Land For Sale? Here’s What To Look For
Property development can be a hard game to get into, especially with the current market. You see, there’s a lot of factors you’ll become dependent on before getting your hands on a property. Monitoring these will take a lot of time off your hands, so you need to get to know them early. Especially if you’re looking to develop straight from a plot of land itself!
Let’s focus on that latter point for the time being, as you’ve probably heard it’s a lucrative market. If you like the idea of property development, then now’s the time to get ready for it. After all, you can’t invest when you have no clue over what to expect! So here’s a couple of the main warning signs to look out for when land comes up for sale near you.
Know the Company That’s Selling
First thing, you need to trust the seller. You need to know they’re not trying to con or decieve you – there’s many scams out there involving real estate. And seeing as you’re a first time buyer, you’re very much a likely target. Do your research beforehand, if land has suddenly come up for sale, and work out who you’re buying from.
After all, you’re going to want a company with a good reputation on your side. Sure, there’s quite a few out there, but still try to define your margins. A service like Red Hawk Realty might be of use to you, and might have the best deals… But only if you know who their competition is.
Know the Zoning Available
You need to know what the best use of the land will be, once you decide to buy. Most of all, you need to know the area it’s in, and what properties are around it. After all, you don’t want to slam a new residential piece in the middle of a shopping district! That’s unlikely to attract any interested parties, and is a bad way to try and capitalize off the area. Real estate is a great way to build your portfolio, and your bank account, but only with the right decisions.
You can find out the typical zoning with a few phone calls to your city hall. Or you can look up a register online, or find out where the local zoning office is. It can get complicated here, as there could be many details surrounding what use is allowed, so turn to legal aid. An attorney familiar with the laws will be of most use to you.
Know How Flat the Land is
A quick point to finish off. Otherwise known as the topography, your new land shouldn’t have any hidden hills or dips. Make sure you survey the land before buying, even if you just use Google maps.
Be sure to know what you’re looking for when buying land, as it’s easy to make mistakes. You don’t want to waste money on land you can’t use!Read More
Coming Up With an Appropriate Budget When You Are Planning on Buying a Property
Purchasing a house can be a relatively daunting experience. After all, a property is likely to be the most expensive thing that you buy in your entire lifetime, so you’re going to want to make sure that it is exactly what you want. However, you do need to take finances extremely seriously and you need to ensure that you can afford the property that you place a deposit on. Otherwise you can find yourself slipping into debt and struggling to make payments. This can, in turn, result in your home being repossessed and your credit rating taking a massive hit. So, how can you come up with an appropriate budget from the outset of this journey? Here are a few steps that could help you along the way!
Deciding on a Small or Large Deposit
The first step that you need to take is whether to buy now with a small deposit or buy later and save up a larger deposit. Of course, we’d all rather have the home of our dreams as soon as possible. But sometimes patience is a virtue and saving a larger deposit will make your life easier down the line, as monthly payments will be reduced.
Working Out Your Take Home Pay
When looking at Homes for Sale, so many people make the major mistake of looking at their salary and assuming that it is the amount of money that they are able to spend throughout the year. They are likely to take out a mortgage that actually amounts to more than they can genuinely afford. The truth is that there are generally all sorts of costs that need to be deducted for legal reasons before you have the true figure of your take home pay. Make sure to deduct any tax or national insurance payments that you will need to pay from your overall salary to determine your take home pay, which will then give you a better idea of how much you can contribute towards mortgage payments on a monthly basis.
Accounting for Potential Financial Difficulties
It is important to remember that your job is never one hundred percent secure. If you are employed, there is always a chance that your employer may make you redundant. If you are self-employed, you may experience dry spells where you don’t receive all too much work. It’s important that the budget you create for your home isn’t at the top end of what you can afford. If it is, even a slight change to your income can result in you struggling to meet agreed payments.
