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Smart Tips For Real Estate Investors

It’s no secret that real estate is one of the better investments you can make. If you read any blog or book about the best ways to invest your money and build a healthy financial future, then it won’t be long before you see someone who’s making the case for property. But of course, while real estate can be a profitable area to invest in, it’s not as if success is guaranteed. Far from, in fact. There have been many people who have gotten themselves burned through this type of investing. To improve your chances of success, then it’s important to keep some smart tips in mind. We’ll run through a bunch below that’ll increase the likelihood that your real estate investment venture will be profitable. 

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Know the Area

There are properties all over the world, but should you invest in them, no matter where they’re located? It’s a mix of yes and no. In general, it’s best to veer towards ‘no.’ By focusing on your home area, you’ll be able to draw on extensive knowledge of the streets, homes, neighbourhoods, and other key factors that’ll determine how much you can charge for rent. However, though you’ll want to spend most of your time and energy on areas that you understand, it is possible to look at opportunities elsewhere. Or at least, you shouldn’t automatically reject a property just because it’s not in your postal code. The key thing is to conduct as much research as possible. Remember that the valuation of a property is about much more than just the condition of the house — the location plays a massive role, too. 

Your Niche 

There are different paths towards real estate success. One of the key decisions you’ll have to make is to decide how you’re going to get there. This usually begins by deciding what your real estate “niche” will be. It could be you want to rent high-end properties, homes for families, or to students. Once you’ve figured this out, you’ll need to look at the specific details and rules for the process. For example, if you’re going to rent a property to students, then you’ll need to know about HMO, or House in Multiple Occupation; a HMO guide will run you through everything you need to know. While you may want to dabble in letting properties in different areas from time to time, you’ll find that having a particular calling to one type of property rental serves you well in the long run. 

Get Your Finances Under Control

You’ll find that everything runs much more smoothly if you have a solid grasp on your finances. While there’s a lot of potential to improve your finances on a long-term basis, there’s no avoiding the fact that there can be a lot of expenses that you need to pay too. Indeed, this is something that many people overlook. It’s not just the cost of the mortgage, but also taxes, maintenance, all that stuff. One of the best gifts you can give yourself is to get the basics of accounting under your belt. You can learn this pretty quickly, yet it’ll be something that you draw upon again and again. 

Learn Some DIY

One of the best ways to keep your costs down is to learn some DIY skills. As with accounting, actually as with all things, this is something that anybody with a little time and patience can learn. The advantage of doing so is that you’ll be able to handle some of the jobs related to your property yourself, rather than having to hire someone else to do everything. Of course, the big jobs like the electrics and things should always be left to others, unless you’re specifically trained in those fields. But the non-dangerous jobs? They should be done by you. As well as saving money, it’ll also just save time, since you won’t need to go through the process of finding someone to do the work for you. 

Work with the Best 
You can’t build anything truly special on your own. You’ll always need other people, to varying degrees. While it can feel as if investing in property is something that you do on your own, the truth is that you’ll likely have to call upon others from time to time. And not only have to, but actually want to — it’s in your best interests. There are two specific areas where you should focus on bringing in the best people possible. One is with the jobs you need to be done. This is maybe less about “the best” (unless you’re renting high-end properties), more about finding trustworthy people. For the professional roles, such as your financial advisors, you will want to find the best that you can afford, since their expertise can make a big difference.

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Rainy Day Funds 

One of the tougher aspects of becoming a landlord is maintaining cash-flow. There can be many surprise expenses that can cause complications if you’re not ready for them. The smartest way to prep yourself is to build a rainy day fund, a stockpile of cash that you can use as and when it’s required. 

Screening Tenants 

Not all tenants will be good ones. You can prevent many headaches and complications by coming up with a screening process that puts high-quality candidates into your properties

Treat It Like a Business

Finally, remember that if you’re going to find long-term success with your real estate journey, then it’s important that you take it seriously. If you treat it as a small side hobby, then there can’t be too many surprises if it doesn’t turn out well. Treat it like a business, on the other hand, and you’ll have the correct frame of mind for success.

Conclusion

As we said at the beginning of the blog, real estate investing can be profitable, but success is far from guaranteed. It’s really important to follow the best practices; they will be your best defence against the pitfalls and dangers of real estate investing.

