Fix One Up to Start Renting It Out

The duplex in its current state may not be ready to rent out for either unit, but you can hire affordable professionals and even put some time and effort into fixing the place up on your own to save money. An ideal goal is to find a duplex in which one unit is close to being ready for renting. This will help you start generating income sooner rather than later, and then you can use the income to invest in the rest of the property.

Work on Repairs Over Time

It can be a bit of an inconvenience to work in one of the units after a tenant moves in. It is ideal to devote most of the funds into fixing up the inside and then save the outside changes until later on. You may want to prioritize properties that have a presentable exterior to minimize your initial repair costs. A plain front yard and backyard will also work because you can make improvements over time, and then when the initial lease is up for the tenants, you can increase the rent to align with the improvements.

Be a First-Time Home Buyer

If you do not own a home yet and your family does not have high demands, you can also move into the unit that needs the most work done. This can help you gain eligibility for a first-time home buyer program, which can save you thousands of dollars in the beginning that can be used elsewhere. It is best to go this route when you are ready to live in the home for a few years to meet the requirements. Once you can move out and rent the other unit, you might have earned enough to buy another home for your family.

It may be a big commitment to buy real estate with the intention to rent one or two units, but you will find that it is an outstanding way to invest your money while giving you a lot of control.

The post Want To Build Your Investment Portfolio? Buy A Fixer-Upper Duplex appeared first on Understanding The Value Of Real Estate Agents and Brokers.

Change the lightbulbs

Lighting is important in a home, and you need to make sure every light switch and bulb works before people come to see your home. If a person tries turning on a light and the light doesn’t work, it can make for a bad impression. To avoid this, make sure every light works, and you might even want to consider putting in bulbs that are brighter than the ones you currently have. You may also want to take the time to clean all your light fixtures so they do not look dingy, and you could also clean your ceiling fans, which tend to collect dust over time.

Empty the foyer

Before people come to see your home, empty your foyer. A foyer can be an area that gets cluttered with normal things, such as shoes, hats, and coats. These items might be things you use each day, but they can take away from the appearance of a house. To make sure your house looks its best, clear out the foyer of all these types of things.

Put in new shower curtains

If the water in your home is hard at all, it probably leaves scum and discoloration on your shower curtains. This will make your bathrooms look dirty and dingy, but you can easily solve this problem by putting in new shower curtains. Shower curtains are very inexpensive, and a brand-new white curtain will brighten up any bathroom.

Move some of your stuff to a storage unit

One other great idea to consider is decluttering your home by moving a lot of your things out of the home. You can do this by renting a storage unit, and this will free up a lot of space in your home. It may also make your home look larger and more spacious than it looks right now.

Preparing a home to sell it can take some time and work, but every step you take may improve the chances of selling the home quicker. To learn more, talk to a real estate agent today.

The post 4 Things To Do When Preparing To Show Your Home To Buyers appeared first on Understanding The Value Of Real Estate Agents and Brokers.

The Basement and Foundations

Water problems are common in these places because they are the lowest parts of the house. This means that any water that isn’t properly drained away from the house will end up in the foundation or basement. This may happen, for example, if the gutters or downspouts are damaged and dumping water near the foundation of the house. Signs of water problems in this area include mildew in basement walls, cracks in the foundation, and scaly-looking basement surfaces.

The Ceiling

The ceiling may not be the lowest point in the house, but it’s also a common point for water problems – water from above. If the roof is leaking, for example, the ceiling is one of the first places to be affected. Signs of a water leak in the ceiling include discolored streaks or patches, mold (in extreme cases), or new paint (that the homeowner may have used to cover up the discolorations).

The Landscaping

You can also read telltale signs of water problems by looking at the landscape around the house. Check if the drainpipes drain water away from the house’s foundation. What about the general slope of the land; is it designed to move water away from the house?  Anything that seems to suggest that water flows towards the house, instead of away from it, is a potential indicator of a water problem.

