Real Estate

10 Tips for Buying and Managing a Rental Property

With a steady stream of income and the potential for decades of generating a healthy cash flow, buying a rental property appears to be the ultimate real estate investment. Yet, even the savviest entrepreneurs find rental properties to represent money pits that return nothing more than perpetual misery. How do you turn diligent research into a profitable lesson on how to invest your hard earned money in a rental property?

The key is to follow 10 tips for buying and managing a rental property. The property management specialists at Utopia Management want to emphasize that knowing how to manage a rental property is just as, if not more important, than knowing how to buy it.

Make it a Turnkey Investment

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Should you invest in real estate that requires plenty of work to achieve a higher rate of return, or do you accept a lower rate of return on a proven rental property that requires little, if any maintenance to get ready for tenants. When you invest in a turnkey rental property, you invest in real estate that is already in selling shape for prospective tenants. It is the right move for most investors, especially rental property investors in the game for the first time.

Establish Financing First

Buying a rental property invokes the classic “cart before the horse” axiom. The point is do you search for a rental property first, or do you lock up financing before you begin your search? The answer is to develop a realistic budget, and then return to the budget when you find a rental property you can afford. Then, the time has come to discuss financing options.

You can expect to hear a wide variety of advice on how to finance an investment in a rental property. The issue is not how you plan to finance your investment. Whether you opt for a 30-year mortgage or use the profits earned from another business venture, the key is to organize financing for a rental property investment long before you begin the search for the perfect real estate investment. There are plenty of online marketplaces that help get the ball rolling on the financing of a rental property.

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Familiarity Breeds Profits

They say familiarity breeds contempt, but for real estate investing, familiarity is the best friend of investors. Take advantage of experience to gain a competitive advantage in the investment of a rental property. You do not have to invest in a rental property in your childhood neighborhood, but you should invest in an area that you know well. For example, a college professor should look at rental properties in an area near the school where he or she teaches. A professional who works and lives in a downtown neighborhood should consider buying and managing a property located to both home and work.

Delegate Management Responsibilities

Do you have the time and patience to handle late night emergency phone calls that involve responding to a plumbing issue? Do you want to spend every minute of the day dealing with tenant complaints about noise and other nuisance issues? Is there enough time in your day to chase down tenants for delinquent rent payments? Let’s assume you answered no to all three questions.

You do not have to be active in managing a rental property to benefit from the cash it generates. Hiring a property management company that has acquired all the proper state licenses is a great idea for rental property investors from all professional backgrounds. In addition, a professional management company understands state law that includes the legal rights granted to tenants and property owners.

Marketing Made Easy

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Finding the right tenants should be the primary goal of any rental property investor. Placing a few ads on Craigslist and hoping for the best does not cut it any more in the hyper competitive world of real estate. You need to be active on social media, such as promoting your rental property on Facebook and Instagram. Video marketing can help you attract the attention of potential tenants by highlighting the best visual features of the rental property. Start an automated email campaign to keep interested prospects informed about property-related changes.

Vet Prospective Tenants Like a Detective

If you decide to be active in the management of your rental property, you should screen potential tenants like a detective investigating cold cases. Running a background check is a good start, but you also need to check both personal and professional references. Run a credit check to determine how consistent a prospective tenant pays his or her bills on time. In addition, ask every prospective tenant to list at least one reference from a rental property owner or management company.

Get Paid Online

Some tenants come up with creative explanations as to why rent was late. The “Dog ate my homework” strategy can lead to countless hours wasted tracking down tenants to pay rent. The solution to the rent payment dilemma is to establish an online system for paying rent. With just the click of a button, you receive monthly rent payments that automatically come out of tenant bank accounts. You can ask for debit or credit card information to start the online payment process.

Understand Rent Control Regulations

Every city implements rent guidelines that cover everything you need to know about buying and managing a rental property. One of the guidelines explains the process for collecting the amount of rent allowed under municipal law. Referred to as rent control, the process requires property owners to present formal applications to increase rent. Knowing how much you can charge for rent plays a huge role in determining whether an investment in a rental property is worth the financial risk.

Buy Low

Look at buying a rental property in the same light as an investor views the value of a stock or a bond fund. Buying when real estate prices are low is the best strategy for earning the highest return on your real estate investment. A recession is the best time to buy, since demand should fall well below supply. Economic conditions should be a strong influence that determines when you jump into the real estate investment game.

