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Win The Lottery? Real Estate Purchases That Add To Your Personal Wealth

Posted by on Oct 20, 2016 in Uncategorized | Comments Off on Win The Lottery? Real Estate Purchases That Add To Your Personal Wealth

If you are one of the lucky few to win the lottery, you might be wondering what to do with all of your cold, hard cash. There are so many ways you could invest it to make more money, but do not forget that your financial worth is something in which you should invest as well. Having financial worth means that you have investments that are constantly adding to your wealth simply by your ownership. One such example is real estate, as billionaire and presidential candidate Donald Trump will tell you. Real estate constantly gains in value and makes you even wealthier month by month and year by year. Here are a few real estate purchases that add to your personal wealth and financial worth. Buy the Properties to the Left, Right, Back, and Back Corners of Your Lot Did you ever wish your property or house was a little bigger? Can you open your bathroom window and shake hands with your neighbor because your houses are that close? Now that you have won the lottery, you can purchase your neighbors’ properties to the left, right, back, back corners, and front across the street, if you so choose. If your neighbors are willing to sell their homes and properties for, say, twice their fair market value, you can expand your property as far as you want. You could even turn all of their old properties into rentals and make extra money every month! Expand and Add on to Your House Doubling the size of your home also adds to your financial worth because it increases the value of your property. Take the house you have and add to it absolutely everything you have ever wanted in a house—a personal library, an artist’s studio, a man cave, an Olympic pool, a second and/or third story of rooms—the sky is the limit. You could do all of these things and still have plenty of cash on hand after winning the millions you won. Buy a “Country House” or Cabin in the Woods Vacation property also counts towards your financial worth and wealth. You could buy a “country house” (i.e., a house in the country vs. your city house) or a vacation cabin in the woods somewhere. This may seem like a slightly frivolous purchase, but the fact is, real estate is one of the most solid investments you could make with your new-found wealth. Plus, having a quiet place to get away is always a nice bonus. In the event that your fortune takes a turn for the worse, you can always sell the vacation house for a hefty...

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Staging A Home For Sale: 3 Ways To Gender-Neutralize Each Room

Posted by on Oct 20, 2016 in Uncategorized | Comments Off on Staging A Home For Sale: 3 Ways To Gender-Neutralize Each Room

Now is a good time as any to list your home on the real estate market. There are plenty of buyers, and in 2015, 5,250,000 existing homes were sold in the U.S. according to the National Association of Realtors. To fetch the highest bid possible for your property, you need stage your home, so that potential buyers can envision a life in it. One of the first things you should do is depersonalize your home. You should also make each room as gender-neutral as possible to cater to each family that visits your home. Here are three things you can do. Paint the Walls a Neutral Color It’s hard for a family with all boys to envision a life in a house that is decorated in all pink or lavender. If you have customized each room to the taste and preferences of your own, it’s time to reverse that decision. Start by painting the walls a neutral color, like white, beige, or even gray. You want to remove any wallpaper or décor that was placed on the wall previously. It’s much easier for potential buyers to envision how they’ll redecorate a room when you show it to them as a blank slate. Replace the Bedding with White Colors The bed is an important part of each bedroom, and is perhaps one of the main focal points that draws the attention of visitors. To make each room gender-neutral, replace the bedding with new, white bedding. White will make the room appear fresher and a lot more professional and bright. A simple and plain type of fabric will be good enough. You want to avoid choosing bedding with designs or textures on them. Remove Personal Items, like Clothes and Decorations When staging your home for photographs or real estates, highly consider renting a storage unit for several months. You should remove as many personal items, like clothing, decorations, and furnishings, as possible. Don’t add your own personal touch to the rooms, as this will interfere with the potential buyers’ ability to envision how they might want to redecorate. Large furnishings and decorations may even make a room appear smaller or conceal the architectural styling of the rooms. Conclusion Basically, you want your house to look like a blank slate, so that potential buyers can have an easier time envisioning a life there. Making each room gender-neutral should be one of the first things you do.  For assistance, talk to a professional like...

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Which Is Smarter For Finances: Buying Or Renting A Home?

