Articles Tagged "renting your home"

Generally, real estate is often a smart and rewarding investment option. It is a great way to produce an ongoing income and can be a smart investment if the property value increases over the years. However, buying an apartment complex, restaurant, or piece of land may become expensive. It's important to be sure you are financially stable to start investing in real estate, and consider the ongoing maintenance costs as well as gaps between tenants. So, should you invest in real estate? Here are some tips to see if it's the right path for you:

Pay Investments in Cash

Most financial experts advise against taking out a loan for an investment project, which should be taken into consideration before investing in a piece of real estate. If you do take out a loan, it's suggested you're able to afford the monthly payment without relying on renters income. Keep in mind, there can be a high turnover with renters as there may be gaps in time where there are no renters on the property. This may become more of a financial burden if you are not able to afford the mortgage without renters, which could negatively impact your credit and create financial issues in the long run. Paying in cash eliminates these worries. 

Plan Out Expenses

When purchasing real estate, whether for personal or investment reasons, it's always smart to plan out your expenses. Consider the cost of taxes, maintenance repairs, utilities, and building upkeep. When planning expenses, estimate the cost you will be asking for your rental property so that fees and other expenses are covered. 

Research the Property

When investing in real estate that you plan on selling down the road, it's crucial to thoroughly research the property. Look into development plans or new roads that are being expected to be built to ensure it does not impact the property value. Also take time to research nearby neighborhoods for market value, if the area is up-and-coming, and other external factors. 

Investing in real estate is an appealing idea to many! With the proper planning and steps taken, it can be done well and successfully. If you are interested in starting the steps to investing in property, contact a Choice Properties real estate agent today!

Choice Properties understands your needs and desires when it comes to the home search. We are here to help you define what you want, seek the best property and move forward feeling educated and able to make good decisions throughout the process. You can trust us to help you navigate it with the best real estate agents working for you. Call us to get started on your dream home search today.

 A vacation home purchase can be a great place to spend time with family and friends or as an investment property. It is essential to do research to make sure one's money is invested in a property which will continue to give back for a long time to come.  If you're on the lookout for a great vacation lake home, here's our advice on how to find the perfect vacation home on the lake here in beautiful Ohio.

Opportunities

Many opportunities exist to find the perfect vacation home on a lake. Buyers of new-construction vacation homes have many options in various price ranges. The opportunities for existing homes on the market exist, but price points may vary as will wear and tear on the property which can create more headaches than opportunities. It is worth doing some research up front on the kind of property desired prior to purchasing.

Multifamily Properties

Vacation home buyers may consider properties designed for families or people who will use the space part-time and want a higher-than-average return on investment when it is not in use. Multi-use properties are more ideal for individuals willing to rent space out than families who plan to reside in the space on a more full-time basis/

Plan to Rent

Plan for the possibility the home may become a rental property at some point. Circumstances change and the ability to save an investment might depend on converting vacation property to one that produces income. Look into rules which may prohibit rental of the property or prevent a person from renting it out.

Create a Business Plan

A vacation home that will be owner-occupied or for rent are different scenarios. Calculate expenses for the property and prepare for the unexpected. Colder-weather locations, such as Ohio, may require extra money for burst pipes or a leaky roof.

Purchase in a Desirable Market

Even if the plan is not to use the property for one's own vacations or to rent on a part-time basis, it is essential to visit on a regular basis, twice a year at minimum, to be sure the property is being well-maintained. Location matters for vacation homes. A property located 10 blocks from the lake may be less expensive but can decrease the resale price or ability to rent it out. Looking to stay in one which is closer to a lake, if desirable, can increase the home's desirability and value.

Insurance

Obtain insurance for a property near the lake. Flood insurance for waterfront property may make it an expensive investment but is worthwhile if done at a reasonable rate.

Some advance preparation, research and due diligence can help individuals find a profitable investment, a vacation home of one's dreams and is sure to bring joy to any person's family for years to come. Contact a qualified Choice Properties real estate agent with years of experience buying and selling in the Bellefontaine area to start looking at available properties and seeing what's available to make the dream a reality.