The Roof

You can’t talk about water problems without mentioning the roof, which is one of the main parts of the house protecting the interior from rainfall and melting snow. You should suspect that a roof is leaking if it has these signs:

• Brown patches on the ceiling
• Signs of water puddles on the floor
• Signs of water drips on the walls
• Moldy walls

Some of these are things you can spot on your own. However, you will need the services of a professional home inspector to unearth more hidden damages. Your real estate agent will be the first to tell you that it’s beneficial to pay for professional service. For more tips on finding a home, contact a company like Amy Willis & Associates LLC.

The post Where To Check For Signs Of Water Problems In Your Prospective House appeared first on Understanding The Value Of Real Estate Agents and Brokers.

Old, Worn Carpeting

If one of the first things potential buyers see is carpeting that looks aged, worn, or stained, they’ll start seeing dollar signs and remodeling bills. Even if the carpet is the only thing that needs updating, when someone sees old carpeting, they tend to assume the whole home needs work. If at all possible, consider replacing the carpet — at least in rooms that buyers see first. If replacing the carpet is not an option, at least have it professionally cleaned, do your best to remove stains, and tactfully place furniture and area rugs to hide the worst spots.

Pet Odors

If you have pets, your home almost certainly has a pet odor — you probably just don’t smell it because you’re used to it. Even a subtle pet owner can turn off a home buyer at the door. A few weeks before you’re ready to list the home, take measures to get rid of any odors.

• Have the carpet cleaned by a service that uses special cleaners to neutralize odors

• Place an odor-neutralizing air filter in your HVAC system

• Relocate your pets to a friend’s house or boarder

• Get rid of any pet beds, food bowls, and litter boxes that may emit odors

Cracked Walls

Cracks in older plaster walls or even drywall walls are not hard to fix, and they’re not usually a sign of anything serious other than age. However, they can cause a buyer to assume, once again, that the home needs work. If there are cracks in any of the walls in the first few rooms a potential buyer will see, take the time to patch these cracks with joint tape and joint compound. Then, give the room a fresh paint job — in a neutral color like gray or tan so you don’t offend any potential buyers.

If you’re not sure your home is making the right first impression, consider having a friend or two over to visit. Ask what they would think, upon walking in the door, if they were shopping for a home. Then, make changes based on their recommendations. A real estate agent can also be a valuable resource.

The post Three Things That Turn Off A Home Buyer As Soon As They Come In The Door appeared first on Understanding The Value Of Real Estate Agents and Brokers.

Specify who your home would be good for.

When looking at real estate ads, most home buyers like to picture themselves in a home. If you include in your listing what type of buyer your home would be good for, this will help attract the right kinds of buyers. For instance, you could write “smaller home perfect for older couple looking to downsize” or “2-bedroom perfect for a young couple.”

Once you’ve specified who you think your best buyer demographic may be, tailor the rest of your information to suit their likely preferences. For example, if you are marketing to older couples, you’d want to emphasize that the home has wide doorways and is on one floor. If you’re selling to a younger couple, you may emphasize that the home is only X miles from popular restaurants and bars.

Show pictures of storage space.

A frequent concern among those who are looking for smaller homes is that there won’t be enough room to store their things. You can counteract some of these fears by making sure you include plenty of pictures of storage spaces within the home. Take photos of the linen closets, bedroom closets, and any storage space in the garage or basement.

Offer measurements of individual rooms.

Another concern among small home buyers is whether or not the home will accommodate their current furniture. You can help them decide this by including measurements of each room in your listings. For instance, you could mention that the home has a 12′ x 14′ living room and two 10′ x 12′ bedrooms.

Aim for simplicity when showing the home.

Before you begin showing the home, spend time time de-cluttering. Put away anything that’s non-essential and try to reduce your decorations so that there are only a few in each room. Having fewer items in the home will make it feel a bit more spacious. This is important because, although there are many shoppers who want a small home for the energy and time-saving aspects it offers, most don’t want the home to actually feel small and claustrophobic.