Network with Other Rental Property Investors

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You can learn from your mistakes, but why experiment with failure when you can learn from the mistakes made by other rental property owners. Network to gain the information you need to make sound business decisions. This is an especially helpful tip for first time rental property buyers.

7 Reasons to Start Investing In Real Estate at a Young Age – 2020 Guide 

New investors are constantly trying to buy properties, and most of them are overwhelmed by current younger generations who are getting into real estate. The market is flooded with younger entrepreneurs, especially in the USA. You can never be too young to get into this business, and there are no wrongs or rights with real estate. If you wish to know a bit more about real estate, as well as why and how to invest in it, keep on reading and find out all there is to know!

Why you should start investing in real estate at a young age? Top 7 key reasons

1. Long-term wealth

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For most people, investing in properties and getting into real estate means wanting to grow over the years. Most properties are estimated to grow throughout the years, which means that you should think ahead and make your plan if you want to make a long-term profit. If you wish to know how to invest in properties and be a part of this business, learn more and browse through some amazing real estates around the world! You will learn that real estate is an $8.9 trillion market and that there is a piece of it for everyone who wants to get involved!

2. Expect the dips and learn how to deal with them

Dips in the market don’t really matter since they are quite frequent, and they shouldn’t scare you. However, you should be prepared (mentally) for them to occur. Rents usually do not change during recessions. Do regular evaluations and see what you’re willing to settle for. If the market crashes, think twice before you start to lose your control. The sooner you learn how to manage your money and your property in a stressful situation, the better you will feel and come out of this experience.

3. The younger you start, the sooner you learn

Your first property ever is probably not going to make you or break you. This first real estate is an amazing learning curve that you should embrace and look into. The younger you start to invest, the longer you have to master and refine your skills. In a couple of years from now, you will have an amazing skill set and knowledge that others will admire.

4. Time is on your side

You have loads of time ahead, and you are in good luck since you can research, learn, and fail over and over again. If you are not an at-home mom with two kids, time is on your side! You can learn through constant trials and errors and enjoy the process on its own. Just be patient and give it enough attempts before you call it your next calling.

5. You learn how to manage risks in a different way

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Most people will manage and evaluate situations differently when working in real estate. You will gain a whole new approach to the business side and your motivation level will be higher when compared to your peers. Learning how to do some risky tasks and how to balance your work-life and private life will come in handy, especially if you are in your early twenties.

6. You can retire sooner

If you are someone who thinks ahead, this is an amazing benefit for you! You can retire early and enjoy your late 40s the right way! On the other hand, if you were to invest in some properties in your late 40s you’d have a hard time getting to your retirement and settling beforehand.

7. Baby steps win the race

Younger folks can take their time and invest constant trials and errors in figuring out how to do this business.

Tip: Try to find a partner since this can be way more fun for both of you, and you won’t get bored in the process.

Go little by little and remember that sometimes slow and steady wins the race!

How to start? Top 3 helpful tips and tricks

  • Education is important

You will have to educate yourself on diverse topics. If you are a money-hungry individual and you feel as if this is an amazing opportunity, make sure to invest loads of hours when doing your research. You can choose loads of different solutions: you can study through online material, you can turn to school, listen to podcasts, the list just goes on and on! Nowadays everything is a lot more accessible than before, so you won’t have to worry about getting the right knowledge.

  • Find a partner

As previously mentioned, we highly recommend getting yourself a business partner who has been through it all! You can invest with someone in several different properties, and you should aim for a person who has experience in real estate, and someone who is not that older than you. You can talk with them about deals, and figure out if you want to go the 50/50 route, or if you wish to give them a higher percentage while you lay back and relax for some time. You can talk the process through with them and make deals however suits you. You can also make deals according to your schedule, your holiday plans, etc.

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  • Do house hacking

Ever heard of this term before? It involves purchasing several different properties (such as duplex, triplex) with several different bedrooms and renting them out to cover your expenses. You should also consult with a local mortgage agent to determine if you qualify. This way you can get started and enjoy:

  • Building equity
  • Gain the needed experience as a property manager
  • Gain experience as an investor
  • See how difficult and challenging it truly is before you start working with larger properties

This is amazing insight info, as well as a great first step to your ”real” real estate business.

Ready for your real estate journey?

Are you ready to start this journey on your own, or do you feel as if you need a partner? Both men and women can have fun in this business, and you can make a decent living if you start at the right time. Do you feel ready and are you willing to make this leap of faith? Let us know your thoughts on property hunting and real estate, we would love to know!

