SkyFive Properties Blog

Real estate opportunities are everywhere. Be it residential properties, commercial ones or even lots that can be used for the client’s own uses, there are countless opportunities available to you. There are many factors that could change a client’s mind or convince them to purchase one of your developments. Size matters, local transport links are important, and even local schools will change their minds.

However, one factor that we rarely see mentioned in promotional materials is the community. It doesn’t matter if it’s a commercial property, a residential one or even a mixed-used development. Community matters just as much as any other factor in the world of real estate and it’s important to consider the opportunities you have to highlight it.

In this article, we’ll be discussing the importance of community and how to utilize it the next time you’re planning to sell a home or get involved with commercial real estate development.

You don’t live alone

Communities are an important factor when it comes to buying a home because you’re never truly living on your own. You’re always going to be surrounded by neighbors and other people, even if you don’t want to directly engage with them. The community you live with can ultimately change the way you perceive a property, and could even convince you to purchase a place in a community.

For example, if you look for land for sale in a country environment, they’ll usually advertise or promote the community they’re a part of. This is because, unlike cities, communities play a huge role in the country lifestyle. This is often because there are fewer people in these country or rural locations. That contributes to seeing them more often when you visit stores or meetings, and you generally get to know them better. Compare this to living in a city where you’ll rarely encounter your neighbors in an apartment. It does change if you live in a suburb where neighbors are a little more friendly, which is why talking about the community is important.

Communities can also affect how much trust you put into your neighbors. Some parents will only buy a home if they know that it’s surrounded by friendly people because they want their children to grow up in a safer environment. In some cases, people might also think about the local community and how it bands together to stop things such as crime.

Advertising these types of advantages to people looking for a new family home is a fantastic idea. Communities affect real estate decisions more than you might think. It’s one of the leading reasons why “celebrity neighborhoods” are created and so heavily sought-after.

Professional communities

However, it’s not just about family communities and creating a safe environment for your kids. Communities can also be professional. Thanks to a rise of single professionals and entrepreneurs looking for business opportunities in urban cities, demand for smaller homes surrounded by professional communities is increasing.

If someone is looking for a single-bedroom home because they’re a single professional, then there’s no point telling them about their neighbors or the local community. Chances are, they really don’t care because their primary focus is to look for a place where they can commute to and from work. They don’t care much for the community because they don’t plan to have kids, and they don’t plan to interact much with neighbors.

However, a sense of community can still attract single professionals. For instance, properties near areas like Silicon Valley and other tech-focused areas are highly sought-after. This is because they promise to surround you with like-minded individuals and potential employees should you want to start a business. This also means that, for a business owner or entrepreneur, there are many opportunities to attract talented individuals and this should be mentioned as well. With the right research, you can make your properties seem like the ideal place for professionals to live in.

Celebrity communities

Another huge consideration is celebrity communities. If you’re given the chance to invest in property in well-known celebrity locations, you should never pass up the opportunity. This is because you attract special attention when you start dealing with properties in celebrity areas. This can include places like Tribeca in New York City, Beverly Hills and also Malibu.

The reason people enjoy celebrity communities is that they want to be a part of that high-end elite lifestyle. Frequent star sightings can also be exciting and spice up someone’s life, hence why they are so popular. Celebrity neighbors are an expensive and niche property market to get involved in, but it comes with many unique advantages and endless options once you’re a part of it.

However, this is something that you generally advertise very vaguely. For instance, there’s no use putting a celebrity’s name in your marketing materials because it will look desperate. It’s like saying “come here so you can live near this celebrity”, and it’s a poor way to do marketing. Instead, simply mention the elite neighborhood. Talk about how there are many influencers or famous people in the area, and mention the high-end nature of the properties that are in the neighborhood.

Holiday communities

Lastly, we should also talk about holiday communities. Many properties are situated in holiday locations, meaning they’re very likely to be tailored towards holidaymakers. This means that communities surrounding these holiday properties are likely going to be other holidaymakers. It also implies that the amenities close to the property are suited towards tourism and entertainment.

Communities that surround holiday properties are generally more luxurious. This means there is a lot of money to make, and you can typically increase the prices assuming the property you offer is filled with high-end furniture and appliances. Holiday homes also increase in price when in close proximity to well-known holiday destinations or when close to public transport, but this also increases the cost of investment.

When selling holiday properties, make sure to mention the local community. This will help you attract a wider audience. It also helps if you mention local culture and how living near locals can help you embrace new languages, traditions, and experiences. Marketing holiday properties are much easier when you offer clients the full package, and this has to include talking about nearby communities and how they can improve the experience. In short, learn about local communities when investing in holiday properties and market them towards holidaymakers.

Some final words

If you’re a real estate developer, then you should never forget about the community that surrounds your properties. Bake the information into your marketing materials, promote different kinds of communities and make sure you’re always on the lookout for ways to show it off. Communities are an incredibly important part of every property purchase. Highlighting the advantages of each one can often increase sales potential. In addition, mentioning communities can also raise the prices of your properties.

