Apr 2, 2014 | Uncategorized
When purchasing a piece of real estate, it is important to ensure that the features of the home meet your criteria and best serve your goals.
An ideal investment property has many important features that will differ from the vital features of an owner-occupied piece of property, and therefore it’s important when choosing an investment property to know what you should be looking for.
Here’s what you need to know if you’re investing in a rental property for the very first time.
Consider The Furnishings To Capitalize On Your Condo
When looking to purchase a condominium, it’s important to first ensure that the building allows for rentals, and that rental terms are flexible.
Second, one should do research about the building and the community’s rental market to ensure that the rent will cover the mortgage, or at least the majority of it.
Generally, two plus bedroom condominiums are easier to rent out than one-bedroom units, and will render a higher rental profit – though one-bedroom suites in high-traffic areas and close to universities can be highly profitable.
Furnishing your condominium and marketing it as fully furnished can render a much higher rental income for renters who are willing to pay a premium, though this may mean shorter rental terms and perhaps a little more work on the part of the owner.
Centrally located condominiums with nearby amenities and access to public transit tend to net higher rental rates, as well as condominiums that offer parking.
Detached House: Maximize Rental Income Under One Roof
When looking to purchase a detached home for your investment, you can significantly increase the rental income by choosing a property that offers multiple dwellings to rent out.
You can achieve this by purchasing a home with a sufficient basement suite that will allow two rental incomes under one roof. Other options include purchasing a duplex or triplex property, and some single-family dwellings have lane homes or coach houses that can be rented out separately.
Long-Term Gain: Location, Location, Location
Location, though perhaps not everything, is certainly a major factor when looking for a long-term financial gain from your real estate investment. Purchasing in areas that have a history of rising property values is a good way to maximize your returns, and up-and-coming neighborhoods with planned future developments can be a promising sign of a growing, profitable location.
Already-established areas with high property values, though they may not offer an initial “steal” on the property itself, tend to continue growing and may offer a safer bet for future gain. Spend time in the neighborhood you are considering for a future investment, and place heavy consideration on the possible growth of the area before you purchase your investment property.
Choosing the type of property as well as the area it’s located in are important factors in making a wise real estate investment, both for the short term and the long term. The final component to consider is timing, which can significantly affect the overall profitability of your investment purchase.
The best thing you can do to help your decision of when to buy is to speak to your real estate advisor. Ask your real estate agent for a market report today, and get shopping for your ideal investment property!
Mar 26, 2014 | Uncategorized
Before you put your home on the market, you want to make certain that it’s in tip-top condition to ensure a quick sale. The key to listing your home at a competitive price and guaranteeing you have what buyers are looking for is to think like a real estate agent.
To get your home ready to sell, here are five easy and inexpensive home improvements this real estate agent recommends:
- Layout – Take an objective look at your home and stage accordingly. Remove clutter and rearrange furniture so that potential buyers can envision each room’s purpose. Also, store any obtrusive furniture that disrupts walking flow or makes rooms look smaller.
- Hardware – Update all hardware. Changing out door handles, drawer pulls and light fixtures is an easy way to modernize your home while costing little money.
- Charm – Play up the unique features of your home. Refinish hardwood floors if scuffed, remove excess objects from built-in bookshelves and clean unique light fixtures. It’s these irreplaceable elements that make your home stand out from other homes and hook buyers.
- Scent – Eliminate all bad odors like pet smells, stale cooking odors and cigarette smoke. Just lighting candles or spraying air freshener won’t work. Clean, deodorize and get rid of rugs or other cloth objects that still smell bad.
- Curb Appeal – Spend some time sprucing up the yard. It’s the first impression buyers will have, and although the house might be in mint condition, a lots-of-work lawn could instill a negative notion before they even step a foot inside your home.
Buyers’ needs vary in every market. However, buyers will always consider these five features before they buy. So, stay one step ahead of the game and ensure your house is up to par with buyers’ expectation.
