Different Kinds Of Home Rehab Projects
Real estate investors looking at the fix and flip model or the buy and hold model often look for properties that have some sort of value-add feature so that they can boost their investment through price appreciation. Houses come in different conditions and investors should understand the different type of house repairs that will be needed as part of their investment decision making process. This article looks at the different conditions investors can expect to find in a home bought for investment purposes.
Fix and Flip vs Buy and Hold
The two main strategies are fix and flip and buy and hold. With the fix and flip strategy investors are looking to buy a house that needs repairs, make the repairs and then sell the home for a profit. With the buy and hold investment strategy the investor is looking to buy a house that needs repairs and then will keep that property in their portfolio as a rental property, making money from the rent and from the increase in value.
As part of the buy and hold strategy or fix and flip strategy many investors will use cash or a hard money loan to make their purchase since the type of homes they are interested in usually do not qualify for a traditional mortgage loan. Once the repairs have been completed the buy and hold investor will often times refinance the property into a traditional mortgage and take out cash at the same time to make another buy and hold purchase.
Options To Consider When A Home Won’t Sell
Selling a home requires the right preparation, right pricing and marketing to help get it sold. Sometimes depending on the market or the seller’s requirement to sell at a certain price a home just may not get sold. For example during the initial COVID related lockdowns many homeowners pulled their homes off of the market and those that stayed on the market saw their showing requests drop rapidly. This article explores what homeowners can do when a home is not selling.
Take A Break
Sometimes there is a wrong time to have a house on the market and the COVID shutdowns can be a perfect example of when may not be the best time to try and sell one’s home. Many home buyers concerned about the risks of the virus decided to stay home and not look at all. Some home buyer’s also were temporarily out of work and highly concerned about whether they would get their jobs back once the lockdowns did end. The result was there were not enough buyers ready to buy and unless a homeowner was selling their house for the bottom dollar the chance of getting an offer was greatly reduced.
Other times when real estate buyer traffic slows down includes the holiday season at the end of the year and during the summer break when many families are away on vacation. These times also reflect a slow-down in general when fewer homes are selling. If a homeowner is getting very little interest during these times it may be advisable to pull the home off of the market...
May 2020 GREATER CINCINNATI LUXURY REAL ESTATE MARKET REPORT
With many areas starting to open up real estate sales have started to pick up as well. Some homeowners have pulled their homes off of the market during the virus induced economic shutdowns and some of those homes may not come back to the market due to changed plans. In the near term this will cause competition to increase due to fewer homes being on the market for those buyers still ready, willing, and able to buy. See below infographic for how luxury homes performed in the Greater Cincinnati, Ohio real estate market.
Tips For Setting Up The Perfect Home Office
With the recent virus issues many more people are working from home on a regular basis. A properly setup home office will allow for a good work environment that allows one to be productive and be healthy at the same time. Having a home office can also help increase the value of a house providing it is not taking away from existing rooms. This article looks at some best practices for setting up a home office.
Consider The Location
If one plans to work full time from a home office then having a “room with a view” is ideal if possible. While a lot of times homeowners have extra space in the basement for setting up a home office that does not make it the best place to have a work space where one will be spending eight or more hours a day unless of course the basement is a walkout basement and has a view. The reason that a basement is not a good place for an office is the lack of the view and the lack of natural light.
Office workers who stay in a confined space with no access to natural light and a view of the outdoors to break the monotony up will have a harder time keeping focused. Even if for only a few moments at a time having a view where one can look out a window provides a break from staring at a computer screen all day and is a great way for mental refreshment. Having natural light during the workday also boost productivity and helps with sleep!
While some homeowners may not be able to find extra space for the home office depending on house size and family size there are always...