Novembers statistics for the North Okanagan show the slow down in sales and activity in the real estate market. While the benchmark price for a single family home in the North Okanagan remains steady at $710,200 we are starting to see longer days on market with an average of 49 and increased inventory up to 255.
November 2022 – Data Release
The road to successful real estate investing is pitted with potholes and loose gravel along the way. Whether you’re just starting out with your first investment property or you’ve already bought several, the following list is full of great tips.
1. Choose Properties In Up And Coming Neighborhoods
Buying rental properties is a great way to increase your wealth through real estate investing. Purchase the right property in the right neighborhood and you’ll enjoy huge returns on your investment. Up and coming neighborhoods offer the potential for growth as well as tax incentives for buyers.
2. Diversify Geographically
There’s a lot to be said for buying close by and understanding the local market. However, by purchasing properties in other areas, you diversify your investments and protect your portfolio from the volatility of a local market.
3. Don’t Spend Too Much On Renovations
You don’t need to buy high-end fixtures and accents in order to make a rental attractive. Middle-of-the-road pieces are just as enticing to renters and a lot less damaging to a limited budget.
4. Don’t Over-Leverage Yourself
Successful real estate investors have a combination of properties that they own free and clear and some that they finance. This creates a healthy balance that promotes profit while giving you the funds you need to grow your business.
5. Consider Investing In A Single-Family Home
Most people would love to live in a house, but some lack the finances to own one and others simply do not want to own. Whatever the case, a single-family home is a good investment as they have a history of appreciating quickly and profitably.
6. Get Ahead Of Big Maintenance Problems
Finding and fixing minor issues before they become big ones can save you a lot of money. Unfortunately, not all tenants will alert you to small issues until it’s too late. Write a bi-annual walkthrough into the lease to give your tenants an opportunity to point out any potential problems they see as well as to give you a chance to spot anything that needs attention.
You’ll come to look forward to these walkthroughs, especially when you spot a small water leak or two that could have cost you a lot of money had they gotten worse.
Buying a home is one of the biggest decisions you’ll ever make. It’s a huge responsibility that requires more than just the act of purchasing the property itself. It means you must also invest in said property by maintaining and upgrading it properly.
As a homeowner, you are responsible for a lot of things in and around the house. Below is a list of things you are responsible for when you own a home. Be sure to consider these things when deciding whether home ownership is for you or not.
1. The Legal Side Of Things
If you’re planning to build a home from the ground up, it’s your responsibility to make sure you have the proper permits in place to do so. Every community is different, so it’s up to you to find out what they require.
Obtaining approval on building permits can take weeks or even months to come through, so skipping this step might be tempting. It’s in your best interest to go through the proper channels, however, because without the right permits, the authorities could halt progress on your house, or worse, demolish it altogether.
2. Dealing With Homeowners’ Associations
If the home you’re considering is in a neighborhood overseen by a homeowners’ association (HOA), you could be in for some difficulty. These associations tend to have strict guidelines you must follow and even stricter enforcement and penalties if you don’t.
The best way to know what your HOA responsibilities are is to read the HOA agreement closely before buying or renting in the neighborhood and attending regular HOA meetings.
3. Paying The Mortgage
Responsible homeowners pay their mortgages on time, plain and simple. Failing to do so can result in harassing phone calls and letters from the lender, as well as legal action and/or foreclosure. To ensure you always have the funds available to pay your monthly mortgage payment, set a clear budget that sets the money aside for this payment before anything else. After all, you have to have a place to live, right?
4. Dealing With Neighbors
Unless you move into the country where houses are few and far between, you’re going to have neighbors. It’s in your best interest to get along with the people who live around you. As a responsible homeowner, you should be polite when you see your neighbors, and you should go out of your way to remedy any situation your neighbors may find disturbing.
5. Understanding The Mortgage
Mortgages can be complicated, so it’s a good idea to understand yours completely so there are no surprises when it comes time to make your first payment. Find out what your payment includes. Are you paying just principal and interest, or does it include escrow for homeowners’ insurance and/or property taxes, too?
Be sure you understand the going interest rates and how they apply to your loan. Is the interest fixed, or will you need to consider refinancing in a few years when your interest rate adjusts? Knowing the answers to these questions will help you prepare for anything that may arise with your mortgage payment in the future.
Owning a home is more than just making monthly payments. There are many things you become responsible for as a homeowner. Although not comprehensive, the list above gives you many things to consider if you’re thinking about buying a house.
As the coronavirus pandemic continues, many of us are staying at home more. This means finding new ways to entertain ourselves indoors and out. If you’ve never thought of your outdoor space as entertaining before, now’s the perfect time to transform it into an oasis of sorts to get some fresh air and a change of pace.
Here are several upgrades that can transform your outdoor spaces into areas you’ll want to spend time in.
1. Hang A Hammock
Who doesn’t like lying in a hammock on a warm, breezy day? If you have two trees within hammock-hanging distance of each other, or, even if you don’t (you can install your own poles for hanging), you can hang a hammock or some other swinging-type seating to enjoy the great outdoors in.
2. Hang Lanterns Or String Lights In Your Yard
Just as lighting plays a big role in the ambiance inside your home, it can also lend a warm, relaxing vibe to your outdoor spaces, too. Try hanging decorative lanterns or stinging pretty lights across your yard or along a fence for a rustic look that begs you to enjoy it once the sun sets.
3. Play Around With Seating
Gone are the days when patio furniture had to match. These days, you have a multitude of options when it comes to outdoor seating. If you like collecting individual pieces and creating your own seating arrangement, go for it to create an outdoor seating area that portrays your personal style.
4. Accent With Textiles
Make your outdoor space fun and exciting by adding accents in bright colors and textures. From area rugs and throw pillows to slipcovers and more, you can make an extension of your indoor living area.
Just be sure to choose fabrics that are designed to withstand the elements, so you don’t have to worry about storing any of your accents when the weather turns foul.
5. Consider Your Outdoor Activities
How will you use your outdoor space? Not only should it be comfortable and inviting, but it should also be functional. By adding a fireplace, you create a warm atmosphere that enables you to use the space during colder months. You can also add an outdoor kitchen, which will enable you to cook and dine outside on those beautiful summer evenings.
Hopefully, the upgrades above will help you create an outdoor space that you love to spend time in.
