Real Estate

Quality Tips for Home Improvement

The Real Estate Agent selection process

Michael and Karen did what everyone and every online article told them to do; interview several Real Estate Agents for the job. They interviewed three Agents and chose the Agent who agreed with their price that they had set for their home; after all, who knows the value of their home better than the homeowners themselves. The other two Agents had suggested lower prices based upon recent home sales, homes that were currently under contract, yet not closed and homes that were actively for sale. Michael and Karen went with the Agent offering the higher list price to sell their home in order to receive the most money and to leave some room for negotiations.

They had listed their home for sale just at the end of the school season letting out for the summer. That’s a good time, they thought. Families like to move in between when school is in session.

Preparing their home for sale

With so much going on with their business, working long hours and with not enough hours in the day, they really didn’t have much time to prepare their home for sale. Even though they had read lots of good advice on how best to prepare for selling a home from a local Real Estate Blog; Imagine Your House, they just couldn’t find the time.

Their home is lovely as it is; they’d love you to see their collection of artistic magnets that they’ve collected over the years from places they traveled to all over the world, particularly the ones from Italy – love having them plastered across the fronts and sides of their refrigerator holding up daily reminders and scheduled events to attend. They should have taken a photo to share with you.

So many south Floridians love Coral Springs, making it a city with a huge draw from home Buyers flocking to reside there. With it’s excellence in school education, parents often will do almost anything to get their children enrolled; a main reason why Michael and Karen stuck around so long.

They couldn’t wait to share their love of dinosaurs with prospective home Buyers, as who doesn’t love a dinosaur…have you seen what the Jurassic park movies did at the box office?! The last Jurassic Park movie released has become the 4th most successful movie of all time based upon global box office revenue. And, imagine what the upcoming, Jurassic World; Fallen Kingdom, soon to be released movie will gross. Anyhow, the Oroleys know their stuffed dinosaur head collection that lines the hallway wall looking like dinosaurs right out of Jurassic park will be a huge hit with prospective, visiting Buyers.

Then there were the dining room walls covered with colors from the 80’s with rust and gold, perhaps not perfect, but at least long ago they had changed out the green shag carpeting underfoot as that would have been a definite need to go, they thought. (Thank goodness is my initial thought – we had the blue shag carpeting growing up in my parent’s home and it definitely isn’t a 2018 trend – I just aged myself, didn’t I?!) It didn’t matter anyhow as they had no plans of repainting the walls.

Michael and Karen just couldn’t be bothered too much…even though they understood well, that the cost of doing so would be minimal. No, couldn’t be bothered. With too many business days being extended well into the evening hours and with their busy lifestyle, there just isn’t any time left over for such tasks of preparing a home for sale. They’ll have their cleaning gals do their unusual cleaning and that will be fine. Too bad they couldn’t tackle the outdoors too. They’ve used the gals for years, and they do a decent job. Anything for the Oroleys to not have to tackle. Thank goodness they could always afford the luxury of having their home cleaned and by the way it’s easy to Sell my house fast in Tampa.

Things to Know About Buying Rental Property

The rental market in the United States is stronger than ever, with many young people opting to rent in cities rather than buy their first home. The fact is, the younger generation prioritizes different things than generations past.

College debt and older child-rearing years mean millennials are renting well into their twenties. And the more renters, the larger the demand and the stronger the rental market.

It’s why you need to capitalize on the trend when you’re thinking about investments. Crowded, desirable markets like the southeast Florida area just keep seeing home prices climb.

Diversifying your investments is always wise. Rising prices combined with strong demand makes the southeast Florida real estate market one of the smartest ways to hedge your portfolio.

Today, we’re bringing you seven things to know before buying a vacation rental property.

Location, Location, Location

The local real estate market is the single most important thing to look at before buying your rental property. If there’s no demand, you won’t find any renters.

Always search for markets with low vacancy rates and high demand. Low vacancy rates mean higher rental floor prices and high demand means enough renters to guarantee you’ll fill your unit.

Plus, areas with limited properties, while representing a costly investment, also represent an opportunity for your property to appreciate in value over time. As your property values rise, you’ll passively make money on the investment, in addition to collecting rent.

Location Continued: Taxes

Beyond location affecting supply, demand, and long-term value, where you buy rental property also affects how much you’ll pay in property taxes. And while it might not seem like much, property tax varies enormously by area.

For example, Delaware residents only pay 0.43 percent of their home’s value in property tax. New Jersey residents pay a whopping 1.89 percent.

You need to ensure your rental property commands a high enough monthly rent price to make up for what you’ll pay in property taxes. For those looking to buy property out-of-state, hot markets with low property taxes, like Denver, represent a good investment.

Unexpected Expenses

Rental properties come with all the responsibilities of owning a home, despite the fact you won’t live there. Potential landlords often fail to account for unexpected expenses that arise both during the purchase process and later into their rental ownership.

In the long-term expect some unavoidable costs. Roofs need replacing, furnaces wear out, and siding needs upgrades. It’s not an if, but a when these things will cost you money.

Plus, larger rental properties (apartment buildings, not individual homes) cost even more to maintain long-term. Industrial furnaces especially drive up costs.

During the purchase process itself, you need to watch out for sagging floors, the current roof condition, water damage, termites, etc. It’s very important to hire a professional home inspector to ensure you’re not buying a house with significant damage.

Insurance Costs

Homeowners insurance is a must for any landlord. Just like your vehicles, you’ll want to protect your property from fires, natural disasters, and other events. How much coverage you need directly depends on both the property’s location and your expected return on investment.

For instance, areas prone to natural disasters have more expensive insurance. Likewise, the more you spend on insurance the less ROI you’ll see from rent.

Policies with higher premiums mean lower deductibles when disaster strikes but less ROI upfront. Lower monthly premiums mean more income but higher deductibles.

Property Management

Depending on your schedule, your potential rental property’s location, and more, you might consider hiring a management company. This entity can handle rent, leasing agreements, and more.

While you can manage property down the street from your home, that doesn’t mean it’s worth your time. And a property management company is mandatory for property in other states.

When you’re dealing with an out-of-state property you need someone to handle day-to-day tasks. This person can help sign leases, forward documents, and interact with tenants. Factor in a management fee when determining your eventual profit.

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