, or services, or of relation to ourselves." Existing customs should not lightly be disregarded, because they have come to be what they are as a result of human nature. With this endorsement of custom comes an endorsement of existing governments, because he conceived of the two as complementary: "A regard for liberty, though a laudable passion, ought commonly to be subordinate to a reverence for established government."

These views led to a view on property rights that might today be described as legal positivism. There are property rights because of and to the extent that the existing law, supported by social customs, secure them. He offered some practical home-spun advice on the general subject, though, as when he referred to avarice as "the spur of industry," and expressed concern about excessive levels of taxation, which "destroy industry, by engendering despair."
Critique and response
By the mid 19th century, the industrial revolution had transformed England and had begun in France. The established conception of what constitutes property expanded beyond land to encompass scarce goods in general. In France, the revolution of the 1790s had led to large-scale confiscation of land formerly owned by church and king. The restoration of the monarchy led to claims by those dispossessed to have their former lands returned. Furthermore, the labor theory of value popularized by classical economists such as Adam Smith and David Ricardo were utilized by a new ideology called socialism to critique the relations of property to other economic issues, such as profit, rent, interest, and wage-labor. Thus, property was no longer an esoteric philosophical question, but a political issue of substantial concern.

Charles Comte - legitimate origin of property

Charles Comte, in Traité de la propriété (1834), attempted to justify the legitimacy of private property in response to the Bourbon Restoration. According to David Hart, Comte had three main points: "firstly, that interference by the state over the centuries in property ownership has had dire consequences for justice as well as for economic productivity; secondly, that property is legitimate when it emerges in such a way as not to harm anyone; and thirdly, that historically some, but by no means all, property which has evolved has done so legitimately, with the implication that the present distribution of property is a complex mixture of legitimately and illegitimately held titles." (The Radical Liberalism of Charles Comte and Charles Dunoyer

Comte, as Proudhon would later do, rejected Roman legal tradition with its toleration of slavery. He posited a communal "national" property consisting of non-scarce goods, such as land in ancient hunter-gatherer societies. Since agriculture was so much more efficient than hunting and gathering, private property appropriated by someone for farming left remaining hunter-gatherers with more land per person, and hence did not harm them. Thus this type of land appropriation did not violate the Lockean proviso - there was "still enough, and as good left." Comte's analysis would be used by later theorists in response to the socialist critique on property.

Pierre Proudhon - property is theft

In his treatise What is Property?(1849), Proudhon answers with "Property is theft!" In natural resources, he sees two conceivable types of property, de jure property and de facto property, and argues that the former is illegitimate. Proudhon's fundamental premise is that equality of condition is the essence of justice. "By this method of investigation, we soon see that every argument which has been invented in behalf of property, whatever it may be, always and of necessity leads to equality; that is, to the negation of property."[3] But unlike the statist socialists of his time, Proudhon's solution is not to give each person an equal amount of property, but to deny the validity of legal property in natural resources altogether.

His analysis of the product of labor upon natural resources as property (usufruct) is more nuanced. He asserts that land itself cannot be property, yet it should be held by individual possessors as stewards of mankind with the product of labor being the property of the producer. Like most theorists of his time, both capitalist and socialist, he assumed the labor theory of value to be correct. Thus, Proudhon reasoned, any wealth gained without labor was stolen from those who labored to create that wealth. Even a voluntary contract to surrender the product of labor to an employer was theft, according to Proudhon, since the controller of natural resources had no moral right to charge others for the use of that which he did not labor to create and therefore did not own.

Proudhon's theory of property greatly influenced the budding socialist movement, inspiring anarchist theorists such as Bakunin who modified Proudhon's ideas, as well as antagonizing theorists like Marx.

