The first time you meet with a realtor can be nerve wracking, especially if you’ve never sold or purchased a home before. ?Don’t feel pressured or intimidated by the first realtor you meet with our by the family friend who works in the business. You need to find a realtor who is wiling to work for you, one you understands you, and someone you feel comfortable with and you trust. Feel free to shop around a little until you get the right fit, just make sure you don’t sign any contracts until you’ve decided who you will ultimately work with. (more…)
Archive for December, 2008
Meeting with a Realtor
Wednesday, December 17th, 2008How to Deal with Emergencies as a Landlord
Tuesday, December 16th, 2008
As a landlord or property manager you lead a busy life. Some days you may only have a few things on your plate, but at other times you will be running around trying to solve problem after problem. One thing that you never want to hear from a tenant is ?I have an emergency.? As you can imagine, this is usually a problem that needs your immediate attention. Even though dealing with emergencies can be difficult, it goes along with being a property manager. (more…)
Most Important Room
Monday, December 15th, 2008
What is the most important room in your home? In most homes it’s the kitchen. It is a place that is visited by many family members throughout the day. It’s the place where meals are prepared and it’s often the place where the family and/or friends congregate.
Kitchens are also one of the most important rooms in the house when you’re looking to sell or purchase a home. Bathrooms rank right up there with the kitchen. So, if you’re looking to buy or sell a home, spend an extra amount of time checking out the kitchen. Is there the space you need and want? Can people gather together comfortably? Do you have the appliances you want? If you want high end countertops, floors and furniture is it there?
If you have a home and you’re looking to invest a little in a redo, hit the kitchen. You’re most likely to get your investment back in the kitchen and bathroom as the upgrades there play well into home sale values.
If a remodel is in your kitchen’s future, do a little research into what the upcoming trends are and what the dying ones are as well. You may love granite countertops but be surprised to hear that that trend is on its way out and spending a ton on a pass? clich? isn’t going to reap you the financial rewards that a timeless classic or a cutting edge trend will.
Before a Home Showing
Friday, December 12th, 2008
If you’re thinking about selling your home, or even renting it, then you need to give at least a little thought to how your home looks to prospective buyers and renters, but buyers more so than renters. What is the first thing people see when they walk into your property?
If you are still living in the home or you have tenants in the home the most important thing is to have the place looking clean. If you have tenants there really isn’t much you can do except let them know in advance when showings are and ask them to tidy up. If it’s your home then you need to declutter everywhere. Take out everything you do not use daily and put it in storage.
The next thing is to tackle big sore spots. Is the paint bad? If it’s a rental let the possible tenant know you’ll be repainting. If it’s your home spend the money and repaint. Other obvious problems should be handled in the same way.
If things don’t seem to be going well for you, have your most blunt and honest friend take a walk through and give you an assessment of the property. When you’re closely connected to a place its hard to see its warts, someone who has some distance can point them out for you.
When Managing your Properties becomes too much
Thursday, December 11th, 2008
There is no denying that investing in real estate can be addictive, and eventually very time consuming. As you become more comfortable with this type of investment you may begin to branch out and buy more and more properties. While there is nothing wrong with this you should realize that the more you buy the more changes you are going to face. Believe it or not, there may come a time when managing all of your properties becomes too much to handle. While this may not be a bad thing, it will call for necessary and immediate action. (more…)
Go Green ? Remodel
Wednesday, December 10th, 2008
Did you know that remodeling a home is most likely going to be much more “green” or eco-friendly than any new home you can buy. Construction material is one of the largest contributors to landfill waste, so just by building a home (no matter how energy efficient it will be) you’re creating scads of refuse and you’re also going to consume ridiculous amounts of energy in the construction process.
So if you’re trying to be eco-conscious, forego that new home in urban-sprawl-land (let’s not even get into how that harms the environment) and find a nice home to remodel.
If you’re going to remodel and add on to an existing home, consider moving up rather than out. Building up is more cost efficient and eco-friendly as you’re creating a much smaller carbon footprint. Also re-evaluate the space you’ll need. A big problem with builders in the past couple decades was their obsession with space. The average home size increased by about 800 square feet of floor space in the last 30 years and much of this space is just that…space. Do you need a sitting room in your bedroom, most likely you don’t. Do you need one bathroom for every person in the home, probably not. Do you really need an office, a craft room, a playroom and a spare bedroom? Be practical and you’ll save money that would normally be wasted on heating and cooling these unused spaces.
Organize and Plan before you Invest in Real Estate
Tuesday, December 9th, 2008
Before you invest in real estate you need to do two things: organize and plan. This may sound basic, but there are many details that will be sure to keep you busy before you decide for or against making a purchase. Although organizing and planning to invest in real estate is not always fun, if you are going to achieve success these are two things that you must do. (more…)
Finding Bargains for your Home
Monday, December 8th, 2008If you want to remodel but just don’t want to spend an arm and a leg the following tips can help you get what you want without the cost.
Home Recycling Centers
Home recycling centers offer great deals to people who want a discount on new or slightly used products. Look for recycling centers (such as ReStore) in places that have a lot of financially successful people. Usually the very well off purchase a home and then basically gut it, even if the current appliances and other features are basically new. Their discounted items often end up at a home recycling center and you can then get a great deal.
Do It Yourself
Obviously a great expense saver, learn to handle these projects by yourself. From electrical to masonry, you can learn the basics of these techniques online or at a retail store seminar. By doing it yourself you can often save over half of the overall costs and end up with results that are just as good as the pros.
Get Creative with Function
Take a second and third look at stock items and see if they can be used in new and creative ways. A stock kitchen cabinet set may be a perfect home entertainment center with a couple small adjustments. Don’t always assume an item ahs to serve the function it was designed for.
Being creative, flexible and handy will help you save money on your home remodeling projects and give you incredible results that can fill you with pride.
No or Low Mortgage Loans
Friday, December 5th, 2008The standard used to be 20% down on all mortgages or else you faced the dreaded PMI Insurance. Today people aren’t putting their full 20% down and some are able to do it without having to pay PMI insurance. One of the most popular ways to get a low down payment mortgage is by getting an FHA loan. Until the end of 2008 you were only required to pay 3% down to get these loans, but after the first of 2009 that amount will rise to 3.5%. (more…)
Is a Reverse Mortgage for You?
Thursday, December 4th, 2008
A reverse mortgage is a type of home loan that lets you take the equity of your home out as cash in regular monthly installments or as a lump sum. Basically, you’re getting paid the value of your home. You don’t repay these loans like traditional loans, in fact no payments are expected until you are no longer using the home. (more…)