New-Build Vs Renovation Project – Which Should You Buy?

For first-time and more seasoned buyers alike, one of the first questions they must ask themselves when looking for a property is, should they buy a new-build or should they look at buying a house with potential, but that needs a little extra work? Both new-builds and renovation projects come with their own sets of pros and cons, so we’ll take a closer look at some of them in this post to help you decide which may be right for you.

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New-Build

New-build sites such as Wyndham Ridge are cropping up all over the place, advertising beautiful views, prime locations and modern houses – but what do they deliver? 

Pros of a new build 

  • They’re new
    Perhaps the most obvious pro of a new build home is precisely that, it’s new – which means it tends to be free of faults and flaws that many homes gain with age and you can move in knowing that you should have many years before you need to start making any dramatic renovations. New properties are also built to higher energy efficiency standards that can save you money.

  • They often come with a guarantee
    New-build sites often come with guarantees of up to 10 years, meaning that should anything go wrong in your home within that period, it will be fixed, free of charge.

  • They’re community-focused
    Many new-build developments have a strong community focus and include elements such as children’s play parks and community meeting points to make them feel like a part of their own village.

  • They’re a blank canvas
    A new build property is an ideal blank canvas and some companies will even let you choose your own fittings if you are buying off-plan. 

Cons of a new build

  • They lack character
    New-build homes tend to be a part of a larger new-estate in which many of the homes look the same, lacking character.

  • They can be more expensive
    Purchasing a brand-new home can be more expensive than buying a run-down property and doing it up. They also may come with a service charge which must be paid annually for the upkeep of the communal areas. 
  • They can encounter issues
    New homes haven’t proven that they can stand the test of time and you could experience issues once the house begins to settle. 

Renovation Projects

Renovation projects are a popular choice with those looking to turn a profit on a home, but do they really work out better?

Pros of a renovation project

  • Character
    Perhaps the biggest pro of a renovation project is that the property will likely have history and character.

  • Profitability
    A new build property will only increase in value if the area it is in increases in value, a renovation property, on the other hand, can increase in value due to the renovations you make and therefore can turn a quicker profit.

  • Room for negotiation
    Renovation properties usually have room for price negotiations as you are dealing with a single owner rather than a corporation. This can make them more affordable for first-time buyers. 

Cons of a renovation project

  • They require effort
    The biggest con of a renovation project is that they require effort, whether that be from a builder or your own fair hand.

  • Costs can build-up
    Renovations can reveal hidden issues causing renovation costs to rise and making the project potentially more expensive than planned.

  • Chains
    Many renovation projects come with a chain, meaning that you’ll be waiting for other parties to sell their home before everything can go through. 

Conclusion

New-build homes and renovation projects clearly sit at opposite ends of the spectrum, and which you choose will largely depend on how much effort you want to put into the property, the importance of character and how much you’re willing to spend. Only once you know what your priorities are with your property can you decide which to buy.

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A Buyer’s Guide To Property For Sale In Turkey

Property for sale in Turkey can vary dramatically in terms of how easy it is to purchase. While many Turkish nationals are happy to do business with foreigners, things can get lost in translation and, buying a property in a different country is never the same as buying one in your own. This is why working with a reputable agency and employing a competent lawyer to handle the legal proceedings is absolutely vital if you want the purchase of your new home to go off without a hitch. Make a list of things you need to do and stick to it. 

Property For Sale In Turkey For Foreign Investors

A Buyer’s Guide To Property For Sale In Turkey - Istanbul harbour view image

As things stand, foreigners require military permission before they can purchase property or land for sale in Turkey. This can cause some delays so make sure you allow enough time for this to occur. However, in essence, it’s always inadvisable to rush through sales. It allows for mistakes to be made on all sides and may leave you without some of the protections you need. If the reason you’re rushing through a sale is on your own account rather than the buyer’s then this is more acceptable, although be very sure that you’ve chosen the right property and that you know what you’re doing. 

