Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

In a surprising turn of events, <keyword id="20137391" type="General" weightage="100" keywordseo="Nikhil-Kamath" source="keywords">Nikhil Kamath</keyword>, co-founder of India's biggest discount brokerage firm <keyword id="19913826" type="General" weightage="20" keywordseo="Zerodha" source="keywords" meta.keywordsubtype="org" meta.entityname="Zerodha" meta.hostid="261" meta.entityid="Zerodha">Zerodha</keyword>, left the internet divided by purchasing a house, despite recently having advocated voraciously for renting property in his popular podcast "WTF." Comedian Sonali Thakkar Desai took to X (formerly Twitter) to highlight this U-turn, noting that "Nikhil Kamath has bought a house after advocating for so long about how “renting is the best; only fools would buy property." So let this be a lesson to literally everyone who listened to him or any other finance bro and based their real estate decisions on rubbish reels." She further added that "Mutual funds and Nikhil Kamath's opinions are subject to market risk". Kamath, who has a net worth of $3.1 billion, acknowledged that a lack of control over one's living situation is one of the biggest drawbacks of renting, noting a personal incident where he had to unwillingly and unexpectedly move out of a house. However, he maintained his skeptical attitude toward real estate as an investment, calling it illiquid and arbitrarily priced in the high-end housing market. Kamath also highlighted that due to the sky-scraping costs associated with buying property, like stamp duties of 5-6% on property transactions, it is not economically feasible to frequently buy and sell real estate, as opposed to other asset classes like gold, stocks, and more. On his podcast, Kamath also highlighted that renting does not always translate into a profitable business. "I think nobody makes money from buying and renting a place. You do not have occupancy throughout the year for something like AirBnB. Accounting for inflation and interest rates, the return on this investment is negligible," he said. Kamath's decision has reignited the never-ending debate between renting and buying property. While some social media users pointed out that for the wealthy, the choice between renting and buying is largely inconsequential, others emphasized the immense emotional and stability benefits that came along with homeownership. Kartik Rangappa, who heads Zerodha's Varsity, recently tweeted that it is okay to keep the math and Excel sheets behind buying a house aside if it gives you a sense of security and peace of mind. "Owning a house versus renting is an endless debate often backed by elaborate excel sheet math. Keep the math aside and buy a home if it make you feel secure and gives you peace of mind. Peace of mind &gt;&gt; Excel sheet math," he tweeted on October 16, 2024. There is no denying the fact that owning a house is an expensive affair and a long-term financial commitment as well. Recent report from FICCI and ANAROCK suggest that the average budget range for a 2BHK in Gurgaon is anywhere between Rs 90 lakh and Rs 1.3 crore. Getting a 2BHK in Noida, another prominent satellite town of Delhi, can cost up to Rs 85 lakh to Rs 1.20 crore. As it is, with the central bank not looking to cut rates anytime soon, home loan interest rates are set to remain elevated, meaning higher EMI outflows from your pockets if you are looking to buy a home in the present environment.

Billionaire broker Nikhil Kamath buys home, leaves internet debating on renting vs. owning a house

<keyword id="19895040" type="General" weightage="100" keywordseo="real-estate" source="keywords">Real estate</keyword> was India's asset of choice for investment in the first half of 2024, noted a recent FICCI-ANAROCK report. About 59% of the 7,615 respondents across 14 Indian cities expressed their desire to invest in real estate. Out of these, 67% of respondents wanted to buy a house to live in it, while the remaining 33% viewed it as an investment. Out of this 33%, the majority (57%) wanted to earn rental yields from the same, while another 20% planned to sell their property after its price has appreciated significantly. The remaining 23% viewed real estate as an asset for securing their future. Even for millennials, buying a house featured at the top of their priorities. 66% of millennials and 41% of generation X respondents highlighted that they intended to utilize their investment gains to buy a house in the future. What was also notable was the significant decline in demand for ready-to-move in units and a corresponding rise in demand for under-construction units. During the first half of 2024, for every 20 individuals who preferred a ready-to-move-in house, 25 respondents chose a new launch or under-construction property. This ratio was at 32:21 in the first half of 2021. Some of the reasons why over 53% of homebuyers are dissatisfied with the current available options when it comes to <keyword id="20254620" type="General" weightage="20" keywordseo="affordable-housing" source="keywords">affordable housing</keyword> are location accessibility (92%), poor quality construction design (84%), and small unit sizes (68%). Even the supply in the affordable housing category across the top 7 Indian cities has considerably shrunk over the last 3 years, from 26% in 2021 to just 17% as of September 2024. However, this differed based on the city. While over 50% of respondents chose 3BHK apartments in cities like Chennai, Hyderabad, Delhi-NCR, and Bengaluru, over 40% preferred a 2BHK in other metros like Kolkata. Mumbai Metropolitan Region (MMR) and Pune. However, that does not mean that there is little demand for luxury homes. 28% of respondents preferred buying a house between the range of Rs 90 lakh and Rs 1.5 crore. This was a mere 18% prior to the pandemic. However, the most common budget range for houses remained between Rs 45-90 lakh, with 35% of respondents choosing the same. As far as under-construction properties are concerned, a staggering 98% of respondents prefer timely project completion, 93% choose improved construction quality, and 72% prefer a well-lit, ventilated home. The report further noted that Indians are increasingly inclined towards larger, more luxurious living spaces. 3BHKs and apartments remained the most preferred choice of residence and property type, with 51% and 58% of respondents opting for them, respectively. Residential plots were also seen gaining traction, particularly in southern India, with 30% of respondents in Chennai, 29% in Bengaluru, and 27% in Hyderabad preferring them. <keyword id="21483825" type="General" weightage="20" keywordseo="home-loan-interest-rates" source="keywords">Home loan interest rates</keyword> also significantly influenced home buying decisions. If the rates are below 8.5%, it would have minimal impact on buying decisions for around 71% of respondents. However, interest rates exceeding 9% would significantly impact 87% of buyers. With the RBI currently deciding to hold off on slashing interest rates in October for the 10th consecutive time, home loan rates are likely to stay elevated in the future. Experts estimate that the RBI will start cutting interest rates early next year.