In short, always look for ways to bolster your promotional materials using the community as an added positive feature. Talk about how the community is great for kids, or mention the friendly neighborhood. You could even mention local cultures and traditions, and how you can interact with locals if you’re promoting a holiday property. When attracting professionals, mention the local area and how business is thriving. Mention the types of industries that surround the property and consider mentioning the local talent available. Keep all of this in mind, and you’ll find that putting an emphasis on the community around your properties can drastically improve the chances of making a sale.

If you are a young adult looking to find your independence and your place in the world, one of the great things you can do is move into an apartment. In this day and age the idea of getting a mortgage as a single resident is almost impossible, and renting can be a much better option if you are young and you still want to have that independence and freedom. Here are some of the reasons to get an apartment this year.

Low cost

The first benefit of moving into something like Broadstone Northpoint Apartments is the fact that it is cheap. If you are alone or you are starting a family and don’t have a lot of cash, an apartment can be the ideal place to live. Rent is cheaper than buying a house and it will give you the opportunity to save up and get ready for settling down in a home in a few years.

No maintenance

The beauty of living in an apartment block is the fact that you don’t have the responsibility to fix things when they are broken. It is a great advantage for you because you don’t have to take time away from work and you also don’t need to spend money on repairs. This is a weight off your shoulders and again allows you to have some more time and money to yourself.

Security

If you are either living alone or you have a young family, you will want to make sure that you are safe and secure in your home. The great thing about living in an apartment block is that you will have a high level of security throughout the building and you will be able to live in a safe place with your family. Most buildings will have alarm systems, fob locked doors and cameras to keep residents feeling safe and secure in the home.

Amenities

If you live in an apartment block, you will have added benefits because you will be able to have access to the amenities of the building. Every office building has public amenities such as an outdoor space, a pool, a gym, a playground and maybe even a spa. This means that you can save money on getting fit and having some fun with your family too!

Flexibility

When you are young and you have your whole life ahead of you, you might not want to settle in one place right away. Even with a young family, you might want the opportunity to travel to new places and try out different lifestyles. If you don’t want to be weighed down by a huge mortgage right away, you can rent out an apartment and this will give you the flexibility to move around and decide what you want out of life. Living in an apartment is great for this because you can move out whenever you need to and you won’t be tied in by a 30-year contract. You can live life, have fun and settle down when you are ready to!

Do you need to sell your home as quickly as you possibly can?

Then you should know that you can sell your house for cash in a matter of just a few days in some cases. There are companies that will give you cold, hard cash for your home even if it’s not in great condition or hasn’t been maintained properly over the course of the last few months.

If you ever find yourself in a position where you need to sell your house for cash quickly, you can do it as long as you follow the right steps. It will ensure you get top dollar for your home without having to wait a long time to sell it. Here are some helpful tips for selling houses for cash.

Figure Out How Much Your Home Is Worth

The first thing you’re going to want to do before you sell your house for cash is to try and figure out exactly how much it’s worth at the moment. Normally, a real estate agent will be able to take a look at the market in your area and help you generate a sale price for your home. But when you’re selling a home for cash, you need to do the homework yourself to see what your home is worth.

Fortunately, there are plenty of online real estate sites that can provide you with estimates as far as how much your home is worth. You can also use these sites to see how much other homes in your community have sold for in recent months. This should give you a rough idea of how much you should price your home for. The more research you do, the more confident you will feel at the ballpark price you come up with for your house.

Prepare Yourself for Lowball Offers From Cash Buyers

When you attempt to sell your house for cash quickly, you’re probably going to fetch quite a few offers from cash buyers who try to lowball you. They’re going to see you as a motivated seller who will accept much less than a home is worth in a cash deal. While this might be true, you shouldn’t let cash buyers take advantage of you when you’re selling your home. You should prepare yourself for lowball offers from them and avoid taking the first offer someone gives to you.

At the same time, you should wrap your head around the fact that you’re probably not going to get a full cash offer from someone willing to pay exactly what you want for your home. You’re likely going to get less than what you want from a cash buyer. Try not to get too discouraged by this! You are, after all, going to have the opportunity to unload your home quickly when you work with cash buyers. They’re going to help you avoid the hassle of having your home sit on the market for months and months at a time when you sell.

There is some real value in that and should not be discounted. This website can explain more about how selling a home quickly for cash can benefit you.

Create a List of the Features of Your Home

When you sell a home for cash, you’re usually not selling it to someone who is going to move right into your house right away. More often than not, cash buyers will purchase homes and fix them up before reselling them for a profit. So you don’t have to worry too much about selling cash buyers on the great features in your home. But you do want to put together a list of basic features in your house so that cash buyers are more enticed to put forth their best offer.

You should let buyers know the total number of bedrooms and bathrooms in your home. You should also let them know about any recent remodeling or renovating jobs that have been done. You should even consider letting cash buyers know about the school district your home is in and the taxes that you pay every year for your home. These could be great selling features that will motivate a buyer to put their best foot forward when putting together an offer for you.

