Investment Properties: How You Can Make Money In The Short And Long Term

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You’re probably well aware that there’s more to real estate than just owning your home. There are countless success stories of people who made a fortune, or even just a comfortable extra income, by investing in real estate. Here’s an overview to get you thinking about an investment property.

Improving A Home
Quickly flipping a home is one way to make money off a real estate investment, but it can be risky. A safer play is to buy a fixer upper and carefully manage costs over a year or so as you improve the property. You’re likely to get a great return.

Rental Properties
Instead of selling your investment property, you can rent it and make a good monthly profit if the rent exceeds your costs. Renting to a stable, reliable tenant can put extra money in your pocket every month for years on end. You can even hire a property manager to handle repairs, rent collection, and other administrative tasks. And if you’re ever ready to stop dealing with tenants, you can sell the home and profit on the improvements and appreciation of your asset.

Multi-family Rental Properties
Renting out a single family home is a good starting place for investment properties, but you can get an even better return once you learn the ropes and move on to multi-family homes. Buying an apartment building or dividing a larger home into several apartment units comes with some added complications with taxes and regulations, but it also comes with huge income potential.

Easy Upgrades: Tackle These Projects In A Single Day

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It’s easy to get stressed out just hearing the word “renovation.” You’re instantly thinking of having your home life disrupted by construction debris, cluttered rooms, and loud noises.

But you don’t have to spend a ton of money and brace yourself for months of inconvenience to upgrade your home. Here are a few projects that you can knock out in a single day, and they’ll greatly improve the look and enjoyment of your home.

Paint or replace an exterior door: If you know the correct dimensions and specifications for a replacement door, replacing an exterior door is a quick and easy job. That’s even more true if you’re repainting it. Preparation and a few coats of paint will only take a few hours.

Plant some low-maintenance trees: Young evergreen trees are relatively simple to plant, and after some heavy watering in the first few weeks, they’re very easy to maintain. They’ll add some color and texture to your landscaping, instantly improving curb appeal.

New light fixtures: Whether they’re on the interior or exterior of your home, something as subtle as light textures can have a dramatic effect. Swapping out traditional fixtures for something modern or industrial can completely transform a room.

New hardware: Drawer pulls and door knobs are easy to change out, and like light fixtures, they have a big impact. You’d be amazed how your kitchen or bathroom could look with new hardware.

Calling In A Professional

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Renovating your home can be a stressful and expensive endeavor. How much should you spend? Who should you trust? Who’s the best contractor/architect/designer/etc. in town? If you find yourself asking these questions as you consider a renovation, you may want to consider a renovation coach.

Expert opinions
Renovation coaches are a recent trend in home remodeling. Think of it as a project manager for your home renovation—someone who is great at working with contractors and vendors, and at keeping things running smoothly and moving forward as your renovation progresses.

Worth the investment?
Renovation coaches can handle projects of any size, and can be involved as much or as little as you like. They’re especially useful for managing bigger projects that involve several vendors and contractors, but they can also be helpful in simply recommending the best and most reputable companies for your specific project. If you don’t know who to hire to remodel your kitchen or basement, a renovation coach can be a huge asset.

Finding the right coach
There’s currently no national directory or association for renovation coaches, but it’s a fast-growing profession and chances are there’s a great one in your area. Take to the internet to find some coaches in your area—Houzz and Google are a good start. Vet several candidates and reach out to past clients to find the coach that can help you get the most out of your renovation.

Five Tips For Reducing Clutter

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It doesn’t take much time to go from a perfectly organized room to a cluttered, chaotic mess. Papers pile up on surfaces, coats and bags end up on furniture, shoe boxes and shopping bags get stuffed in the first place you can find. But if you’re proactive, you can avoid the common clutter traps. Here are five ideas for reducing clutter:

1. Have a place for the things you bring into the house each day: Do what you can do create an easy place to put your outerwear, mail, keys, phone, and the other things you bring home each day. Coat racks, mail holders, and a catch-all basket give you an easy, consistent place to put your everyday items.