If you’re getting ready to sell your home and are looking for a real estate agent who can help you sell your home fast and for top-dollar, I’d be honored to be interviewed for the job. Give your trusted real estate professional a call today.
Dec 4, 2013 | Real Estate Tips
Any real estate agent will tell you that it’s harder to sell your home in the winter. The days are colder and shorter, leaving less time to show your home to potential buyers.
The good news is that most of the buyers who are looking at houses in the winter aren’t just killing time. They’re serious enough about finding their new home to go house hunting at a time that most people would rather stay inside.
There Are A Few Things You Can Do To Make A Good Impression On Home Buyers This Winter:
- Make sure all walkways are safe. Spread out ice melt or sand to provide traction during snowy weather. Shoveling the snow on the driveway and sidewalks will make your real estate appear more inviting and well-maintained. Be sure to place a mat for visitors to wipe their feet on.
- Warm up the house. Buyers will remember the house that was pleasantly warm on a frigid day. In addition, you will be able to demonstrate to the buyer that your furnace is in good working order.
- For a welcoming scent, bake cookies the day of the showing. Some people are sensitive to the fragrances in air fresheners and perfumes, so skip spraying those when expecting someone to look at your house.
- Serve snacks in the kitchen. Give the buyer a reason to linger in your home by leaving a light snack in the kitchen. If the weather is cold, consider providing chili or soup in a crockpot to keep it warm with festive disposable bowls. Or, to keep it simple, you can provide coffee or hot chocolate and cookies. Be sure to talk with your real estate agent before leaving these snacks so he or she knows they’re for the buyers.
- Make your house appear warm and inviting. Turn all the lights in the house on; place warm-toned throws and decorator pillows around the living room. Put on some soothing classical or jazz music; keep the volume low enough that buyers can talk quietly to each other.
You can make your home seem more inviting this winter by using these proven techniques.
Are you ready to sell your home? Call your trusted real estate professional today.
Apr 18, 2013 | Real Estate Tips
An open house gives you a great opportunity to look more closely at Worcester County area real estate you might be interested in buying.
It also affords you the chance to chat with the owner or real estate agent so you can bring up any issues or hesitations you have with the home.
Knowing what to ask can be difficult, so below are examples of questions to ask at the next open house you attend.
Why has the seller decided to sell now?
If you ask why the seller is moving, you could learn valuable information to help determine your offer — or possibly whether or not you want to buy the home.
Knowing whether the owners are about to go into foreclosure, have experienced trouble in the neighborhood, or if they’ve retired and completely paid off the home can help you understand how urgently they need to sell their property.
Has the seller had any other offers?
Don’t forget that you are not only negotiating with the seller for a price, you are also competing with other potential buyers.
It really helps to know what you are up against.
It is important to understand that you might not get a 100% straight answer to this question as most sellers know that competition – or perceived competition – can cause a potential buyer to move forward more quickly and at a higher price.
If you’re comfortable in this discussion, you might want to try and see if you can find out the details of any other offers.
Does the property have special ownership costs?
Ask the agent or owner about the other costs associated with owning the property, such as Home Owners Association fees within a condo complex or a gated community.
It’s important to know about these extra expenses in advance so you can make an informed offer.
You may also want to ask about any pending litigation concerning the property. Litigation is not always a deal killer, but it’s better to know the details before you sign closing documents.
What furniture and appliances are being sold with the house?
Most of the time, a seller will include their major appliances such as the refrigerator, stove and dishwasher with the home, but this isn’t always the case.
If you don’t already have these items, it’s important to know whether they are included in the purchase price.
Is there anything else that you want to leave with the home?
This is an important question to ask. Especially if there are specific things in the home that you have a strong interest in.
Perhaps there is custom art work or a pool table that fits perfectly in the game room.
The seller may be eager to part with those items and include them in the sale of the home or sell them at a large discount.
The open house is a great opportunity to learn more about a home before making the decision to buy it, so be sure you ask the right questions.
