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High quality units beget high quality tenants. Maintaining a rental in top condition( both its interior and exterior) equals better tenants and higher than market rents. What can I do to improve my units?
Contemplating between rental upgrades and increasing rents is not an easy task, more so if you have to hire the services of contractors to do it for you. But if you can do majority of the upgrading, your investment now will be well worth it in the long run because after the improvements, you can now charge above market rents, get responsible tenants and these tenants will stay long with you because they know that you do periodic maintenance on their units. When choosing rental projects, your objective is to find a property that is a cut above the rest of the other apartments or units that potential renters are sure to look at. You have to provide your renters rationale to give you higher rent for the same living space. Repainting and some thorough scrubbing will do wonders for your property. Painting your rental property an interesting or classy color will lend a good and harmonious atmosphere to it. People will want to stay longer in it and that means more annual contract renewals for your units. Besides the regular maintenance that should be done anyway, it would be good for you to consider more expensive projects that will increase not only its leasing value but also its resale value, if and when you do decide to put it in the market. Remodeling your kitchens and bathrooms are examples of these projects. If you make an intelligent choice when it comes to the fixtures, furnitures and accessories to be used for these rooms, then they will serve you for a long time to come. Choose colors and decors that fosters a relaxing and soothing ambiance for these two rooms.
If you’re thinking of buying your home, be sure to take into consideration the neighborhood or area you’ll be moving in to. Choosing the right location for your home is one of the most important decisions you’ll have to make. It’s a long-time commitment and an expensive investment, so be sure do a lot of research, foresight and common sense. First, look at the property values in your area. If it’s held steady or even increased with these trying economic times, then the property is a good investment. Next, look at the accessibility and the location. How close is it to your workplace? Is there a good transportation system? Are there any malls, shops or groceries near your area? How close (in terms of time) is the nearest hospital or clinic? How close is your kid’s school, and what’s the reputation of the school system in your area? If you’re a parent, the crime rate may be of particular importance. Will you feel safe leaving your kids at home? The size of your neighborhood is also a factor you have to consider. Do you want a small community where everybody knows everyone’s business, or a large, impersonal one? Of course, a good real estate agent will help narrow down your choices for you.
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Imagine being able to look out the window of your spacious loft to see the hustle and bustle of the Big Apple. If you’ve always dreamed of living in the heart of the city, a loft might suit you perfectly. You can often find a good-size live/work loft for the same price as apartments in many cities.
• Investigate what kind of loft you can get for your budget. Lofts are generally wide open spaces, with high ceilings. Some need a fair amount of work to be livable, including, perhaps, the addition of walls or partitions, and interior finish.
• Investigate a cooperative (which is what most apartments and lofts are in New York). You
won’t actually own the loft, but will be a shareholder in a corporation that owns the entire building, which entitles you to a long-term proprietary lease.
• Check out lofts that are condominiums. You will actually own the property, but pay a monthly home owners association fee. The advantage is that you buy the unit up front with a monthly fee that is almost always lower than for a comparable co-op since you’re not paying a pro rata share of the building’s mortgage.
• Compare prices. The bigger the loft, the more you’ll pay, as with a more desirable neighborhood.
One of the US�s biggest and oldest builder has declared bankruptcy according to the NY Times. Levitt and Sons, a unit of the Levitt Corporation ran out of money last October and declared bankruptcy in November leaving a planned retirement development unfinished. Many seniors who have paid down payments are left in hotels without being able to move into houses they have paid for with the future still uncertain as to what will become of their investment. Many other firms are on the borderline when it comes to developers. The problems with prime and sub-prime lending has left many homes without potential buyers due to continuing increases and dips in the housing market which is a sure sign of further instability ahead.
Have you ever dreamed of buying a home or house in a part of town that has just been declared as for development? That may be a good sign for buyers and investors who wish to buy prime real estate and the best part about it is that you can beat the other buyers from prime lots and areas. Check with the developer, for reservations regarding areas that you think is most likeable to prospective renters or homeowners. Then negotiate for a respectable price for the reservations ( some do and some don�t allow reservations and another thing reservations do not promise that you do get the property but it does increase your chances). If the developer allows reservations then you are set to have the best prime lots. In the next post we will discuss some more of the precursory information you might want to know before you do get down to buying property.
Many home buyers base their actions on the daily news and current statistics as dome by analysts on the national level yet they fail to recognize a basic fact. The real estate market is a localized phenomenon that sometimes does not follow the national trends. Metropolitan areas where there is little room for new development has managed to stave of the effects of the sub-prime market and prices have maintained levels. The markets that were much affected was the new house markets where new houses for sale numbered huge fractions of the ones being sold leaving overhead stocks of more that a year’s worth. The 87% foreclosure levels also add to the misery with many houses adding to the fray of unsold houses that have to be disposed of. Try to check and consult local agents for they know the local trends best and may be the best source of real estate knowledge for you.
Prices have bottomed and some experts are arguing that if you have been wanting to purchase a home for quite sometime, then now’s the time be sure to do your math and homework before jumping into a deal that may turn into a headache. Foreclosures are running at 87% and most houses you might have as prospects might be foreclosed ones indeed so do check. There are also a lot of problems associated with foreclosed properties and they are not the ones a first time home buyer would know and be able to handle. Talk to your agent if you have one and get them to do the meetings and other formalities for you. You might be paying them a buck or two but taking time off from work might cost you more. Seek advice form family and friends on what to expect in these types of homes and better yet, what to look for in inspections so you get all the bases covered. Foreclosed houses may mean cheap properties and prices but the hidden problems and costs may outweigh the cheap price and you end up paying more in the long run.
Many see conducting an open house as the main way of advertising the qualities of their home yet some argue otherwise. Most people nowadays start house hunting online with the many property web-sites that allow them to short-list their prospects. After which, they hit the road or get hold of their agents to do the initial contact process which can or cannot lead to the all important site inspection. If you feel you have too much work to do just to have prospective buyers browsing and interrupting your privacy (as well as the rest of the family’s) not to say the amount of cleaning you guys have to do to maintain the house at it’s best as you wait for prospective buyers to march in and look around, then you can do away with it all together. A few wisely taken pictures and text can have the same effect as an open house on prospective buyers and best of all, you get to sell what you see is what you get. The prices may be haggled but not much so that the prices may bottom out for they have already bottomed out.
There are incidents of dead trees that have simply died due to age on your neighbor’s property that you fear is a risk to you and your property. These incidents are mostly resolved quickly but some people simply fail to grasp the dangers that are posed by dead trees especially in metro areas. The dead tree/s must be removed by the homeowner in question for they would be liable for any damage to property and injuries that may result from them falling over. If the homeowner in question fails to take action, you can contact the civil authorities who would then remove the offending dead trees sending their bill to the uncooperative homeowner. Some areas such as parks and other open spaces next to your property have to be cared for by the local authorities. Damage to any property that is caused by these trees are quite heavy and damage cold result in total destruction so do be aware of any trees in your vicinity and take appropriate action to prevent them from falling onto your home.
There are several incidents of people having to deal with problems regarding their homes that they suspect have something to do with the overall construction of their homes. First thing to do would be to get the place inspected for there are probably more hidden pitfalls that you have seen. Any failing lighting, wall outlets and other stuff you haven’t touched that have been used according to specifications are covered by warranties and all structural defects such as cracks and water damage also have to be remedied by the developer. Check your warranty which is most probably attached or included in your contract. If the developer fails to take action towards your requests, legal options are always available. If the construction defects are too problematic, you can have it fixed with your developer paying for some of the costs of the repair work. Have the inspector give you a copy of their inspection reports so you can attach them to your complaint or legal case.