2. Get a basket for once-worn clothes: There are some clothing items that may not need to be washed or put away immediately after one use, like sweaters or denim. These items often end up on the bedroom floor. Instead, put them in a specific basket for items that aren’t yet ready for the laundry room.

3. Keep kitchen tools off the counter: It’s really easy to let items pile up on the kitchen counters, and all that clutter can be frustrating when it’s ready to make a meal. To reduce clutter, use wall racks to keep cooking utensils off the counter.

4. Designate a no-clutter zone: This one’s simple. Simply choose an important surface or space (like a coffee table), clear it of clutter, and focus on keeping that one area totally organized.

5. Keep the dining room table set: Not only is a set table pleasant to the eye, but it also makes it nearly impossible for the table to gather clutter. Thanks to the plates and silverware, there’s no room for your junk mail.

How To Keep Your Utility Bills Low

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As a homeowner, costs can really start to add up, so it never hurts to take measures to help you reduce your monthly utility bills. Here are a few ways to do just that!

Electricity Bill

Saving money on your electricity bill can be done multiple ways. Some easy changes include running appliances, like the stove, dishwasher, washing machine, and dryer, at night, opting to air dry clothes, or cooking meals in a crockpot or toaster oven. Set aside time throughout the year to inspect the areas around doors and windows and seal any cracks with caulk or weather stripping. Additionally, make sure to unplug electronics when not in use or use a power strip to turn them all off at once.

Water Bill

Your monthly water bill can sneak up on you, but small changes can be made to cut costs. Install WaterSense-certified faucets and shower heads and convert toilets to low flow to reduce the amount of water used. Make sure to regularly check toilets and sinks for leaks and repair them. Opt for using your dishwasher instead of hand washing and ensure its a full load each time. Also, don’t forget to turn off water while brushing your teeth and shaving.

Gas Bill

Investing in some changes up front can make a difference on your natural gas bill long term. Add insulation in your attic and around your water heater and pipes. Make sure to repair any leaks in your ducts, inspect your furnace regularly, and check your home for any blocked vents that could cause your gas heating system to work overtime. You can also reduce the temperature of your water heater.

How To Make Small Spaces Seem Bigger

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It may seem inconvenient or difficult to decorate a small space in your home, but there are a variety of strategies to make that smaller area seem much bigger. Here are some ideas to help you maximize the space in smaller rooms in your home.

The first step for making your small space seem bigger is to clear out all unnecessary items in the room. It’s very hard for any space to look big when there is an assortment of unorganized things thrown around the room. You’ll also want to make sure that there are clear walkways that aren’t obstructed by any pieces of furniture.

The color scheme is very important for maximizing the space in a small room. Dark and warm hues can make a room feel closed off or intimate, so it’s important to choose soft colors for smaller rooms. Lighter colors give rooms a more airy, open feeling and this can be enhanced by choosing similar soft colors for the furniture, curtains, or other items in the room. If your room accessories match the color of the wall, the room will seem more expansive.

Let in as much light as possible. Well-lit rooms always seem larger and you can achieve this with thinner drapes or by making sure all windows are unobstructed. If your small room doesn’t have any windows, you can use mirrors to reflect light from lamps and overhead lighting and give the room a more open feeling. Another way to enhance the light is to use transparent pieces of furniture. Light will flow unobstructed when you have furniture made of glass or lucite.

Renovate Vs. Relocate

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Is it worthwhile to improve your property, or is moving a better choice?

Unless you built a custom home, you probably have a long list of things you’d like to improve in your current home. Browsing online listings might get you in the mood to upgrade to a new home, or you might be thinking about renovating your current home after binging on HGTV. The answer to renovation vs. relocation depends greatly on what you’re trying to fix.

Thinking about a new kitchen?
If you’re dreaming of a chef’s kitchen with new appliances and beautiful cabinets, renovating your own kitchen gives you incredible ROI and is less costly than moving. You’ll increase the value of your own home if you ever decide to sell, and there’s a great sense of accomplishment that comes with completing a custom renovation.

