A real estate property is one of the most lucrative investments you can ever have. No wonder, many of the wealthiest people in the world are engaged in the business of buying real estate properties and renting them out.
While there is no doubt that a real estate property is a sound investment, being in this business requires mastery. Just like any other investment, you need to learn the ropes of this business before risking millions of dollars buying real estate properties. Here are some important tips you should consider when buying your first rental property:
The easiest way to get started as a real estate investor is by investing in single-family homes. Aside from the fact that maintaining a single-family home is easier than maintaining a multi-family property, there also tends to be less wear and tear when you only have a single tenant than when you have more. If you live in Clovis CA or anywhere near the area, you may find that most of the Clovis CA homes for sale are single-family homes that are ideal for first-time investors.
Before diving into the real estate business, make sure that you know the mortgage market really well. This is because getting the right mortgage will help keep your costs low. Using leverage to purchase a property can also help free up some of your money so you can use it for future repairs. However, since mortgage also involves financing costs, it is still best to consult with a Clovis CA realtor.
Rental properties generally have stricter approval requirements and require a larger down payment compared with properties that are occupied by their owners. While 3 percent down payment usually works for your own home, the case is not the same for an investment property. Since mortgage insurance is not available on rental properties, the down payment for these properties is typically at least 20 percent.
If you want your first rental property venture to work, it is necessary that you screen your tenants very well. You can do this by doing a background and credit score check, as well as looking into the landlord-tenant records in your area. You may want to lay out a set of criteria so you will know if the person who is interested to occupy your property is a qualified tenant and will not stress you out in the future.
To make the most returns, real estate investors commonly get low-cost homes. Because of that, some get tempted to get a home that they can get at a bargain and flip into a rental property afterward. The catch, however, is that these homes usually need major improvements and will require you to spend a lot on renovations. Instead of buying a fixer-upper, purchase a property that is not as cheap but only needs minor repairs.
Investing in a real estate property involves a huge amount of money so make sure that you take the necessary precautions before you dive in. If you need help with your first rental property investment, call me today at 559-246-8991! I am Jason Nenadov, Clovis CA’s top Realtor®!
In case you can not view this video here, please click the link below to view Tips for Buying Your First Rental Property on my YouTube channel: https://www.youtube.com/watch?v=e4E5y3pttAA&feature=youtu.be
When it comes to selling your Clovis CA home, the first impression is the key factor. Prospective buyers usually make up their minds ten seconds after they step in the front door.
With a purchase as big as a home, buyers are very careful, and they look with a critical eye on every little detail of the home. So how can you raise the appeal of your property?
To achieve the best possible outcome, your home should be presented in the best light possible the first time. This can be accomplished through techniques such as decluttering, depersonalization, and creating an appealing ambiance.
But if you truly want to raise the appeal of your property, increase the sale price, and decrease the time your home stays on the market, then you should stage your home.
Home staging is not simply decorating your house.
Home staging is a systematic and coordinated methodology that involves a fusion of science and art, psychology and creativity to achieve the desired results. It is a valuable tool that helps improve the perceived value of your home. It puts a special emphasis on presentation and appearance. The key to this whole thing is appealing to the largest audience.
Hi! I’m Jason Nenadov, your top real estate agent in Clovis CA! If you’d like to know more about how I can help you sell your home, visit http://equityassetsrealestate.com/about-jason-nenadov/.
Read on to find out why you should take the extra steps to stage your home and what the best ways are to highlight the top 3 rooms in your property.
Studies have shown that a property which is properly staged fetches the best price on the market, and in some cases these homes actually end up going for higher than asking price!
The Real Estate Staging Association conducted a study in 2009 which involved 126 vacant and occupied unstaged homes. They were previously on the market an average of 263 days unsold. The homeowners had their properties staged. Those same homes sold in 60 days on average after staging. The result is 78% less time on the market.
Home staging considers the steps necessary to make a home look exceptional. It properly displays the potential of a space and draws attention towards what it would feel like to own such a beautiful home.
The result is a faster sale at a higher price.
When selling your property, it’s necessary for you to see it as product, that must be marketed and merchandised properly. When done properly, staging will bring out the best aspects of your home, highlighting the desirable features. It encourages home buyers to see the character of the home and to envision themselves in the home living the lifestyle they want.
Here are some ways home staging can help sell your home.
If you’re selling a vacant house, it will be hard for buyers to emotionally connect with empty rooms, devoid of any character. Home staging warms up your rooms and paints pictures of a lifestyle that buyers long for.
One of the hardest things about selling your home is having the ability to see things objectively. Sellers find it easier to visualize the property as a future home when it’s staged.
A home has to be worth the price you’re trying to sell it for and home staging not only deter low ball offers, it also increases the chance of selling for above the asking price.
A professionally staged home presents and shows better than competing houses for sale. In addition, photos of professionally staged listings look better in print and web media.
The cost of home staging comes down to your location, local economy, demand for house stagers, and where your price point is. The more expensive the home, the more it costs to stage.
Here are the home staging average costs:
An excellent way to save money when staging is by only focusing on the main areas of a home.
Not all rooms in your home are equally important in the staging process. So avoid wasting time and possibly money staging rooms where it doesn’t matter.
The National Association of REALTORS®’ 2017 Profile of Home Staging ranks the most important rooms to be staged, based on a survey of real estate buyer agents.
Here are the results:
The living room is a natural gathering point for everyone in the house, it is where families come together. It is usually where we entertain guests.
It’s important to stage the living room so that it welcomes the potential home buyers and helps them envision themselves living in the home. They need to see that there is enough room to fit their family comfortably in the space.