Make Sure You’re Working With a Reputable Cash Buyer

The cash buyer you sell your home to should have experience purchasing homes for cash in the past. You should speak with them about how many homes they’ve bought for cash and ask them what they can do to speed up the transaction for you. Ideally, you want to find a cash buyer with positive reviews from those who have worked with them over the years. This will ensure that you receive cash quickly for your home and are able to move on with your life.

Keep Accurate Records Stemming From the Sale of Your Home

While you may want to sell your house for cash quickly, you shouldn’t do it at the expense of good recordkeeping. From the moment you put your home up for sale to the time you close with a cash buyer, you should detail every aspect of the transaction. You should also get everything in writing during a home sale so that you can refer back to it later.

This will come in handy when tax time comes around. It will also protect you in the event that a cash buyer disputes some part of the transaction later. Even though things might get hectic when you are selling houses for cash, you shouldn’t let that stop you from keeping accurate records. It’ll protect both you and the cash buyer later on.

You Can Sell Your House for Cash Very Quickly

Are you thinking about trying to sell your house for cash sometime soon? Take a deep breath before you start and make sure you’re prepared for the process. It can all happen very quickly. And if you’re not ready for it, you could end up getting a raw deal from a cash buyer.

As long as you follow the steps listed here, your home sale should go off without a hitch. You should get the cash you want and get out of your home quickly. You’ll enjoy the experience and won’t have to worry about your home sitting on the open market for a long time.

Check out our blog for more information on buying and selling homes.

When it comes to your property, if there is one thing you need to get right, it is the light. Lighting has the power the transform the look and feel of any room. An awkwardly shaped room can easily look welcoming and luxurious with the right amount of light. On the flip side, you can do your stunning and high-end home an injustice by not getting the lighting right. So, how do interior designers maximize light in any home? Let’s take a look.

They have a layered approach to lighting

There is only one place to begin, and this is with the most significant home lighting mistake of them all. Where most people go wrong today is assuming that we only need ceiling lights. This could not be further from the truth. Relying on a harsh overhead light is not suitable for your health or the interior environment. Instead, layering is the right approach to adopt, ensuring that all design features and architectural features, from ceiling to floor, are highlighted. This creates a room that is warm and welcoming.

They use light to highlight their properties best features

This is an approach that is very much underused in homes. From piano lamps to picture lights, it is a good idea to make the most of lighting that is going to ensure the spotlight is on your main accessories, structures and features within the home.

Installing a dimmer switch

It does not matter how big a space is. No matter your budget, scale or size, a dimmer switch is a necessity. This is a simple device that can make a monumental difference. It adds to the sex appeal, atmosphere, mood and transition to every room.

They allow as much natural light as possible into the home

– In addition to the points that have already been mentioned, interior designers focus on making sure that as much natural light as possible enters the room in question. There are numerous ways this can be achieved. Of course, you can knock down walls and make them bigger, as well as installing luxurious and glamorous skylights. Easier approaches involve using statement mirrors and reflective surfaces so that the light bounces off the shiny surface and back into the room, opening it up and making it bigger, more welcoming, and more glam.

As you can see, there are many different tricks and approaches that you can use to make sure that light is being utilized to maximum effect within your home or a property that you rent out or use for vacation purposes. If you follow the suggestions that have been mentioned above, you will notice a considerable difference with regards to the way your property looks and feels.

When selling off a home, the top priority of an owner is to always benefit from the best possible resale value. With a generous budget and proper renovations, you could even increase the value of your home until it is considered a luxury property. But in this article, we are going to focus on what can you do by spending some extra bucks.

If the property is an old one and has been lived in, there are chances that it has lost its previous charm. Therefore, prior to showcasing such a property for sale or rent, the owner should spend some time to remodel and improve it with some renovations throughout the entire house.

A home that has problems with structural timber tends to have broken tiles, leaks, and plumbing issues. These concerns set a negative impression on potential buyers and repel them. Perform all of the maintenance work before deciding to sell a property.

Here are some renovation ideas which you might want to consider in order to benefit from the best resale value:

1. Kitchen and bathroom remodeling

If you’re going to impress your potential buyers in the first go, the first thing that you should consider prioritizing is remodeling your old home to gain the maximum out of its sale. The parts of the home which you should necessarily consider remodeling are the kitchen and bathrooms as they are known to have a positive impact on buyers, especially if it’s done by a professional firm like Arran Construction.

Modifications that you might consider making in your kitchen could include an improved layout and installation of branded kitchen appliances and better quality material for the cupboards and working surfaces. You could also look at upgrading the splashback in your kitchen. You can also remodel the kitchen regarding storage space and make better use of the corner space as a part of the remodeling. The other remodeling ideas include changing the tiles and the paint of the walls and painting a faux-wood finish onto the cabinets.

Choosing tapware, the type of tap, materials, and colors can make a significant improvement to both the look and feel of your bathroom. Understanding the various types of taps available will help you in choosing. Ideally, choose something that matches the sink, and other fixtures around your home whilst keeping functionality top of mind.

