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Setting Goals: Is It Too Late to Start Investing in Real Estate When You’re Into Your 40s?

Real estate investing is a great opportunity for any adult. However, consumers in their 40s are more prepared for investing and accumulating assets. At this age, the consumers could find a better opportunity to generate an estate for their heirs. Reviewing investment goals and determining if investing over 40 is a great idea helps mature consumers make more sound choices about obtaining assets.

Setting Goals: Is It Too Late to Start Investing in Real Estate When You're Into Your 40s? - newly built house image
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Setting Up a Plan for Managing Capital Gains

Setting up a plan to managing capital gains helps the consumer invest in real estate without incurring extensive tax implications when the property sells. Creating a better plan helps the investor avoid higher than average tax implications. The plan could prevent the owner from selling for at least one year after they are ready to start the process. The owner can also offset their capital gains within a few years after they sold the property. It is also better to sell the property when their income is lower than average to prevent a serious increase in their tax implications. Discussing the plan with an advisor might help the investor Reduce Capital Gains more effectively.

Set Up a Plan for Buying Rental Properties

Setting up a plan for buying rental properties helps the more mature investor gain a chance to generate residual income. Consumers in their 40s are looking toward retirement and how to get ready for these steps in the future. Purchasing a rental property gives the investor a chance to generate enough extra income to maximize their income when they retire. Owning a rental property requires the owner to maintain the property and ensure that it is safe for tenants. The venture could lead to the acquisition of additional rental properties that give the investor a chance to retire earlier and enjoy more of their life without working until they are 65.

Buying Real Estate at Auction and Flipping It

Buying real estate at auction with the intentions of flipping it requires the investor to do their homework. It isn’t an investment to go into blindly. The buyer must have the physical ability to renovate the home themselves or have access to a crew or contractor that will perform the services for them. Once the property is repaired, the investor places it on the market on their own or through a real estate firm.

Investing in a Vacation Home

Investing in a vacation home gives the consumer a chance to buy a second home in an area they love. Typically, consumers who are in their 40s have either paid off their mortgage for their primary home, or they are just a few years away from it. If this is their situation, a second mortgage won’t present financial hardships. Additionally, the mature investor could lead the properties to their heirs without existing debt.

Why Is It a Great Idea to Invest When You are Into Your 40s?

In their 40s, the consumer is wise enough to understand how to acquire a sound investment. While most consumers don’t wait until they are in their 40s to invest, these mature investors are quick savvy and might make better choices that are more lucrative.

Real estate investments increase the value of the consumer’s estate and help them acquire assets for their heirs. Real estate is a great choice for investments even for consumers who are in their 40s. Reviewing options for real estate investments helps the consumer find the best investment for them.

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Steps To Take Before Selling Your Home

Whether you’re keen to move around the corner, or you’re thinking of upping sticks and relocating to a different city, county or country, it’s wise to plan ahead if you’re selling your home. Unless you find yourself in a situation where you need to sell unexpectedly, it’s worth taking a few steps before the for sale sign goes up. 

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Sprucing up your property

If you’re preparing to put your house on the market, it’s natural to want to get the best price. Before you invite agents around, or start taking photographs for galleries and brochures, take a tour of the property, note down any jobs that need doing and give your home a spruce. Simple things like freshening up the paintwork, fixing broken doors and cleaning the windows can make a huge difference. It’s also a great idea to clean and tidy up and to declutter.

Many people will judge properties based on aesthetics and the images they see when they look online. It’s also important to note that your home will attract attention when there’s a for sale sign up outside, so enhancing curb appeal is a good idea. Paint the front door, add plants or a hanging basket to make the property more welcoming and tidy up the driveway and front garden.

Choosing an agent and exploring selling options

When it comes to selling your home, there are several crucial decisions to make, including how you’re going to sell the property and which agent you’re going to choose to market your home. Most people sell through estate agents that manage viewings and the negotiation of offers, usually over a period of time, but auctions are becoming more popular. If you’re keen to sell quickly, or you want to maximise your chances of getting a good price and wrapping up the transaction without any ups and downs and unexpected turns, you might be interested in considering an agents property auction. Some agents deal with auction properties, as well as traditional sales. If you are thinking of selling your home at auction, it’s important to think carefully about setting a reserve. Whichever method you choose, it’s worth doing some research into house prices in your local area and asking a series of agents to provide you with a valuation. The valuation will not dictate how much you get for your home. You might find that there’s a significant difference between the valuation and the offer price, especially if the supply of houses outweighs the demand in your neighbourhood. 