Real estate continues to dominate India's investment portfolios, shows FICCI report

Deciding whether to rent or buy a home is one of the biggest financial choices most people will make. It’s not a straightforward decision, especially when considering the rapid increase in <keyword id="21530105" type="General" weightage="20" keywordseo="rental-prices" source="keywords">rental prices</keyword> in some of India’s biggest cities. Let’s dive into how the cost of renting has risen compared to buying, and whether it's still worth it to rent or if it’s time to start looking at <keyword id="20879400" type="General" weightage="20" keywordseo="homeownership" source="keywords">homeownership</keyword>. <h2>Soaring renting costs</h2>If you’re renting in cities like Bengaluru, Pune, or Kolkata, you might have noticed something frustrating — your rent seems to keep going up. According to <keyword id="20974307" type="General" weightage="20" keywordseo="ANAROCK-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="ANAROCK Research" meta.hostid="261" meta.entityid="ANAROCK Research">ANAROCK Research</keyword>, in several of India’s top cities, rental prices have jumped significantly, even more than <keyword id="21006188" type="General" weightage="20" keywordseo="property-values" source="keywords">property values</keyword> in some places. For example, in Bengaluru’s Sarjapur Road, average monthly rents shot up by 67% between the end of 2021 and the middle of 2024. If you were paying Rs 21,000 in rent at the end of 2021, that would now be around Rs 35,000 a month! And Bengaluru isn’t the only city where renters are feeling the squeeze. In Pune’s Hinjewadi, rent prices have surged by 52%, while property values went up by just 31%. Similarly, in Kolkata’s EM Bypass, rents rose by 46%, but property prices saw a much smaller bump of 15%. But there are cities where buying makes even more sense because property prices are outpacing rental costs. In Hyderabad’s Gachibowli, for instance, while rent went up by 50%, property values soared by 70%. This trend is also seen in NCR’s Sohna Road, where rents increased by 40%, but property prices grew by 54%. <h2>Is renting really worth it?</h2>Let’s say you’re living in a 2BHK flat in Bengaluru, paying Rs 50,000 a month in rent. It might seem like an okay deal at first, but when you look at the long-term cost, things get tricky. Dr Prashant Thakur, Regional Director &amp; Head of Research at ANAROCK, breaks it down: "One-year payable rent for the individual is Rs 50,000 x 12 = Rs 6,00,000. For the next 10 years, the total rental outgo, including an annual rental increase of 7%, will be around Rs 83 lakh. This rental outgo is almost 69% of the total cost of this property — and this is just an expense with no investment value accrued." <div type="Article" hostid="261" msid="113367496" title="I bought my dream home, but the difficult process and higher cost sometimes make me wish I&amp;#39;d stuck with renting" mstype="2" mssubtype="0"></div>What does that mean? If you keep renting, you’re essentially throwing money out the window without gaining any ownership of the home. While you may have the flexibility that comes with renting, your hard-earned money doesn’t build any long-term value. <h2>Is it time to make the home purchase leap?</h2>So, what if you took the plunge and bought the place instead? Let’s say you’re eyeing a Rs 1.2 crore apartment and can afford to put down a 20% down payment, with the rest coming from a 10-year home loan at 9.5% interest. Dr. Thakur explains, “If the individual opts to buy the property via a home loan, has the financial wherewithal to make a 20% down payment, and borrows the remaining amount over a 10-year tenure at 9.5% interest rate, such a purchase is definitely profitable. Instead of spending a huge amount on rent, the individual can pay monthly EMIs and ultimately own the physical asset after a ten-year period.” With this approach, the monthly EMIs may be slightly higher than what you’re paying in rent, but there’s a key difference — you’re working towards owning your home. After 10 years, the home is yours, and you don’t have to worry about rent going up year after year. <h2>Homeownership isn’t just about the numbers</h2>While the math might lean towards buying, it’s not just about finances. For some people, renting makes more sense, especially if they don’t plan to settle down in one place for a long time. Job mobility, financial stability, and lifestyle choices all factor into this decision. However, something interesting happened during the COVID-19 pandemic. Many people, including millennials who had previously been all about renting, started reconsidering. The pandemic brought a sense of uncertainty, and suddenly, the security of owning a home became much more attractive. Dr. Thakur points out, "Amid a rising aversion to high-risk investments, an increasing number of tenants see rent as an expense, and EMIs as SIPs towards a non-volatile asset." <div type="Article" hostid="261" msid="113395713" title="Welcome to interest-rate cut week: Here&amp;#39;s how the Fed&amp;#39;s next move will impact everything from home prices to new cars loans" mstype="2" mssubtype="0"></div>Plus, home loan interest rates are currently lower, averaging between 8.75% and 9.5%, making homeownership more affordable than it has been in the past few years. And let’s not forget the tax benefits: Homebuyers can avail of deduction on principal repayment, interest charges, and a further deduction of Rs 50,000 for first-home buyers. The answer, as with most things, isn’t black and white. Renting offers flexibility, especially if your job might take you to a new city in a year or two. But with rents rising sharply in cities like Bengaluru, Pune, and Chennai, buying might be a smarter option in the long run. If you’re financially ready to make a down payment and secure a home loan, investing in a home could save you from steep rental hikes and give you the stability of owning a property.