In addition, you’ll want to employ an independent lawyer to examine everything related to the property. Do this before you’ve committed to purchase or paid a deposit. There are plenty of facilities for you to find lawyers in Turkey who speak English or have translation services. Mortgages in Turkey are offered for those foreign nationals who wish to buy houses or apartments for sale in Turkey. However, as in the UK, there are often substantial differences on interest rates and criteria so make sure to check with several banks before choosing one. Click me for the ultimate mortgage resource. There are also property taxes to be paid in Turkey and you’ll need advice on how to deal with these from your lawyer to prevent you falling foul of the law. There are restrictions on buying a property in certain areas and how much of it foreign nationals can buy. Again, it’s wise to consult your lawyer. 

Important Points About How To Buy Property In Turkey

There are as many facets and issues around how to buy property in Turkey as there are in the UK. It’s worth noting that you don’t need a residence permit to buy property, however, purchasing property doesn’t give you residency rights. Always talk to a professional about your status and how this will be affected by your intention to live in Turkey, whether it’s a part-time or full-time arrangement. 

One piece of good news is that you have the right to rent out your property at any time, so if you’re searching for investment properties in Turkey, then you’ll be legally secure. As long as there is a binding contract signed between the landlord and the tenant and the landlord pays the relevant income tax, then you should be okay. 

Something else that you should consider when you’re looking at property for sale is the issue of property deeds. Obtaining a habitation certificate can be quite complicated and time-consuming. It’s advisable to think carefully about the ramifications of buying property without habitation certificates and talk to your legal advisor about this. It can start to seem overly complicated. After all, what you were looking for was a place in the sun to escape to, not all these legal ramifications that can seem to be an impenetrable barrier. 

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Unique Ways To Increase The Price Of Your Home

Are you looking to sell your home? If so, you probably want to find ways to increase the value as much as you can. Perhaps surprisingly, there are a lot of unique ways to increase the value of your home besides just the standard fare of making improvements on your own.

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Naming Your Home 

Have you ever considered the possibility of naming your house? Believe it or not, the simple act of naming your home can often significantly increase the value and the asking price that you can receive. For example, if you have the last name of Chandler, and your home is at 548 Hill Street, rather than just saying the address, wouldn’t it sound much better if you said this is Chandler Manor? We certainly think so!

Helping Out The Neighbours 

Sometimes, the simple act of helping out the neighbours can help improve the value of your home as well. How so? Consider the “eyesore effect.” Just the very fact alone that potential buyers will have to look at a messy neighbour’s property might bring down the price of your home. This is one of the main reasons why you should consider volunteering your time to help these neighbours out! For example, if you have a neighbour that has an unkempt garden, perhaps they simply do not have the time nor do they have the wherewithal to keep the garden or exterior up. However, if you work to keep this garden up for them, you will only feel good, but you will help the scenery for any potential buyers of your home. The same goes for a scrap in yards. You can definitely volunteer your time to spruce up a neighbour’s yard and help them clear out any scrap (with their permission of course). In some cases, the simple act of just helping to spruce up your neighbour’s property might even raise your house value by an extra thousand or two. 

Helping Out The Street 

You could also consider sprucing up part of the street that your home is on. Admittedly, this game plan is not something that can be accomplished overnight. However, if it is in your long-term planning to eventually sell your home you might consider some community involvement such as attending a meeting at a local homeowners association or leading an initiative before your local town council. Will the payoff happen right away? No, it won’t. This will occur over a number of months or even a number of years.

Add Some Extra Colour To Your Home 

Although this might seem like a no-brainer, adding some colour to your house can definitely improve the resale value of it. However, there is a catch here. Don’t just add any colour scheme to your home. First of all, you should intently study the colours of the houses that have recently sold well in your area. Although colour is of course not the only factor, look at what colour schemes the top sellers in the realty pages have had. You might strongly consider repainting your house these colours, and you might consider acquiring a computer program that will allow you to experiment with how different colours would look on your home as well. In doing some of these suggestions, you will definitely have a strong improvement in the potential resale value of your home!

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Real Estate Investment: 4 Properties You’ll Never Struggle To Find A Tenant For

As attractive as the idea of property investment may be, many people find themselves put off by one huge concern: the ability to find tenants. Tenants, after all, are crucial to your ability to generate a profit from your property portfolio— but there’s no denying that landlords often  have huge problems relating to consistent tenant occupation rates.