Shift To The Suburbs: How COVID-19 Changed Real Estate Trends

At the start of 2020, real estate experts had a notion of what was up next. They’d identified a set of cities primed for real estate investments and made projections regarding sales trends. Then, COVID-19 struck and everything went sideways. The economy crashed, unemployment rates skyrocketed, and cities and towns across the United States shut down in an attempt to contain disease spread. From a public health perspective, it was a nightmare, but through the lens of real estate, things were not as disastrous as they might have seemed – especially in the suburbs.

Since the start of the COVID-19 pandemic, there have been several key factors that have come together to keep the real estate market moving – in particular, falling interest rates. That fact, in combination with the restrictive nature of living in a city during a pandemic, has served to fuel home sales and even bolster investments at a time when other businesses are struggling.

Source:oakleysoutlet.net

A Good Time To Buy

One of the most common steps the Federal Reserve takes when the economy is struggling is to decrease interest rates. This encourages lending and, as a result, spending that can boost consumer confidence and trigger a recovery. It’s no surprise, then, that when the pandemic began, the Fed actually pushed interest rates down to historic lows, with the result being a spike in suburban mortgage applications. Anyone familiar with the housing market knew they wouldn’t see rates like this again any time soon.

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Of course, lowered interest rates can’t necessarily counter job losses, which is one reason why some people have been surprised by the real estate industry’s success at this time. For example, Houston has seen some of the most significant joblessness numbers in the country. This issue has primarily impacted renters, however, allowing people with secure jobs and sufficient income to take the leap and become homeowners, particularly by moving to the suburbs.

Greener Pastures

It’s not just low interest rates that have driven the increase in homeownership. After a decline in sales during the first few months of the pandemic, suburban purchases spiked as city dwellers – tired of being cooped up in overpriced, crowded apartments – decided it was time to decamp to greener pastures. In particular, urbanites with children felt like it was untenable to remain in the cities and, for those who weren’t so wealthy as to have vacation homes to retreat to, a move was the only option.

The likelihood that people would be working from home for the foreseeable future, and that children of all ages, including college students, could be attending school from home has also played a role in these relocations. Most apartments don’t have room for a home office – and certainly not multiple home offices. Buying property was a way of making room for a new way of life.

Katy: A Case Study

Many suburbs have seen a spike in home sales, but some have had a particularly sharp increase, Katy, Texas among them. Area experts cite several key reasons for this. First, even relative to other suburbs, Katy has an abundance of green spaces and outdoor amenities that make it possible for people to exercise, explore, and even socialize with minimal risk. The city is also close enough to Houston for people working in the city to commute post-pandemic, but Katy is comparatively affordable, whereas Houston is one of the most expensive cities in the US.

Another reason that Katy has done well as a relocation destination is that it had a rapidly growing job market pre-pandemic. Many of these jobs are in manufacturing, healthcare, and other stable industries, and a number of companies have signed commercial real estate contracts there, even since the start of the pandemic.

Job prospects in Katy may be good enough, taken in combination with low mortgage rates, to encourage investors to purchase residential properties in the area. Though this isn’t a great time for rental properties in general – many landlords are struggling to fill their vacancies – larger, suburban rentals do still have an advantage. In terms of space, these rentals are much more affordable, which could attract middle income tenants who aren’t ready to buy, without forcing them to spend more money.

Finally, investors can even ensure the stability of their properties by working with a property management company. According to Green Residential, which works with Katy-area owners, they provide rent default insurance to protect owners’ income, preventing financial shortfalls. Taken together, these trends suggest that, at least in the right areas, the pandemic can still create opportunities for homeownership and real estate investment.

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The Big Picture View

Some suburbs may be thriving in the midst of the pandemic, but it’s important for anyone looking at real estate during this time to carefully research their chosen area, as pre-pandemic conditions, along with other local traits, are an important factor. Areas with lagging job markets pre-pandemic make poor investments, no matter how far home prices fall. And in some areas, suburban home prices aren’t falling – they’re actually rising.

Given the complexity of current economic and public health conditions, it may be helpful to reframe homeowners’ suburban flight as less the result of the pandemic proper, and more closely tied to homeowners’ reconsidering what they value. Cities have always been a status symbol and, for some, they always will be. For others, though, cities were little more than an expensive default, and the pandemic has allowed them to consider other options. Suddenly, open space seems more valuable than museums, room to stretch out more valuable than public transit.

