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Monthly Archives: May 2017

Info Buying Older Home

Pros

• Architectural details-in some of the older homes for sale you may be able to find some of the intricate woodwork that was carved out or crafted manually by carpenters as was done decades ago because there were none of the modern tools carpenters use today. This makes the architectural work irreplaceable and unique. There are no two older homes that will be similar in their style and look. Older homes are meant for those that enjoy the artisanship of that time.

• Cost-effective-the one reason that older homes are relatively cost-effective is that you can get more square footage for a better price that you would pay for a new home with the same amount of square footage.

• Bigger yards-when older and newer homes for sale you will most often find that the older houses have a bigger yard. This extra space can give you more room for a garden, to put in a swimming pool, and pets and children have more room to move and play. With larger yards, your neighbors are not right next to you as many new homes are.

Cons

• Cost of refurnishing and repairs-sometimes an old home was not maintained properly by the owner so this could mean that you will have to spend more money for refurbishment and repairs. One example is if you bought an older home in a costal area you may have to replace rusty pipes. If it has been awhile since the roof was replaced or check then you may have to put on a new roof. In such homes many times, wallpaper was used instead of paint so you may have to peel layers of this off in order to paint the walls. There may also be weak spots in the floors that you have to repair. You may also have to upgrade appliances.

• Safety and health concerns-if there are no smoke alarms installed you will have to install them. You may also have to have an older home re-wired, which should have been pointed out during the home inspection. There is also no way to determine if the older house is mercury-/lead-/asbestos-free.

Negotiation Tips for Real Estate Investor

He who talks first loses. When you are negotiating and you give a verbal offer, or ask for something else in the deal, ask the question, then remain quiet. If you speak, you lose some of the leverage you just had.

When selling a property, ask for more than you expect to get, when offering to buy a property, offer less than you are willing to spend.

Don’t act too interested. Be sincere, and of course ask questions. If a seller senses that you have a strong interest, he is more likely to hold closer to his asking price. If he senses that you have a weak interest, he may lower his price to raise your interest level.

When negotiating, remain upbeat, positive, and friendly. People like to do deals with people they like. Be likeable. Even when you submit a low offer, don’t be insulting. You can even let the seller know beforehand it will be a low offer, and why.

Try to create a win-win outcome. Everyone wants to feel like they made a good deal. Even if you just made the greatest deal of the century, let the other party feel like a winner also.

Put yourself in the other fellow’s shoes. It can give you a perspective that may help in the long run.

Focus on the issues, not personalities. Sometimes negotiations can become tense. You may start to dislike your opponent. Once this happens, take a step back, review the issues, and remember, this is what it’s all about.

Don’t blame, point fingers, or call names. Remember, people will give a good deal to people they like. Don’t always let the other party know what you are thinking, especially if it is adversarial about them.

Fix Up House For Profit

Don’t Underestimate Small Fixes With Big Impact
New hardware and fixtures go a long way. Replacing leaky faucets, rusted drains, door knobs, drawer pulls and ceiling fans will immediately improve a room’s aesthetic. If you think about a luxury hotel room, it’s typically the small features that put it over the top. Cool handles on the cupboards, a fancy soap dish, the slick way the drawers close on their own… these small touches are what people love about these rooms! (And the amazing food and great service, but you get the idea.)

If you want to stand out to buyers that have seen a million homes, add some new hardware and features that they will take notice of. And if you are looking to freshen up a home for yourself, the same strategies apply! You might just want to increase your budget a little.

Capitalize on Your Curb Appeal
First impressions matter. And people who come into your home, whether to buy or just visit, will immediately form an impression of your home based on what the outside looks like. Make sure the yard isn’t overgrown and that all the weeds are pulled. Plant some flowers along the walkway and put a new coat of paint on the mailbox. These things can all be done over the course of a day and can make a huge impact on the way your home appears.

They say buyers subconsciously decide to buy or not within the first few seconds. Having a beautiful, inviting yard will bring people in and help them to feel at home.

Better Real Estate Management

 Embrace technology

There are very effective real estate management solutions available thanks to technological advancements. Real estate management software is among the best solutions you can find to make the process easy and organized. Such a solution can improve communications and payments and data maintenance for the property. With the right system you will have an easy time collecting, returning and holding security deposits, as well as inspecting and documenting rental unit conditions before move-outs. There is just so much you can do with real estate management software to streamline processes so look for the best solution.

Handle tenants appropriately

First of all you should consider screening tenants before allowing them into your property. It is a simple way of keeping troublesome characters off your property. It is also important that you put tenant landlord agreement in writing to keep things clear and ensure that you treat all tenants equally and without any discrimination. Discriminating prospective tenants based on sex, race, origin, disability or even familial status can land you into trouble. It is also important to respect their personal privacy even if the property is yours by notifying them prior to entering their rental units. Handling tenants appropriately will save you from a lot of trouble especially legally.

Keep the property in top shape

Regular inspections are very important so you can make any improvements and changes where need be. Recklessness on your part leading to safety and security issues can lead to hefty losses in terms of compensations. You should therefore make a point of making prompt repairs and consider having a security system in place to give your tenants the sense of security they deserve as well as ensure that their safety is not compromised in any way.