As the summer winds down, you might find yourself thinking of your summer vacation and thought to yourself, “I wonder what it would take to buy a vacation property there?” Buying a second property, whether for extra income, enjoyment, or both, is a step that many decide to do in their lifetime.
When buyers enter the real estate market and consider their budget, they think of what their monthly mortgage payment will be. Most consider if they can afford that payment within their monthly income. The thought about how much of that payment is going to interest is most often an afterthought. It can be alarming to see how much interest you will pay on a mortgage over the life of a loan.
A healthy economy usually goes hand-in-hand with strong property appreciation, so it pays to do your homework. There are five things to look at when making this evaluation and this article outlines those.
The kitchen is one of the most-used rooms in the house and one that can be most difficult to keep clean and looking sharp for potential buyers. But with a little planning and deep-cleaning up front, you can keep the mess at bay. Included are ten recommendations for getting and keeping your kitchen in tip-top shape when it is listed.
Lighting in a room is as important as paint color and furniture and it is critical for whatever function the room dictates. However, many people don’t consider changing the lighting, especially if it includes built-in such as recessed lighting or flush-mount light boxes in the center of a bedrooms. You don’t have to settle! There is a lot of ways you can improve!
If you are considering purchasing an income-producing property, whether for short-term or long-term rentals, although the rent (potential income) received is usually the most-attractive part of ownership (along with anticipated appreciation), expenses usually take a huge bite out of that income. And really, the potential gross income is not as important to your bottom line as the potential net income.
Have you ever thought about how people used to buy property before there were modern banks, mortgage brokers, and underwriting? Mortgages have been documented in history as early as 1190 in England common law documents. In these early mortgages, the lender still held title to the property and, in the event of a default, could sell the property in order to recover the damages. Fast forward to the 1900s...
Homeowner insurance policies are fraught with confusing language that may have you wondering what you are really covered for in case of an emergency. Reviewing your policy and scheduling time with your insurance agent to review is a great plan. Here are some questions to begin the conversation.
Are #GarageGoals on your mind? Here are suggestions to kick-start your garage organization plan just in time for summer! If you dread going into your garage and don’t think you can find what you are looking for, it is time to revamp that garage! This article would be great accompanied by photos of solutions that you or your clients may have implemented.
People are generally confused about what median sales prices are and why they are used as a metric. Now you have the tools to explain! Complete with table, math, and a structure that allows you to input your own local median and average sales prices, this article makes easy work of explaining what can be a complex issue.
An escalation clause can be a great tool for competitive buyers, but if they don't know how it will impact their bottom line, it can be scary. Demystify the process and empower your buyers!
Taking the first step to downsizing can be the hardest, but this article can help take the first step.
Summer is the most popular time of year to sell a home in most areas of the country. There are some things sellers should pay particular attention to for showing their home to prospective buyers.
When you have multiple offers, there are still buyers who need homes. This spells opportunity for other area sellers. Get the word out in this letter.
Someone wise once said, You don't make money when you sell...you make money when you buy." Show your buyers what to look for in their next property. Hint hint! This also is a great tool to use with overly-enthusiastic sellers who want to price their home above market.
The wider the buyer pool, usually the higher the selling price. There are some things the homeowner can control and things he or she can't. Encourage your sellers to make the buyer pool as wide as possible within their control.
A small adjustment in interest rates can really affect your bottom line. Just how much? It depends on the interest rate, the loan amount, and the duration of the loan!
There are a number of different types of leases that a buyer may encounter in a real estate transaction. This article provides a rough outline, but feel free to fill in additional information from your market.