Posted by on Sep 29, 2016 in Uncategorized | Comments Off on Which Is Smarter For Finances: Buying Or Renting A Home?

Buy or rent: these are the two options for individuals, couples, and families. Everyone wants to do the best for them financially. It may seem like buying your own home will make a great investment, but is it really the best option for you financially? There are pros and cons to both, and here are some of them to help you decide the best option for your finances. Renting Can Include Bills Depending on where you live and the type of property you rent, you may get some of your bills included in your rent. This is common for apartments, where heating and water are often included. It could save you hundreds of dollars in unexpected costs each month, especially if electricity is thrown in. When you own your home, you’ll need to pay for all utilities. There are also land fees to consider and property taxes to remember each year. Both Include Insurances You’ll need to get home insurance whether you rent or buy. When renting, the cost of insurance can be much cheaper. There’s no need to get building insurance, so you’ll have a lower risk factor for the insurance companies. When you buy a home, you need to insurance the building and the contents. This will increase premiums. You’ll also need to consider other types of cover for flooding, earthquake and tornado damage, which is more costly for homeowners than renters. Homeowners Invest Their Money Each month that homeowners pay their mortgage is an investment into their property. The money pays down the mortgage, and you can also pay more towards the mortgage to clear it quicker. The home could be sold at a higher rate, although there are risks and you may make a loss. There is then extra money available at the end of living in the property. The problem is your money is tied into your investment. You can’t use it until you sell your house. Renting doesn’t have the benefit. You just pay for living there, helping to pay off someone else’s second or third mortgage. It can seem like a waste, when you could end up paying the same amount of rent as you would for a mortgage. There are rental increases each year to consider, too, which could see the monthly costs increasing to more than you would pay for a mortgage. Which is the best financial option for you? While owning your own new home may be a dream and make you feel more secure, it could be one of the worst financial decisions you make. Be sure to consider all of your options before locking yourself into an option you cannot...

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How To Sell A Home Fast In A Slow Market

Posted by on Sep 21, 2016 in Uncategorized | Comments Off on How To Sell A Home Fast In A Slow Market

Selling is challenging enough in a strong market, but when the market is very slow, you may find it almost impossible to sell your home. Take a look at the following tips for selling your home quickly in a slow market. Perform Repairs Yourself In a slow real estate market, it is necessary to make the repairs yourself. When it is a seller’s market, some buyers will decide to purchase a home as a fixer-upper. However, in a slow market, there are often foreclosed homes that can be purchased at a low price. Therefore, you will need to fix all of the leaky roofs and plumbing issues yourself. It may also be a good idea to give your home a face lift in inexpensive ways. For instance, replacing cabinet knobs can be an inexpensive way to improve the value of your home. Forget About What You Originally Paid You will need to forget about what you paid for your home ten or even five years ago. Markets change, and you will need to sell your home for what it is worth in the current market. Depending on how fast you would like to sell your home, you may even need to sell your home for less than it is currently worth in the current market. Selling your home at a great price will also ensure that there will be less haggling as the home is seen as a true value. If you do not feel like you can sell the home at or below the fair market value, it is better to wait until the market improves. Expose Your Home To As Many Markets As Possible To sell a home fast, you will need to place it in front of the largest audience possible. This means that you will need to have to use a multiple listing service to have your house automatically submitted to as many online listings as possible. You will want to have as many pictures included in your listing as possible. This will allow you to be fully transparent and show the home to more buyers who are fully aware of what they will be purchasing. In some cases, you may need to wait until the market improves and you are able to sell your home for the price that you expected. However, if it is absolutely essential that you sell your home now, by going above and beyond and by working with a great realtor, you will be able to sell your home. For more tips, talk to a realtor at Krueger Real...