Today’s home is much more than just a place to rest and unwind. These days it’s an office, school, and whatever else it needs to be while the pandemic rages on.
With the dawning of a new year comes new interior home décor trends most people will find refreshing and helpful. So, without further ado, here are a few of the interior décor trends you can expect.
1. What’s Old Is New Again
While styles come and go, it’s the nostalgia that’s playing a big role in today’s interior décor trends. Styles from the Victorian era, Art Deco, and even grand millennial aesthetics are making a comeback as many people wish longingly for what used to be in a world so full of uncertainty and strife.
2. Easy To Clean Is Always Good
We’ll be seeing lots of easy to clean fabrics and surfaces. Expect non-porous surfaces like glass and metal to be part of many home renovations as they deter the growth and spread of bacteria. Also, the kid-friendly, durable, stain-proof fabric will take center stage where applicable.
3. Warm, Cozy Colors
Earthy tones and warm neutrals will be popular as we begin making our homes cozier places to be. Today’s trend is organic shades like Camel, which adds a layer of warmth and hominess gray just doesn’t have.
4. Calming Shades Of Blue
Color has a big impact on our emotions, which is why shades of soft blue will be trending this year. The calming effect this shade has on the mind will help alleviate some of the stress we’re all feeling as we stay quarantined in our homes. Blue is a timeless color that never seems to go out of style, making it a great choice for a fresh look.
5. Natural Materials Aren’t Going Anywhere
Wood tones, organic materials, and natural accents are going to be extremely popular.
6. Say Goodbye To The Open Floor Plan
In years past, the open floor plan, where one room flows seamlessly into the next, was valued as it brought the family closer together.
This realization puts open floor plans on the outs and closed floor plans at the top of many homeowner’s renovation plans.
7. A Shift Toward Sustainable Furnishings
Sustainability is a subject that impacts our daily lives in many areas. Today’s homeowner is opting less for cheap, DIY furnishings and choosing instead to buy furniture that’s more expensive and better made. These furnishings are kinder to the environment and they give their owners a sense of pride in being able to hand down an heirloom rather than throwing the piece in the landfill.
If you’re planning to paint the exterior of your home, don’t go for the same boring color combinations as the rest of your neighbors. Choose colors that pop and make a statement. Check out these color combinations that are sure to up the curb appeal of your home.
1. Muted Lime/Powder Blue/White
Bright colors like lime green and blue make for a winning combination when paired with white trim. Choose muted bright colors to keep the effect from being too much and be sure to paint every inch of trim in bright white for a stunning look.
If you’re looking for something softer than the first suggestion, try combining pearl gray, slate blue, and bright white. Paint the front door/entry point blue and the rest of the exterior in gray. Finish the look with bright white trim and you end up with a sleek mid-century modern style.
You can never go wrong with good ole’ red, white, and blue. But, adding a twist of beige in there just brings the trio to a whole new level. The trick to keeping this color combo from looking like year-round Fourth of July décor is to choose a light blue hue rather than navy and paint the trim both white and beige.
Sometimes simple is better, especially if your home is on the smaller side. Choosing a warm gray for the exterior and then giving the home a bright pop with a red front door and black shutters won’t overwhelm a humble abode. Any trim that’s visible should be finished with a bright white shade.
Lavender is a surprisingly great color for the outside of a home, especially when paired with a lovely purple door. The trick to keeping this color combo from being overly feminine is to choose a lavender shade with gray undertones and finishing the look with white trim for a modern look.
Navy blue is a popular exterior color these days, which means it will definitely up your home’s curb appeal. When paired with bright white trim and a lovely turquoise front door, your home will not only stand out, but it will also be the envy of the neighborhood.
7. Seafoam Green/White
You would expect to see a seafoam green home on the beach, but your home doesn’t need to be surrounded by sand for seafoam green to work. Paired with bright white trim, seafoam green works well in any setting.
If you’re thinking about painting the exterior of your home, take a moment to consider a color combination that will make it pop. Hopefully, the exterior color combinations listed above give you some great inspiration.
As you continue looking for the perfect home, you’ll likely come across one or two that are For Sale By Owner (FSBO). This means the sellers have not listed it with an agent and are attempting to sell it on their own. Does this make the buying process easier? What kind of risks are involved? In the post below, we’ll go over a few things to keep in mind when buying an FSBO home.
1. The Seller Will Work with Your Agent
A majority of sellers know you’ve worked with your agent closely for weeks (months?) before coming across their FSBO home and will gladly compensate your agent as any other seller would do.
If you’re interested in a for sale by owner home, have your agent make the first contact. This gives your agent the opportunity to find out if she can still work for you and collect payment on the deal should it proceed.
2. Be Prepared to Meet the Owners Face-to-Face
The biggest difference between an FSBO home and one listed by an agent is that you’ll get to meet the owners face-to-face rather than meet with an agent when looking at the home. Selling a home is a sentimental time for the owners, so it may seem a little uncomfortable for you when meeting with them to look at or discuss their home.
If this is the home you’ve got your heart set on, you’ll need to move past those uncomfortable feelings and be respectful of their emotions. Don’t forget to use your agent as necessary and don’t be afraid to ask for some time alone in the home if you need it.
3. FSBO Sellers Must Still Abide by the Law
As with any other home sale, there are laws the FSBO sellers must abide by. If the law says a seller has to inspect the home, make repairs, or disclose any problems, then the FSBO seller must oblige. One of the biggest problems with FSBO home sales is that the sellers often don’t know or understand real estate law, or they simply want to do things their own way. At any rate, trust your agent and your own gut. If you think a seller isn’t on the up and up or isn’t allowing you due diligence, it might not be the right home for you.
For sale by owner homes can be just as great as homes listed with a real estate agent. While the same laws and requirements apply, there could be problems if the seller lacks real estate knowledge or isn’t willing to do things by the book. Keep these three things in mind if your dream home happens to be an FSBO home.
You can make a food pantry out of anything. From a walk-in closet to a single drawer in your kitchen, a pantry holds a plethora of non-perishable foods, paper products, small appliances, and more.
The problem with most pantries, regardless of size and location, is that they can get very cluttered and disorganized very quickly. With so many things inside, it’s no wonder. However, if you’ve always dreamed of having a well-organized pantry that’s not only pleasant to look at but also easy to find things in, try the tips outlined below.