If you opt for something that is mid-range in your budget, you should have time to overcome financial difficulties at the same time as keeping up with your mortgage agreement. So its always best to plan for any repairs that might be needed in the future. Read more here to learn about the best tools and resources for home improvements and overall maintenance for your most important investment.
These are just a few steps that should help you to budget well when you are planning on buying a property. Incorporate them into your plan to simplify things for yourself!Read More
Dive Into The Property Market
You should dive head first into the property market. There’s no reason why you shouldn’t do, aside from the fact that you might be a little worried about money. The property market is one that’s just growing and growing as the years go by. As soon as one apartment block has been erected, another housing state is being started. As the population grows and grows, so does the need for a booming property market to hold all of the people. So, does it not just make the perfect place for you to start a little investment? Considering there really is so much money to be made from it, and there’s definitely no time like the present, we want to try and convince you to dive head first into the property market. If you’re armed with the right tips, you could go on to create your own little property business that would just be the gift that won’t stop giving. Have a read on, and let us introduce you to the wonders of the property market.
A Long Term Investment
Investing into property can either be a pretty short term investment, or it could be one that is carried out over a number of years. Some prefer the long investment because it’s a constant drip of money to feed a new lifestyle. We’re talking about renting out a property. You will have to either buy, or mortgage the house to begin with. Then, you need to rent it back out at a rate that will cover the mortgage and a little bit extra, and then you wait for it to get to the point where they’ve paid the mortgage back. It might take 10 years or so, but once the mortgage is paid off all of the money coming in from the home is yours. The extra money you’ll be taking out as well as the mortgage can be used as property maintenance, which can be a nightmare for some landlords. In fact, if you look here you’ll find a website where you can find the companies who would manage your properties for you. Because having a few on the go is a good idea if you have the means to.
The Most Fruitful Area
That long term investment idea is fine, but it is not the most fruitful area for the property market. In fact, the most money can be made from property flipping if you know what you’re doing. Property flipping starts with you buying a property that is so much cheaper than others you might be able to buy, but that will be because it needs a fair bit of work doing to it. But the price you pay will be so low, and the cost to renovate wouldn’t bring it above what you’d be able to sell it at. So, if you can get the buying part, and the renovation done within a couple of months, all you would have to do is sell at a price that means you make a lot of profit out of it. Hint, if you do the house up right and spend a lot of time and effort, you will be able to make a hell of a lot of money from property flipping. Just make sure you buy a rundown house in a good location, it gives you more options.
Be Mindful Of These
There are definitely some things that you have to be a little bit more mindful of when diving into the property market, and that’s that things can change at the drop of a hat. You could invest tons of money into a property, but all of the sudden the housing market plummets, and you lose out on all of your money. But is there not a risk with every investment option that you could chose? As long as you’re willing to lose out, then you’re good to enter the property market. Nine times out of ten you will be making a killing, so don’t worry too much about the risk.
Overseas investments with the property market is definitely something you should think about. Holiday homes are just so so popular, and more people are taking to the idea of buying one. It’s not so hard as it used to be, and some people are just chasing that dream of being able to be in a holiday home a few months of the year. So if you’re going to go for any type of property to invest in, we would definitely recommend that you think about going overseas.Read More
How to Prepare for House Buying
If you are looking to buy a house, there will be many things that you will need to prepare. You will need to understand the location, house prices and financial advice. The opportunity to buy a house will come around at different points in your life. That means the preparation is dependent on your current lifestyle. Here we are going to take a look at some of the options you will need to explore. And we will discuss how different factors affect each one.
Where you choose to move to is as simple a question as where do you like to be? That is to say, what is it about different places that make you feel comfortable and happy? You should challenge yourself to research different environments. Growing up in the city you may feel inclined to stay central. Likewise, suburbs or rural people are more likely to avoid city purchases. But ask yourself, is an alternative way of living something you should explore? You may well make the decision to stay in your comfort zone. Equally, if you look beyond your traditional surroundings a whole new world of opportunity will open up.