When staging the living room, the focus should be on creating a suitable conversation area.
You should also keep the following points in mind:
Watch the video below for more ideas on how to spruce up your living room:
The goal in staging the master bedroom is to make potential buyers feel like they have just entered a five-star hotel or a vacation property. It’s the one room in the house that serves as a retreat from the cares of the world and the stress of busy home life. You want to create a space to unwind and relax after a long day of work.
Here are some staging tips to create a master bedroom worth making an offer for:
Make the bed look comfortable
The bedroom should be the focal point of this room. When staging the master bedroom, the goal is always to make the bed look as comfortable as possible. Use crisp white sheets and linens so potential buyers will see a clean and serene place to rest.
You can place an end table and a lamp on either side of the bed to create a balanced space. You can also draw interest to the bed by using a nice headboard. A soft, neutral toned headboard will help buyers envision how they they will design the bedroom.
Organize the closet
Don’t forget one of the most important features: the closet. Closet space is very valuable to buyers. It ranks as one of the most important aspects of the master bedroom so it is imperative that it is neat, spacious and organized. An unorganized, cluttered closet will give the impression that there isn’t enough space to hold everything.
Declutter the closet so that it will appear large and easy to use for various types of storage. You can also color-coordinate and group like items to create a sense of order. Remember to keep the floor cleared, especially if it’s a walk-in closet and keep anything highly personal out of view.
Use simple window treatment
Bring the light in. Natural window light makes a room warm and welcoming. When staging your master bedroom, it’s better to choose a window treatment that is simple and classic. A window with a clean edge and line appearance will also make a room feel more spacious. Curtains aren’t necessary and in fact should be avoided if your windows have nice woodwork around them or have nice shutters. In those cases, you want to showcase them.
Ease up on the decor
Remember to keep the decor to a minimum. Artwork should be neutral in focus and complementary to the style since preferences for artwork are often personal and subjective. Most of the time, one to three pieces of framed art arranged above a bed or dresser is enough.
The video below will give you more ideas and design tips on how to create a “dreamy and relaxing” master bedroom suite:
Staging your kitchen can also make the difference between a quick sale or having your home linger on the market for months. Remember that a kitchen ranks very high on a home buyer’s list. The condition of your kitchen can make or break the home sale.
However, you don’t have to spend a fortune for a complete kitchen makeover. A major kitchen overhaul can cost a huge amount of money — money you probably will not fully recoup when you sell. There are a number of DIY fixes and home staging strategies that can make your kitchen more appealing.
It’s also important to know what a successfully staged kitchen looks like.
Here are some tips to prep your kitchen before you sell your home.
I can’t stress enough how important it is to have a sparkling clean kitchen. So to make sure that it’s done right, have a pro thoroughly clean your kitchen. Believe me, it’s one of the best investments you can make when preparing your home for sale.
No matter how well you have staged your kitchen, if home buyers encounter unpleasant smells when they come to your showing it could all be for nothing. Nothing turns off a potential buyer faster than a bad smell.
Smell is the sense most tied to memory and emotions. The right aroma can leave potential buyers with a lasting positive memory, while unpleasant smells can make them forget about all the great features of your home.
When staging your kitchen, you need to be hyper aware of odors. The kitchen can be a breeding ground for unappetizing smells. Make sure to clean and deodorize the refrigerator, microwave, garbage can, and garbage disposal.
Aside from neutralizing offensive odors, you should also find appealing scents to fill your kitchen to help endear house hunters to your home. A research conducted by a group of neurobiologists showed what smells have almost universal appeal.
They found the following to be the top 5 best smells:
You may want to consider starting with these simple scents to freshen up your home.
People will be looking inside your cupboards and drawers so make sure they are organized. If they are overstuffed, you’re basically telling your buyer you don’t have enough storage space.
Pack up all the items you don’t use on a daily basis. Remove excess stuff, mismatched items, and anything that simply does not look good. You can also use baskets and containers to make everything feel more organized.
An easy way to refresh your kitchen is by using a fresh coat of paint. In fact, painting will give you the biggest bang for your buck. So give your kitchen a new coat of paint in a hue that works with the color of your counters and cabinets.
While you’re at it, you should also consider replacing outdated light fixtures, old kitchen faucets and cabinet hardware. These relatively cheap fixes can bring maximum appeal and make the kitchen feel fresh and new.
After cleaning and decluttering your kitchen, you should also add some accessories. You shouldn’t leave the counters completely empty as it will make your kitchen appear boring and lifeless. However, don’t decorate the counter too much. The same goes with the top of the cabinets as over decorating tends to take away from your kitchen’s true potential.
You can use decorative canisters, herbs, a bowl of fresh limes or lemons, specialty olive oil, a bottle of red wine, and pretty cookbooks. You can also set fancy hand and dish soap on a tray. Don’t forget to place new tea towels. They are a great, cost-effective way to add a splash of color and pattern especially to white kitchens.
Staging is all about creating a welcoming environment where potential buyers can immediately feel at ease, as if they were already in their own property.
However, it’s not as simple as many sellers think. There are pitfalls that must be avoided at all cost. Review this list of home staging mistakes so you won’t make one when it’s time to sell your house.
“Wow! Where do I sign?”
Those are the words you want to hear as potential buyers walk into your home. By following these home staging strategies, there’s no reason that they shouldn’t. These simple changes around your home can help speed up the sales process and even boost the value of your property.
Do you need help staging your home and getting it on the market? Learn more about how we can get the best price in the best time through thoughtful home staging.
Call me, Jason Nenadov, at 559-246-8991. I’ll be happy to assist you with all your real estate needs.