1. Clean It Out
The key to achieving a successful pantry setup is to figure out what you have to work with. You can do this by cleaning the space out. Start at the ceiling and remove any cobwebs hanging in the corners and work your way down. Wipe shelving, and if you’re feeling ambitious, give them a fresh coat of paint. Finish by sweeping and mopping the floor. If you aren’t feeling particularly ambitious, simply clean the space and apply contact paper to the shelves.
2. Take Stock Of What You Have
Once you’ve cleaned out your pantry, it’s time to take stock of what you have and what you need. Throw out expired food items and start a box for donations to your local food pantry of items you won’t be using.
This is also the perfect time to rearrange the items in your pantry for convenience. For example, move seldom-used items to the back or to a lower shelf to make room for the things you use most within easy reach.
3. Make It Easy To See What You Have
You can make things easier to find and create a beautiful display at the same time by switching out the mess of open boxes and bags for pretty, clear containers. For instance, baking ingredients like flour and sugar look great in clear mason jars while rice, beans, and other dry goods make for a pleasant display in tightly sealed plastic containers with lids.
4. Purchase Storage Solutions
Once you’ve decided how you’ll organize your pantry, it’s time to purchase the storage solutions you’ll need. Your list may include things like mason jars, plastic containers, baskets, wire racks, spice racks, racks for plastic wrap and aluminum foil, etc.
5. Put Your Pantry Back Together
Now that you’ve purged what you don’t need and have acquired the storage solutions that will work best for you, it’s time to put everything back together. Be sure to group like items together – sugar and flour with other baking ingredients, for example – and face canned goods forward for easy viewing. Keep arranging and rearranging until you have the pantry you’ve always dreamed of.
A pantry is one of those areas in a home that’s used daily and often becomes a disorganized mess. To make it easier to find what you’re looking for and what you need to replace, follow the tips above to organize your pantry once and for all.
Keeping a clean house is an endless chore that most people don’t look forward to. From scrubbing toilets and dusting light fixtures to vacuuming and mopping the floors, the amount of work can be overwhelming.
To help make keeping your house clean easier and less stressful, we’ve come up with several cleaning ideas for you to tackle. These ideas are designed to help you work smarter, not harder, so without further ado, here they are.
1. Clean Your Equipment
Believe it or not, your cleaning equipment could use a thorough cleaning, too. Begin by swishing your broom’s bristles in a tub filled with hot, soapy water. Throw in any scrub brushes and let them soak.
If you use microfiber cloths, toss them in a washing machine on the gentle cycle, then transfer them to a low-heat dryer. Lastly, soak sponges in a solution of 1-tsp. bleach to a gallon of water for five minutes before rinsing and allowing to air dry. Having clean equipment to work with makes your job so much easier and you’ll know your house is truly clean when you’re done.
2. Dust The Light Fixtures
If your living room is looking gloomier than usual, it might be because the light fixtures need dusting. Turn the light off and wait for the fixture to cool. Take it down from the ceiling, if possible, and use a microfiber cloth to remove dust and debris. If the dust is especially stubborn, use a damp rag to remove it. Wipe all surfaces of the fixture and let it air dry before reinstalling.
3. Clean Bookshelves
Bookshelves and their associated books and knick-knacks are dust magnets. Many people forgo cleaning their bookshelves often because it’s such a tedious chore. If your bookshelves could use some TLC, turn on some tunes or your favorite podcast and get to work.
Remove everything from the shelves and place it aside. Use a feather duster or a dry microfiber cloth to remove surface dust. You can go a step further to protect the wood by using a quality dusting spray next. Buff the shelves to a shine, and then wipe down all the books and knick-knacks as you return them to their home on the shelves.
4. Refresh Framed Pictures
Give your home a completely clean look by cleaning the framed pictures on the wall. Start by taking each picture down from the wall and placing it on the table. Spray window cleaner on a clean microfiber cloth and wipe the glass and frame of each picture. Let the pictures dry, then hang them back on the wall.
5. Wipe The Walls And Trim
Unless your child expresses himself on the wall, wiping down the walls probably isn’t something you think of doing often. Taking the time to get rid of cobwebs and dust on the walls, though, can make your space look and feel brighter.
Grab a broom or feather duster and clear the walls of any visible dust. Pay special attention to the corners where cobwebs like to form. Lastly, use a feather duster or microfiber cloth to wipe down the trim, and you’re done!
Clutter is a fact of life. It happens to the best of us, creeping up and becoming an issue often before we even realize it. We all have stuff and that stuff takes up a lot of space. If you’re tired of looking at it, though, the following creative storage hacks can help you get organized or at least appear to be.
1. Tidy Those Bookshelves
If you have bookshelves in your home, it’s the ideal place to store things you don’t want others to see. Take a moment to organize the contents and then install a pull-down window shade to cover the section that contains the stuff you’d like to hide. The result is elegant – almost like it’s supposed to be that way.
2. Store Chargers And Other Cables
If you’re like most people, you have a drawer or basket full of tangled cables. Attempting to pull just one from the mass is nothing less than a 15-minute act of frustration.
To remedy this headache, coil each cord into its own empty toilet paper roll and then toss the rolls into a basket or drawer for safekeeping.
3. Hide Clutter In The Playroom
Kids’ playrooms are hard to keep organized. There’s so much stuff…
If it seems like there isn’t enough room for everything in the playroom, try hiding what you can behind a good old-fashioned shower curtain. Install a shower curtain rod above a shelving unit and slide a coordinating shower curtain across the clutter to instantly hide it and make the room appear tidy.
4. Utilize The Space Underneath
You can declutter a room quite easily if you utilize the space underneath the furniture. For instance, under the coffee table or the bed are great places to put things. Just add a skirted tablecloth over the top and you have instant storage nobody will notice.
5. Storage In The Laundry Room
Hiding clutter in a small laundry room is challenging. The trick is to use coordinating baskets and/or bins to organize everything from dog food to trash bags. Give yourself extra space by installing shelves on the wall to hold the baskets so they aren’t taking up space on the floor.
6. Organize That Pantry
Is your pantry a crazy, disorganized mess of cans and boxes? Do you have no idea what’s expired and what’s not? Put that chaos to rest by creating a roll-out storage shelf that utilizes the space between the fridge and the wall. This handy DIY project lets you see at a glance what you have so you know what to add to your shopping list and what’s going to expire soon.