Should you rent or buy a home? Here’s how much rental pricing has gone up compared to ownership cost in major Indian cities

<ul class="summary-list"><li>Airbnb CEO Brian Chesky said properties run by people with many listings had lower average ratings.</li><li>Chesky told The Verge's Decoder podcast that small-scale hosts give guests a "local feel."</li></ul>Airbnb CEO <a target="_blank" href="https://www.businessinsider.com/airbnb-ceo-brian-chesky-30-billion-startup-2016-8">Brian Chesky</a> said last week that hosts with more rental properties don't always get the best reviews.last week that hosts with more rental properties don't always give guests the best experience.Speaking on the October 28 <a target="_blank" href="https://www.theverge.com/24279570/airbnb-ceo-brian-chesky-founder-mode-apple-steve-jobs-management-decoder-podcast-2024">episode of The Verge's Decoder podcast</a>, Chesky described Airbnb's new Co-Host Network, a tool that connects homeowners with locals in their area who will manage their listings for a fee.The company prefers to feature smaller-scale operators in the Co-Host Network, he said."These would be people who only manage a few properties, so they're not going to be managing you and 100 other homes. Maybe three, four, or five other homes," he added.Chesky said that <a target="_blank" class="" href="https://www.businessinsider.com/airbnb-commercial-hosting-causing-mess-for-rental-housing-market-2022-7">professional third-party property management companies</a> often have grand ambitions."You tend to need economies of scale, so you're going to be managing hundreds of properties, even thousands of properties," he told Verge editor-in-chef Nilay Patel. "If you manage thousands of properties, now you have a whole bunch of employees. Then, you probably have a company name, and your employees probably wear a T-shirt with a company name on the T-shirt."But that growth and professionalization don't necessarily translate into guest satisfaction.Chesky said that the average review score for listings run by third-party managers was 4.62 out of five stars, which Chesky described as "significantly below the median range review score."In recent years, professional hosts with a large number of listings have played a significant role in the market as investors and third-party managers scaled up the number of properties on their rosters.In September, short-term-rental analytics site AirDNA <a target="_blank" class="" href="https://www.airdna.co/blog/the-best-airbnb-property-management-services">reported</a> that across Airbnb and its rival Vrbo, property managers with more than 21 active listings controlled 28% of all active listings and generated 36% of the industry's total revenue.Chesky said on the podcast that small-scale <a target="_blank" class="" href="https://www.businessinsider.com/hosts-contributed-to-airbnb-downfall-experts-fees-high-costs-say-2024-8">hosts</a> are more likely to offer a "local feel," an experience more aligned with <a target="_blank" class="" href="https://www.businessinsider.com/how-airbnb-was-founded-a-visual-history-2016-2">the company's original purpose</a>."It kind of moves Airbnb a little closer toward the roots," he said.In the company's third-quarter <a target="_blank" class="" href="https://www.businessinsider.com/airbnb-earnings-shares-most-interesting-things-cohost-2024-11">earnings call</a> Thursday, Chesky announced that the Co-Host Network debuted on October 16 with 10,000 cohosts already registered. In the first three weeks after its launch, an additional 20,000 individuals expressed an interest to join it, he said.<h2 id="53112fb8-a1fe-411a-884b-0fe9a2bd46a6">Airbnb's growth poses some new challenges</h2>Chesky's remarks on the podcast come during a key moment for the short-term-rental giant.Following explosive growth over the last decade, <a target="_blank" href="https://www.businessinsider.com/meteoric-rise-spectacular-fall-airbnb-queen-vacation-rentals-real-estate2024-4">especially during the pandemic</a>, cities around the world, from Barcelona to <a target="_blank" href="https://www.businessinsider.com/nyc-short-term-rental-airbnb-ban-housing-market-impact-data-2024-10">New York City</a>, are <a target="_blank" class="" href="https://www.businessinsider.com/cities-fighting-airbnbs-with-regulations-for-short-term-rentals-2022-5">reexamining their relationships with short-term rentals</a>. Some places are increasing taxes on Airbnbs, while others have opted for more restrictive rules like requiring homeowners to stay on-site with guests.Concerns that a growing number of Airbnbs <a target="_blank" class="" href="https://www.businessinsider.com/airbnb-ban-budapest-hungary-terezvaros-neighborhood-vote-referendum-2024-9">threatens the number of homes available for locals</a> has animated local debates over regulations, <a target="_blank" href="https://www.businessinsider.com/barcelona-airbnb-ban-florence-amsterdam-lisbon-are-regulations-working-2024-8">though research is still inconclusive</a> on how short-term-rental bans impact rents and home prices.On the podcast, Cheksy said that larger hosting operations can mimic "an industrial hospitality experience," like <a target="_blank" class="" href="https://www.businessinsider.com/airbnb-vs-hotel-some-travelers-choose-hotels-for-price-quality-2024-8">a hotel</a>."People want a local feel, as compared to Amazon, delivery, or other types of businesses where scale makes the service better," he said. "Hospitality at scale often makes the service more challenging."Chesky added that some large-scale hosts are better than others."If anyone's listening and they work at or are a third-party property manager, we love the ones guests love," he told The Verge. "Although the average rating across the board isn't as high, there are some unbelievable property managers, and we love them."

Airbnb hosts with a lot of properties get lower ratings from guests, CEO Brian Chesky said

The initial public offering (<keyword id="19898327" type="General" weightage="20" keywordseo="ipo" source="keywords">IPO</keyword>) of <keyword id="20879401" type="General" weightage="20" keywordseo="bajaj-housing-finance-limited" source="keywords">Bajaj Housing Finance Limited</keyword> (BHFL) was subscribed to as many as 67 times at the end of the Day 3 window. The portion reserved for the retail investors was subscribed by over 7 times, publicly available data showed. Qualified institutions subscribed about 222 times of the shares reserved for them while Non-institutional buyers booked nearly 44 times, respectively, data showed. <keyword id="8079187" type="General" weightage="100" keywordseo="bajaj-housing-finance" source="Orion">Bajaj Housing Finance</keyword> Limited aims to raise Rs 6,560 crore. The public issue had set a price band between Rs 66-70. Headquartered in Pune, Bajaj Housing Finance Limited (BHFL) offers finance to individuals as well as corporate entities for the purchase and renovation of homes, or commercial spaces. The company also provides <keyword id="3722621" type="General" weightage="20" keywordseo="Loans-against-property" source="Orion">loans against property</keyword> for business or personal needs as well as working capital for business expansion purposes. BHFL also offers finance to developers engaged in the construction of residential and commercial properties as well as lease rental discounting to developers and high-net-worth individuals. The IPO consists of a fresh issue of 50.86 crore shares, aggregating to Rs 3,560 crore, and an offer for sale of 42.86 crore shares, totaling Rs 3,000 crore. The proceeds from the fresh issue will reportedly be used to strengthen the company's capital base to support future lending operations. Investors had bid for a minimum of 214 equity shares and in similar multiples thereafter. The minimum amount a retail investor required to bid for the IPO was Rs 14,980. As per reports, the allotment for the IPO is expected to be finalized on Thursday, with a tentative listing on the exchanges on Monday.