Frédéric Bastiat - property is value

Bastiat's main treatise on property can be found in chapter 8 of his book Economic Harmonies (1850).[4] In a radical departure from traditional property theory, he defines property not as a physical object, but rather as a relationship between people with respect to an object. Thus, saying one owns a glass of water is merely verbal shorthand for I may justly gift or trade this water to another person. In essence, what one owns is not the object but the value of the object. By "value," Bastiat apparently means market value; he emphasizes that this is quite different from utility. "In our relations with one another, we are not owners of the utility of things, but of their value, and value is the appraisal made of reciprocal services."

Strongly disputing Proudhon's equality-based argument, Bastiat theorizes that, as a result of technological progress and the division of labor, the stock of communal wealth increases over time; that the hours of work an unskilled laborer expends to buy e.g. 100 liters of wheat decreases over time, thus amounting to "gratis" satisfaction. Thus, private property continually destroys itself, becoming transformed into communal wealth. The increasing proportion of communal wealth to private property results in a tendency toward equality of mankind. "Since the human race started from the point of greatest poverty, that is, from the point where there were the most obstacles to be overcome, it is clear that all that has been gained from one era to the next has been due to the spirit of property."

This transformation of private property into the communal domain, Bastiat points out, does not imply that private property will ever totally disappear. This is because man, as he progresses, continually invents new and more sophisticated needs and desires.
Contemporary views
Among contemporary political thinkers who believe that human individuals enjoy rights to own property and to enter into contracts, there are two views about John Locke. On the one hand there are ardent Locke admirers, such as W.H. Hutt (1956), who praised Locke for laying down the "quintessence of individualism." On the other hand, there are those such as Richard Pipes who think that Locke's arguments are weak, and that undue reliance thereon has weakened the cause of individualism in recent times. Pipes has written that Locke's work "marked a regression because it rested on the concept of Natural Law" rather than upon Harrington's sociological framework.

Hernando de Soto has argued that an important characteristic of capitalist market economy is the functioning state protection of property rights in a formal property system where ownership and transactions are clearly recorded. These property rights and the whole formal system of property make possible:

* Greater independence for individuals from local community arrangements to protect their assets;
* Clear, provable, and protectable ownership;
* The standardization and integration of property rules and property information in the country as a whole;
* Increased trust arising from a greater certainty of punishment for cheating in economic transactions;
* More formal and complex written statements of ownership that permit the easier assumption of shared risk and ownership in companies, and insurance against risk;
* Greater availability of loans for new projects, since more things could be used as collateral for the loans;
* Easier access to and more reliable information regarding such things as credit history and the worth of assets;
* Increased fungibility, standardization and transferability of statements documenting the ownership of property, which paves the way for structures such as national markets for companies and the easy transportation of property through complex networks of individuals and other entities;
* Greater protection of biodiversity due to minimizing of shifting agriculture practices.

All of the above enhance economic growth.[5]
Types of property
Enlarge picture
This sign declaring a parking lot to be "private property" illustrates one method of identifying and protecting property. Note the citations to legal statutes.


Most legal systems distinguish different types (immovable property, estate in land, real estate, real property) of property, especially between land and all other forms of property - goods and chattels, movable property or personal property. They often distinguish tangible and intangible property (see below).

One categorization scheme specifies three species of property: land, improvements (immovable man made things) and personal property (movable man made things)

In common law, real property (immovable property) is the combination of interests in land and improvements thereto and personal property is interest in movable property.

Later, with the development of more complex forms of non-tangible property, personal property was divided into tangible property (such as cars, clothing, animals) and intangible or abstract property (e.g. financial instruments such as stocks and bonds, etc.), which includes intellectual property (patents, copyrights, and trademarks).
What can be property?
The two major justifications given for original property, or homesteading, are effort and scarcity. John Locke emphasized effort, "mixing your labor" with an object, or clearing and cultivating virgin land. Benjamin Tucker preferred to look at the telos of property, i.e. What is the purpose of property? His answer: to solve the scarcity problem. Only when items are relatively scarce with respect to people's desires do they become property.[6] For example, hunter-gatherers did not consider land to be property, since there was no shortage of land. Agrarian societies later made arable land property, as it was scarce. For something to be economically scarce, it must necessarily have the exclusivity property - that use by one person excludes others from using it. These two justifications lead to different conclusions on what can be property. Intellectual property - non-corporeal things like ideas, plans, orderings and arrangements (musical compositions, novels, computer programs) - are generally considered valid property to those who support an effort justification, but invalid to those who support a scarcity justification (since they don't have the exclusivity property.) Thus even ardent propertarians may disagree about IP.[7] By either standard, one's body is one's property.