There are examples across the US of cities and states that are more open than ever before due to socio-economic changes. If you take the time to read more now about one of these cities, you could find it sparks ideas for your property purchase. That is not to say you will suddenly up sticks and move out of state. But your scope for looking at where to purchase properties will open up. And by casting a wider net, you will see an impact in our next topic.
The cost of property is a driving factor in the decline of house sales across the US. Particularly millennials find it difficult to afford real estate. When you are buying you must consider two different funds. One is the deposit that you can afford, the other being the mortgage you are able to get. Your ability to make repayments will drive the latter of these two.
The aforementioned impact of casting a wider net comes in reference to your new found scope. The more options you are open to, the further your money may well go. For example, if you are looking strictly in an overpopulated city centre you will be paying a premium. However, if you are afforded the same opportunities in a lower populated region, suddenly your house prices are lower. Demand and supply is a very real concept and it drives the market for property in every location. So consider applying your needs to more regions, because getting more for your money is never a bad thing. Especially when purchasing a house.
Buying a house is going to be exciting and stressful at the same time. However, you are in charge of any decision you make. Remembering that is vital to the whole process. Don’t be led by an agent; you have to live there so it must suit your dreams.Read More
Rules Of The Roost: Understanding The Law Surrounding Your Property
Property is one of the best fields to get into if you want to make a career out of investment. This is one of the few worldly resources which will never completely lose its value, and is something people always need. Of course, though, getting started in this sort of industry is never as simple as buying a building or two. Along with this, you have a lot of other areas to consider, with law being one of the biggest on your plate. To help you out with this, this post will be exploring the legal areas which have to be on your mind when you’re looking at property investments.
Buildings and land don’t tend to be cheap, with properties being one of the most expensive items you can buy. When so much money is changing hands, governments and law enforcement agencies like to have an idea of where it is moving, and this has opened the doors for loads of laws. When you’re going through a transaction like this, it’s essential that you take a legal approach. If you fail to do this, the transaction won’t work out, and you could even find yourself getting into legal trouble. To learn more about this, head to DicksonLegal.com/tacoma/real-estate-attorney/ and do some reading. Companies like this are great when you’re unsure of your position with the law.
Once you have a place in your possession, the law doesn’t stop here, and you need to be thinking more deeply about the areas which have to be covered. Making changes to your home, for example, is often completely find. If you decide you want to change plumbing or electrical wiring, though, you will need to get a professional for the job, as most governments aren’t happy to let normal people do this role. It takes a long time to train to do jobs like this safely, and you could be risking your life is you decide to ignore this.
Lending It Out
It’s very common for property investors to want to hold onto the buildings which they own. In this case, the best way to make money out of it will be through rental tenants, as this will keep money flowing in the right direction. When a home is occupied by these sorts of residents, though, the owners have to make sure that everything is safe and well-maintained on the inside. It’s easy to ignore this, spending time looking for people to fill the space, rather than making it as comfortable to as possible. If you fail to handle this properly, though, you could face people leaving your property, along with hefty fines from your local government.
With all of this in mind, you should be feeling ready to get started on understanding the law which surrounds your property. A lot of people struggle with areas like this, finding it hard to know exactly where they need to turn when it comes to making sure that their places are properly covered.Read More
5 Destructive Home Buyer Mistakes People Make and How to Avoid Them
The typical new home buyer spends much of their time fantasizing about moving into their perfect palace. But before you move in you have to find the right space. This can be a confusing and stressful process when it’s your first time. Don’t worry. Avoid these five mistakes, and you’ll have the right place in no time:
1. Forgetting Value
A lot of buying has to revolve around what you can afford. If you go above your budget home buying can hurt your financial future. But some first time home buyers forget about value. It’s no good to buy a home that isn’t right for you. If you move into a depressed neighborhood that costs you thousands on a commute or renovations, you may have lost out on value. A good realtor will help you calculate the overall value.