We won’t fully understand the impact of the COVID-19 pandemic on the real estate market and overall residency trends for several years, at least until the economy finds its new normal. As more people face the reality that they’ll be working remotely at least part time for many years to come, though, the suburbs are likely to remain appealing. While some will always cling to cities, some former city dwellers now have a clearer view of what life could be like. And if that’s a choice between a small apartment in a city where disease can spread unchecked with great speed and a suburb where they can enjoy their family’s company – well, that’s not a choice at all.

Isaac Gutman Says Learn From Commercial Real Estate Mega Deals

Isaac Gutman is one of the great, innovative business leaders and real estate entrepreneurs emerging out of New York City. Currently, he is CEO of Ryer Investments, a hyper-growth NYC development and real estate management firm headquartered in Angola with holdings throughout New York City, Brooklyn, and the Bronx. Isaac Gutman was named one of the real estate visionaries and development professionals in New York City. He is frequently quoted as an expert on construction planning and major capital investments in the media and is a recurring contributor for the Real Estate Daily Report. Isaac Gutman is an esteemed member of HGE, a highly selective community for entrepreneurs in the real estate sector that includes some of the most passionate and successful entrepreneurs across the globe.

Over the past ten years, there have been numerous mega-deals in commercial real estate: purchases totaling more than $100 million. In South Florida alone, the industry saw a dozen mega deals, including six in Miami-Dade County. Savvy real estate investors can see the value in these investments and are taking advantage of them moving forward.

1. The Hottest Cities in America

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Around America, some cities simply outperform others in terms of the number of mega-deals available in the area. These include:

  • The Dallas/Fort Worth area
  • Chicago
  • New York

In these areas, commercial real estate may not be readily available, but when it does go on the market, it has the potential to offer a substantial return on that investment. Many investors recognize the importance of investing in these key areas.

It’s important, however, not to rule out smaller areas. Many millennials are leaving big cities finding that they simply don’t have the funds to live in these big cities, even if they have the skills needed to jump into open jobs and fill talent gaps within their chosen industries. As a result, many people are shooting for a higher quality of life in smaller cities that offer the same opportunities—which means those mega deals are likely to be around for some time to come.

2. Warehouse and Industrial Properties Increase in Popularity

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Now, as never before, savvy investors are looking to warehouses and industrial properties. These properties have immense potential for the online shopping market: more customers than ever are shopping online, and they not only want their products at lower prices, they want them fast. Offering warehouses and industrial properties around the country makes it possible for many of those online shopping giants, including such big names as Amazon, Target, and Walmart, to reach their customers no matter where they live, allowing them to enhance their services to their customers and keep goods moving smoothly around the country.

The Twin Cities area, for example, saw record-breaking sales, both in terms of overall volume and the purchase price of a specific property, in 2019—and, in spite of economic challenges plaguing the beginning of 2020, the market seems set to continue to grow. The increasing number of customers turning to online ordering in light of the pandemic may actually fuel the growth of the triple net (NNN) industrial leasing industry further.

3. Shifting Home Ownership Trends

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Millennials have a unique perspective on homeownership. Many of them have little desire to “settle down” in a home that belongs to them. They’ve grown up through economic uncertainty—and in fact, many millennials have fewer financial opportunities and lower financial portfolios than previous generations. As a result, they’re choosing to live in rental properties longer.

In many cities, this decision is fueling strong demand for apartment complexes. Millennials, especially those who are waiting longer to start families, are often content to live in apartment complexes, especially those that offer the amenities they want most from their investments. As a result, they’re comfortable in those spaces—and apartment complexes make an excellent investment in many areas.

4. Changing Office Space Needs

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Many employers are revisiting their office spaces. Instead of offering employees more individual spaces, offices are looking into open spaces that encourage collaboration. Savvy investors, however, will consider how COVID-19 and the resulting social distancing measures may continue to impact this strategy for some time to come: many investors may find that an increasing number of offices shift to allowing remote work, which may change the design of the physical office substantially.

Changing the way investors offer spaces to office managers means remaining innovative and aware of the latest trends in the industry, even as things start to shift back to normal. Flexible working environments, including spaces where workers can rent office space, are likely to rise into higher demand as more offices offer remote work possibilities and employers look at a global workforce, not just a local one.

Savvy commercial real estate investors must stay on top of the latest trends in order to make the most of the opportunities available in front of them. In many cities, demand continues to rise—and how you respond to those needs can make a substantial impact on your financial portfolio.