From some anarchist points of view, the validity of property depends on whether the "property right" requires enforcement by the state. Different forms of "property" require different amounts of enforcement: intellectual property requires a great deal of state intervention to enforce, ownership of distant physical property requires quite a lot, ownership of carried objects requires very little, while ownership of one's own body requires absolutely no state intervention.

Many things have existed that did not have an owner, sometimes called the commons. The term "commons," however, is also often used to mean something quite different: "general collective ownership" - i.e. common ownership. Also, the same term is sometimes used by statists to mean government-owned property that the general public is allowed to access. Law in all societies has tended to develop towards reducing the number of things not having clear owners. Supporters of property rights argue that this enables better protection of scarce resources, due to the tragedy of the commons, while critics argue that it leads to the exploitation of those resources for personal gain and that it hinders taking advantage of potential network effects. These arguments have differing validity for different types of "property" -- things which are not scarce are, for instance, not subject to the tragedy of the commons. Some apparent critics actually are advocating general collective ownership rather than ownerlessness.

Things today which do not have owners include: ideas (except for intellectual property), seawater (which is, however, protected by anti-pollution laws), parts of the seafloor (see the United Nations Convention on the Law of the Sea for restrictions), gasses in Earth's atmosphere, animals in the wild (though there may be restrictions on hunting etc. -- and in some legal systems, such as that of New York, they are actually treated as government property), celestial bodies and outer space, and land in Antarctica.

The nature of children under the age of majority is another contested issue here. In ancient societies children were generally considered the property of their parents. Children in most modern societies theoretically own their own bodies -- but they are considered incompetent to exercise their rights, and their parents or "guardians" are given most of the actual rights of control over them.

Questions regarding the nature of ownership of the body also come up in the issue of abortion.

In many ancient legal systems (e.g. early Roman law), religious sites (e.g. temples) were considered property of the God or gods they were devoted to. However, religious pluralism makes it more convenient to have religious sites owned by the religious body that runs them.

Intellectual property and air (airspace, no-fly zone, pollution laws, which can include tradeable emissions rights) can be property in some senses of the word.
Who can be an owner?
Ownership laws may vary widely among countries depending on the nature of the property of interest (e.g. firearms, real property, personal property, animals). In some societies only adult men may own property. In some societies legal entities, such as corporations, trusts, and nations (or governments) own property.

In the Inca empire, the dead emperors, who were considered gods, still controlled property after death.[4].
References
1. ^ Understanding Principles of Politics and the State, by John Schrems, PageFree Publishing (2004), page 234
2. ^ Hann, Chris A new double movement? Anthropological perspectives on property in the age of neoliberalism Socio-Economic Review, Volume 5, Number 2, April 2007, pp. 287-318(32)
3. ^ Arthur Henry Robertson, John Graham Merrills (1996). Human Rights in the World: An Introduction to the Study of the International Protection of Human Rights. Manchester University Press. ISBN 0719049237.
4. ^ Mckay, John P. , 2004, "A History of World Societes". Boston: Houghton Mifflin Company
See also

* Allemansrätten
* Anarchism
* Capitalism
* Communism
* Grantee and Grantor
* Homestead principle
* Immovable Property
* Inclusive Democracy
* Libertarian
* Lien
* Ownership society
* Patrimony
* Propertarian
* Property is theft
* Property law
* Property rights (economics)
* Labor theory of property
* Socialism
* Sovereignty


Property giving (legal)