7. Under The Bed
Under the bed is prime real estate for storage. All you need to do is purchase a couple of under the bed storage bins and you’re all set. To upgrade this decluttering hack, install some wheels on the bottoms of the bins for super-easy retrieval.
Clutter happens in almost every home. Whether the stuff is necessary or not so much, clutter can be exhausting to deal with. To get rid of clutter – or make it appear like you have – try the clever storage hacks listed above.
Investing in residential real estate is one of the easiest and most lucrative ways to make money. There are several ways to make money when investing, with some ways being more full-time and more costly than others are. Which option works best for you depends solely on how much money you want to spend and how much time you want to devote to the cause. Let’s take a look at the top five ways to make money investing in residential real estate.
1. Long-term Rental Properties
Investing in long-term rental properties is maybe one of the best ways to make a profit in real estate. It takes a lot of capital up front, but the return on investment (ROI) is high, with the biggest benefit being the constant monthly cash flow.
Both single family and multi-family units have the potential for being great moneymakers, but it can be difficult finding just the right property in just the right area to really make this type of investing worthwhile. Most investors prefer to purchase single-family homes because there are more of them for sale, which increases the chances of finding the right one.
2. Fix and Flip
Many beginning real estate investors start with fix and flips. They buy properties on the cheap, fix them up, and resell them at a profit. A lot of money is needed upfront for down payments and repairs, as well as the funds necessary for carrying costs until the house is sold again. It can be overwhelming managing contractors during the repair phase, as well as when trying to sell the house again when everything is complete.
The biggest mistake people make when investing in fix and flips is trying to do the repairs themselves. They think they are saving money, but in the long run, it costs more because it takes longer to finish repairs. It is best to hire professionals to make the repairs quickly so you can get to making a profit sooner.
Wholesaling is when an investor buys a residential property, and then turns right around and sells it to another investor without making any repairs. In some cases, the first investor never even actually buys the property, but obtains it under contract before handing it over to another investor. Wholesaling goes very quickly, and many real estate investors make hundreds of thousands of dollars a month doing it.
4. Vacation Rentals
Vacation rentals are those properties purchased in a great tourist-y area and rented out on a monthly basis. During peak seasons, vacation rentals can bring in quite a profit. However, during off-peak seasons, they sometimes barely cover the monthly mortgage, upkeep and management fees. The key to continually making a profit with a vacation rental is to set the rent at a level that keeps renters in it year-round.
5. Long Distance Rentals
When investing in residential real estate, it’s important to look for the best deals possible to increase profits in the end. This isn’t always easy because some markets have incredibly high prices for real estate. Places like New York, for example, see purchase prices as high as $500,000 or more. This makes it very hard to buy property because it requires too much money upfront. What buyers are doing to avoid this issue is investing in residential real estate in another market.
A lot of work goes into investing in long distance real estate. You have to choose a good market, find a superstar realtor, hire a property manager, and then look for the right property. You have to trust the people you have working for you, and be willing to travel if needed to.
Investing in residential real estate is definitely a great way to increase profits and save for retirement. There are several ways to do it, but it all depends on how much time and money you’re willing to put into the process. The five options above give an idea of just what it takes.
Negotiating a real estate deal is usually a daunting task for both seller and buyer. While both hope for a favorable outcome, one or both may end up sacrificing some of the things they hoped for to reach a satisfactory understanding that they can both live with. Not everyone is born with a knack for negotiating, but it is an art form that can be learned. Here are several negotiating tips to help you get the best real estate bargains.
Watch the Market Closely
Whether you’re a buyer or a seller, you should watch the market closely for going trends and conditions that could be favorable to your situation. Knowing what’s popular at the time, in addition to the supply and demand in the area you’re buying or selling, are great negotiating tools.
Having said this, it’s important to note here that even if the market isn’t favorable at the time you’re selling, you could still have the upper hand in negotiations. For instance, if you are selling a nice house in a popular neighborhood where few houses are up for sale, you have leeway to negotiate a higher asking price because the supply of properties for sale in the area does not meet demand.
Know Who Holds All the Cards When
As the real estate deal progresses, the person with the most negotiating power changes. For example, at the beginning of negotiations, the buyer holds all the cards. As the deal moves forward, however, the buyer loses some of the power, until ultimately, the seller has all the power because he chooses the buyer with the offer and terms that best suit his needs.
Get the Best Deals
In a real estate deal, both the buyer and seller look for ways to save the most money. For the buyer, negotiating a good deal means getting the lowest transaction costs possible through concessions offered by the seller. For the seller, a good deal means selling the property without having to give any concessions at all.
The Financial Side of Things
Secure financing is important to both the buyer and the seller. Without pre-approved financing in place, a buyer may not qualify for financing. For the seller, it may be hard to close a deal if the buyer isn’t pre-approved. Having secured financing in place ensures both parties can proceed with the transaction.
Know the Going Interest Rates
Low interest rates are beneficial to both buyers and sellers. Buyers are looking for the lowest interest rates possible, as well as the lowest down payment, too. For a seller, lower interest rates encourage buyers, which increases demand for properties. The higher the demand for a property, the more negotiating power a seller has.
Don’t Underestimate the Other Party
While expertise and experience surely give a leg up in any transaction, it’s important to never underestimate the other party. Even with the most financial backing and best representation, an underdog could come along and negotiate a better deal no one ever saw coming.
How to Act When Negotiating
When negotiating a real estate bargain, keep the following behavioral aspects in mind.
Negotiate face-to-face – Meeting face-to-face and speaking directly with the other party allows you to react appropriately and build a rapport with them.
Be assertive – Let the other party know it won’t be easy to con you by asking knowledgeable questions and stating informed facts about market trends.
Be polite – Mind your manners and speak politely when negotiating. Be prepared to walk away if the deal doesn’t suit you or you feel pressured, as it’s your right to do so.
Be flexible – You may go into a deal with a certain plan but be prepared to alter that plan to seal the deal. It would be a shame to miss an opportunity because you’re unwilling to budge a little bit on the financial side of things.
Big closets are something many of us specifically look for when moving into a new house or apartment. After all, it makes more sense to store all that stuff rather than have to part with it because there isn’t enough room to keep it, right?
Sometimes, however, you can’t have your cake and eat it too. Small closets happen, and when they do, you have to get creative. Below, we put together some helpful hacks designed to expand those tiny closets so you can keep more of your stuff. Of course, it’s still a good idea to get rid of anything you haven’t looked at, worn, or otherwise used in the last five years.
