3 Places to Look Before Purchasing Your First Investment Property

As the real estate market continues to recover and interest rates threaten to rise once again, many new investors find themselves wondering just what makes a property valuable. While some value lies in the eye of the buyer, certain attributes naturally increase—or decrease—the overall worth. Amenities inside the Home If you plan to rent out your investment property soon after purchasing, look down. How do the floors look? Wood or laminate flooring attracts great attention, and it tends to age more gracefully than carpet. If the floors are already taken care of, then you have one less thing to worry about. Though less visible, the heating and air systems hold every bit as much importance. As these systems are prone to issues, they typically warrant additional inspections. During the inspection, ask specifically how much longer the inspector would reasonably expect the unit to function. The last thing you want is to buy in summer and need to replace the heater as soon as winter rolls around. The Neighborhood Now, take a closer look at the neighborhood. Are the surrounding homes occupied or vacant? If the area appears to be vibrant and active, then your chances of finding reliable tenants skyrocket. Remember that it is illegal in most states to deny tenants based on age, race, or demographic. However, there is nothing wrong with purchasing a property with your future tenants in mind. If you envision renting to young families with children, make sure that the neighborhood is safe, provides access to a park, and is located within a highly rated school zone. Your Budget Remember that there will be...

Celebrate Moving Into Your New Home With a Housewarming Party

Hosting a housewarming party after purchasing a new home may seem like an outdated tradition. However, what better way to celebrate such a milestone than by getting together with friends and family? Such a gathering is a fantastic opportunity to relax after the stress of moving and spend time sharing ideas and settling in. It is a time to share your vision for any changes you plan to make and to kick off a new season. Celebrate without Stress You may feel pressure to have everything unpacked and in its place before opening your doors. However, part of the fun of a housewarming party is celebrating transition! Take some of the pressure off yourself and just unpack the essentials. Don’t be bothered by boxes in the bedrooms. Feast without Fanfare Similarly, keep the cuisine simple. Your friends don’t expect you to serve a complex meal after a big move, so you shouldn’t either. Save yourself the hassle and serve simple snacks on cute paper plates. A vase of flowers or a few candles will keep the casual serving area festive. Share Your Dreams When you give the grand tour, share your dreams for the home. For example, even if all of the walls are still white, paint a picture of the changes you plan to make. If you imagine a certain wall red or hope to install an entertainment center, share these details. Your guests will not only share in your excitement but may also have recommendations for great painters or carpenters. If you’re ready for everything that comes with owning your own home, take a look at the...

Pros and Cons of Buying a Foreclosure

If you’ve recently started your search for real estate, you’ve likely noticed a significant number of foreclosures on the market. These properties are often available at a much lower price than other similar properties.   At the end of the day, the goal is to get the best value. Sometimes, a foreclosure offers just that, but in other cases, buying a foreclosed piece of real estate is more trouble than treasure. The Pros of Purchasing Foreclosed Property The most obvious benefit to buying a foreclosure is the reduced price. Due to various circumstances, banks are often willing to part with these homes at a loss. Their loss can be your gain.   Similar to the foreclosure is a pre-foreclosure. This type of property is just about to go into foreclosure but is still technically owned by an individual. In this unique situation, you may be able to expedite the process and shorten the escrow period. The Cons of Purchasing a Foreclosure While the lower price is appealing, sometimes it’s also warranted. Whether due to normal lack of maintenance or to vandalism, foreclosures tend to require more restoration. Make sure you have a strong understanding of what repairs will be needed before committing to buy.   Because banks typically want to get the property off their books as soon as possible, they aren’t often willing to pay for repairs. If you do choose to pursue such reimbursement, the process will slow significantly.   Finally, in many cases the foreclosed properties are still occupied. As the new owner, it becomes your responsibility to carry out evictions and potentially endure drawn out...

What Should I Ask to a Real Estate Agent Utah?

Integrity in real estate is a primary goal by dedicated professionals who’d like to see the industry grow and flourish. However, there are tales that are sometimes far from being truthful. Finding an honest to goodness real estate agent Utah who upholds the true sense of work ethics may be half the battle, but the rewards can also be enjoyed for longer terms. If that’s the case, you need to do your homework and study hard about this financial decision. It will not only affect the present but also your future. Take the time to talk to your candidates and get to know them better. Conversations and actual interactions can better help you get a gauge of how strong their presence and involvement is in the industry. You can even practice on these questions for starters: Are you working full time or part time? This question can be an indicator of how well versed the agent is about the market. Working for the industry full time means their focus is on the profession itself and not elsewhere. It’s a guarantee that everything he/she does is for the benefit of the client and does not compromise the quality of the service. Have you had any past problems with clients? How was it resolved? It’s important to recognize the resolutions that arise from problems. However, do take note that it’s not all the time that they are as open about the issues. Just in case you are told of specific instances when there was indeed some conflict, make sure to ask the action plan that was implemented. How much do you...

Painting, Decorating and Decluttering Homes for Sale in Utah

Spring cleaning is a term that is often associated with the “big cleanup drive” especially for homes for sale in Utah. When it comes to cleanup duties , a lot of people whine and complain about the scope of the work. On a more positive note, the whole point of spring cleaning is to usher in new beginnings. If there are any investment properties, it’s also a strategic move to improve the quality of the property and increase its value. Say for instance that renovation comes to mind… it doesn’t have to be fancy. Simple but useful changes will do as long as your property ends up being comfortable and functional for its new owners. For helpful tips on how to achieve this, refer to these ideas: Painting is one of the effective means of bringing more life to your space. It can be cheap and quick, perfect for a faster turnaround rate. Even if you’ve lived in your house for quite some time, a fresh coat of paint still does its wonders in giving that much needed “lift” to its appeal. Meanwhile, it’s easy to get swayed with trendsetters who dictate that you should do this and that for your home. But in the context of homes for sale in Utah or investment properties in general, you have to go for a neutral aesthetic to appeal to a wide range of potential buyers. At the same time, learn to let go of things that no longer hold their charm. It’s all about balancing trends and the good familiar comforts of the old. If you’re stuck with too many...