Buying House in Italy as Investments: Short Term Rental Opportunities

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An old saying goes, “You are as rich as you travel.” Many people, especially those passionate travelers, will attest to this. With each new journey, a person develops, expands his horizons by getting to know a new culture and peoples. Also, everyone needs to change the environment from time to time and relax, not thinking about every day’s work and routine.

People choose different destinations. While some enjoy touring the world’s famous metropolises, others find pleasure in touring rural areas or less developed countries. Nevertheless, this country meets the criteria of even the most discerning. Of course, this is about Italy. From world-famous ski resorts, through incredibly beautiful beaches, to Rome and Venice, this country will satisfy the senses of everyone who visits it. Italian cities exude art and amazing architecture. Also, Milan is known as one of the capitals of high fashion, so we don’t have to explain why women love this city and this country.

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What we can say with certainty is that this is a country where you will certainly not be bored. For the more romantic, there is Verona where the house of Julia is located. There is no person who hasn’t heard of Romeo and Juliet, and by coming to this place, you’ll feel like you’re at the center of the story itself. You can continue a romantic weekend with a loved one by gondola ride through Venice. For art lovers, Rome, but also other cities have a lot to offer, because that is where many museums and galleries are located. We have already mentioned many beaches you should visit. This country is also known for its wines, so it is inevitable to visit Tuscany. Italy offers you much more, but to experience it, you have to visit this country.

Many tourists opt for hotel accommodation, but very often this does not prove to be the best solution. Why? While hotels offer full service, accommodation, food, and room cleaning, sometimes lunch or dinner is just what can “spoil” your plans. We have already listed a few places that every tourist should visit when they come to this country. However, for all this to arrive, it may happen that you will not arrive for lunch at the hotel at the planned time. This will also lead to additional costs, as you will have to order elsewhere if you want to go outside where you are staying, or to go back to the hotel not to miss the dinner.

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For real travelers, eager to visit as much as possible, the right solution is to rent private accommodation. This will not hinder your adventures, and on the other hand, you will not have to worry about cleaning and changing the bedding. You can prepare your food, and when you are already in Italy, you should not miss Italian cuisine and try some of the specialties. Staying in a rented house will make the time spent here more beautiful, you will feel relaxed, like at home.

For those who are thinking of buying a house in Italy, this could be a reason that will prevail to do so. In addition to always having a place where you can go on vacation and enjoy with family and friends, this will also be a great source of income, because when you are not there, you can rent it. With this, you are constantly gaining.

Before you realize this idea, it is important to think about the target group, whether you want your guests to be more family people who will enjoy nature with their children or young people who would rather go crazy and enjoy the nightlife and city tours. This will help you to decide what location to choose.

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As for the conditions you must meet to buy a property and start this business, you can find out more by clicking on Accountingbolla.com. Here you can find answers about taxes and your responsibilities to the country and much other useful information for starting a business. What we can say is that you, as a host, will have to meet some conditions: you will have to provide a check-in service, prepare a contract for the guest to sign, provide a cleaning lady who will clean the house and change the bed linen, and issue a service bill rentals.

Such kind of business is required as a business activity, and in case you want to provide extra service, you are required to operate as a business, which allows you to provide extra services, writing off costs associated with the portal fee, and also allows you access to public grants and loans. All those who stay longer than 30 days are automatically considered permanent residents, and as long-term tenants, they meet the conditions for schooling, voting, health care, and zone parking, while temporary tenants – tourists, cannot ask any of these benefits. In that case, taxes and utilities are the responsibility of the landlord.

To characterize your house as a furnished holiday let, it has to be available to tourists and not to be rented to family and friends, or to the long-term tenants.

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Also, if you do not file your taxes, it will cost you 250 € – 1024 €. One more interesting thing is if you rented via an internet portal, you are not obliged to pay taxes, but you are wrong if you think you can cheat the system. Every time, after somebody rents a flat via the internet portal, it automatically sends a recap return to the tax office.

You are probably wondering if foreign nationals can buy property in Italy. The answer is yes, but only if there is an international agreement between Italy and the country of origin of the potential buyer. Also, if the foreigner is an EU citizen and the agreement that allows mutually requested activities between Italy and foreigner’s country exist, you can buy a property.

Study all the necessary information well, and combine the pleasant with the useful!

