Selling an Investment Property

Selling an Investment Property

Making the final decision to sell your investment property isn’t easy. You must make certain you are selling at the right time. This will help put you in a position to maximize your profits at the closing table.

 

Should You Sell Your Investment Property?

There are many schools of thought when it comes to choosing the right time to sell an investment property. Some real estate experts believe that holding onto investment property for a long period is a sound strategy. However, this approach may not be ideal for your situation.

 

Here are some situations that may indicate it’s time for you to sell:

 

  • You’re ready to retire – Selling your investment property can free up money for your retirement. Please keep in mind that selling an investment property after retiring could have a huge impact on your pension.

 

  • You’re interested in investing in another market – You may want to consider selling if you find a property in another neighborhood.

 

  • A major change in your life – A big change in your life may force you to think about owning an investment property. The following reasons force many people to sell their investment property: the birth of a new family member, being laid off from the job, death in the family, and sudden illness.

 

  • The neighborhood is changing – If the market value of the homes in the area has increased, it may be time for you to cash in. However, you may want to think about selling if the market value of the homes in the area has gone down.

 

How to Sell Your Investment Property the Right Way

 

So, you’ve decided to sell it. Dozens of real estate selling systems have emerged over the years. However, we must point out that many of them are complicated.

 

Here are some simple steps that can help you sell your investment property with ease:

 

  • Hire an experienced Realtor – It will cost you 6% of the selling price, but a Realtor’s services should not be undervalued. They play an integral role in the selling process. For example, they know how to market your investment property, and find a qualified buyer within a reasonable amount of time.

 

  • Listen to your Realtor – You need to take heed to their advice. If you don’t, you may not get to the closing table.

 

  • Make upgrades to the property – There’s an old saying in life, “It’s the little things that count.” This adage holds its weight in real estate investing. Making upgrades to your property will make it more appealing to prospective buyers. This will improve your chances of getting a buyer.

 

  • Sell at the right price – Pricing your property properly will have a positive impact on the selling process. If your property is listed slightly below its market value, there will be more demand for your house.

 

  • Exercise patience – It may take several months for someone to step up to the plate, and buy your property. However, exercising patience will help you make it through the selling process.

 

  • Don’t be afraid to say no – Knowing the true market value of your home will help you avoid low-ball offers. The right buyer will eventually come along.

 

Selling is an investment property is a big decision. If you’re ready to cash in, there’s no reason for you to reinvent the wheel. The tips listed above can help you sell your property like an experienced real estate professional.

Living Large in Tiny Houses

Living Large in Tiny Houses

Those who lived through the 1980s may well remember it as the decade of excess where bigger was better, and whoever died with the most toys won the game of life. The concept of living large may have continued for years were it not for the housing market collapse in the Great Recession of 2007.

 

Tiny Houses Make Their Debut

For all its disadvantages, the Great Recession also introduced the country to a wildly new way of thinking about housing. Suddenly, small (typically under 600 square feet) creatively-built, often whimsical homes called “Tiny Houses” began to get a toe-hold in the housing market.

 

Twelve-plus years later, tiny houses remain an attractive option. From an economic standpoint, they cost significantly less than a traditional home, and often buyers can outright avoid even carrying a mortgage. Additionally, many homes are available in kit form, an appealing choice for the growing DIY demographic.

 

Statistically, tiny homeowners carry less credit card debt. After all, with less room for storage, they simply aren’t going to buy as much. This creates the added benefit of being able to save more or invest in other more adventurous pursuits. Tiny houses also tend toward lower energy costs, a seductive sales point for the environmentally-conscious among us eager to lower their carbon footprint.

 

Important Considerations

If not already a minimalist, deciding to live in a tiny house requires the paring down of possessions. Tough decisions must be made about what is needed, and what can be done without. It also requires making a pivot toward the concept of more open, functional, multi-use living space.

 

Partners and family members must also consider how their tiny house might impact their relationships. Even the closest of couples need their space once in a while, which can be a challenge in tight living quarters. Having a game plan about how to handle disputes or the need for alone time is an important consideration.