* Charity
* Essenes
* Gift
* Kibbutz
* Monasticism
* Tithe, Zakat (modern sense)

Property taking (legal)

* Confiscation
* Eminent domain
* Fine
* Regulatory fees and costs
* Search and seizure
* Tariffs
* Tax
* Turf and twig (historical)
* Tithe, Zakat (historical sense)
* Zoning restrictions


Property taking (illegal)

* Theft
* Kleptocracy

Property of either digital or virtual form

* Emerging Virtual Institutions

References

* Frédéric Bastiat, 1850. Economic Harmonies. W. Hayden Boyers, trans.; George B. de Huszar, ed. Liberty Fund.
* , 1850. The Law. Dean Russell, trans.
* Tom Bethell, 1998. The Noblest Triumph: Property and Prosperity through the Ages. New York: St. Martin's Press.
* William Blackstone, 1765-69. Commentaries on the Laws of England, 4 vols. Oxford Univ. Press. Especially Books the Second and Third.
* Hernando De Soto, 1989. The Other Path. Harper & Row.
* Hernando De Soto and Francis Cheneval, 2006. Realizing Property Rights. Ruffer & Rub.
* Ellickson, Robert, 1993, "Property in LandPDF (6.40 MiB)", Yale Law Journal 102: 1315-1400.
* Richard Pipes, 1999. Property and Freedom.
* Mckay, John P. , 2004, "A History of World Societes". Boston: Houghton Mifflin Company

External links and references

* Property Law Case Summaries
* "Property", Stanford Encyclopedia of Philosophy
* Private Property, Freedom, and the Rule of Law
* "Right to Private Property", Tibor Machan, Internet Encyclopedia of Philosophy
* "The Ethics and Economics of Private Property", Hans-Hermann Hoppe, van Mises Institute
* Buying agent

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In law and political theory, property refers to an ownership interest in land or other resources.