Improving the bathroom is also one of the best ways that can help you benefit from the handsome resale value. You can upgrade the sanitary ware and the tiles and replace the existing fixtures like taps, basins, and bathtubs with new and modern ones. If you are on a higher budget, the addition of luxury sanitary ware such as a jacuzzi and installation of showers with body sprays are worth spending on.

2. Landscaping

As first impressions are quite often the last ones, it is clear that a property that has been nicely landscaped will attract the attention of potential buyers over the ones that lack proper landscaping. As part of the upgrade, you may consider manicuring the lawns and including flower beds. You can also build brick-paved pathways and driveways, and add water features as well as garden lights that will help you create a positive impact on the buyers at the first go.

3. Exterior improvements

Improving the exteriors of a property, especially if it is a considerably old one is very important when it comes to increasing the value. The popular exterior improvements that are worth spending on include:  attractive boundary walls, decorative wrought iron gates, and electronic garage doors.

Also, painting the exterior of the property with complementing neutral colors will prove to be eye-catching to any potential buyer. You can also consider adding patios and decks, irrigation systems, gazebos along with a pergola, and columns to the porch, as it will add to the property’s charm and increase the value of your home.

4. Swimming Pool

Properties with swimming pools are generally known to fetch better resale value than the ones that lack them.

If your property does not have a swimming pool, you should consider building a nice one, provided there is space for it inside your premises. If a swimming pool already exists in your property, you must make sure that it has been cleaned and is in its best condition before you have potential buyers view your property.

5. Replacement of existing windows

Replace the existing old windows might help increase the property value.  If your property is situated in a place that experiences either extremely hot or cold weather, you might consider investing in something called low e-glass. This glass is known to reflect heat and coldness, and therefore will protect the home from extreme weather damage. It also helps in maintaining the temperature of your home. Replacing old windows also helps in brightening up the home’s external appearance.

6. Bedroom and living room update

To make your property eye-catching for potential buyers, updating the rooms (especially the bedrooms and living rooms) are worth the money. The updates might include crown molding, which is known for giving a room a crisp and clean finish, which the buyers will surely love. If the home is a furnished one, shifting the furniture away from the walls helps in making the room larger and more contemporary. You may also want to invest in some Shabby chic furniture to make your bedroom stand out. There’s a strong move towards minimalism in interior styling, which is why you may want to consider just leaving the bare necessities in good condition and adding a fashionable rug in the center of the living space. You can also consider changing the fixtures as well as integrating it into a smart home system.

If the room is a low-ceiling one, you can position drapes and valances higher on the wall, thus creating an illusion of height. Also, replacing old carpets with new ones or adding wooden floors to the interiors of the home can make it look nicer than before. Freshening up the room’s look with the help of new paint will help in the enhancement of the room’s beauty to a whole new level.

7. Cleaning the home

Living in a clean house is a healthy way of life. Therefore, no buyer would ever choose to buy a property that is not clean, even if is one of the best properties they’ve ever seen.

Before inviting buyers to view your property, you should always see to it that it has been cleaned and all the dirt and extra clutter has been removed. Avoid dust build-up on a regular basis; it will help you ease down the tedious process of cleaning the home each time a potential buyer visits.

Looking for more renovation ideas? Here are five that will make your property easy to sell.

With mortgage rates over 4% above the national average, many Miami property owners are looking for ways to lower their costs. Miami real estate is highly sought after, meaning there could be savings to be made on remortgaging. However, this step isn’t right for everyone. There are a few things you should consider before taking the plunge and remortgaging your home. Here’s how you can be sure you are making an intelligent property investment.

Be Prepared to Switch Provider

It seems intuitively true that mortgage providers would want to reward their loyal customers. Unfortunately, this is rarely the case. One in five borrowers regret their choice of lender, so don’t feel bad if you spot a good deal elsewhere. It’s almost always worth it to search for different types and providers of property refinancing. If you’re an older property owner, follow the millennial trend of scouring the internet for the best rates.

Has Your Property’s Value Increased?

Miami’s properties increased 5.6% in value last year, meaning that this is a fantastic market for real estate investors. The lower loan-to-value mortgage you require, the more deals you’ll have access to. So if your property has increased in value substantially, remortgaging could save you money. If there has been little increase in value, you may be better off staying put. Ensure you have at least three valuations done so that you can be accurate of how much your property is worth. You can then consider remortgaging if it’s clear you will get a better overall rate.

Flexibility is as Important as Affordability

There are new types of mortgage popping up all the time, meaning there might be options now that didn’t exist when you last took out a property loan. For instance, perhaps your current lender only allows you to pay back a certain amount each month and you want to overpay. By remortgaging, you may be able to find a more flexible mortgage provider, allowing you to pay it back more quickly. Even if a loan looks more expensive on paper, its flexibility may mean it is cheaper in the long run.