 

There are also residential zoning regulations to consider. Many towns have established minimum square footage requirements for homes, or restrict where they may be located. And if they are built on wheels, they may not be considered as permanent housing at all. Then again, having a tiny house on wheels offers its advantages, opening the door to travel and the freedom to live large in a whole new way. 

 

How to Qualify for a Loan as a First-Time Home Buyer

How to Qualify for a Loan as a First-Time Home Buyer

As a first-time homebuyer, it might be hard to raise the down payment needed by the seller. This should not kill your dream to own a house because you can obtain a mortgage loan to help you raise enough money. However, you might encounter challenges to prove that you are eligible for a home loan. You should take the following steps to enhance success in your application.

Early Inspection of Your Credit Scores

You should assess your credit score record immediately you decide to apply for a mortgage loan. Visit the relevant sites to and check for any issues that might disqualify you. If your credit record has problematic issues, use the months before the application to correct them.

Clear all the balances you owe other financial institutions to give your credit record a better rating. The actions might take months to change your credit score. Therefore, it is advisable to undertake them several months before your loan application. You should concentrate on mortgage loans without visiting other financial institutions until the current application is successful.

Compare Your Income and Expenditure

To know your deficit for the right income ratio, divide your monthly deficit expenditure with your total monthly earnings. That will assist lenders to decide whether you are eligible for a home mortgage or not. The financial institutions will either decide to lend you a small amount of money with a low monthly housing cost or keep all your monthly debts low compared to your monthly salary.

Weigh Your Options

If you have visited several financial institutions and all of them tell you that you don’t meet the loan application threshold, you should seek other alternatives to get financed. The only disadvantage is that you will have limited alternatives, and the loan you might get will have a higher interest rate. Try to improve your credit record before applying for a loan for a better chance of qualifying.

If you are a first-time homebuyer, you may not have enough funds to purchase it. However, you can apply for a mortgage loan to finance your project. If you want the application to be successful, take the steps above before starting the application process. The steps will enable you to have a good credit record before the application.

Great Destinations for International Real Estate Investing

Great Destinations for International Real Estate Investing

When it comes to real estate investments, there is one thing that is certain: the time is now for savvy investors to hedge their bets on the real estate market, not just in their home country, but all over the world as well. There are excellent opportunities for beachfront property in many different surprising worldwide locations. Consider the following options:

Algarve, Portugal

The best thing about Algarve, Portugal would have to be that there are no foreign ownership restrictions. When coupled with the stunning cliffs and beautiful beaches, a person definitely has a paradise that even 70’s Yacht Rock artist Bertie Higgins could get behind. The property options are also very diverse, with $8 million buying an oceanfront home and $215,000 getting a home if a person wants to sacrifice that beach view.

Ambergris Caye, Belize

This property in Belize is very underrated. Of course, there aren’t too many properties that could absolutely be considered beachfront. However, it has a tropical landscape, mild weather, and numerous recreational opportunities. The prices won’t break the bank either, with a two-bedroom condo only costing around $250,000 and a one-bedroom option going for $150,000.

Cayo, Belize

Lush jungles. Mountainous terrain. These are just two ways to describe Cayo, Belize. There are plenty of housing options for retirees that start at just $130,000. Moreover, there are plenty of condos available in the area for $100,000 or less. American retirees will love the area simply because for the most part, it has all of the comforts of home.

Granada, Nicaragua

Granada was founded in 1524 by Spanish conquistador Francisco Fernandez de Cordoba, Granada is a historic old colonial city in coastal Nicaragua. When someone couples the warm weather and picturesque lake with a rich history, they are sure to find an extremely desirable place. Historic homes dot the landscape, and most of them have been turned into condos. Prices are fairly reasonable. For example, buyers will find condo conversions available for around $170,000, and a completely renovated colonial home can be had for between $100,000 to $400,000.

Puerto Vallarta, Mexico

There is no question that a lot of prime real estate can be found in Mexico. Puerto Vallarta is a great option, but it truly is better to buy than to rent. Simply put, renting property in Puerto Vallarta is very expensive. However, buyers will find price options for this Pacific Ocean retreat that are well within their budget as long as they are willing to rent them out themselves for the time they are not there.

