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What to Look for in an Investment Rental Property
Posted on Sat, 30 Jul 2016, 03:35:00 PM  in Home selling tips,  Real Estate Market
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When you look at rental homes for sale, you might look at dozens of properties with your agent without knowing what you should look for or what home is best for your needs. While you may have an idea in mind about whether you prefer a home for one family or multiple families, you may have no clue what you need. You may also focus more on your own likes and preferences than what tenants would like. Before looking at another rental home, check out a simple list of what to look for in a rental property.

Size and Space

One thing you need to focus on is the overall size of that house and the space available. Depending on the city where you buy, you may find that homes are extremely close together and that homes have tiny yards. Other cities offer more space between neighboring houses and larger yards. Keep in mind that the amount of available space may determine the type of tenants interested in renting that home. A couple with two small children won't like a house that has no backyard and small bedrooms.

Neighborhood Specs

Taking a short drive through the neighborhood surrounding that house is the best way to get a feel for that area and to learn more about the neighborhood in general. When tenants come to look at that house, they'll ask you questions about the school district, whether there are any parks nearby and whether the neighborhood is safe. Though you can find cheap homes in some neighborhoods that cost as little as $10,000 or less, you might have a difficult time finding tenants or finding tenants willing to stick around and renew their leases.

rental-investmentUnique Features

One or more unique features can make a house more appealing to tenants and get you more money too. Look at comps for the neighborhood before looking at houses. You can then compare the features found on traditional homes nearby to the features found on the home you want to buy. Features on rental homes that tenants like include a large fenced-in backyard, ample parking on the street, a large garage with its own garage door opener and a large front or side porch. You can also highlight other features like a walk-in closet or en suite bathroom in the master bedroom or built-in shelving in the living room.

Overall Condition

A turnkey property is one that you can turnover almost as soon as you buy it. If you buy a rental home that is in great condition, you can often advertise that property for rent and find tenants less than a month after becoming the new owner. If, however, you buy a house that needs a significant amount of work, it might take months before you even start looking for renters. Homes that are in poor or bad condition will require more money upfront, which cuts into your overall profits.

Current Residents

As you look at rental homes, give some thought to the current residents living there too. Talking with them or seeing how they act can tell you a lot about that property. You can easily see if they are the type of people who take care of regular maintenance and keep the home in good shape, or if they are the type of people who will spray paint the walls and leave behind mountains of trash that you need to remove later.

Buying a rental home requires more than just finding a house that is in good condition. You also need to look at the current residents, the surrounding neighborhood, the space available and any unique features it has.


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Trying to Sell Your Home - Avoid These Mistakes
Posted on Wed, 15 Jun 2016, 10:20:00 AM  in Home selling tips
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Selling a home can be stressful. It is not unusual for some houses to sit on the market for a long time. It is a buyers market. In order to sell your home in this competitive landscape, it is important to be aware of how you might be unknowingly turning sellers off and avoiding making these mistakes.

Unflattering Listing Photos

sellingBuyers make snap judgments of houses immediately. Many search for homes online and if the photos turn them off, they will not bother to visit the house in person. So, it is important that their first impression of your home be a positive one. When marketing your home online, show as many photos of your property as possible. Help buyers visualize themselves in your space by posting high-quality interior photos. Make sure that the photos highlight your home’s best features. Buyers want to see photos of the kitchen, bathrooms and the living space. Declutter and clean up. Nothing can turn a buyer away quicker than a cluttered, unkempt home. As more and more buyers use mobile apps to shop for homes, the quality and quantity of photos matter. It might be worth it to invest in high-quality professional photos. Although it can cost a bit of money, the cost will usually be recouped in the form of better offers on your home.

Bad Odors

Bad smells are one of the biggest turn-offs for home buyers, according to real estate research. Pet odors, food smells and cigarette smoke are big culprits. Strong smells, such as onions, tend to stay around long after the meal is over. Therefore, if you have your home on the market, try to diffuse these smells as much as possible. Leave windows open while cooking. After you are finished with the meal, make a DIY home fragrance with cinnamon or another natural deodorizer. Avoid strong fragrance sprays, as they can make the problem worse, especially for buyers with asthma or allergies.