Tips for Getting a Home Loan in 2020

Getting a home loan in 2020 might be a challenge given the many mortgage options and the low affordability of homes. While finding the right home can be exciting; getting the loan to finance your dream home is equally important. If you’re considering taking the plunge and finally buying a home, make sure you’re doing it smartly and not getting yourself into a loan you’ll regret. Here are ten tips to help you acquire a home loan amid the 2020 real estate trends.

1. Save Early for Your Down Payment

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If you want to buy a home, you need to start saving for the down payment as early as possible. Down payment can be as low as 2.25% or as high as 20% of your home’s buying price, depending on the financing option you choose. With this information, you can decide how much you can comfortably save and work on a plan that allows you to put away the amount every month.

The earlier you start saving, the more money you’ll have for the down payment and other home-buying costs such as moving expenses, closing costs, and home appraisal and inspection costs. If you are on a tight budget, consider financing options with low down payments like FHA.

2. Check Your Credit Score

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Lenders use your credit score to determine your suitability for a loan. A lower credit score means you are a high-risk investment. Before you set out to buy a home, check your credit report to see what your credit profile looks like to lenders. You can then put up measures to ensure that your credit score is high enough for you to acquire the best home loan deals.

The good thing is that you can get your annual credit report from credit reporting agencies like TransUnion and Equifax. You can also get your credit score at a small fee. If your credit report has errors, you should have them corrected immediately.

When it comes to credit scoring systems that use a range of 300-850, a credit score of 700 or above is usually considered good. In the same range, a score of 800 and above is considered to be excellent. Most commonly, a credit score falls somewhere between 600 and 750. If you have a higher credit score, it means that you’re seen as more responsible to lenders. As such, they will have more confidence in you to lend you more money.

A variety of organizations use credit scores. Lenders can include banks providing mortgage loans, car dealerships, and credit card companies. All of these organizations use your score to make a choice about whether or not to offer your credit like a card or a loan, as well as what your down payment and interest should be. You may have heard of the FICO® Score, but this isn’t the only type of score there is. There are many types of credit scores, including scores by VantageScore and industry-specific scores.

3. Have All Your Financial Documents in Order

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When applying for a mortgage, you will need to provide financial documents to convince your lender that you can pay back the loan. With this in mind, ensure that all the necessary financial documents are in order. These include tax return for the last two years or your recent W-2s, your previous two paycheck stubs as well as bank and brokerage statements. With your documents in order and readily available, your home loan processing will be much easier and faster.

4. Make Use of Mortgage Calculators

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A mortgage calculator helps you establish what you can afford when buying a home. Use a mortgage calculator to figure out your mortgage installments, given different prices and interest rates. This way, you can plan your finances better and avoid going outside your financial comfort zone.

5. Compare Different Offers

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It would help if you didn’t settle for the first quote or lender you find. Have a look at various financing options and compare them before choosing a suitable alternative. Look at factors such as the interest rates, flexibility of payment, fees involved, and even mortgage premiums when comparing different financing options. A better way is to look at the Annual Percentage Rate (APR) of different lenders as it represents the overall cost of your mortgage and gives a more accurate comparison figure. There are several different types of mortgages. You can learn more about them here.

6. Track Interest Rates

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Since the cost of your mortgage will be highly dependent on the interest rate, you need to know whether they are rising, falling, or stagnating. This helps you predict what you’re likely to pay for your home loan once you secure it.

7. Get Mortgage Pre-Approval

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A mortgage pre-approval not only shows you how much you can borrow but the price range of the homes you should consider, too. It also improves your chances of homeownership as most real estate agents and sellers prefer working with pre-qualified buyers. What’s more, pre-approval shows your seriousness when placing offers on homes. To be pre-approved, you only need details of your income, savings, and investments.

8. Research Your Mortgage Options

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Mortgage options differ from one lender to another. Some offer fixed-rate payment schedules while others are adjustable. By understanding the nature of your available loan options, you will be in a better position to choose a home loan that suits your financial situation.

9. Always Communicate Promptly with Your Lender

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After applying for a loan, be sure to respond to any requests by your lender promptly. Whether your financier is looking for clarification or asking for more information to process your loan, ensure that you provide immediate feedback. Delayed responses may lengthen your loan approval process, which results in problems that may cost you your dream home.

10. Don’t Ruin Your Credit

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Lenders usually take one last look at your credit status before closing to make sure your credit score hasn’t dropped, and your debt-to-income ratio is not higher than it was. To avoid ruining your credit, pay your bills on time and avoid taking new credit or applying for new loans before your home loan is closed.