Honorable Mentions

Panama City, Panama; Samana Peninsula, Dominican Republic; Abruzzo, Italy; Medellin, Colombia; and Istanbul, Turkey are all good options for property investors as well for a variety of different reasons. All someone has to do is their research and they are sure to find some excellent overseas property investment options!

3 Easy Renovations to Increase Property Value

3 Easy Renovations to Increase Property Value

Selling your house may not be easy as you may think. Between getting it ready for showing and finding the best realtor to sell it for you, it’s a hectic and overwhelming process. There’s nothing as bad as placing your home on the market, only for it to remain unsold months later.

To increase the resale value of your home, it would help to be proactive about repair and maintenance. Planning a remodel job may also go a long way in adding value to your home when it’s time to sell it. Here are 3 home renovation projects you should do if you’re looking to sell your house.

A Bathroom Upgrade 

Renovating your bathroom is one of the easiest ways of increasing the value of your home. Such a project will make it possible to install completely new plumbing fittings and fixtures.

You could also take advantage of this opportunity to put in shower heads that consume less water each minute, and toilets that utilize less water during each flush. This way, your new bathroom will lead to less water wastage, leading to cheaper water costs. This is bound to have a heavy impact on the house’s resale value.

Finished Basement Space 

Having a completed basement will help ensure that your home is properly insulated. This means that there will be less leakage of heat into and out of your home, implying that you’ll spend less money cooling and heating up your house. It will also provide extra space that could serve as a wine cellar, gaming room, or even a family TV room. A finished basement is more than likely to jump out to a homebuyer that’s looking for maximum space.

Upgrade the Kitchen

The kitchen is arguably the most important room in every house. By providing the space to cook good and nutritious food, a functional kitchen plays a key role in making sure you and your household lead a healthy lifestyle. Renovating your kitchen would, therefore, be a great way of adding value to your home before putting it on sale.

Remember to upgrade the flooring, countertops and cabinetry to something new and elegant. If you can, put in a new kitchen island- this will make the kitchen even more functional.

Calling in a professional remodeling service will make sure you have someone you can entrust your home to. Although some home renovation projects may be quite expensive, it’s possible to get almost all your money back when you put your house on the market. These projects have great return rates, and will make sure you sell your home without having to compromise on prices.

How are Millennials Impacting the Housing Market?

How are Millennials Impacting the Housing Market?

The impactful strides towards economic recovery have resulted in an influx of millennial homebuyers. The ability to pay their debts and advancements on time through their careers has accelerated confidence in owning homes. In fact, the homeownership rate is four times higher than any other age group, making this a heated topic of discussion. According to projections soon, the smaller cities will run out of space, owing to the housing boom powered by this generation. However, millennials do not view homeownership as permanent as they change houses from now and then. Let’s review the expected millennials’ impact in the housing market:

Technology-Driven

No life of a millennial is complete without technology. It is not a surprise; most of them deploy technology in the process of buying homes. This has fundamentally changed the duties of real estate agents and brokers. As a result, the housing market has adapted to new marketing strategies and methods.

Suburban Appreciation

The standards of living in urban centers have soared, as the majority of the millennials nowadays are opting for suburban homes. Mostly rental market is the contributing factor to urban life audacities. Due to the many cost-conscious millennials, the housing market will have to shift for cheaper suburban homes.

Increased Competition

As the economy continues to strengthen, the majority of the millennials will actively participate in the housing market. This will contribute to higher levels of competition in the housing market as investors strive for perfection to satisfy their customers. This means the commercial real estate investors will have to focus on new constructions rather than the “fixer-uppers.”

Transparent Information and Communication

Due to the housing crisis and frustrations, many millennials value having access to trustworthy information. Thus, the housing market will have to adjust to an airtight system of keeping the customers happy and mitigate the risks. This is only achievable through authentic communication mechanisms.

Millennials will continue to shape up the housing market according to housing dynamics. Their preferences will be significantly crucial to favorable housing market evolutions.