Bajaj Housing Finance IPO subscribed about 67 times at the end of Day 3

The entire world was talking about generative AI when <keyword id="19918823" type="General" weightage="100" keywordseo="OpenAI" source="keywords" meta.keywordsubtype="org" meta.entityname="OpenAI" meta.hostid="261" meta.entityid="OpenAI">OpenAI</keyword> launched ChatGPT in November 2022. The chatbot could write articles, summarise books, explain difficult terms, check grammar and spelling and a lot more. In a nutshell, activities that were previously considered exclusive to human beings were being carried out by the chatbot and it had initially left people surprised. As time passed, more AI chatbots like Gemini, <keyword id="19914065" type="General" weightage="20" keywordseo="claude" source="keywords">Claude</keyword>, MetaAI and CoPilot began emerging and people started using them for various purposes. Now, we all know that AI is trained on huge sets of data. And this data, in some cases, was copyrighted. Laws regarding <keyword id="20055202" type="General" weightage="20" keywordseo="AI-companies" source="keywords">AI companies</keyword> using copyrighted data are still blurry which is why such cases always make headlines. In the last two years, AI chatbots and companies behind them have faced several legal battles over <keyword id="19971862" type="General" weightage="20" keywordseo="copyright-infringement" source="keywords">copyright infringement</keyword>, raising concerns about how these technologies are trained and used. From music and art to literature, content creators have increasingly accused AI firms of using their work without permission to train these systems. Let us take a look at five such cases. <h2>1. Record Labels vs. Suno and Udio AI</h2> In January 2024, the music industry’s powerhouses—Universal Music Group (UMG), Sony Music, and Warner Music Group took legal action against Suno and Udio AI, two emerging AI music companies. The record labels accused these companies of unlawfully using copyrighted music to train their AI systems. According to a report in Forbes, the crux of the lawsuit was in the claim that Suno and Udio AI used a vast amount of copyrighted sound recordings to enhance their AI's ability to generate music. According to the labels, while the AI-generated music may not directly copy the original tracks, the extensive use of copyrighted material for training purposes constitutes a violation of <keyword id="19906860" type="General" weightage="20" keywordseo="intellectual-property-rights" source="keywords">intellectual property rights</keyword>. The plaintiffs argued that the AI’s impressive ability to replicate musical styles and nuances was made possible by this unauthorised use of their recordings. The lawsuit sought not only financial damages but also injunctions to prevent further misuse of copyrighted music by these AI systems. <h2>2. Scarlett Johansson vs. OpenAI</h2> In May 2024, Hollywood actress Scarlett Johansson filed a lawsuit against OpenAI, alleging that her voice likeness was used without permission in an AI-generated voice model known as “Sky.” Johansson had previously declined OpenAI’s requests to use her voice for their chatbot, but the lawsuit claimed that her voice was still incorporated into the AI’s outputs. The controversy began when Johansson’s legal team argued that despite OpenAI’s denial of using her voice, there were striking similarities between her voice and the AI-generated model. OpenAI maintained that the voice used was not Johansson’s but rather that of another actor. However, in response to the lawsuit, OpenAI decided to remove the “Sky” voice from their product out of respect for Johansson, despite continuing to defend their position. <div type="Article" hostid="261" msid="112732724" title="Majority IT workers fear being replaced by AI, new survey shows" mstype="2" mssubtype="0"></div> <h2>3. Visual Artists vs. Google</h2> In April 2024, a group of visual artists, including photographer Jingna Zhang and cartoonists Sarah Andersen and Hope Larson, brought a lawsuit against Google. A report by Reuters said that the artists accused the tech giant of using billions of copyrighted images to train its AI image generator, Imagen, without proper authorisation or compensation. The lawsuit contended that Google’s AI was trained on a dataset comprising copyrighted artwork, which included the plaintiffs' works. The artists argued that Google had not obtained permission to use their images and that this unauthorised use was a breach of copyright laws. On the other hand, Google denied the allegations, asserting that its models are trained on publicly available data. <h2>4. <keyword id="20097058" type="General" weightage="20" keywordseo="authors" source="keywords">Authors</keyword> vs. Anthropic</h2> Just last month, a class-action lawsuit was filed against Anthropic, the company behind the AI chatbot Claude. A report in The Guardian said that authors Andrea Bartz, Charles Graeber, and Kirk Wallace Johnson accused Anthropic of using pirated copies of their books to train its AI model. The lawsuit alleged that Anthropic used these unauthorised copies to teach Claude how to generate text, effectively exploiting their intellectual property without permission. The authors claimed that Anthropic’s actions not only infringed on their copyrights but also caused significant harm to their creative works. The lawsuit sought monetary damages and an injunction to prevent further misuse of the authors' works in training the AI. <h2>5. Sarah Silverman and Authors vs. <keyword id="19911549" type="General" weightage="20" keywordseo="Meta" source="keywords">Meta</keyword></h2> In December 2023, comedian Sarah Silverman, alongside other notable authors like Pulitzer Prize winner Michael Chabon, sued Meta Platforms (formerly Facebook). The lawsuit accused Meta of using pirated copies of their books to train its Llama AI language model. Despite legal warnings from its own team, Meta allegedly proceeded with using these unauthorized copies, which led to the lawsuit. The plaintiffs argued that Meta’s actions were a blatant disregard for intellectual property laws and ethical standards. They sought damages and an order to prevent Meta from using pirated content in its AI training practices. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/apples-ios-18-is-coming-soon-list-of-compatible-devices-key-features/articleshow/112921801.cms" data-type="tilCustomLink" target="_blank">Apple's iOS 18 is coming soon: List of compatible devices, key features</a> <a href="https://www.businessinsider.in/tech/news/ai-generated-content-on-the-internet-today-is-more-than-human-generated-study/articleshow/113079845.cms" data-type="tilCustomLink" target="_blank">The internet has more AI-generated content today than human-created and this could mean trouble</a> <a href="https://www.businessinsider.in/author_articles_all.cms?query=479266566&amp;author=divyanshi%20sharma=&amp;page=1" class="artishow_author"></a>

