FAQS

Here are some of the more frequently asked questions from our clients that have already purchased through us

These property prices are so low, will I be the sole owner and own the property outright, or will I be a part owner?
You will own the whole property outright freehold and your name will be on the Title Deeds.

Why do I need to pay a deposit on the property before completion?
Your deposit will reserve the property of your choice and take it off the market while the process of completion is taking place.  Paying the reservation confirms your commitment to purchase the property.  Our properties are normally reserved by clients within 24-48 hours of listing on our website because they are in high demand due to the incredibly low prices and high yield rental income.

Will I have to furnish the property for rental?
No, the tenants have all their own furniture right down to curtain poles and light fittings. You will only be responsible for supplying carpeting and lino if the floors are not wooden. In most cases you will be buying a property with tenants already in situ, so carpeting will already be in place.

Who will check, manage and collect rent on my property once I am the owner?
Our Property Management Rental Company in Western New York will manage your property. They will check your property on a regular basis, collect rent from the tenants monthly, deal with any manintenance issues that may arise and pay your monthly rental income into an Account as instructed by you.  The Rental Management Company will charge you a monthly Fee of $75.00 (€52) to manage your property.  This will be deducted from your gross rental Income.

Will I need to pay any Property Taxes?
Yes you pay two types of property tax, county and city tax, which are due annually.  The total amount of property tax is listed on each property detail on our website.  This is deducted from the gross income.

What kind of tenants will be living in my property?
Most properties we list for sale already have tenants in situ, the tenants could have already been living in the property for years, 10, 20 years or more.  These tenants are long term tenants who often stay in the same property for life.  All tenants have to sign a tenancy agreement contract as well as a house rule agreement.  Most tenants are families with low income receiving additional income benefits from the government.

What other costs do I have to pay on top of the purchase price?
Each property that we have listed on our website will give you details of the agreed purchase price (this is the price agreed between the seller and Colossal Property Investments, this is always less than the original asking price) as well as what it will cost you in total to purchase including all associated purchase costs and fees.  Associated purchase costs and fees includes the costs of an Engineers Home Inspection Report, Attorney fees (property searches, title deeds) as well as Colossal Property Investments fees.

Will I get a survey report on the property I am buying?
Yes, each property that we list on our website has an Engineers Home Inspection Report carried out on it.  You will be given a full copy of this Report.  If the Report highlights any repairs to be made then these details are included on the Property Details Page with the costs to make good the repairs.  We also highlight if the seller agrees to make good these repairs before completion/closing.

Are there any deposits required for ongoing repairs and replacements?
Yes.  Our Rental Management Company in Western New York will ask you to deposit with them a sum of $500 €345 for any unforeseen repairs to be made on the property in the future.  You will always be advised by the Rental Management Company should a repair be required and how much the repair will cost.  All repair costs are kept to a minimum.

What Insurance will I need?
Like any property that you own, Buildings Insurance is advisable to protect you and cover the cost of repairs should the unforeseen happen, like fire, flooding or explosion.  We, at Colossal Property Investments, will introduce you to our Insurance Agent who will give you a very competitive quote.  For a normal sized family home the Insurance premium is around $500 per year.