1. Get Rid Of Some Stuff
If there isn’t room, there isn’t room, plain and simple. Before you try stuffing that tiny closet full, try paring down its inventory. That sweater you haven’t worn in forever – donate it. Those roller skates you keep meaning to put to use but never do – they’re out!
Don’t keep holding onto things you know you’ll likely never use again just because. Your space is limited, and you need to use it wisely.
2. Create Extra Hanging Space Outside The Closet If You Have Room
No one says you have to hang all your clothinginsidethe closet. If you have space outside your tiny closet, hang an extra bar or two to accommodate all the clothing you want to hang.
Alternately, many home improvement stores carry hanging racks on wheels that you simply put together and place anywhere to expand your closet space.
3. Raise Your Bed
There is a lot of valuable space underneath your bed – all you have to do is access it. If you’re not afraid of heights or are claustrophobic, you can raise your bed up high to give you a ton of extra space to put things. Furthermore, if you hang some curtains around the space, it’ll be like having an additional closet in the room.
4. Use The Inside Door Panels For Extra Hanging Space
The inside of the closet door is often overlooked as storage space, but it works great for hanging things like scarves, purses, and other items that hang flat. Simply install a couple of bars or a few hooks to utilize this handy space.
5. Store Shoes Elsewhere
If you have several pairs of shoes that take up a lot of space in your closet, try storing them somewhere else instead.
Under the bed is a great place to store your shoes. If you’re a wine drinker, don’t throw out those empty wine boxes as they make great under-the-bed storage boxes for shoes.
6. Switch Out Seasonal Clothing
Why keep seasonal clothing out all year long when you really don’t have the room for them? Keep a trunk in the bottom of your closet or at the foot of your bed to switch seasonal clothing into when you no longer need them. This will free up space in your closet, making it easier to find what you’re looking for, and the trunk can double as a seat when needed.
Small closets aren’t deal-breakers, especially if the rest of the home is perfect for you. Embrace the small space and use the hacks above to expand that tiny closet.
The real estate market is booming right now. Thanks to possible higher rents and mortgage payments in the near future, many people are deciding it’s time to make the leap into homeownership. It’s a seller’s market for sure, making it a competitive one for homebuyers.
The good news is if you’re in the market for a new home, following the tips below can give you a leg-up on the competition and make it possible to secure the house of your dreams.
Get Pre-Approved For A Mortgage
Before you even begin looking at houses, get pre-approved for a mortgage. It’s important to note here that pre-approved and pre-qualified are two different things.
Pre-approved means a lender has already looked at your credit, income, and expenses to determine how much home you can afford using their underwriting guidelines.
Pre-qualified simply shows the amount of house you can afford based on your income. It doesn’t mean that a lender will approve you for a loan.
Having a pre-approval letter in hand when looking at homes shows you’re a serious homebuyer.
Submit A Clean Offer With No Contingencies
If you submit an offer with contingencies, the seller may pass over it for one that has no stipulations. Contingencies like needing to sell your current home before closing on the new one will quickly send your offer to the bottom of the pile. Try to submit an offer clean of contingencies to show you’re serious about buying a home and closing on time.
Make An Appealing Net-Price Offer
The net price is the amount the seller gets after everything is said and done. The less they have to pay for, the more money they put in their pockets when the home sells. Try to make sure they get as much money as possible by not making them pay for things like closing costs. Anything that makes them have to shell out more cash in the sale could cause them to turn down your offer.
Make A Sizeable Down Payment
Submit an offer with a sizeable down payment. At the time of this writing, the average down payment is nearly 8 percent of the median sale price. The reality is, sellers are more likely to accept an offer with a larger down payment because they feel the bigger down payment will put the buyer in a better position to qualify for a mortgage.
Don’t Ignore The Fixer Upper
Many homebuyers will pass over homes that need fixing up. It can be difficult living through a home renovation, but if you can purchase the house for a decent price, it may be worth it to get the house of your dreams in the end.
If you’re looking to purchase a home that needs more than just a coat of paint and some new carpeting, do your homework when it comes to hiring contractors to get the job done. Check with some of the non-profit housing organizations for recommendations on construction professionals for your renovation.
The housing market is a competitive one for homebuyers these days, but when you come prepared, you can beat out the competition to secure the home of your dreams. Use the tips above to be a serious contender in a hot real estate market.
Your home’s pipes have a very important job. They carry fresh water in and carry waste out. Here’s how to deal with slow-moving or clogged drains and pipes and keep them in tip-top shape.
Be Careful What You Put Down the Drains
One of the biggest culprits of slow-moving and clogged drains and pipes is not being careful of what goes down them. Grease is probably the most problematic substance people allow to go down the drain. While it’s easy to assume the liquid goes through the pipes as water does, the reality is it actually solidifies quickly and collects in specific spots along the way. As it builds up, it causes problems.
Luckily, grease is the easiest drain problem to deal with since you have total control of whether it goes down the drain or not. Rather than pour grease down the drain as you’re cooking, collect it instead in an old coffee can that you throw away once it’s full.
Run Hot Water
One of the easiest ways to help your drains stay clear is to get in the habit of running hot water down them after each use. While oils and other substances can settle, hot water keeps things moving along nicely. All you have to do to ensure your drains stay clear is turn the hot water on and let it run in the sink for a moment or two.
Use Baking Soda and Vinegar
If you have a slow-moving drain or there’s a foul odor coming from the pipes, use vinegar and baking soda to clear it up. Simply pour a quarter-cup of baking soda in the drain and follow it up with a cup of white vinegar.
The combination creates a volatile reaction that foams inside the pipes to clear the offending clog or buildup. Let the combo do its job for 15 minutes and then run hot water down the drain for a few seconds. This natural drain cleaner can be used regularly to keep your pipes clean and fresh.
Your home’s pipes are very important. When they don’t work as they should, it’s very inconvenient and unhealthy. Use the tips mentioned above to keep your drains and pipes in tip-top shape.
There are a lot of things to do when moving to a new residence. One important thing is changing your address. It can be challenging remembering everyone you should notify, so here is the easiest way to get the job done.
Who Needs to know?