OpenAI to Meta: AI companies that were accused of copyright infringement

<ul class="summary-list"><li>Chinese property stocks climbed 7% on Monday three major cities eased homebuying rules.</li><li>The surge comes amid an economic-stimulus blitz that started last week.</li></ul>Chinese property stocks got some positive news on Monday as three major cities announced easing of home-purchase restrictions.The Hang Seng Mainland Properties Index soared 7% in Chinese trading. The climb was led by real-estate developers like Hong Kong-listed Longfor Group Holdings and Hang Lung Properties, which were up roughly 10% and 12%, respectively.The surge comes after the cities of Shanghai, Shenzhen, and Guangzhou loosened homebuying restrictions, and after nation's central bank said it will allow refinancing of mortgages. The moves are part of China's new stimulus package meant to reinvigorate its slowing economy and weak property sector.In Guangzhou, policymakers eliminated all restrictions on homebuying, removing evaluations of buyer eligibility and limitations on the number of properties owned.The Sunday move made the port city the first major city to ease restrictions following the national government's pledge last week to make the property sector "stop declining."Previously, Guangzhou required migrant families to pay taxes or social insurance for at least six months before purchasing a maximum of two homes.Shanghai and Shenzhen, meanwhile, also said they would ease restrictions for non-local buyers. Shanghai decreased the required tax-paying period from three years to one year, and Shenzhen increased the number of homes migrant families can buy from one home to two.Shanghai and Shenzhen also announced plans to decrease the minimum downpayment ratios for first homes to no lower than 15%.Shenzhen also allowed local buyers to purchase more properties, allowing purchases of one more apartment in some districts, compared to previous restrictions of a maximum of two homes for families and one for individuals.The central bank, meanwhile, announced plans to refinance existing mortgages, with homeowners able to renegotiate terms with their lenders starting November 1. That brings lower costs for $5.3 trillion in mortgages.The moves come after leaders in Beijing unveiled <a target="_blank" href="https://www.businessinsider.com/china-economy-stock-market-bazooka-liquidity-stimulus-sparks-panic-speculation-2024-9#:~:text=China%20is%20eying%20a%20GDP,will%20be%20difficult%20to%20achieve.">aggressive stimulus measures</a> to support China's struggling economy in a rare move last week.China's economy has faced weak consumer demand in recent months, and continues to face headwinds from its struggling property sector, which has seen <a target="_blank" rel="" class="" href="https://www.businessinsider.com/china-economy-housing-market-real-estate-crash-investors-outlook-construction-2024-3">slowing property sales</a>, high vacancy rates in its existing supply, and huge <a target="_blank" href="https://www.businessinsider.com/evergrande-ordered-liquidate-china-real-estate-property-crisis-winners-assets-2024-1#:~:text=Evergrande's%20liquidation%20comes%20as%20China's%20economy%20faces%20significant%20headwinds%20from,dash%20for%20the%20exit%20door.">developer defaults</a>.With the sector accounting for <a target="_blank" href="https://www.businessinsider.com/china-economy-outlook-real-estate-property-banks-crisis-debt-default-2024-1">nearly a third of the country's GDP</a>, recovering it is crucial for the country to hit its "around 5%" year-end growth target, which analysts have <a target="_blank" href="https://www.businessinsider.com/china-growth-targets-axa-investment-property-sector-industrial-production-2024-9">previously said is unlikely</a>.The newest policies are a good start at easing those headwinds, but analysts warn that the policies could take time to actually see an impact."It may take time and could still prove challenging to turn around residents' bearish views with existing policies," Morgan Stanley analyst Stephen Cheung wrote in a Sunday note.The new policies helped fuel a broader stock market rally, with mainland China's benchmark CSI 300 closing 8.5% higher on Monday in its <a target="_blank" href="https://www.businessinsider.com/china-boost-economy-stock-market-bazooka-stimulus-sentiment-rally-pboc-2024-9?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*qxyjdx*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyNzcwMzU4Mi4yMDIuMS4xNzI3NzAzODQzLjUzLjAuMA..">biggest daily gain since 2008</a>.

Chinese property stocks surge after 3 major cities relax restrictions on homebuying