Remortgaging can be a lengthy and complicated process, which is why many property owners stick with their current provider. However, if your property has increased in value, then there may be plenty of better offers out there. Do you research thoroughly and you may just find a way to cut costs and boost investment profits.

Real estate investors should find the answers to many questions before they are able to make the right investment. One of these questions is: “Which property type makes for the best real estate investments?” Investing in a condo vs. house has become one of the major dilemmas for property investors in the past couple of decades. While condos are becoming more and more popular, mostly due to demand driven by millennials, they offer many disadvantages which real estate investors should take into consideration before deciding to invest their money in them.

Houses, on the other hand, are a classic real estate investment which has been making investors rich for many years now, but this doesn’t mean that they are a problem-free investment either. To help you evaluate whether investing in a condo vs. house is the right option for you, we show the pros and cons of both property types from an investor’s perspective. Let’s start out.

Investing in a Condo

The Pros of Investing in a Condo

Condos have been growing in popularity since the 1960s, and millennials are currently driving the high demand for them. All this is happening for a reason as condos present some important benefits over other property types. Let’s have a look at what the pros of investing in condos are for real estate investors:

• Easy to Maintain

One of the main headaches which landlords encounter and a factor which makes many people give up the idea of investing in real estate is the work associated with owning a rental property. This includes regular maintenance as well as unexpected repairs and fixes required to keep your property going. A big chunk of this problem is solved when you invest in a condo because the HOA will take care of all the maintenance and repair work related to the common spaces and the outside of the building. While you will still need to do some work inside your rental property, you will not have to arrange with your neighbors to work on the outside. The HOA will take care of this.

• More Amenities

Many times condos come with more amenities than other types of properties including a swimming pool, a gym, a beautiful garden, etc. A property with these amenities is likely to attract more rental demand than a property without them. Moreover, offering such extras will allow the landlord to ask for a higher rent. So, that’s definitely one of the advantages of investing in a condo rather than a house.

• More Central Location

As we all know, location location location are the three most important factors in any real estate investing decision, so the location should be taken into consideration when deciding whether to go for a condo or a house. Generally, condos tend to be located in more central locations than houses, which means that you will have more demand from working individuals and small families. In addition, you can charge higher rent for a property which is located closer to job and school opportunities than for a property in the suburbs.

• Lower Prices

Whether you are a new or an experienced real estate investor, you are probably working on a budget. Property price is of crucial importance when you look for an investment property to add to our real estate investment portfolio. In most housing markets, condos are cheaper than houses.

For example, according to data from Mashvisor, an advanced real estate analytics tool, in Miami condos are 82% cheaper than houses. Similar trends are observed in other housing markets within Florida and beyond. Another fantastic condo research tool is Precondo, which will help with condo analytics for our friends in Canada. Let’s have a look at the average condo and house prices in some of the major real estate markets across the US based on Mashvisor’s data:

Average Condo vs. House Prices in Top US Real Estate Markets

Source: Mashvisor, June 2018

Of course, there are markets where condos are more expensive than houses. For example, in Los Angeles the average condo price is $827,800, compared to an average house price of $615,700. Nevertheless, in general, condos are more affordable real estate investments than houses, and investors should definitely keep this in mind when deciding in what type of property to invest their money.

The Cons of Investing in a Condo

Now it’s time to look at some of the downsides of investing in a condo as opposed to a house.

• Condo Fees

There is no free lunch in the business world, and real estate investing is no exception. As we said above, the HOA provides the maintenance and repairs of the outside and the common areas of a condo complex, but this comes at a price. According to Realtor.com, condo fees range between $100 and $700 in most cases, though they can run much higher. But even $100-$700 is a pretty high number for a landlord to pay each and every month. This is an immediate drop of $100-$700 in your monthly rental income if you decide to invest in a condo as a rental property.

• Restrictions on Use

The HOAs associated with condos not only take care of the property and collect money for that work but also establish very strict rules on anything and everything related to the residential units within the complex. Sometimes the rules are so strict that they actually prohibit the use of condos as rental properties. So, before you decide to buy a condo as an investment property, you should study the HOA rules which apply to this specific condo very carefully and assure not only that they allow renting out units now but also that they will not change for the worse in the coming years.

• Harder to Sell

Even if you buy the best investment property, things change, and in a couple of years you might end up looking for options to sell your rental property. It doesn’t have to be that you decide to opt out of the real estate investing world. It might be that you want to sell your current rental property in order to use the money as down payments for two or even three new properties.

So, when you buy a condo, you should keep in mind that this property type tends to be harder to sell than houses or apartments. The reason for this is the fact that until now many people do not want to deal with all the restrictions and fees associated with owning and living in a condo.

Investing in a House

The Pros of Investing in a House

Next, in our analysis of investing in a condo vs. house, we will have a look at the advantages which houses offer as investment properties.