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Three Smart Strategies To Help You Find The Right Apartment

Posted by on Sep 15, 2016 in Uncategorized | Comments Off on Three Smart Strategies To Help You Find The Right Apartment

The basics of apartment hunting are common sense—look for a clean place in the best neighborhood you can afford that is close to work or school and offers good local shopping and entertainment options. However, it’s best to dig a little deeper while you’re at it. Following are three strategies for ensuring that you end up in the right apartment.  Visit the Area In the Off Hours  Apartment showings are generally booked during business hours. Although it’s a good idea to see the building, the grounds, and the general neighborhood during the bright light of day, you should also return to the area once during the evening and once during the weekend before making your final decision. Apartment communities and surrounding areas can differ wildly during different times of the day or week, and the serene, quiet environment you saw during your daytime appointment may very well change into something else after hours. You’ll also want to see what surrounding traffic is like during the evenings and weekends.  Ask the Same Types of Questions as if You Were Buying a House If you’re like most people, your tour of a potential apartment is pretty basic—you determine if your furniture will fit, if the general area is to your liking, if the apartment’s style is something you’ll be comfortable living with, and other fairly superficial criteria. However, you can save yourself potential future hassles by treating a prospective apartment lease a little more like a possible home purchase. You don’t have to go overboard, but ask pertinent questions about the working order of the various appliances. While most landlords are responsible for the repair and upkeep of water heaters, ranges, refrigerators and other large appliances that come with the unit, some landlords are sluggish about performing necessary repairs. You might also want to ask if the unit has a history of mold, particularly if you or another member of your household experiences allergies. Definitely ask if the unit has lead-based paint or plumbing fixtures if you have children who will be living with you there.  Do a Little Online Sleuthing  Use the internet to learn a little bit more about your potential new home and the neighborhood in which it is located. Websites exist solely for the purpose of rating landlords and properties.You can also run the name of the property management company or private landlord through a search engine. You can also read about the experiences of tenants in places you’re interested in to get an idea of what life is like there.  For more information on successful apartment hunting, feel free to contact your local real estate office at your earliest convenience. ...

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Tips For Choosing An Investment Property

Posted by on Sep 7, 2016 in Uncategorized | Comments Off on Tips For Choosing An Investment Property

If you have been working with a real estate agent to find an investment property, the process can be overwhelming. It’s easy to see the potential for significant financial returns on just about any property if you look hard enough, so the process requires you to make a conscious effort to be objective and logical in your approach. Here are a few things you need to consider as you discuss each property with the real estate agent. How Self-Sufficient Is The Property? When you’re looking to purchase any kind of investment property, you need something that isn’t going to require a lot of time and effort on your part. Look for something that’s self-sufficient to minimize the time you have to spend dealing with issues and keeping up with property care. For example, if you have the chance to invest in a property that has a long-standing tenant and requires minimal maintenance or upkeep, that’s a much better investment than a property that’s been neglected or one that’s a vacation rental, because both of those will require a lot more time and effort on your part. The less time you have to spend dealing with issues, the more passive the revenue stream. How Sound An Investment Is It? Real estate investments can be pretty volatile. If you are looking at new construction, property in need of a lot of repairs or other similar types of property, you should understand the financial risk you’re taking. Ask the real estate agent about the current valuation of the property and its ownership history. You may also want to ask about the projected returns based on the current situation so that you can determine your own chance of turning a profit. You’ll need a solid revenue projection to determine this. Your real estate agent may be able to help with that. How Does The Return Compare To Your Current Investment? When it comes to property investment, remember that you’re going to be putting liquid assets (cash) into something that will be much harder for you to liquidate later. For that reason, you want to be sure that the return you’re getting is equal to or better than where that money is right now. For example, if you’re pulling cash from the bank to pay for the property, consider the interest earned on that money where it is right now. Make sure that you’re going to see at least that return on the property each year, otherwise you’ll actually be costing yourself money. Talk with your real estate agent about the type of profitability you’re looking for in the investment property and consider these three factors when you’re evaluating each...