<ul class="summary-list"><li>Illinois residents will vote on a 3% tax for millionaires in November.</li><li>The governor says the tax could generate $4.5 billion annually and alleviate high property taxes.</li></ul>Voters in Illinois will decide in November whether to add a special tax on people who make $1 million or more. State leaders say it could alleviate the burden of high property taxes on the average resident.A state estimate conducted by Illinois Gov. JB Pritzker's administration found that the new tax would generate $4.5 billion annually if passed into law, according to WBEZ, Chicago's public radio station, which obtained the estimate through a public records request.The legislation in Illinois is similar to taxes on the wealthy passed in other states, like Massachusetts. Massachusetts approved a 4% tax on those earning more than $1 million in 2022, which <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/massachusetts-millionaires-wealth-tax-wealthy-budget-high-income-earners-irs-2024-5">generated $1.8 billion</a> in the first three quarters of this fiscal year and helps pay for every public school student in the state to have <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/massachusetts-millionaire-tax-gets-kids-free-school-lunches-2023-8">access to free lunch</a>.Voters in Illinois will be faced with a 'yes or no' question on their ballots: "Should the Illinois Constitution be amended to create an additional 3% tax on income greater than $1,000,000 for the purpose of dedicating funds raised to property tax relief?"While the vote results are non-binding, if approved, the measure would send a message to legislators to push for a constitutional amendment.Illinois has the second-highest property taxes in the United States, according to <a target="_blank" class="" href="https://taxfoundation.org/data/all/state/property-taxes-by-state-county-2024/">the Tax Foundation</a>, a tax policy nonprofit.Housing prices in Illinois have also skyrocketed in the last year, especially in Cook County, where Chicago is located.Cook County Treasurer Maria Pappas said in a <a target="_blank" class="editor-rtfLink" href="https://www.cookcountytreasurer.com/newsarticle.aspx?articleid=1877">report </a>that the county's median tax bill increased by more than 19% in the past year, with the biggest increases coming in 15 southern suburbs where taxes soared by 30% or more."Many homeowners are going to be shocked and angry when they get their bills," Pappas said. "South suburban homeowners already pay some of the highest property taxes in the county, and these increases will make paying those bills even more difficult."Former Illinois Gov. Pat Quinn has been an open supporter of the November ballot measure, which he says would help the state's poorest residents."It's hammering a lot of folks who live from paycheck to paycheck, and getting a property tax relief referendum on the ballot is the voice of the people and the voice of the taxpayers," Quinn told WBEZ. "That's the way you win reforms and relief that are long overdue."

Illinois is considering a 3% tax on millionaires to solve the state's skyrocketing property tax problem

<ul class="summary-list"><li>More than $1 trillion worth of property lies in Hurricane Milton's path, Moody's estimated.</li><li>More than 235,000 commercial properties could be exposed to dangerous winds, per Mood's. </li></ul>Hurricane Milton <a target="_blank" class="" href="https://www.businessinsider.com/hurricane-milton-landfall-florida-housing-market-insurance-fema-2024-10">made landfall</a> in Florida on Wednesday as a Category 3 hurricane, and analysts estimate that $1.1 trillion worth of commercial property is set to be exposed to dangerous hurricane winds.According to an <a target="_blank" class="" href="https://www.moodys.com/web/en/us/about/insights/data-stories/hurricane-milton-tracker.html">estimate by Moody's Analytics</a> on Tuesday, more than 235,000 commercial real estate properties in Florida — worth $1.1 trillion —have a greater than 50% chance of being exposed to wind speeds of at least 50 miles per hour.This is the speed at which some property damage is likely, the Moody's report said.According to the report, the properties include 44,122 industrial spaces, 78,916 retail properties, 42,387 office buildings, 64,857 apartment buildings, and 5,056 hotels.According to an analysis note by Jefferies, Milton's estimated financial damage in Florida could reach $175 billion."While too early to make insured loss estimates, a major hurricane impact in one of Florida's most heavily populated regions could result in mid-double-digit billion dollar loss," Jefferies equity analysts said in a note."A 1-in-100 year event is estimated by some to result in $175bn in losses for landfall in the Tampa region, and $70bn in losses in the Ft Myers region," the note added.The monster storm <a target="_blank" href="https://www.businessinsider.com/hurricane-milton-timeline-see-storm-evolution-from-space-satellite-imagery-2024-10">morphed rapidly into a Category 5 hurricane</a> over two days. But it was downgraded to Category 3 when it made landfall in Florida's Sarasota County on Wednesday.The National Hurricane Center has warned that the storm could trigger flooding and storm surges as high as 15 feet along the coast.Milton comes just days after Hurricane Helene ravaged Florida and other southeastern states, leaving more than <a target="_blank" class="" href="https://apnews.com/article/hurricane-helene-death-toll-asheville-north-carolina-34d1226bb31f79dfb2ff6827e40587fc">200 people dead</a>.In a report on September 30, Moody's Analytics projected the damage from Helene to be between <a target="_blank" class="" href="https://www.businessinsider.com/analysts-estimate-up-to-34-billion-damage-from-hurricane-helene-2024-10">$20 billion and $34 billion.</a>

Hurricane Milton is headed right into $1.1 trillion worth of commercial real estate properties: Moody's