The list of people who should know that you’ve moved can be rather lengthy so be sure to make a list. Find your holiday greeting card list to be sure you’ve included family and friends. Next, include all your doctors, dentist, optometrist, etc. Your child’s school and any regular services such as lawn care or cleaning services should go next. Lastly, jot down magazines, newspapers, and even the IRS.
When to Notify Everyone
The postal service suggests putting in a change of address no later than two weeks before you move. The ideal time to do this, however, is about three months before you move. Since the postal service will continue to forward your mail for 12 months, this gives you plenty of time to notify everyone on your list.
How to Notify Everyone
How you notify the people on your list is up to you. If it’s close friends or family, you can simply pick up the phone to relay your new contact info. Many creditors have a place on their monthly statements for you to enter your new address and phone number. Alternately, there are post cards available at the post office for you to fill out and send in the mail to notify others of your impending move.
What You Need
When you contact people you have accounts with, be sure you have your new address and phone number handy, as well as account numbers, an email address, and any other information that may help them identify you and your account.
What to do After You Move
If you receive any forwarded pieces of mail, contact the sender to verify they have your new address on file. It could be that the change simply hasn’t had time to process in their system or that they didn’t receive your new contact information. Keep an eye open for your forwarded mail in about 7 to 10 days after you move in.
Moving is a chaotic event with lots of things to do. Use the tips above to easily change your address with the people who need it most.
The floor in a room makes up a big part of the room itself. As such, it has a huge impact on the look and feel of the room. For example, if the floor is dirty, it makes the rest of the room feel unkempt, but as soon as you vacuum and/or mop it, the room looks and feels cleaner and has a more welcoming atmosphere. Because the floor and skirting in a room plays such a big role, it’s important to maintain it and keep it fresh. Below are a few ideas for renewing your flooring to update any room in your home.
1. Replace The Skirting
When most people think about updating a room, they don’t usually consider the skirting to be of much importance. This is a mistake as updating the baseboards around the floor can make a big difference. Changing the skirting is relatively easy, especially once you get the old boards off. There’s a right way and a wrong way to do this, so be sure to Google skirting removal to learn the easiest way to do it. Visit your local home improvement store or go online to websites to find your new baseboards. Before you install them, though, consider updating the flooring first.
2. Restore Hardwood Floors
If you’re lucky enough to have real hardwood floors in your home, you can give the rooms a fresh, new look simply by refinishing the wood. With the baseboards removed, this job is easier than ever, especially if you rent a professional sanding machine. Alternately, if your budget allows, you can hire a professional contractor to do the job for you.
3. Install Laminate Flooring
Laminate flooring is probably the easiest way to renew the flooring in any room of your home. With a huge array of colors and designs available, you’re sure to find something to complement the décor in any room.
The main thing to remember when choosing laminate flooring is to be sure to get the right type for the room it’s going in. For example, if you’re installing it in the bathroom, be sure to choose one that’s designed to withstand dampness, so it lasts for many years to come.
Whether it’s the kitchen, bathroom, or a child’s bedroom, the floor has a huge impact on the look and feel of the room. As such, it makes sense that if you want to give the room a fresh new look, you should give careful consideration to the flooring in the room. From refinishing existing hardwood floors to installing laminate or some other flooring material, renewing the floor will update the look and feel of any room in your home.
The kitchen is often the most-used room in the house. In many cases, it is a multi-use room where not just cooking takes place, but eating, homework, office work, and more are common activities.
So when it comes to remodeling your kitchen, you have a lot of options in terms of layouts and features. It can seem overwhelming, but below, we discuss several layouts and what you can expect with each so you can choose one that suits your needs best.
Islands in kitchens are popular as they not only add interest to the room but also functionality. They work well in large kitchens with plenty of space to maneuver around. Kitchen islands can be stand-alone versions where food prep takes place or part of a bigger unit such as a wall or half-wall for additional vertical storage and interest.
Single & Double Galley Kitchens
Galley kitchens are known for their compact layouts that put everything within easy reach. In a single-galley kitchen, the cabinets, appliances, and countertops are all strategically placed on one wall. In a double-galley kitchen, all the elements of the room are placed on two walls that run parallel and opposite each other.
If space is a concern, the single-galley kitchen works well, while a double-galley kitchen is best suited for rooms that are longer than they are wide.
An L-Shaped Kitchen
L-shaped kitchens feature the sink and cooking areas on different sides of the “L.” This design is especially great in smaller kitchens where family members love cooking together as it gives ample space for everyone to work.
Common in open floor plans where the dining room and kitchen are one big space, the U-shaped kitchen helps divide the area into two separate rooms. The U-shaped kitchen can also be used in smaller kitchens to provide ample storage and workspace, but it can also give a feeling of being closed in. In this instance, open shelving helps reduce the closed-in feeling.
You have many options when it comes to kitchen layouts, so if you’re planning a kitchen remodel, be sure you understand the differences between them so you can choose the one that works best with the space you have and your particular needs.
So, you think you’ve mastered the art of real estate investing, have you? You’ve already obtained and are successfully managing one or two properties and are thinking it’s time to buy a couple more.
There’s a lot to do when it comes to real estate investing. From finding good investment opportunities to managing them all, it’s a full-time job. Here are a few tips to help you get started on building a sizeable real estate portfolio.
Build a Team to Help Manage It All
Being a landlord is a full-time job. Each property will require your time, and the more properties you own, the more time it will require. Begin building a team of people you can trust to help you manage it all. Professionals such as property managers, contractors, inspectors, etc. will help you stay on top of things and take some of the responsibility off your shoulders.
Spread Your Investments Over Several Markets
If you’re managing everything yourself, you’ll likely want to keep all your investment properties close together for convenience. However, this is like putting all your eggs in one basket.
If you purchase investment properties in more than one market, it protects your money in the event that one market struggles, the other can keep things afloat.
Have Plenty of Available Cash
To build your portfolio, you need to have plenty of easily accessible cash to take advantage of opportunities fast. There are a few different ways to ensure you have the cash you need on hand.
Refinance or sell an existing property
Partner with other investors
Do a 1031 Exchange when you sell an investment property
Know Your Investment Goals
It’s hard to achieve goals when you don’t fully understand what it is you hope to achieve. Before you begin looking for investment properties, ask yourself the following questions.
Do I want to invest in different markets or stay local?
Do I want to focus on the value of my portfolio?
How many properties do I need to buy in order to reap a profit that exceeds my expenses?