Top Tips to Sell Your Property in 2020

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It is estimated that a person spends nearly $20,000 to sell a home. That includes the cost of repairs, painting costs, staging costs, the commission you need to pay to the real estate agent, moving costs, etc. The more the delay in selling your property, the more you are going to spend. Hence it would be best if you always tried to sell your property as fast as possible but also at a reasonable price. A few ways to sell your house fast are given below:

Understand the property market

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Understanding the property market does not mean that you should know everything about the real estate sector; it means you should know what a buyer is looking for. You have a property, and you should find the person who is also in search of such a feature. It would be best if you made sure that the property is ready to be sold, you should ensure that the person visiting is excited about buying your property. To that end, you need to think like a buyer and not as a seller. Look at your property and find as many faults as you can and then rectify them. Make the house look like how you would like it to have been if you were buying it. Add value to the property, and the buyer will buy it.

Renovate

Do not sell your home as-is. If you are going to sell your house as-is, you will be quoted a meager price by the buyer; it is always better to do some simple renovations that are not too heavy on the pocket but can add value. You should first check the electrical fixtures and wiring, and if anything needs to be repaired or replaced, you should do it immediately. The plumbing system is another which should be taken care of. Houses need to have a lot of natural light filtering in, and if any structures are blocking natural light, they should be removed. Paint all the walls of the house; choose the colors that are pleasing to the eye. These small renovations will have a significant effect on the buyer, and you can even sell your home fast. You can quote a higher price after you make these small changes.

Pricing

When you set the price, you should not set it too high, or you should not set it too low. You should do your research; find out what the local real estate prices are, and based on the information, you should set the price. If you set a high price, you will not get many buyers, and if you reduce the price because of it, you will still not find any buyers as the buyers will be waiting for you to slash the prices more. If you set a meager price, again, the buyers will be very skeptical and will not want to buy the property, fearing that there would be problems with the property. If you, however, set a price after evaluating the local rates, the chances of more buyers visiting your property are high. You can also take the help of real estate agents. For more information, click here.

Hiring the right real estate agent can save you thousands in the long run. They are able to negotiate the price or find you the best deals and fulfill your expectations. So before you go house hunting, make sure to compare different agents at UpNest and find the one suitable for you. The more you spend looking for representation, the less you will spend looking for houses. And this goes for pricing and time as well.

Timing

Source:home-truths.co.uk

Every product has a season when it will sell more. For example, air conditioners will sell more in the summer, and a heater will sell more in the winter. Similarly, when it comes to property, timing is everything. Ideally, you should list your property in the summer months because most property deals are closed in the summer. People move to new homes before the school season starts, and hence it is generally believed to be an excellent time to put your house on the market. People tend to visit a lot of homes before deciding on buying and in summer they can do it better rather than in the winter month. Property sells in winter too, but summer is the peak period.

Marketing

As with every product, even your property needs marketing. Unless someone knows that your property is on the market, how can you expect buyers? In this technological age, it is easy to list your property. Many websites allow a seller to list their properties and many people visit these websites to find out what features are on the market. Another option is to create a Facebook page for your property and then list it in various property groups and forums. Also, you can create a video and put it on Youtube or similar websites. And last but not least, do not forget to put a For Sale sign in your curb.

Staging

Source:rate.com

Staging the home is necessary for you to sell your property fast. If you thought that the renovations, as mentioned earlier, were stepping, then you are wrong. It can be a part of staging but not the whole staging process. The improvement is a necessity, and it helps you to reduce the chances of the buyer asking you to lower the price. But staging helps you sell, and an expert who stages a house does it with minimal expenditure. You can stage a home by removing excess furniture, your personal belongings, and clutter and make the house look more substantial. Adding a mirror at a few crucial places will also provide the same illusion. Getting the windows cleaned and even opening the drapes to let in air and sunlight is not going to cost money, but it will give you good rewards. You can remove an old rug or move it to another place to make the home seem brighter. Folded towels in the bathroom are known to enhance the look and feel of the bathroom. Fruit bowls on the kitchen table add to the beauty of the kitchen. Colorful flowers in beautiful vases placed in prominent places around the house add a lot of value.

In conclusion, we can say that though selling a property is a demanding process, you can enjoy it and also sell quickly by using the points mentioned in the article.