The post Selling A Small Home: Simple Tips To Help You Get Your Asking Price appeared first on Understanding The Value Of Real Estate Agents and Brokers.

Get A Home Warranty

The first thing you want to do is make sure that you get a home warranty.  These warranties are typically only available at the time of purchase, so it’s vital that you don’t pass up on them.

While you’ve likely had an inspection that cleared the house and made it seem that everything was in working order, you just never know what mishaps could crop up.  For example, although the inspector said that the air conditioning and heating system were in great shape, they could give out at any time.  The last thing you want to deal with is an inoperable heating and cooling system a few days after you’ve moved into your new abode.

That’s why it’s absolutely vital that you purchase a home warranty plan.  The plans cover things like the aforementioned problem so that you won’t have to pay so much for repairs.  Buying a home warranty does entail an additional expense at the purchasing table, but the investment could prove to be well worth it.

Carefully Study Your Home Insurance Policy

It’s vital that you pore over your home insurance policy to make sure that it provides enough protection.  Home insurance is a bit different from car insurance, so you need to make sure that it is very comprehensive.

You may have liability only coverage on your car.  This could be sufficient, especially if you own your car and don’t make monthly payments.  Your home insurance shouldn’t just cover liability; it should cover your personal property, the structure of the home and even items that are stored in your car or a detached garage.  This is the key to getting the coverage you need to protect your investment.

Putting the right measures in place is the key to ensuring that you are making a sound purchase.  When you’re ready to buy your first house, keep these tips in mind so you can do it right. Contact a company like USA Peak Loans to learn more.

The post Purchasing Your First Home? Two Tips To Help You Do It Right appeared first on Understanding The Value Of Real Estate Agents and Brokers.

Mistake: Getting caught up in the bidding war.

Some people refer to this as the “eBay syndrome.” You make a reasonable bid, are outbid, and then bid more – not because the item is worth your higher bid, but just because you can’t stand to let the other bidder win. It may not be a big deal when it happens over a $20 item, but it’s certainly something to avoid when you’re spending thousands on a home.

To avoid getting caught up in a bidding war, decide beforehand how much you are willing to spend. Bring a friend or family member with you to the auction, and tell them your budget limit. Ask them to remind you of that limit – and hold you to it – if you start to get overly zealous and tempted to overbid.

Mistake: Taking on more renovations than you’re capable of making.

If you plan on remodeling the home yourself, make sure you don’t end up over your head in jobs you don’t have the skills and resources to complete. For instance, if a home needs foundation repair and you have no experience with this type of work, you’re usually better off walking away. The exception, of course, is if you know you have the money in your budget to pay someone else to make these repairs.

Mistake: Looking only at the home – not the neighborhood.

When you plan to buy a home at auction, you’re often forced to search over a larger region rather than in a specific neighborhood – simply because so few homes are sold at auction. So when a home pops up for sale, it might be in a neighborhood you don’t know a lot about. Don’t just show up to the auction and bid based on the home itself.

Spend at least an hour or two looking into the surrounding neighborhood first. Check on the quality of the school district, how close the home is to the thruway, crime rates, and whether there’s an HOA. This will give you a better idea of what a fair price for the home is and help you avoid buying a house that’s hard to sell later.

The post Three Mistakes To Avoid When Buying A Home At Auction appeared first on Understanding The Value Of Real Estate Agents and Brokers.

Is There a Clause Regarding Competitors?

One of the first things you’ll want to find out about is whether there will be other therapists in the building where you plan to rent office space. While you might not be in direct competition with a therapist who has a different focus than you do, you might not feel comfortable sharing the building with someone who does the exact same type of work you do. You may, for instance, worry that you will lose clients to the other therapist. For that reason, you need to know as soon as you can whether there are other therapists around.

Can I Rent to Others?

The owner of the building might not be the party interested in bringing other therapists into the building; you may be the one who wants to know if you can bring on another therapist to work with you. The owner of the building might consider that subletting, and depending on the lease, they may not approve of that. That’s something you should ask about before agreeing on any lease. 

