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SELL A HOME TO MILLENNIALS

Millennials now represent the largest cohort of home buyers. Real estate agents and builders eagerly anticipated the entrance of millennials into the housing market. This generation is much bigger than the baby boomers.

Millennial homebuyers are often looking for a lot at first and then they’re scaling back as they start searching for a home because of high prices and the limited selection of homes in most markets. But due to their lack of experience as homeowners, they do not compromise on the condition of the home.

So, there are a few things which millennials look while purchasing the house:

Make Your Home Move-in Ready:

Millennials want the finished product at closing. They shift jobs and locations far more frequently than their parents’ generation so there’s no time for rolled out home improvements. So, if you are looking to entice the Millennial audience, you have to deliver a move-in ready home that looks like it has tumbled off a magazine cover.

Get Sociable:

Young buyers are sociable creatures and most of them want a space where people can gather, mingle and socialize. Overall, they are more attracted to open floor concepts than a layout that compartmentalizes the home. Some of the renovations you might consider include knocking down walls to provide an open concept cooking/living/dining space and outdoor decks for entertaining.

Install Eco-friendly Features:

Millennials are a responsible generation with a collective social consciousness. Green lifestyle choices are a part of their DNA, and not embracing the move towards sustainability could be a deal-breaker for some younger buyers.

If your home falls short of the latest environmental standards, it may be worth boosting your home’s green credentials with a cost-effective retrofit. Energy-efficient heating, cooling and insulation are a selling point, or you could include sustainable materials such as bamboo into your flooring or kitchen cabinets.

Using these tips, you’ll be better equipped to prep your home to sell to this up and coming home buying generation.

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BUYING YOUR FIRST RENTAL PROPERTY

Buying your first rental property is a big decision and a huge leap forward for any aspiring investor. A rental property is one of the largest assets that you can own and can be a great way to generate passive income. However, all investments come with a risk. Owning a rental property can also require various skills, lots of time, and hard work from your part as a landlord.

So, before you decide to buy a rental property, ask yourself these questions:

QUESTIONS TO ASK YOURSELF BEFORE YOU BUY A RENTAL PROPERTY

What are my financial goals?
Am I prepared for the extra expenses?
Where is the best location for my rental property?
Am I ready to be a landlord?
Who will manage my property?
Have I weighed the risks vs. the rewards?

5 STEPS TO BUYING YOUR FIRST RENTAL PROPERTY

1. ARRANGE YOUR FINANCING

The first step to buying any property is to get pre-approved to know how much money you can qualify for. Once you have secured financing, it will be easier to make decisions once you start searching for the perfect rental property. Properties often require at least 20% of down payment. So once you know how much you can borrow, you can easily determine your budget.

2. DETERMINE YOUR ROI

Before diving into any investment, you must consider your return on investment (ROI). During the early stages of the home buying process, you must at least have a rough estimate of your return on investment (ROI).

You can calculate your ROI by finding the property’s net annual income. The net annual income is the rental income that is left after you have paid for all the expenses. These expenses are composed of the taxes, monthly mortgage, insurance, property management fees, repairs, vacancy period, and any other utilities that you pay for as a landlord.

By calculating your ROI, you can determine if the rental property is a good investment or not.

3. FIND A RENTAL PROPERTY

When it’s finally time to search for the rental property, make sure that you know how to spot a good one. The first step is doing your research so that you know what to look for. You would want a house that requires low maintenance and has limited vacancies. This allows you to have a good rent-to-value ratio.

It might be tempting because of its low price, but you would want to avoid fixer-uppers for your first rental property as it will cost you too much money to renovate.

When scanning neighborhoods for your first rental, there are a few specific requirements you should be looking for. In a nutshell, you want a house that requires low maintenance, has limited vacancies and allows you to have a good rent-to-value ratio.

4. HIRE A PROPERTY MANAGER

When you finally secure your rental property, it’s time to manage it. Unless you are self-managing, you would want to hire a property manager that can take care of your property. The tasks of a landlord include finding and screening tenants, making contracts, collecting monthly rent, and taking care of repairs and other issues that may arise. Aside from these tasks, owners must keep themselves updated about the landlord-tenant laws in their area. Owners should also maintain keeping their operating expenses under control and rental property returns growing.

Owners who have no time or don’t want to become stressed with the day-to-day tasks of being a landlord can hire a property manager. When you hire a property manager, you can reap the benefits of having passive rental income with only a small expense to pay.

5. TRACK INCOME AND EXPENSES

Keeping a record of your income and expenses should be an ongoing task if you want to succeed at being a rental property owner. Taxes, insurance, utilities repairs, and other expenses can eat up your profit. This will also help you cut down expenses on things that aren’t necessary. Make sure that you know where your money is going to assess whether you will be able to make profit in the long run.

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5 REASONS WHY EVERY HOMEOWNER SHOULD CONSIDER SELLING THEIR HOME IN THE WINTER

When you think of the best timing of selling your home, winter might not be the first season that comes to mind! Aside from the freezing temperature outside, people are often preoccupied with the holiday season! However, there are many reasons why you should consider selling your home during the winter.

If you want to sell your home during the winter but are hesitant, here are five reasons to do it!

1. The buyers are serious.

Unlike popular belief, demand does not really go that low during winter. And while it is not the peak buying season, the buyers that will encounter are much more serious and motivated. The buyers you will encounter during winter are often in a rush, are ready to make offers, and plan on moving in before or after the new year. This is a great advantage for sellers because you don’t have to waste your time with buyers who are just looking.

2. There Is less competition.

You won’t have that much competition if you sell your home during winter. Many people decide against listing their homes during winter and wait for Spring instead. With less competition, it will be easier for your listing to stand out. You’ll be able to have a higher chance at attracting buyers and selling your home much quicker and at a better deal for you.

3. Loans are processed quicker.

For lenders, winter is a time when the inventory is smaller and they have more time to process loans. Since loans can be processed more quickly than other seasons, your selling process will be much smoother and your road to closing will be faster. If you or your buyer is in a rush to close the home before the new year, your buyers will not have s problem processing their loans.

4. You can get better deals.

Since there is less competition and buyers are much more motivated during this season, you can definitely negotiate better deals with your buyers. According to Redfin, listings during winter actually sell faster and for more money. Make sure to stage your home, create a good and sound contract, and have it inspected so you can put a premium on its price. You can take advantage of serious buyers and try to sell your property at a higher price and better payment terms.

5. It’s a great way to start the year.

If you’ve been wanting to sell your home or if there’s an inevitable reason to do it, doing it before the start of the year is definitely the best time. The end of the year is the perfect time to let go of your property. It is the perfect timing for Spring where you’ll be able to move on and start anew without carrying any pieces of baggage from the year before.

Selling your home during the winter, whether it’s because of financial reasons, relocation, or if it’s an investment property you’ve been holding on to, is a decision that you will be thankful for when Springtime comes.

If you think that it’s best for you to wait for Spring or Fall to sell your home, you better think again. While there are many factors that can contribute to your listing being sold, winter can definitely be a good time to sell it if you give it a chance. Keep these five reasons in mind the next time you hesitate on selling a home during winter!

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