Need more space?
If you’re running low on bedrooms, there may not be a lot of options. Converting an existing room to a bedroom doesn’t create any new space. If you’re in a condo, an addition is probably impossible. And additions can be expensive even if it’s a possibility. Moving is usually the best option.

If the neighborhood isn’t ideal
You may have seen some potential for your neighborhood when you first moved there, but perhaps it still isn’t welcoming the shops and restaurants you expected. If that’s the case, consider moving. There’s no sense in waiting years for the neighborhood to improve, especially if you can move to a house in the same price range in a more preferred part of the city.

Tips From Interior Design Experts

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Interior design is no walk in the park. In fact, many people build their entire careers on their keen eye for making each room in a home flow beautifully. This is not to say that only professionals are capable of creating a breathtaking interior, but these tips from design experts may assist you in your next project at home.

Set Your Ground Rules: Before starting any big projects, it’s important to set some ground rules for your endeavor. You should decide how far you want to go with your project, whether that be replacing the furniture or tearing down a wall to open up a room.

Name Your Price: After you conclude how extreme your project will be, set a strict budget that will guide you through the process. Without a proper budget, you may get lost in your plans and overspend.

Find Your Inspiration: There’s no harm in consulting the opinions of others before starting a project. It may be useful to consult the prominent design blogs to see what trends are popular at the moment. Make sure to observe opposing design styles, such as minimalism and modern.

Trust Your Gut: Although it can be beneficial to learn about current trending design styles, there’s no reason to pay attention to them if they don’t appeal to you. Far too often, people adhere to design trends like it’s the law, but you should really trust your gut when it comes to design.

Move Your TV: It may not seem like a big deal, but oftentimes a TV can dominate a living room because it is placed at the center of the room. This points all the attention to the TV and away from conversation.

Three Ways To Ease Your Fears About Making A Move

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With low inventory in many markets throughout the country, many homeowners are afraid to sell their homes because they’re concerned that they may not be able to find a new one.

This can be a real problem, but if you are seeking to sell, upgrade, or find a new neighborhood there are a few ways to combat the low inventory.

1. Look to buy first

In most markets it is a real mistake to put your home up for sale before you start looking for your new property.

Identify the geographic area where you are interested in buying. Even if you don’t see anything while searching, it doesn’t mean you can’t or won’t find the right home.

2. Think outside the box

Be proactive! Keep in mind that there are probably many people like you who want to make a move but are afraid as well. Have your real estate agent send a letter to the neighborhoods in the geographic areas where you want to live. The letter should be heartfelt and personal while announcing that you are ready to buy a home in that neighborhood. You could find a home to buy that may not even be currently listed or for sale.

3. Protect yourself legally

Each state varies in how the purchase process is conducted. Talk to your real estate professional about adding a clause in the purchase contract for the home you are selling that will enable you to not sell the home if you cannot find a suitable home to buy.

Top Tips For Staging Your Home

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A recent survey from the National Association of Realtors® revealed that 77 percent of buyers’ agents said staging a home makes it easier for potential buyers to visual it as their own. That’s why staging is not to be overlooked! Here are some top tips.

Dress up your yard. First impressions count, and the first one your home gives comes from the exterior. Mow the lawn, clean up shrubbery, rake any leaves, clean the walkway and driveway, plant in-season flowers, and pull up any unsightly weeds.

Reduce personal items. Make it easier for buyers to imagine themselves making your house their home by removing personal photos and knick-knacks from shelves, walls, and counters. Instead replace them with clean, simple décor, such as abstract paintings, nature images, vases, plants, and more.

Organize your storage areas. Storage is a huge selling point. Tidy up and clear out the accessible closets and cupboards in the home and make sure to point them out during an open house or showing.

Appeal to the senses. Consider ways you can appeal to potential homebuyers’ other senses. During a viewing or open house, bake some fresh cookies or burn delicious smelling candles and play light, relaxing music in the background.

Consider turning to an expert. With their knowledge of current trends and great eye for design, professionally certified stagers can transform a home in a variety of ways and have a keen sense of what homebuyers want and expect in a home. Investing in hiring a pro may pay off in dividends.