• Higher Natural Appreciation

Real estate appreciation is one of the two main reasons why investors decide to go for properties rather than stocks or other types of investments. The first reason, of course, is the monthly cash flow. Natural appreciation is the increase in the value of a real estate property which happens over time. As cities grow and real estate properties become relatively scarcer (mostly due to the fact that land is a limited resource), they increase in price. While all property types tend to experience natural appreciation, generally speaking houses appreciate more than condos. So, if you are going to invest $300,000 in a real estate property today, you better go for something that will sell for $350,000 tomorrow (a house) rather than $320,000 (a condo).

• More Options to Force Appreciation

While you are renting out your investment property and waiting for it to appreciate enough in value to make sense to sell it, there are certain things you can do to force even more appreciation on your asset. Real estate investors have more freedom to force appreciation on a house than on a condo because of the restrictions which condos face from the HOA. For instance, you can add solar panels to your house, you can repair its roof to make it more durable, or you can even repaint the outside of your house to a more attractive color to not only increase demand from tenants but to also push its value up. However, you simply cannot do that with a condo because of the restrictions imposed by the HOA. So, that’s one more factor you should keep in mind when you decide for what property type to go.

• Higher Rental Income

As houses are bigger and offer the comfort of living in your own space with no immediate neighbors, they rent out for more than condos. It is true that your monthly mortgage payments for a house will be generally higher than for a condo because of the higher property price, but remember that with a condo, you will also need to pay the monthly HOA fees. This means that houses have the potential to generate more cash flow and higher return on investment than condos.

Let’s have a look at the rental income for traditional, long-term rentals in some of the major housing markets across the US for condo vs. house.

Average Condo vs. House Monthly Traditional Rental Income in Top US Real Estate Markets

Source: Mashvisor, June 2018

Data from Mashvisor shows that in many of the major real estate markets across the US houses offer higher rental income than condos. Since the opposite can be true in some markets though, you should always conduct careful investment property analysis before putting your money in either type of property.

• Choice of Optimal Rental Strategy

While some real estate investors would only go for traditional (long-term) rentals, others would always go for vacation (short-term) rentals. Still others are flexible and choose their rental strategy based on demand in their location. Either way, it’s best to keep both options open as demand can change in the future. An important pro of investing in a house vs. condo in this regard is the fact that houses face much fewer restrictions in terms of short-term rentals. HOA rules can limit traditional rentals, but they are even more prohibitive of short-term rentals.

Cons of Investing in a House

As everything in the real estate investing world, buying a house is not a perfect option as it comes with some disadvantages.

• More Maintenance

If you decide to invest in a house rather than a condo, you will have to do all the maintenance and repair work on your own. True, you won’t be paying condo fees, but your actual involvement with your investment property will be more demanding.

A way to tackle this issue is to hire a professional management property company to take care of your rental property. While this will come at a fee similar to the condo fees, you can get the property management company to cover a much wider range of issues and services than the HOA. So, you can end up with a more hands-off experience as a landlord when investing in a house.

• More Expensive

Another major drawback of buying a house as a rental property is the fact that a house usually costs more than a condo. You have to take this into consideration when you look for options for financing an investment property, especially if you are a new and less experienced real estate investor with little cash. But again, this all depends on the specific housing market, so you might be able to find a decent house in which to invest that costs less than a condo in the same real estate market.

Investing in a Condo vs. House: How About Return on Investment?

At the end of the day, real estate investors are in the business in order to make money. This means that we cannot leave a discussion on the pros and cons of investing in a condo vs. house without going over the return on investment which the two options offer. Let’s have a look at the cap rates which traditional rentals and vacation rentals generate for each property type in some of the top housing markets in the US.

Condo vs. House Cap Rate for Traditional and Vacation Rentals in Top US Real Estate Markets

Source: Mashvisor, June 2018

As you can see from Mashvisor’s data, it is not really possible to say whether condos or houses result in higher cap rate and thus return on investment as rental properties, regardless of whether you go for long-term rentals or short-term rentals. As many things in the world of real estate, it depends on the market. Thus, before you are ready to buy your next investment property for the maximum profits, you should perform both real estate market analysis and investment property analysis to know in what kind of deal you are getting yourself.

One of the beauties of the real estate investing world is the endless opportunities which it provides. You can choose from several rental strategies, from different property types, from thousands of housing markets, from millions of properties… But with variety, there come questions which you need to answer before you are able to make one of the best real estate investments out there, and one of these questions is whether it is better to invest in condos or in houses.

Unfortunately, this is just one more real estate question without a clear answer. It depends on the real estate market in which you want to invest, on the rental strategy for which you want to go, the budget you have at your disposal, and – of course – your own preferences as an investor and a landlord. So, before you buy your next real estate investment, consider the pros and cons of investing in a condo vs. house carefully, conduct the necessary analyses, and rely on data to assure positive cash flow and high return on investment.

Daniela Andreevska is Content Marketing Director at Mashvisor, a real estate analytics tool which helps real estate investors quickly find traditional and Airbnb investment properties. A research process that’s usually 3 months now can take 15 minutes. We provide all the real estate information in easy to understand visualizations.