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Don’t Make These Mistakes Before Hiring A Professional To Sell Your Home

Posted by on Aug 29, 2016 in Uncategorized | Comments Off on Don’t Make These Mistakes Before Hiring A Professional To Sell Your Home

If you’re putting your home on the market with a professional real estate agent, you may think all you have to do is arrange the meeting and answer the door when they call. But the sale of the property can go much more smoothly if you are ready in advance. Here are ten mistakes that many homeowners make; avoid these for a quicker and happier real estate transaction. Failing to Make a Good First Impression When a real estate agent views your property for the first time, they’re already thinking about how it compares to other properties and how it will appear to other realtors, such as at broker open houses or with listing agents. Prepare your home the way you would before a showing to a prospective buyer by tidying the yard, cleaning the inside, eliminating clutter, and staging the furniture. Not Giving Access to the Entire Property A realtor can’t make a good estimate of the selling price without seeing the whole property. While making a good first impression is important, you’ll have to overlook an ugly unfinished basement or clothes in the laundry room when you show the agent around. Not Listing Any Pending Improvements If you do intend to make improvements to the home, however, be sure to make a list of them for the realtor. Big fixes, like a new roof or furnace, can affect the sale price of the home. Failing to Disclose Negatives Certain negative elements of your home may need to be disclosed to any potential buyers. If you have concerns about radon, lead paint, or asbestos, for example, it’s best to bring them up with a realtor right away. You don’t want to be surprised by inspection or legal issues late in the sales process. Being Vague About Your Timetable Are you in a hurry to sell because you’re carrying two mortgages? Or are you looking to close months from now since you haven’t found another home yet? Let your realtor know this information. Forgetting to Check Comps You should have a rough idea of the value of your home before you ever meet with a realtor. This isn’t necessarily what you owe on the home either. You need to look at comparable sales, or “comps,” in your neighborhood to see what the going rate is for properties like yours. Doing this can actually help you out if a realtor misses a recent sale in your area that could bolster your home’s asking price. Not Having Your Documents in Order When you sit down with a realtor, have all your paperwork in order. Know what the lender needs to pay off your mortgage debt (a simple phone call should accomplish this), as well as any costs that must be covered in the sale price, like back property taxes liens second mortgages Skipping the Price Discussion If you own your home jointly with someone else, such as a spouse, it can be a source of conflict to discuss your home pricing strategy. But you don’t want to get into an argument in front of your realtor. Even if you’re puzzled about the asking price, know what the minimum you will accept is. Failing to Consider Contingencies Sometimes, selling a home isn’t always about the price. Agree in advance about contingencies like...

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Interested In Investment Real Estate? 4 Buying Tips

Posted by on Aug 23, 2016 in Uncategorized | Comments Off on Interested In Investment Real Estate? 4 Buying Tips

When done correctly, a rental home can be a wonderful investment. If you’re looking to get started with buying real estate as an investment, there are many things you must consider before making that big purchase. These tips should help make sure your rental property does not become a financial mistake. Know Your Local Market You may have the money to purchase your first rental home, but you shouldn’t rush into buying a house just to get started. A key to having a successful rental home is to buy when you can get a great value for the home. It’s common for any area to have fluctuations where it goes between a seller’s and buyer’s market. You’ll want to time your big purchase when the buyer has the advantage, typically when demand is low and home inventory is high. Speak with a real estate agent about your local market, and try to time your purchase appropriately. Buy A Home Close to Your Own Home When you are investing in your first rental home, you should find something that is near to where your own home is. Now is not the time to look for homes out of state simply because you can get a great deal on it. Renting out something nearby will make it much easier to deal with property maintenance as well as monitor the property by simply driving by it from time to time. If you are able to perform maintenance quickly when your tenant needs it, you’ll also avoid bigger repairs that get out of hand. Scope Out The Right Part of Town Do your research when it comes to selecting the part of town that your home is in. You can read the local crime reports to see what kind of criminal activity is occurring in the area. You can also check out the local school report card to get an idea about what the schools are like. It will also tell you how many kids in the area are eligible for free or reduced lunch, which will give you some insight as to the medium income in the immediate area. Look For A Low Maintenance Home The biggest cost of owning a home are the repairs, and anything that will have very little maintenance will make it easier to take care of. A new roof, appliances, or HVAC system will make it less likely that these things will need repair in the immediate future. Just remember that you may not be able to get a higher price for rent, but it will save you hassle in the end. For more tips, speak with a local real estate agent, such as those at Keller Williams Realty River Cities, that can help find your rental...