<ul class="summary-list"><li>Chelsey Nelson, 33, moved from Seattle to Australia in 2021.</li><li>She pays up to 45% taxes but was able to buy a $1 million house.</li></ul>This as-told-to essay is based on a conversation with <a target="_blank" href="https://www.linkedin.com/in/chelseypnelson/?originalSubdomain=au">Chelsey Nelson</a>. It has been edited for length and clarity.In 2019, I met the man who would become my husband at a hospital in <a target="_blank" class="" href="https://www.businessinsider.com/carnival-rio-de-janeiro-brazil-first-time-afro-brazilian-2023-3">Rio de Janeiro during Carnival</a>. It made for a great story but a logistical challenge. Aiden was Australian, and I lived in Seattle. We traveled to be together for the next few years when we could. After COVID shut down the world, we were apart for 10 months, each stuck in our home country.We looked at our options. For Aiden to <a target="_blank" class="" href="https://www.businessinsider.com/mistakes-moving-to-america-from-uk-2023-11">move to the US</a>, we would need to get engaged, which we weren't quite ready for. Plus, there would be a period of time when he wouldn't be able to work.On the other hand, I could <a target="_blank" class="" href="https://www.businessinsider.com/living-half-year-in-uk-half-in-australia-what-its-like">move to Australia</a> on a partner visa without being engaged or married. I'd be able to work immediately. So, in 2021, I packed my bags and moved to Brisbane, Australia, a city I'd never been to before.<h2 id="9d583d47-cbec-4f78-8c95-4bd9e83a4953">I pay much higher taxes here</h2>One of the biggest differences financially is the tax rate. We pay 37% taxes on our income up to $190,000 (Australian dollars) and 45% on anything over that. Back home in Washington state, <a target="_blank" class="" href="https://www.businessinsider.com/states-where-middle-class-income-earners-pay-most-taxes-income-2024-4">there's no state income tax</a>, and we'd only be taxed at 24%.Hearing I'd be paying up to 45% was shocking, but I feel like I can see where my tax dollars are going here in Australia. I have Medicare, so I don't have to worry about <a target="_blank" class="" href="https://www.businessinsider.com/4-surprising-medical-costs-how-to-avoid-2023-4">unexpected medical costs</a>. It's not entirely free, though — I pay $1,300 annually for additional coverage because I'm over the age of 30.There are smaller benefits, too. Recently, my city reduced all public transit rides to 50 cents. I know my tax dollars are at work whenever I take the train, bus, or ferry.<h2 id="135a71e5-1b54-4315-b4fb-10f248144922">Saving for retirement is easier for me</h2>Back in the US, I had to ask companies I worked for whether they offered a 401(k) retirement plan, let alone a company match. In Australia, all companies are required to contribute 11.5% of an employee's salary to a superannuation retirement account. So, if you're offered a $100,000 salary, you earn $111,500 when you invest in retirement savings. Even if you work part-time or don't save any additional money, your employer must set aside that money.That really sets Australians up to have something when they retire. In the US, it feels like the employee should ask for retirement savings or put aside money on their own. I already have about $35,000 in my retirement account here.<h2 id="419fd843-3d18-4840-b67f-085e3ea91fe2">Housing prices are very high, but we don't pay property tax</h2>I paid over one million for a three-bedroom, two-bathroom house that's about 15 minutes outside the city. It's nothing special — just a postwar cottage in the style that this state is known for. The price felt comparable to Seattle but higher than much of the US.One benefit is that we don't pay property taxes. We paid a one-time Stamp Tax when we bought the house, which cost $36,000. I figure if we stay here for five years, we'll break even on the amount we would have paid in property tax in the US. Plus, it's predictable — we own the home without worrying about rising property tax rates. That's something I see my mom stress about back in Washington.<h2 id="7f92c2ce-7b9c-4fd1-9e2c-bc3138a79f47">I'm still not sure about having kids</h2>I'm on the fence about having kids for financial reasons and their impact on my career. I worry that if we have a child, it will be a setback in my career. Here in Australia, Medicaid would cover the birth and medical costs. Even though Aiden and I both make six figures each, we would receive a small government stipend for childcare. Still, I feel like we couldn't afford two children with all the costs of school and sports.<h2 id="e62263c6-a24b-4d76-8f7d-f279e9b05c08">I have way more time off</h2>One of the best parts of working in Australia is the amount of time I have off. I get four weeks of vacation time and two weeks of sick time (which can also be taken to care for someone else). I get 10 paid public holidays, so I have about an additional two weeks off, and my company gives me my birthday off, too.There's also unlimited unpaid leave. I took four and a half weeks off earlier this year for my wedding, and my boss is encouraging me to take another three at Christmas.

I moved from the US to Australia. My employer contributes over 11% to my retirement, and I don't pay property taxes.