If you are planning to replace your roof with a new one, you must be aware of the variables or factors that determine the price of your roof. Price range change drastically depending on the different variables included in the roof requirements, as well as the cost of labor of installation. You must know that roof replacement is one of the most expensive upgrades every homeowner can make.

It is always best to ask for a quote from your roofing contractor. However, you must also know what variables and factors to look at before you agree on the quote given to you by the contractor. Hare some of them.

1. The size of the roof

This includes the size of the roof that you need is the biggest factor of the total cost of the roof. Usually, contractors charge per roofing square. A roofing square is computed as 10 by 10 foot is equals to 1 roofing square. For instance, if you need a 2,000 square feet roof, it will be computed as 20 squares.  Pricing per roofing square depends on your location, of course.

2. Price of roof replacement in your area

As mentioned above, the price range of roof replacement depends on your area. Generally, contractors follow a certain price range that is considered normal in the are they are located. For your guidelines and so you would know what to expect, roof replacement price range across the United States of America starts from $5,000 for the commonly used asphalt material to a whopping $25,000 for roofs that are considered higher-end.

3. Pitch

The pitch of a roof or the angle is included in the cost factor. Usually, there is a calculation involved in this and the cost depends on the number of inches the roof rises vertically for every 12 inches or one foot the roof extends horizontally. Does it sound complicated? Here is a sample computation. If your roof rises 8 inches for every 1 foot or 12 inches horizontal run, the calculation is 8 in 12 pitch.

When do you need to know the pitch of your roof?

Calculating the pitch of your roof is especially helpful when you are planning to renovate your home and add skylights, cut rake boards, or replace your roof entirely.

4. The cost of the material

This might get a little tricky. When you are getting a quote estimate from your roofing contractor for your roof replacement, the cost of the material also include accompanying materials for the roof. Usually, the beginning and the end of the roof is also included.

What are the different types of roofing materials used? There are different types of roofing materials used for roofs, and the cost of each type varies.

• Asphalt shingles – This is the most common material used in roofing because they are proven effective to withstand environmental conditions.
• Solar tiles – Solar tiles are easy to install because of the seamless integration of the ´tiles into the existing roof shingles, and usually generating up to 1 kW of energy per one hundred square feet.
• Metal roofing – Metal roofing is another common roofing material used and usually has a lifespan of 60 years. It comes in vertical shingles or panels similar to slate, tile, and shake. It is lightweight and great at sloughing off rain and snow. The cost $5 to $12 per square foot, depending on the metal’s style and type.
• Slate – If you want your roof to last for about 100 years old, slate roofing is one of your best bets. It is waterproof, fireproof, and mold and fungus resistant. So expect it to be expensive and heavy. It may also be easily broken when hard pressure is applied or stepped on. However, it is effective for a wet season or climate.
• Stone-coated steel – This material can resist potential damage caused by heavy rain.
• Rubber slate – This material looks natural and can be easily cut with a knife to fit roofs with intricate details like those of homes that have Victorian themes.
• Built-up roofing – This is considered heavy roofing, which made up of layers of asphalt, adhesive or tar with aggregate on top. This is only ideal for flat roofs. This kind of roofing materials can become sticky during hot weather and can only last up to 25 years.
• Clay and concrete tiles – This material can withstand potential damage caused by strong wind, hurricanes, and tornadoes. They are also great for warmer climates but may need extra support because they are heavy and likely to break when stepped on.
• Green roofs – this is probably one of the most expensive types of a roof but the most eco-friendly and cost-efficient in the long run. It is a worthy investment.

5. Number of layers

in determining the cost of the number of layers your roof needs, your contractor might also add the labor cost of taking off old layers. ensure that you clarify this with your contractor.

6. Code requirements for your roof

Contractors follow the code requirements of your roof and calculate the cost factor depending on their findings.

7. Removal of waste material

Another factor that can drive up the cost of your new roof is the problems with your gutters, chimneys, ventilation, plumbing pipes, and other issues that need to be addressed during the installation process. You must also inspect your gutter for any problems when you decide to replace your roof. keep in mind that if they are damaged, water would seep up underneath the shingles and into your ceilings, causing more damages. You can also get a junk removal company to do this for you.

8. Labor cost

labor cost also depends on the area where you live. Usually, contractors charge a fair amount of fee depending on the extent of service they were able to render, especially if it involves doing extra work more than what is expected of them like cleaning up your pipes, working on extreme weather conditions, and how far your location is.

Conclusion

When you ask your contractor to give you a quotation of how much it will cost you to replace or upgrade your roof, remember that they won’t list down all the variable mentioned above in details. You might have to ask and be specific about that if you want to know the exact breakdown of the cost of the new roof.

The project is sizable but can lead to discovering hidden problems and unexpected complications. so you might have to shell out an amount more than the actual cost of the roof.

For years, buying a vacation home has been a popular option for those who are more fortunate financially. The idea of having another place in their favorite beachside location to saunter to on the weekends has been a dream that many have achieved. The idea of owning a home elsewhere is fantastic, but what do you do for other 50 weeks of the year where you aren’t using it? Europeans have always rented out their homes to others when they don’t use them, so why can’t you do the same thing?