Can I Paint?

To make the space more welcoming and comfortable for your clients, you can also ask about painting or putting in light fixtures. While many building owners will allow you to paint, they may draw the line at other improvements so be sure that you ask about any changes you’d like to make to the office space.

Who Handles Repairs?

Over the course of your lease, things in the office might need to be repaired. While it’s easy to make the assumption that the building owner will take care of those repairs, it’s important to ask up front. You may discover that they expect you to pay for minor repairs while you are there.

Now that you’ve got some things to think about when looking over office leases for your therapist practice, you might consider working with a leasing agent who specializes in commercial office leasing. They can help you make the right decision.

The post Leasing A Small Office Space For Your Therapist Practice: What To Ask Owners appeared first on Understanding The Value Of Real Estate Agents and Brokers.

Bold Room Colors

It can be fun to paint some of the rooms in your home bold colors. For example, a teenager may wish to paint his or her room a dark purple or orange, while you may wish to paint the walls of a video gaming room black or dark blue. There’s a strong probability, however, that these colors won’t suit the next buyer — and some people might even think twice about submitting an offer on your home because they know these dark colors can require lots of coats of primer and paint. By painting these rooms more of a neutral hue before your home goes on the market, you may be doing yourself a favor.

Custom Backyard

Many homeowners turn their backyard into a custom creation that they’ll enjoy. A gardener may rip up the grass and make the entire yard a garden; a family with young children may convert a standard backyard into a basketball court by laying down a series of concrete slabs. It’s technically possible that the next person to own your home will be into gardening or basketball, but it’s more likely that these unique features could be frowned upon. It’s worthwhile to think about laying sod down in the yard to give it more of a conventional design for the next owners.

Home Business

While you might enjoy running a small business out of your home, the look of your set-up may make it difficult for prospective buyers to picture themselves in the home. For example, if you’ve turned your living room into a warehouse for the products you sell or manufacture, the look of the room can make it difficult to visualize a traditional living room setup. It can be advantageous to put your business goods into storage and use your own furniture or items from a home staging professional to set up the living room in more of a traditional manner.

For more tips on how to get your home ready to sell, talk to a real estate agent like those at Marsee Wilhems Real Estate Team.

The post Custom Changes That You Should Make More Conventional before Your Home Is Listed for Sale appeared first on Understanding The Value Of Real Estate Agents and Brokers.

Use Your Online Resources

The internet is a popular place to start for many people who are looking for a new place to live. That’s why you should always make use of the online listing sources to get the property out to those who are doing their initial shopping online. Work with a professional who can do good quality images, because those pictures will be the key to drawing people into your open house or other showings.

Capitalize on Social Media

Social media platforms have become a hotspot for people who are sharing information, looking for resources, and even exploring rental listings. Videos, virtual tours, property pictures, and listing information can reach a wide audience when you post it on social media. Sharing and commenting makes the post more visible to others. You can even run social media contests and other incentives to attract more people.

Rely On Your Current Tenants

Send your current tenants a notice looking for referrals if you want to narrow your potential applicants. By asking for referrals from people you have already vetted, you’ll have a better chance of successful applications. You can even offer your current tenants an incentive or discount for successful referrals.

Launch A Promotional Program

In addition to the standard rental signs, consider launching a promotional program for all new applicants. Consider incentives such as rental discounts or free carpet cleaning for people who are accepted as tenants during the promotion. Work with your local radio stations, news outlets, and newspapers to advertise the program, then consider hosting a large open house for everyone to explore the property and see what you have to offer. With the right incentive program, you may be able to attract quality tenants who may otherwise pass by.

Don’t let your first management venture leave you scrambling to fill vacancies. With these tips, you’ll be able to better attract tenants for your property. The better prepared you can be, the more successful you’ll be as the property manager. Talk with the property owner to see what you can do collectively to attract reliable, paying tenants.

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