Putting future plans into place

If you’re looking to sell, it’s wise to think about and plan your next move. Selling houses can take months, even years, but in some cases, the entire process can be completed in 6-8 weeks. If you’re thinking about buying property, figure out a budget and start searching for houses that match your criteria. If you’re toying with the idea of renting, contact local agents, arrange some viewings and create a short-list. 

Before you put a for sale sign up outside your home, take these steps. Hopefully, they will lead to a quick, seamless, stress-free sale. 

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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.

Property and real estate investing New-Build Vs Renovation Project - Which Should You Buy? - family house image
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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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3 Important Tips For Novice Real Estate Investors

Real estate investments are a very popular strategy and if you know what you’re doing, you can make a lot of money from them. However, a lot of people get the wrong idea about real estate investing. They assume that it’s easy money and as long as you have the money for a down payment on a property, you’re guaranteed to get rich. That isn’t the reality at all and there are plenty of novice real estate investors that lose money because they make poor decisions. If you are considering becoming a real estate investor for the first time, here are a few important things to remember.

3 Important Tips For Novice Real Estate Investors - attractive family home image
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Consider The Type Of Property 

You already know that location is one of the most important things to consider when investing in real estate, but it’s not the only thing that you have to think about. The type of property and how it performs in that location is important too. For example, a one bedroom flat aimed at young working professionals will be easy to rent out in the middle of a large city, but it is not going to be desirable in the middle of a small village. In that kind of location, you’d have more luck with a modest family home. You need to think about the kinds of people that live in the area and what type of property they want. 

Seek Legal Advice 

There is a lot of paperwork involved with real estate investment, but a lot of people assume that they’ll be fine because they have bought and sold their own properties in the past. However, you should always seek the advice of Residential Property Solicitors when investing in real estate because there are other issues to consider. For example, if you are buying commercial property, they may be issues around the use of the building and you may not be able to make alterations. In some cases, you may also inherit liability from the previous owner if there are health and safety concerns. It’s important that you have a legal professional to help you navigate these issues before you sign the contract. 

Start Small 

The biggest mistake that novice real estate investors make is trying to build a property empire straight away. They are counting on the fact that they’re going to rent all of these properties out right away and make loads of money, but that won’t always happen. There are a lot of initial costs to cover like renovations and repairs, and it can take some time before you find tenants. If you are going to be successful, you should stick with one modest property to make sure that you can cover all of the running costs. Once you have moved tenants in and you are earning money on your investment, you can put that money into a new property. 

Real estate investments can be very lucrative, but they are not without risk. If you are a novice, make sure that you follow these tips.

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Making a Sale: 3 Tips for Using Forums When Marketing Your Real Estate Online

There is no doubt that real estate forums are enjoying a noticeable upward trend in growth and that means that you have an opportunity to reach a wider audience and make more connections with buyers and sellers.

Here are some pointers on how to approach this potentially viable marketing channel and what approach you can take to create a following and even become a valuable online resource.

Making a Sale: 3 Tips for Using Forums When Marketing Your Real Estate Online - house for sale image

Make yourself useful

When marketing your real estate you will quickly discover that there are a growing number of internet forums where you can become a useful presence and there are specific forums operated by hosts such as Yahoo that are there just so that people can talk about all things real estate.

The big attraction here is that you have the chance to develop a reputation as a go-to person when someone wants an answer to a question about a real estate issue.

You will need to commit some regular time to the online forum so that you can answer questions quickly and offer some guidance based on your own real estate experience.

Another key point is that if someone posts a comment that they are looking at selling my house quickly you can answer with some general information and even direct some traffic back to your site when answering their question and offering more help.

Be selective

The danger with spreading yourself too thinly across too many forums is that you can end up not being effective or useful on any of them if you don’t have the time to focus on responding promptly to any discussion or general real estate chat going on.

It is well worth being selective and taking the time to find the right forums for your market niche and where there seems to be a decent community that you can tap into.

A good guide would be to find a forum or a section of that forum that is all about real estate.

In addition, you would really want to see that the forum has an absolute minimum of 1,000 members and there have already been upward of 10,000 posts. Using these basic guidelines often help you weed out the forums that aren’t worth your time and finding one that meets this criterion will mean that you are joining in with a community that is large enough and enjoys a healthy online debate about real estate topics.

Check the community guidelines

It is also highly relevant to check the community guidelines on each forum before you start submitting any posts.

You will want to know that you are allowed to post links in your posts or not and whether it is permitted to promote or market your business while using the forum.

If you end up violating any of the rules, even if you do it unintentionally, you could quickly alienate the real estate community you are trying to get to know, which would be bad for business and wouldn’t be great for PR either.

Play by the rules and be prepared to help for free as well as promote when appropriate and you could find that online communities are a great way to grow your contacts and drive your business forward.

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