Financial Benefits

When you’ve bought a second home, years before retirement, you’ve got a lot of time to generate a passive income. You have a beautiful home courtesy of Phyllis Frankel Realty Group of Ponte Vedra Beach, and now you want to rent it out to others, knowing that there are financial benefits to be had. Not everyone with a second home will want to rent it to others, though. Some people out there like to keep it locked up tight for their own use only, which is great, but if there’s a mortgage to pay it’s nice to have some help. Renting it out could be the best option. Not only are you going to build a second income, you’re going to pay off the house so that you own it outright. It’s not going to be an overnight success, your rental plan, but it can do a lot for your financial security. You do have to have patience and you also need a big commitment to customer service. Renting out your home means interacting with others, marketing your house and attracting people to stay there. Without guests, you’re not going to have that income, and your house will stand empty for much of the year.

Marketing and Management

It is a business to rent out a vacation home. Not many people realize that when they head to a local website and try to list their home. You need to have the proper tools for a business in place, such as the ability to accept online payments and paying taxes. It’s a lot of hard work, but if you’re prepared for it, it’ll be worth it for you. The first decision anyone makes when they put their house on the market is whether they want to use a management company to take on the day to day administration or whether they want to do it themselves. You can choose to do half and half, using a website like this one to have a company market your property for you but you deal with inquiries, payments, and bookings. If you don’t want to think about any of it, then you should consider a management company who can run everything for you.

Renting Your Vacation Home

Before you rent out your vacation property, you need to make it look good. This isn’t just for marketing purposes, but when people go on vacation they want luxury and perfection, not bargain-basement furniture and a broken security system. Decorating and equipping your house for rent isn’t going to be cheap but consider it an investment. Hire a photographer of professional caliber to come in and take the photos of your home once you’ve finished it; the more professional the photos, the better you will attract a customer. While you’re in the hiring process, think about researching cleaners and maintenance crews for changeover days. You’ll also need to research the right insurance for your vacation home, as your homeowner policy in your house won’t necessarily cover you.

Getting Reviews

Always clear the legalities before you rent out your home. You need to know whether you’re allowed to, for a start, and then you need to check if your homeowner association will allow short-term rentals. There is a lot of administration surrounding a rental and it can get complicated. It’s usually at this point that some homeowners will speak to management companies to do it all for them. We do live in a world of the online review, so you should consider this through the whole process. People will always leave words behind about the places that they stay, and the one way that you can attract new customers is with a great review. As long as you’re giving people something great to speak about, you’re going to find success.

Renting out a vacation home takes some time; give yourself that time to thoroughly research everything that’s included in building yourself another income. You won’t regret it once you get started!

With 1.13 million dollars spent on vacation homes in 2015, the number of Americans looking for a private, paradise getaway is soaring. More and more people are starting to vacation and investing in a second property is becoming a popular option for families. If you’re looking to join this growing list of investors, you probably have a lot of questions that you would like answered. So, to ease your pain and create a smooth transaction, check out some of the answers to the most common vacation home concerns.

Is it Worth it to Buy a Vacation Home?

Before deciding to embark on your next adventure, you’re most likely wondering if it’s worth it. However, a simple calculation can help you determine if a vacation home is worth buying. Financial advisors suggest that you should estimate the number of weeks that you’ll spend next year. Then, multiply this by the average weekly rental rate at your favorite travel destination. Is this number more or less than what you would spend on a second home? Although this is the basis of your analysis, you can also take into account how you’ll use your home. If you can and are willing to rent out your second property while you’re not using it, you can also add these incentives to the value of your purchase.

Can You Afford a Second Home?

If you think that you’d like to invest in a second home, the next step is to determine whether or not you can afford it. Real estate is not a liquid investment and you can’t immediately count on selling the home for profit. Therefore, you should really sit down and determine if you can afford the house in the first few years of your ownership. Determine your annual income and deduct your monthly debts. This will include credit card payments, student loans, retirement funds, current mortgages, and any other bills you pay. You should also consider the strength of your credit score as this will also affect your ability to purchase a new home. If these are in line and you have about three to six months of emergency funds, you can probably afford to buy a vacation home. Take 10 percent of the number that you received by deducting your debts from your annual income and use this number as a base of how much you can afford on your vacation home.

Where Should I Buy My Home?

Most people that buy a vacation home choose one that is on a beach. However, you can buy a home wherever you’d like. First, consider how far you want to travel for your trips. As a general rule, most investors say you shouldn’t pick a home that is more than a two to three-hour drive or flight from your primary house. This will give you the most use out of your home and make you feel as though you made a good investment. You should also choose a place that you’d like to visit often as well as a place that is touristy. This will allow you to make plenty of trips to your home without being bored and it will also give you a greater chance of selling it if there are many people visiting the area.

Buying a vacation home is a significant investment. Before you decide to embark on the adventure, be sure that you’ve looked at your finances and do your research.