A property of an object is some intrinsic or extrinsic quality of that object, where the nature of the "object" in question will depend on the field, as, for example, indicated
..... Click the link for more information.
Property law
Part of the common law series
Acquisition of property
Gift · Adverse possession · Deed
Lost, mislaid, and abandoned property
Alienation · Bailment · License
Estates in land
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In common law legal systems, the law is created and/or refined by judges: a decision in the case currently pending depends on decisions in previous cases and affects the law to be applied in future cases.
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Property law
Part of the common law series
Acquisition of property
Gift · Adverse possession · Deed
Lost, mislaid, and abandoned property
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Estates in land
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Property law
Part of the common law series
Acquisition of property
Gift · Adverse possession · Deed
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Alienation · Bailment · License
Estates in land
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Property law
Part of the common law series
Acquisition of property
Gift · Adverse possession · Deed
Lost, mislaid, and abandoned property
Alienation · Bailment · License
Estates in land
..... Click the link for more information.
Property law
Part of the common law series
Acquisition of property
Gift · Adverse possession · Deed
Lost, mislaid, and abandoned property
Alienation · Bailment · License
Estates in land
..... Click the link for more information.
Property law
Part of the common law series
Acquisition of property
Gift · Adverse possession · Deed
Lost, mislaid, and abandoned property
Alienation · Bailment · License
Estates in land
..... Click the link for more information.
Property law
Part of the common law series
Acquisition of property
Gift · Adverse possession · Deed
Lost, mislaid, and abandoned property
Alienation · Bailment · License
Estates in land
..... Click the link for more information.
Property law
Part of the common law series
Acquisition of property
Gift · Adverse possession · Deed
Lost, mislaid, and abandoned property
Alienation · Bailment · License
Estates in land
..... Click the link for more information.
Property law
Part of the common law series
Acquisition of property
Gift · Adverse possession · Deed
Lost, mislaid, and abandoned property
Alienation · Bailment · License
Estates in land
..... Click the link for more information.
Property law
Part of the common law series
Acquisition of property
Gift · Adverse possession · Deed
Lost, mislaid, and abandoned property
Alienation · Bailment · License
Estates in land
..... Click the link for more information.
Property law
Part of the common law series
Acquisition of property
Gift · Adverse possession · Deed
Lost, mislaid, and abandoned property
Alienation · Bailment · License
Estates in land
..... Click the link for more information.
Property law
Part of the common law series
Acquisition of property
Gift · Adverse possession · Deed
Lost, mislaid, and abandoned property
Alienation · Bailment · License
Estates in land
..... Click the link for more information.
Property law
Part of the common law series
Acquisition of property
Gift · Adverse possession · Deed
Lost, mislaid, and abandoned property
Alienation · Bailment · License
Estates in land
..... Click the link for more information.
Property law
Part of the common law series
Acquisition of property
Gift · Adverse possession · Deed
Lost, mislaid, and abandoned property
Alienation · Bailment · License
Estates in land
..... Click the link for more information.
Property law
Part of the common law series
Acquisition of property
Gift · Adverse possession · Deed
Lost, mislaid, and abandoned property
Alienation · Bailment · License
Estates in land
..... Click the link for more information.
Property law
Part of the common law series
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Estates in land
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Property law
Part of the common law series
Acquisition of property
Gift · Adverse possession · Deed
..... Click the link for more information.
Property law
Part of the common law series
Acquisition of property
Gift · Adverse possession · Deed
Lost, mislaid, and abandoned property
Alienation · Bailment · License
Estates in land
..... Click the link for more information.
Property law
Part of the common law series
Acquisition of property
Gift · Adverse possession · Deed
Lost, mislaid, and abandoned property
Alienation · Bailment · License
Estates in land
..... Click the link for more information.
Property law
Part of the common law series
Acquisition of property
Gift · Adverse possession · Deed
Lost, mislaid, and abandoned property
Alienation · Bailment · License
Estates in land
..... Click the link for more information.
Property law
Part of the common law series
Acquisition of property
Gift · Adverse possession · Deed
Lost, mislaid, and abandoned property
Alienation · Bailment · License
Estates in land
..... Click the link for more information.
Property law
Part of the common law series
Acquisition of property
Gift · Adverse possession · Deed
Lost, mislaid, and abandoned property
Alienation · Bailment · License
Estates in land
..... Click the link for more information.
Property law
Part of the common law series
Acquisition of property
Gift · Adverse possession · Deed
Lost, mislaid, and abandoned property
Alienation · Bailment · License
Estates in land
..... Click the link for more information.
Property law
Part of the common law series
Acquisition of property
Gift · Adverse possession · Deed
Lost, mislaid, and abandoned property
Alienation · Bailment · License
Estates in land
..... Click the link for more information.
Property law
Part of the common law series
Acquisition of property
Gift · Adverse possession · Deed
Lost, mislaid, and abandoned property
Alienation · Bailment · License
Estates in land
..... Click the link for more information.
Property law
Part of the common law series
Acquisition of property
Gift · Adverse possession · Deed
Lost, mislaid, and abandoned property
Alienation · Bailment · License
Estates in land
..... Click the link for more information.
Property law
Part of the common law series
Acquisition of property
Gift · Adverse possession · Deed
Lost, mislaid, and abandoned property
Alienation · Bailment · License
Estates in land
..... Click the link for more information.
Property law
Part of the common law series
Acquisition of property
Gift · Adverse possession · Deed
Lost, mislaid, and abandoned property
Alienation · Bailment · License
Estates in land
..... Click the link for more information.

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The theory of politics which has possessed the mind of men, and which they have expressed the best they could in their laws and in their revolutions, considers persons and property as the two objects for whose protection government exists.
Essays, Second Series by Emerson, Ralph Waldo View in context
The diversity in the faculties of men, from which the rights of property originate, is not less an insuperable obstacle to a uniformity of interests.
Federalist Papers Authored by James Madison by Madison, James View in context
It is immoral to use private property in order to alleviate the horrible evils that result from the institution of private property.
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