2. Fools Rush In
Don’t let excitement about the market, or your desire to move, influence your decision. That home you just saw isn’t the only option. Yes, you should be ready to act fast when the right value comes along. But feeling rushed or anxious can force bad decisions. It’s common to also miscalculate your estimated expenses. Purchasing the proper home insurance will protect you from the unknown. And since your home purchase is one of the largest investments that you’ll ever make, it pays to exercise prudent judgment.
3. Going It Alone as A Home Buyer
One of the biggest mistakes first time home buyers make is trying to go it alone. With all of the advances in technology, they may try and forgo using a real estate agent to find the right property. This is a huge mistake. Real estate agents can save you time and money. Unless you have great experience in the real estate market, you can fall prey to many issues and misconceptions without someone representing you. A good agent will help you through more than just finding a property. They can help negotiate the pricing, timing, and conditions.
4. Waiting On The Mortgage
Waiting to learn more about a mortgage could hurt your entire process. Unless you have a good idea about your financing options, it is probably too early to do any serious searching. You may find the perfect property only to lose it due to waiting for financing. A seller will likely take an offer with strong financing attached. If you work on the mortgage first, you’ll know more about your target range as well. It’s often best to start with financing.
5. The Creeping Budget
The perfect home is not perfect for you if it isn’t in your price range. If you fall in love with the wrong house, you could be inviting headaches down the road. It’s useless even to consider homes that don’t fit in your budget. Eight states saw an increase in foreclosures in the first six months of last year. A new home can be an incredible asset. It can also destroy your financial future. Know your budget and stick to it.
Avoid The Mistakes
Once you know the pitfalls, the average new home buyer faces it is easy to avoid the mistakes. You can focus on the exciting and fun process of finding the perfect new home. You may even want to set your sites beyond the United States. Purchasing abroad is easier than you think. Here are some great tips for purchasing abroad.Read More
What is the True Cost of Building a House vs. Buying?
Everyone has a dream home. A place where they can come home at the end of a long, tough day, and hang their hat. But what if that dream home doesn’t yet exist? What if, instead, it’s up to you to build it? Is it worth it, or could you save more simply by buying? If you’re in the market for a new home and can’t decide between building and buying, read on as we break down the cost of building vs. buying a home.
How Much Does It Cost to Build a House?
There’s no way around it, building your own home can be an expensive endeavor. According to Home Advisor, the average price per square foot ranges between $100 and $400. When you take into consideration that the average home is 2,687 square feet, the cost to build a house can add up fast.
But the size of your home is only the start of the costs.
There are so many other factors would-be builders should consider, such as building materials. Take a glance at the room around you. Every window, door, wall, ceiling, and the floor has small, individual layers. From window and door frames to support beams and insulation, the cost of building materials alone is enough to deter most people from building a home.
Of course, you’ll need someone to build your dream home, too. It’s necessary to hire contractors and builders, as well as buy permits. With that said, building a home does have some key advantages. Though the upfront cost is higher than that of buying a home, building a home means owners don’t need to worry about repairs. This alone can save quite a bit of cash.
Building a home allows soon-to-be owners to customize their dream home with green appliances. From solar panels to heat-reflective roofing to Energy Star windows, green appliances will often save homeowners more money in the long run.
How Much Does It Cost to Buy a House?
The home buying process is notoriously long and arduous, but is it more cost-effective than building a home? It depends. Once you find a home you love and decide to settle down, you’ll need to pay closing costs. These fees often add up to between 2% and 5% of a home’s total value.
Buying a home comes with fewer upfront costs, sure, and can be far more convenient. But most homes need at least some tender loving care, meaning that you may need to spend thousands of dollars to get your brand new home up to snuff or to complete that kitchen remodel you’re dreaming of.
With that said, certain firms, like Project Homes Sydney, can assist with these fees or even help you reduce their overall costs. So while you may look at that beat-up old roof and feel your stomach drop, the right company can still help you save. And that’s not all — the cost of homeownership doesn’t end once you’ve reached a deal.