What do I hope to achieve? Higher monthly cash flow, more stability, or a combination of both?
These questions are important as they help you decide the direction you need to go in order to scale your portfolio. It’s important to understand your goals first and then work to put plans in place to achieve them.
Most real estate investors start out by owning a rental property or two. They quickly find out that real estate investing is quite lucrative and want to buy more properties. It’s a lot of work building a sizeable portfolio, so be sure you commit to memory the tips outlined above.
While investing in real estate is a great way to increase your income, the practice is rife with pitfalls that can decrease your profits dramatically if you aren’t careful. Buying an income property can be a challenge for the first time investor, especially if you haven’t done your homework. The six features below are things you should think about and look for in a rental property to ensure it’s a profitable one for you.
The location of the property you want to buy is of the utmost importance. This feature determines what type of tenants the property attracts and how long they stay. For instance, a rental property located close to a college will most likely attract college students who only need temporary housing during the school year. You may find yourself searching for new tenants every summer when the students return home at the end of the school year.
2. Property Taxes
Every property owner pays property taxes, but they vary from location to location. It’s important to check with the area assessment office for the tax history on a property you are considering. Keep in mind that high property taxes aren’t always a bad thing. If a neighborhood is really nice and tenants tend to stay there long-term, you can afford to pay higher property taxes.
The rent you collect on your investment property is the whole reason for owning the property in the first place. You have to research the area to find out what the average rent is and then determine if charging the average rent will cover your mortgage, taxes and other expenses. If it doesn’t, you have to find something else. Furthermore, research further to find out where the neighborhood is heading in the near future. Check for upgrades and additions that might raise property taxes. What you can afford now may not be affordable five years from now.
Tenants with children or those who plan to have children want to live in neighborhoods with good schools. If the school associated with your rental property has a poor reputation, it could affect the overall rental rate of your property. While your monthly cash flow may not reflect the school’s poor rating, selling your property in the future may be more challenging because of it.
5. Crime Rates
No one wants to live in a crime-ridden neighborhood. High crime rates drive down rental rates, so check with the local library or visit the police station to find out about criminal activity in the area you’re looking to buy. Avoid asking the person selling the property about crime in the area as he’s hoping to sell and may not give a completely honest answer. Look specifically at vandalism rates, petty crimes, serious crimes, and whether there has been a recent decline or increase in criminal activity in the area.
6. Local Amenities
The more a neighborhood has to offer, the more tenants it attracts. Look at current amenities such as parks, malls, movie theaters, public transportation and other conveniences, as well as ones planned for future projects.
If you have made the decision to invest in real estate, you owe it to yourself and your future earnings to do a bit of homework before jumping into anything. Buying rental property can be risky, but knowing what you’re getting into before getting into it helps you determine a honey-of-a-deal from a bankruptcy-waiting-to-happen. Keep the above six features a profitable rental property should have in mind as you search for your next real estate investment opportunity.
Have you ever heard the saying, “It takes a village to raise a child?” You can apply the same concept to buying and selling a property. It’s a group effort, especially if you’re an investor owning multiple properties. There’s a lot of responsibility when dealing in the real estate market, so it pays to form lasting relationships with people who know what they’re doing. Here are several real estate professionals all homeowners need at least once.
1. Real Estate Agent
The real estate agent is often the first person a buyer or seller sees. This real estate professional’s job is to negotiate the best terms for whomever he or she is working. The real estate agent also helps their clients through the legal requirements of the buying or selling process.
For investors with multiple properties for rent, real estate agents can help you set prices and find qualified renters. In some cases, a real estate agent will also screen potential tenants, field phone calls, and show your properties.
2. Home Appraiser
The home appraiser works for the lender. This real estate expert takes into account several factors including a comparison of the home with similar ones in the area that have recently sold, the cost of the home, and the income potential of the home before presenting the lender with a price for the property. Other factors an appraiser looks at is the size of the home, its condition, and the condition of the surrounding neighborhood.
3. Home Inspector
A home inspector looks at every nook and cranny of a property and gives a detailed report of his or her findings for the buyer. Any offer to purchase should be contingent on the inspector’s report. A home inspector looks at major aspects of a home such as its electrical wiring, plumbing, heating/cooling, as well as the roof, walls, floors, windows, and doors.
4. Insurance Agent
Every mortgage requires the borrower to have homeowners insurance in place. The policy protects the owner from loss in the event of things like natural disaster, accidents, and lawsuits. Not all homeowner’s insurance policies are created equal, so it’s important you have a knowledgeable insurance agent on your side. This person can ensure you have sufficient coverage for both common and not-so-common mishaps. If you’re a landlord, an insurance agent can make sure your policy covers things like problematic tenants as well.
5. Loan Officer
A loan officer works for the lender, but it’s his or her job to help you qualify for a loan. This real estate professional gathers personal information from you such as your income, your employment status, and other qualifying information to determine whether you have the ability to pay back a loan. If you have less-than-perfect credit, the loan officer tells you what you need to do to fix it in order to qualify for a loan in the future. A loan officer also helps you get pre-qualified for a loan, which presents you as a serious buyer in the eyes of sellers and real estate agents.
6. Mortgage Lender
The mortgage lender uses the recommendation of the loan officer in deciding whether to grant you a mortgage loan or not. Based on the loan officer’s opinion that you can, and will, pay the loan back, the mortgage lender provides qualifying buyers with the money they need to purchase property. A mortgage lender can be a bank, a savings and loan institution, a credit union, or some other financial institution that lends money.
Whether you’re buying or selling a single home, or you’re an investor buying and/or selling multiple properties, the real estate professionals above are vital to being successful. Gather a team of these experts that you can count on every single time.
Paying bills isn’t a favorite chore for anyone, but it’s a fact of life that can’t be ignored. Not paying bills on time can lead to substantial financial penalties in some cases, so it’s important to have an organized system that enables you to pay everything on time without hassle. Use the seven tips and tricks to organize your home bills below to make this chore as easy and efficient as possible.
1. A Place for Everything, and Everything in its Place.
You’ve probably heard this saying before, but its meaning is especially true where bill paying is concerned. How can you make sure all your bills are paid on time if you don’t know where they are?
Dedicate a specific area for placing your bills as they arrive in the mailbox. Ideally, this will be the same place you actually sit down to pay the bills and balance your checkbook so you don’t have to transport anything from one spot to another. If you always place the bills in the same spot, you’ll always know where to find them when it’s time to pay them.