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Managing Multiple Homes With Emergency Property Maintenance

Posted by on Aug 12, 2016 in Uncategorized | Comments Off on Managing Multiple Homes With Emergency Property Maintenance

Being the owner of multiple rental properties is not only a major feat and life accomplishment, it is a great responsibility. Tenants look to you to resolve issues with parking, landscaping, faulty appliances and other issues, and they also expect you to be available at a moment’s notice. When you have numerous rental properties, emergency property maintenance helps you to take care of all your tenants rapidly and with less stress. Building Rapport With Your Tenants You may have some tenants who you rarely hear from while others seem to remain in constant contact to report the most minor of issues. It is important to build a rapport with each and every one of your renters so that they feel like they are valued and can trust that their problems will be handled professionally. With an outside property management company, you can enjoy the fruits of your labor and still know that all of your tenants’ repair issues are being met succinctly. When you have happy tenants, they are likely to help refer their friends, work associates and family to you, making it easier for you to keep all of your rental units occupied. Handling Property Maintenance When You Are Unavailable Everyone needs a vacation once in awhile, even landlords. You can hire an emergency property maintenance service to take care of properties that are spread out across multiple locations or work on units within a single building. Professional emergency property maintenance services make themselves to landlords and their tenants around the clock. This will enable you to stay on top of repairs and learn exactly when they have been resolved, even when you are unavailable. Documenting Your Duties As  A Landlord Unfortunately, even the best landlords are not able to satisfy particularly picky tenants. If you ever have a landlord tenant issues that goes to court, you will need to provide documentation that proves that you did your best to resolve property repair problems. Having repair logs, receipts and invoices on hand will allow you to prove that you are a responsible landlord in court and help you to avoid future landlord tenant issues. Ask your professional property management company about what types of documentation they provide their clients with so you can stay prepared at all times. If you are the owner of multiple rental homes, you can benefit from emergency property maintenance in several ways. With their help, you will be able to ensure that your tenants continue to live in their units comfortably while you get much needed peace of...

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Vital Questions To Ask When You Need To Hire A Commercial Locksmith

Posted by on Aug 4, 2016 in Uncategorized | Comments Off on Vital Questions To Ask When You Need To Hire A Commercial Locksmith

When you run a business, you should always have a commercial locksmith’s phone number saved in your contacts list. It’s advantageous to seek out some locksmiths that serve your area before you need them and talk to each one so that you can find one that you can call at short notice when needed. Whether there has been a break-in or you’ve terminated someone under acrimonious circumstances, you’ll need to have the commercial locksmith visit your business to change the locks. When you call each of the locksmiths on your list, here are some valuable questions that are worth asking. What Do You Charge For After-Hours Calls? Although you hope it will never happen, the reality is that you may have a lock issue that occurs after regular business hours — for example, after a break-in — and you can’t wait until 9 a.m. on Monday to call the locksmith. Additionally, if you have layoffs that occur at the end of the day, you’ll likely need the locksmith to change the locks in your building after 5 p.m. Knowing how much the locksmith charges for calls after regular business hours is important so that you can be sure to hire a locksmith who will suit your budget. What Experience Do You Have With Digital Keypads? Gone are the days in which most businesses’ facilities are kept secure solely by a traditional deadbolt lock. If your facility has digital keypads at its access points, you need to be sure that the commercial locksmith you hire is experienced in working with these types of systems. You don’t want to have to call a locksmith to handle the deadbolts and a security service to reprogram the keypads. When you ask this question, provide some information about the digital locking mechanisms that you use in your facility and ask the locksmith to confirm expertise on your particular models. Do You Sell Lock Products? Locksmiths will sell you new lock cores when they change your facility’s locks, but it’s ideal to hire a commercial locksmith service that carries an inventory in a physical store. This means that if you’re wanting to make some changes to your locks in the future, you don’t have to buy them separately and hire the locksmith to install them. Instead, you can visit the locksmith’s retail location, learn about the different lock solutions that will best suit your needs, and then have the locksmith install them for you. For a commercial locksmith, contact a company such as Suburban...

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