Monthly maintenance, including utilities, lawn care, and homeowners association fees, cost an average of $1,204. In conjunction with other monthly bills, home ownership can get quite expensive, quite fast.
Cost of Building a House vs Buying: Final Thoughts
Since the true cost of building a house vs. buying will depend upon location, the scope of vision, and more, it’s important that you take the time to carefully consider your options. Both can be expensive yet worthwhile endeavors. Whether you want to buy or build, learn more about us and let Sky Five Properties help you find the home of your dreams.Read More
5 Bathroom Renovation Ideas That Will Increase Your Home’s Value
People looking to add home value are turning to a simple, but important, area: the bathroom remodel. And it’s a smart move. A midrange bathroom remodel can pull in a 70 percent return on investment. Whether you’re working on a refurbishing project or bumping up the value of your family home, the bathroom is full of untapped potential.
But it’s not always easy to know where you can get the most bang for your buck. We’re here to help. Here are five simple bathroom renovation ideas to boost the value of your home or project.
Why Bathroom Renovation Investments Pay Off
First, why is the bathroom a smart investment? Simply put: it improves a home’s livability, which makes the value pop. In fact, some markets in the U.S. have handed out triple-digit returns for a bathroom remodel. Why? The bathroom is an area that is well-used. It’s a functional space, and improving efficiency and feel can warm up a whole house.
And as investors look to the bathroom, there are more and more experts around to help kickstart a project – read more now. For anyone interested in sprucing up the bathroom, there are some simple ways to make big improvements.
1) Brighten up the Space with Lighting
The bathroom is a room carved out for plucking, grooming, and applying makeup. That means a brighter space is a more efficient space. It also can lift the mood and feel of a home.
To illuminate your bathroom, consider updating these key pieces:
- Light fixtures
Think about light fixtures that hang. Using them alongside mirrors is an easy bathroom remodel that can create a spacious look.
2) Warm the Room with a Shower
When it comes to bathroom remodeling, updating the shower is a simple – but powerful – addition. Knocking out small, outdated tubs and replacing them with a shower can widen out a whole bathroom.
It’s also a great idea to update the shower head on existing showers. It might seem like a small change, but it can add elegance or easily modernize the entire space.
3) Air It out with Ventilation
It’s definitely not the most romantic bathroom remodel, but enhancing ventilation can make a big difference. First of all, nobody wants to deal with a stinky bathroom. But opening up the space with ventilation can also improve the functionality of the whole room. It can cut down mold or residue, make the space more comfortable, and improve breathability.
4) Get the Most out of Sinks
A smart bathroom remodeling project is sink-centric. Like shower heads, sink and faucet updates can completely modernize a bathroom’s look. To free up space and functionality, consider putting in duel sinks. This is a great way to make the space more efficient by letting more than one person get ready at the same time.
5) Tie It All Together with Tile
By refreshing tile, you can brighten up the bathroom and make it look more spacious. Wider tiling can bring an appearance of space. And repairing outdated colors or broken existing tile is a quick way to clean up the look.
Bring out the Best in Your Whole Home
You don’t have to stop with a bathroom renovation. There are plenty of more ways to boost the value of your home or project. Check out our blog here for more tips on getting the most out of renovations.Read More
How to Choose a Good Plumbing Company for Your Home Renovations
Did you know the average homeowner will have to call a plumber once every three years? Lucky for you there are almost 500,000 plumbers in the United States. And if you’re a homeowner, you’ll need to find good plumbing that you can trust. Read on for our tips on how to find a reputable plumber near you!
1. Make Sure They Have a Good Plumbing License
Verify with potential plumbers that they have a valid and current license to do plumbing work. You can also verify the kind of insurance coverage they provide. Insurance will protect you financially in case of a problem. Plumbers that aren’t licensed or insured will likely offer less expensive services. But don’t be tempted to work with anyone based on price alone!
2. Read the Reviews
Did you know that a simple Google search for a specific company will not only provide you with a contact number and website but often a collection of Google reviews? On a scale from one (bad) to five (excellent) stars, clients can review the company’s website and leave insightful comments.