<ul class="summary-list"><li>Kerri Gibson quit her tech job in 2017 and started her real estate investment journey.</li><li>Alongside her partner Philippe, she now has six short-term rental properties.</li></ul>This as-told-to essay is based on a transcribed conversation with Kerri Gibson, 48, based in Orford, Quebec, about her short-term rental business, Chalets Hygge. The following has been edited for length and clarity.I'm a <a target="_blank" class="" href="https://www.businessinsider.com/accountant-shortage-sexy-taxes-business-school-pwc-kpmg-2024-8">CPA</a> by training and spent roughly two decades working primarily in tax and accounting technology.It was a high-paced, high-stress career, and in 2017, when I was on the brink of <a target="_blank" class="" href="https://www.businessinsider.com/burnout-work-boss-left-office-on-stretcher-2024-4">burnout</a>, I decided to resign.During my time off, my partner and I decided to buy a house in our neighborhood and flip it. We'd previously renovated our home and really enjoyed it, and we talked about doing it again.While renovating it, we found we had a knack for architecture and design. A friend advised me to keep the house because it was in an area zoned for <a target="_blank" class="" href="https://www.businessinsider.com/quit-job-real-estate-investing-house-hacking-heloc-2024-7">short-term rentals</a>.We started <a target="_blank" class="" href="https://www.businessinsider.com/renting-airbnb-not-passive-wont-do-it-again-2024-7">renting out the house on Airbnb</a>. We became passionate about buying and renovating properties and turned this investment into a full-time venture for both of us.As owners and operators of our short-term rental business, we put a lot of work into creating a good experience for our guests. Some people consider <a target="_blank" class="" href="https://www.businessinsider.com/beginner-friendly-real-estate-investing-strategy-buy-condos-rookie-investors-2024-9">getting into real estate</a> as a source of passive income, but I wouldn't say it's passive at all.<h2 id="1228fda7-fac2-493d-8d2b-254b9024e6a4">I transitioned into full-time real estate first. My partner joined me years later.</h2>We closed on our first <a target="_blank" class="" href="https://www.businessinsider.com/how-to-profit-from-short-term-rentals-during-airbnb-downturns-2024-7">short-term rental property</a> in December 2017. The price was 129,000 Canadian dollars. We used savings to make a 20% downpayment and secured the rest with a mortgage.We paid for renovations, which took 11 months, out of pocket, too. It was really torn up, so cost us around CA75,000. This included a contractor who taught me a lot about things like laying tile and grouting. My partner, Philippe, also helped on evenings and weekends when he wasn't working.I was so <a target="_blank" class="" href="https://www.businessinsider.com/quit-amazon-manager-burned-out-from-employees-2024-10">burned out</a> from my old job. I found working with my hands on the house very fulfilling.In June 2018, we bought a second house for <a target="_blank" class="" href="https://www.businessinsider.com/buy-short-term-rental-property-investing-strategy-markets-good-investment-2023-12">short-term rental opportunities</a> while renovating the first one. I was nervous, but Philippe convinced me, saying the price was good and it was low-risk because we could always resell it. It was in much better shape than the first one, so it was ready for renting in two months.It cost around CA188,000. We used savings to make a 20% down payment and mortgaged the rest. We did the renovations ourselves and paid for the furniture out of pocket.Philippe and I decided I'd pursue the <a target="_blank" class="" href="https://www.businessinsider.com/daniel-daggers-selling-london-super-prime-real-estate-netflix-2024-8">real estate</a> full-time, and we'd live off his income until he joined me.<div type="image" title="Gibson with her partner, Philippe." height="1126" width="772" msid="114251054" hostid="261" sizebytes="60124"></div>Philippe took a job in Vancouver, so we moved away in May 2018. We also turned the property we were living in into a short-term rental. By March 2019, we had three rental properties generating income, but we were investing all the money coming back into renovations.That March, we bought a third property for CA129,500 with a 20% downpayment and mortgage. It took nine months to renovate, and I worked with a contractor because it needed a lot of work.We moved back to Quebec in August 2019 and bought another condo in Montreal. We funded the downpayment through an equity release in the form of a mortgage on our personal home turned short-term rental.In October 2019, we bought another house. It was CA220,000 with a 20% downpayment, which we financed using income from the other rental properties and personal savings.Then, in July 2020, we purchased a neighboring property. However, because our bank had a limit on the number of short-term rental properties you could take out personal loans for, we <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/personal-loans/how-to-borrow-money">borrowed money</a> from family to pay the full price of CA277,000 for it.We paid them back after selling our condo in Montreal and still have mortgages on five out of six short-term rentals. We now live in another house we bought and renovated in Orford.<h2 id="7622e5ee-c1f1-429d-854b-e89e5af4b219">We've been trying to rely less on third-party booking platforms like Airbnb</h2>We lived on Philippe's salary until 2020. For the first couple of years renting out properties, we ran at a loss due to the cost of getting started and reinvesting money back into buying properties. Upfront expenses of investment properties are significant. But the time it takes to be cash flowing is shrinking now we have formula that helps us execute faster.I was able to build income and wealth for our future, while Philippe's salary more than covered our daily expenses. He left his job in the legal software space in February 2020, and his severance package covered our living expenses for a while.When the COVID-19 pandemic hit, it disrupted our business, and we had to flip all our properties into monthly rentals to comply with government regulations. After COVID, the market exploded because everyone wanted to get away.Guests loved us and were referring their friends, and we were featured in some <a target="_blank" href="https://www.tvanouvelles.ca/2020/08/19/reservez-deja-votre-chalet-pour-noel">media</a> <a target="_blank" href="https://www.ledevoir.com/plaisirs/voyage/584434/quoi-faire-au-quebec-chalets-branches-routes-et-cartes-postales-a-explorer">outlets</a>.At that point, I realized that if we could keep occupancy up, we could live off of our six properties.I focused on our direct booking strategy. Third-party online travel agencies like Airbnb and Expedia hold too many cards — they decide whether you're on page one or page 25 of their website and how to handle complaints. I worked hard to build our social media presence and website. I pay for a property management software called Lodgify, which allows me to see every reservation across the different OTAs and our website and what days are open on our calendar.In 2019, I'd say all of our bookings were coming from OTAs like Airbnb, but in 2023, my calculations suggest that out of the CA340,000 we made in revenue, roughly 70% came from direct bookings.<h2 id="f9c05698-69b4-496a-8745-68df540a817e">Having a hospitality business is a full-time job, not a 'passive' income stream.</h2><a target="_blank" class="" href="https://www.businessinsider.com/housing-market-ice-age-homebuyers-mortgage-rates-spring-real-estate-2024-10">Real estate</a> has historically been thought of as <a target="_blank" class="" href="https://www.businessinsider.com/how-to-make-rental-property-truly-passive-investment-2024-8">passive income</a>, running short-term rentals is not passive.Providing the necessary level of hospitality is more of a full-time job. We're owner-operators who put a lot of work into the guest experience.We're available seven days a week. I work 50 hours a week doing marketing, bookkeeping, and maintenance. We also have an operations manager who handles day-to-day cleaning and inventory. Depending on the season, there'll also be two to three part-time cleaners.We love what we do and find it so fulfilling, so the good far outweighs the stress.The <a target="_blank" class="" href="https://www.businessinsider.com/how-hospitality-industry-capitalizing-solo-female-travelers-2022-12">hospitality industry</a> is flexible, and I do think there are ways people can do this in addition to another job, but I worry about the quality of service provided.You hear horror stories about people arriving at properties that aren't clean or where things are broken, and it has a negative impact on the industry.Side-hustling with short-term rentals needs to be done in a way that honors the industry.Even those who say they work four hours a day from a beach on their real estate business will have had to put a lot of work into their support and team structure to be successful.Do you have a real estate story you want to share with Business Insider? Email <a target="_blank" href="mailto:ccheong@businessinsider.com">ccheong@businessinsider.com</a>

You Searched For "Properties" and got 11 results

Billionaire broker Nikhil Kamath buys home, leaves internet debating on renting vs. owning a house

Ira Alok Puranik

Real estate continues to dominate India's investment portfolios, shows FICCI report

Ira Alok Puranik

Should you rent or buy a home? Here’s how much rental pricing has gone up compared to ownership cost in major Indian cities

Ankush Banerjee

Airbnb hosts with a lot of properties get lower ratings from guests, CEO Brian Chesky said

Dan Latu

Bajaj Housing Finance IPO subscribed about 67 times at the end of Day 3

ANI

OpenAI to Meta: AI companies that were accused of copyright infringement

Divyanshi Sharma

Chinese property stocks surge after 3 major cities relax restrictions on homebuying

Kelly Cloonan

Illinois is considering a 3% tax on millionaires to solve the state's skyrocketing property tax problem

Kenneth Niemeyer

Hurricane Milton is headed right into $1.1 trillion worth of commercial real estate properties: Moody's

Aditi Bharade

I moved from the US to Australia. My employer contributes over 11% to my retirement, and I don't pay property taxes.

Kelly Burch

I have 6 short-term rental properties. People think real estate is passive income, but I disagree.

Charissa Cheong

Popular Keywords

Buying Guides