Why Miami is the best Market for Real Estate in 2020

Thinking of buying up some property of your own in the New Year? Contrary to popular belief, one of the best places to buy said property could well be in Miami. The prices are so low you are sure to snap up your dream property at a price you will love. Not sure if Miami is right for you? Let’s take a closer look.

Miami is the Best Place to make Real Estate Investments

Image source: 4zida.rs

In the last few years, the Miami housing market has managed to attract some negative press. With a slightly higher than average crime rate and a reputation as a holiday destination; this city rarely gets considered to be one of the better places to settle down… the reality of Realty in Miami could not be further from the truth.

Those follow the news will note that even the local papers are commenting on the lack of houses being sold. There is no new blood coming into the city; there is a distinct lack of high flying buyers or property investors. We hope to see this change in the coming years. As it is, there has been no new growth in the Miami housing market for the last year – and rumors are that the prices might actually be falling. Whatever the truth of the matter: it means one thing for certain. The Miami Real Estate industry is a buyer’s market, with prices very nearly on the floor.

Price, as much as it matters, isn’t the only reason that you should consider purchasing property in Miami. There are a whole host of other reasons, some of which are as follows:

  • The weather – Miami is in the sunshine state. This means that even December sees temperatures well above 20 degrees. This is great – especially for those of us more used to a little snow!
  • The Diversity – Miami has been nicknamed ‘the Magic City’ for a reason. There are all sorts of cultures here, all living alongside one another without clashing.
  • Home Prices have Peaked – this means that there is only one direction they can go in. If you want to buy and not resell then this is the city for you!
  • The beach – and the bay – and the water…. Everyone loves that soaking-up-the-sun lifestyle you can only find in Miami.
  • The Everglades are on your doorstep – those that love the freedom of the great outdoors should grab their tent and move to Miami – immediately!
  • Miami is known for the arts. Think of all the wonderful neighbors you could have!

So if we have convinced you that Miami might be the best place to buy real estate in 2020 then you should take the next steps towards taking the plunge…

Predicted Housing Market Trends in Miami for 2020?

Image source: miamirealestate.com

So as we move into the New Year, what sort of trends are we likely to see in Miami Real Estate? Our expert analysts predict that the Real Estate market in Miami is due to pick up. Indeed, this is a trend we have been poised, waiting for, for the last few quarters. Besides the forecast upwards turn, what else can we expect from Miami Real Estate in the coming year?

The Coming Months in Miami…

The coming months in Miami should see the continued stability of property prices. Statista puts the median home value in Miami at just under 200k at the tail end of 2019. Going into 2020 we expect that the governments scheduled 6,725 new homes to be built across a three year period will be steadily outgrown by the expected 17,3550 new properties that will be demanded. Since there is such a huge disparity in figures, the State estimates some of the 60k excess properties will soak up the extra.

What does this mean to you and me? Well, it means that the likelihood of owning a brand new house in Miami is slim to none. If you want to take advantage of this disparity by buying up some of the property and converting it to rental space, then this would allow some of those displaced residents a place to live. If you can take advantage of this then you could be in the money.

How much are Miami Renters Paying?

image source: property-aces.com

If you were to take advantage of the gap between new housing produced and new resident’s demand then you could rent a property to some of the 13k citizens that will still need a home. The easiest way to do this is to buy a property and rent it out. If you were to do this, the average rent you could earn on a Miami property would be roughly 1.7k for 888 square feet of apartment… this high figure is the reason nobody rents in Miami!

The Growth of the Luxury Apartment Market

One thing we have noticed – and that has been cited by local news sources – is the distinct lack of newer, high-end properties coming on the market. It seems that the production of new apartments of this type has stabilized, allowing the Miami real estate market to recover from so many years of luxury holiday builders!

We predict that 2020 will see a momentary continued pause in new luxury apartment production in Miami. Instead, the newer apartments and condos will focus on being more economically friendly. We expect to see that the majority of the scheduled 6k or so new homes will be designed to accommodate the younger family. We also suspect there will be more of a drive towards long term Miami living, and less of a drive towards vacation accommodation.

That being said, the Miami real estate market is known to fluctuate now and again… and we do not have a crystal ball! What we can be sure of is that the Median rent and the cost of a new condo aren’t likely to fall any time soon. The savvy take advantage of this… while the rest of Miami looks on in envy!

Buying Property in Miami?

Buying a property in Miami might be the best decision you ever make – but no house sale is easy. If you have decided to take the leap then contact us today. Fortress Realty is a well known name in Miami Real Estate, so you can check them and see what they can offer to you.