Once you’ve found a plumber you’re interested in using, do a Google search to determine what their past clients are saying about their work. However, keep in mind while reading reviews that people who had a negative experience are more likely to leave a review than those who had a positive one.
This means, generally speaking, there are more negative reviews than positive.
3. Get a Few Bids
Don’t hire the first plumber you talk to. Ask for a quote on the job you’re working, and then tell them you’ll be in contact within the next few days or the week. Ask another one or two companies to quote the job for you and then select the best option.
4. Do They Offer a Guarantee?
What’s the guarantee should parts malfunction or work not go as planned? Do they offer money back? Will they fix the problem free of charge? Reputable companies know that customer satisfaction is the priority, so choose a company that’s more interested in doing a quality job than a quick one.
5. Check Out Their Specialties
It’s important to make sure that your plumber specializes in the area you are considering working on. For kitchen remodels you’ll want someone experienced in the specific equipment and current trends. Ask potential plumbers how often they work on bathrooms, kitchens, laundry, etc.
You can even ask how many of those specific rooms they’ve done in the last year.I f the number they give you doesn’t breed confidence in their ability to do a good job, you can consider other options.
Now that you know how to find a good plumbing, you can make the right choice for you! Explore your options, do your research, and then make a selection. And visit our Home Improvement Feed for more tips on making your house a place to call home.Read More
Smooth Renovation: Keeping Your Kitchen Upgrade Successful
You might be planning a complete overhaul of your kitchen space, or just want to update some areas to modernize the look. It’s important to consider every step carefully, so there will be no expensive surprises along the way. The following are some helpful tips for those about to embark on a renovation project in their culinary space.
Keep It Functional
Your kitchen space is one of the most functional rooms within your home, apart from your bathroom. Therefore it’s of utmost importance that the way space is used is considered and that the layout is carefully planned out before any construction goes ahead. Try and think about how you move about the space when cooking, alongside what you will need and where it needs to go. If you’re not an industry expert, it’s always a smart idea to get professional advice from reputable contractors. Make sure that everything, from your ac Installation to your mosaic flooring, is carried out to a high standard so that the space keeps working for you.
Measure It Precisely
You might be dreaming of a huge stove and a gold chandelier; however, if they don’t fit properly it can be an expensive and long-winded process to return and repurchase items. It’s, therefore, important that every area of your kitchen is measured precisely so that you’re able to choose the best fridge or inbuilt oven for your kitchen accordingly. Even though something seems like an amazing deal at the time; impulse buying items for your new kitchen will cost you dearly, in the long run. So, save your cash until you’re sure it’s exactly what you need, and crucially; what will fit.
Light It Up
Lighting is another area of a kitchen that provides essential function; but don’t forget that lighting has a major impact on the ambiance and feel on an environment too. So, it’s worth investing some thought into what would best suit your space. Warm light gives a comforting feel, so these may be best around a dining area of the room and will ensure mealtimes are cozy affairs. Cool lighting is best for preparation areas. It’s important you’re able to see what you’re prepping as clearly as possible, especially in the kitchen where sharp objects and heat are often involved.
Give It Space
Planning your countertops may seem like an obvious part of remodeling your kitchen. However, it’s easy to forget to use the space as wisely as possibly. Aside from preparation areas next to the stove; you need to think about where you’re going to be regularly placing and storing items too. For example; either side of the sink is always a high traffic area when it comes to putting down dirty dishes, pots, and pans, so considering how much room you’ll need is essential. Try to make sure your counters overhang over your cupboards and drawers, as this will ensure anything that drips down will hit the floor first, rather than sliding all the way down the doors.
Remodeling and rebuilding your kitchen is a big task to take on for any household. So, make sure every part of the process has been planned thoroughly before any work begins. If you’re able to minimize mistakes of any kind, the whole process will be an enjoyable one, and the results will be a kitchen that will last for years to come.Read More