A Kid's Room That Looks Like It Came From a Disney Movie

Although, your child’s Disney princess themed room might be very cute, it will likely turn off potential buyers who do not share the same love for Disney. If your home attracts first time home buyers without children or families with teens, for instance, your child’s cute Disney-themed room will likely be a turn off. Many home buyers will not want to bother with re-decorating the room themselves. They will just move on the next home. So, before putting your home on the market, repaint the room a neutral shade, change out themed lights and wall fixtures for more neutral toned fixtures.

Fixtures and Appliances that Came From the 1970's

Disco-era fixtures and appliances will turn off potential buyers. They might wonder whether or not you have bothered to make any updates to the home since the 1970s. Tarnished doorknobs, outdated cabinet knobs and pulls and ancient ceiling fans are easily updated at little cost. Small updates can go a long way towards increasing a home’s attraction to potential buyers. Most buyers want a home that is move-in ready. They do not want the hassle of having to update fixtures and knobs after moving in.

Avoiding the above common buyer turn-offs can help you attract more buyers to your home. Most of the above things can be easily taken care of with very little hassle and cash. Home buyers want to be able to visualize themselves in your home; just small changes can make this happen.


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Key Areas To Update For Re-sale Value
Posted on Tue, 16 Feb 2016, 11:40:00 AM  in Home selling tips,  Marketing strategies,  My services
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Worried about your home's re-sale value? You should be. It is important that every homeowner think about how home improvements may affect the value of their home. There are even some projects that will immediately translate to a higher projected re-sale value.

When planning home improvements to increase the value of your home, there are some things that you should keep in mind. There are a number of factors that will affect the total return on your home improvement investments. The value of your home, homes in your neighborhood, homes within your larger community's housing market, how soon you sell your home, and the project's quality will all affect the return that you are able to get on your initial investment. With this in mind, some improvements are not worth the money that you put into them. For example, installing a $10,000 fridge into a $150,000 house is a waste of money. Additionally, spending $15,000 on a kitchen renovation in a house that only has one bathroom also does not make sense. Luckily, we have complied a list of need-to-know information about the key areas to update for your home to fetch the highest possible re-sale value.

Invest In Your Home's Landscaping

Landscaping your home can pay off big years down the line. This is one of the first investments you should be making in your new home. You will need to allow for several years of growth to make the most of you home's landscape as a selling point and to help increase your property's re-sale value.

Compared to either a bathroom renovation or a kitchen remodel, a beautifully landscaped yard is a great way to increase your home's value. According to a bathrecent U.S. Gallop survey, home landscaping can add between a 7 and 15 percent increase to your home's value. In addition to increasing your home's overall re-sale value, properly completed landscaping can significantly improve the chances of your home's re-sale. According to a recent Real Estate Agent Community Trends survey a whopping 82 percent of surveyed agents have experienced potential buyers declining to even look at the interior of a home because of the home's exterior.

Remodel Your Kitchen And Bathroom

Home's located in red-hot markets are able to spend money on a kitchen or bath remodel and will often will get a return of more than 100 percent of the initial cost. For instance, in Baltimore a home with a nearly $10,000 bathroom remodel was able to recoup more than 182 percent of its cost at the home's re-sale. Hot markets like Atlanta, D.C., Chicago, Minneapolis, San Diego, and San Francisco also offer homeowners a triple-digit return on a bathroom remodels. Additionally, minor kitchen remodels, with an average cost of $15,000, provide returns of more than 100 percent in some cities including Miami, Providence, New Orleans, and San Diego. However, understanding your individual market and your home's value is very important when deciding whether or not you will remodel your kitchen and bathroom for re-sale.

Create A New Bathroom

If your home only has one bathroom, adding a bathroom is a better use of your money than remodeling the existing one. Not only can adding a bathroom improve your home's resale value, but it can also make your home an easier to sell. A recent National Association of Realtors study found that adding a new bathroom increases the selling price of a home by an average of 8.7 percent, that is more than twice the average rate obtained by adding a bedroom.

Give Your Home Additional Space

Adding additional rooms to your home can be a good investment, particularly if you live in one of the more dynamic housing markets. According to data provided by the National Association of Realtors, homeowners who are considering adding new rooms to their home can reasonably assert that every 1,000 square feet of additional space will boost the re-sale value of their home by more than 30 percent.


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Please ask me your question by filling out this form. You will receive an answer to your question at the first opportunity I have to reply. I appreciate the time you have taken.

 

 


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