2. Schedule Time to pay Bills
Whether you pay bills every week, bi-weekly, or once a month, schedule a dedicated time to do so. When you set aside a specific time/date to pay your bills, you can plan accordingly so that nothing else interferes and your focus is on the task at hand. Do your best to stick to your schedule so you can get the job done and not have to worry about whether a bill is past-due or not.
3. Open Each and Every Bill
Many people think if they don’t open a bill, they won’t have to face the potential bad news inside. But what if the news is good? Maybe you over-paid a doctor bill, and they’re sending you a refund check. Not opening every piece of mail that comes to your mailbox or email could mean you miss something important. Having piles of unopened bills (even if you’re behind on them and have several copies of each) does not depict an organized bill-paying system.
4. Sort your Bills by Date
Sort all your bills by their due date. This way, you’re more apt to pay the ones due the soonest first. As soon as you get a bill in the mail, open it up and place it in the appropriate slot according to the date it is due. When it’s time to sit down and make out bills, you’ll know at a glance, which ones have to go out first.
5. Don’t Forget about Online Bills
Many people prefer to pay some or all of their bills online. In fact, some people even have certain bill payments automatically withdrawn from their bank accounts so they don’t have to worry about them. While technology definitely makes things easier when it comes to bill paying, you must be even more vigilant with bill management if you pay your bills online. During your weekly/monthly bill pay sessions, it’s important to:
Ensure you have enough money in your account to pay your online bills
Check for emails with important information concerning your online bills, and
Write down any confirmation numbers you receive when you pay your bills online in case there’s any discrepancies with the payments.
6. Organize your Bills after Paying Them
You might be tempted to throw away paid bills, but it’s important you hang on to them in case you need to reference them again in the future. File the paid bills and receipts away in a filing cabinet, keeping like bills together and in order.
7. Clear out Old Bills
Once a year, go through your file cabinet and get rid of all the old bills from the year before. This helps keep the accumulation of papers to a minimum and makes room for the next year’s paid bills. Be sure to shred anything that contains personal information before disposing of it.
The goal of homeownership is to build equity. Equity is the percentage of your home that you own – the more you pay off the principal, the more you own. Let’s explore the many ways you can build equity in your home.
1. Let the Property Appreciate
Depending on the market, your home could appreciate quickly or slowly. For example, if you bought a home in 2016 for $185,000 with a down payment of $12,050, you would have started out with about 7-percent equity. Since market values rose steadily over the next two years, the equity in your home would have also risen to a whopping 23 percent by 2018.
2. Make a Big Down Payment
While making a bigger down payment definitely enables you to build equity faster, it’s wise to exercise caution with this method. Saving for a larger down payment may cause you to have to wait to purchase a home, which can cause you to miss out on market appreciation. It’s best to find a good balance between down payment, monthly commitments, and savings.
3. Put Windfalls of Money Toward Your Mortgage
When you come into lump sums of money, put them toward your mortgage to bring down the principal faster. When you make these lump sum payments, ask your lender if they are willing to recalculate your monthly payments based on the lower balance due.
4. Pay Your Mortgage Bi-Weekly
Divide your mortgage payment in half and pay it every two weeks instead of once a month. If you follow this payment schedule for a full year, you will end up paying 13 monthly mortgage payments instead of 12. This will cut 5 or 6 years off the length of your mortgage, building equity in your home faster and saving you tons of money in interest.
5. Take Out a Shorter Mortgage Term
Most people opt for the traditional 30-year mortgage, which makes paying the monthly payments much easier. You can build equity much faster, however, by opting for a 15-year mortgage term instead.
There are two potential problems with a 15-year mortgage term, however. The first is that it may make it more difficult to make the monthly payments since they will be twice as high, and the second issue is that it’s much harder to qualify for a shorter mortgage term.
6. Make Improvements and Upgrades to Your Home
Increasing your home’s value through improvements and upgrades will build equity. Keep in mind, however, that simply adding a coat of paint won’t be enough. Big renovations like a new kitchen or adding extra rooms or additional bathrooms will up the value of your home and build equity in it swiftly. Just be sure the improvements you make will be worth it once they’re complete.
As a homeowner, you should be working toward building equity in your home. From allowing the property to appreciate on its own to making home improvements and more, you can build wealth by building equity in your home.
Real estate investing is something that takes time. It takes time to build a strong portfolio, and depending on the type of investing you do, it takes time for the investment to pay off.
If you’re starting your real estate investing portfolio later in life, you may not have as much time to be as successful as you’d like to be, so be sure you consider the following points first.
Time is More Important than Money in Real Estate Investing
As stated before, it takes time to really be successful in real estate investing. You can always make more money, but you cannot make more time. You get the time you get and that’s it.
Using the example below, which one would you choose?
Example A: You’re 30-something with $10,000 in the bank. You have the ability to save another $10,000 a year after that.
Example B: You’re in your early 60s with $500,000 in the bank, but you only have the ability to save about $50,000 a year after that.
Most people would choose Example A because there is more time to save a greater amount of money. The younger a person is when they begin investing, the more opportunity there is to take advantage of compounding options to increase wealth. Later in life, these options are limited as there is not as much time.
The Older You Get the More Conservative You Become
For most people, age brings with it conservatism. This isn’t to say that if you’re a natural risk taker that you all of a sudden become conservative but getting older does tend to make people more conservative and less likely to take risks. This switch is likely due to the shrinking time frame you have to accomplish your goals.
As an example, if you’re in your 30s, you have a good 30 years to make investments, take a loss or two, and land back on your feet financially before retirement. If you’re only a few years from retirement, you’ll be less likely to take that kind of risk knowing there isn’t enough time to recoup. To compensate for this limitation, some older investors think that taking on a higher-yielding investment is the right idea. Unfortunately, higher yield usually means higher risk, which is exactly what you don’t want to do at this stage in your life.
Age plays a huge role in real estate investing as the younger you are, the more time you have to build a strong portfolio. Time is far more important than money in this case as you can’t make or buy more of it. And since time is not on your side as you grow older, your options for investing become limited as well.
If you’re thinking of getting in on real estate investing later in life, make sure you’ve considered the points listed above as it’s very likely you won’t achieve the results you’re looking for.
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