Tenants are, to an extent, inherently transitory. This is one of the major benefits of only renting a home; it offers a flexibility that allows people to move from place-to-place with relative ease. As attractive as this ability may be to tenants, it can make prospective landlords rather edgy about the viability of property investment as a whole.

If you have contemplated real estate investment and then pulled back over concerns regarding finding tenants, then the properties below are well worth considering…

#1 – Student accommodation

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Student accommodation is always difficult to find. Simply put, there are more students than there are student-friendly properties. Thus, thanks to the eternal rules of supply and demand, choosing an investment property that can be rented to students is a surefire way of ensuring consistent occupation.

There are many decisions you will have to make if you investigate this kind of property. Are you going to let to a single student, who occupies a single apartment? Or are you going to let a single multi-room dwelling to a number of different students, who may or may not know one another? The second option is by far the most common, as few students have the funds available to live completely independently of one another.

If you let a property to a number of different students, then you will need to satisfy the rules and regulations involved in the process. You will be letting a property under a “house in multiple occupation” (commonly abbreviated to HMO) designation, which does require compliance with extra conditions. However, if you find a property close to a campus and contact HMO specialists to ensure you meet all the necessary requirements, you should be able to expect a high occupancy rate— which helps to protect both your initial investment and your profits.

#2 – Properties close to a beach

Real Estate Investment: 4 Properties You'll Never Struggle To Find A Tenant For - beach front properties

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As with student accommodation, this option is a different form to the standard “buy to let” that most prospective property investors imagine. However, again like student accommodation, buying properties close to a beach can be an incredibly savvy move.

First and foremost, you’ll be able to consider letting a beach-adjacent property in the conventional way; to one individual or family group, and renewing the tenancy on a monthly basis. Properties close to a beach will always be popular, but you are still going to be subject to the need to find consistent tenants. This, as discussed, can be difficult.

So buck the norm and opt for a different method of generating an income with your property investment. Rather than letting your property on a standard basis, offer your property for holiday rentals and AirBnB listings. These rentals might be short, but the close proximity to the beach should help ensure a continual stream of tenants, and those tenants will be easier to manage than conventional renters. Renting to holidaymakers gives you flexibility to reclaim and use the property whenever you want, allowing your investment a sense of freedom without all the red tape involved in managing a conventional tenant.

#3 – City centre apartments

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It doesn’t matter what city it is; city centre apartments will always be a great choice for rental properties. These properties are so in demand for one simple reason: everyone hates commuting.

If you find a property close to a business or financial district, there’s no doubt it will be an excellent investment. Dedicated workers in these areas will love the idea of a short commute combined with great access to the city’s nightlife, or you may find tenants who prefer to use the property as a pied-à-terre during the working week. Either way, a great city centre location is a reliable choice for any property investor.

While you may naturally be drawn to family homes in beautiful locations as a property investment, ultimately, you have to follow the people. City centres will always be bustling hubs, so you can expect a constant stream of city-centre workers wanting to rent from you. You’ll also be able to charge higher prices per square foot than you would on a family home. The one downside is that you will also pay more for the property itself, but you should be able to earn this investment back in consistent rental income.

#4 – A property with nearby transport connections

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It’s not just a nice neighbourhood or close proximity to a good shopping mall that you need to keep an eye out for when buying properties; transport connections matter too. Ideally, you want to find a property that offers at least two of the following:

  • Easy access to any railway or underground stations, preferably within less than 10 minutes walking time.
  • Easy access to bus stops.
  • Good road connections; less than 10 minutes drive away from a connection to a major highway.

Transport is often a key decision for tenants, especially those who are going to be commuting. You could have the nicest investment property in the world, but if it’s in the middle of nowhere and only serviced by a few buses a day, then tenants just aren’t going to want to live there. Tenants will accept smaller properties with excellent transport connections, so don’t think that the property itself is the only consideration you have to make. Your chosen property has to be as nice as possible, but its location — and particularly its proximity to transport links — is just as, if not more, important.

In conclusion

So if you have always wanted to try property investment but have worried about obtaining tenants, choosing one of the options above could be the perfect solution for you. While you will inevitably occasionally have gaps between tenants, the four property types above can help to ensure those gaps are relatively short.

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