Searching For The Perfect Neighborhood? Remember, When You Buy a House You’re Also Buying The Area Surrounding It. Here’s How To Make Sure You Buy In a Safe Location

No matter how wonderful your home is, you’ll never like it if you hate the neighborhood that it is located in. Thus…the question then becomes, how do you choose the right area? In order to do this, you’ve got take some action and do some serious thinking. Here are some things to consider:images

Do you have children or are you planning to have children anytime soon? Parents know that the first thing to do when looking at a neighborhood is to research the school system. Even if you’re single, living in an area with a much sought-after school system raises your property value. If you have kids, you’ll also want to live close to parks and community centers.

What type of home do you want? Are you interested in a single-family home or an apartment, townhouse? Read more about the different types of homes. How far are you willing to commute? Do you plan to drive, walk or take mass transit to work? Do you have a car or would you be willing to get one?

Do you want to be in a historic neighborhood or a new development? Historic neighborhoods have tons of character, but often require lots of repair work and are governed by community associations with strict standards. Newer developments have more modern features, but are typically far from the city center. Read more about the different types of architecture styles. images-1

What is your current community lacking? If you’re currently landlocked, but have always wanted to live on the waterfront, put that at the top of your list. If you’re a coffee junkie, having a Starbucks down the street may be a dream come true.

Do you want to be able to go places on foot? Would you like to be within walking distance of shops, restaurants and bars? Or would you be willing to drive to nearby businesses?

Think about what you don’t want in a neighborhood, too. If you can’t stand late-night noise, you’ll probably want to steer clear of the college area or an area with a lively bar scene.

With your area of the city in mind, start digging up information. Find interesting neighborhoods online, ask local real estate agents for recommendations and compile all the background information you can, including: tafarai-explains

School information: Look into the local public and private elementary, junior and high schools, as well as daycare programs.

Crime statistics: Most real estate sites have statistics that tell you how the zip code’s crime rates measure up to the national average. If you want specifics, call the local police station.

Once you’ve done the background research, visit neighborhoods that made the preliminary grade in person. There’s no better way to paint a real picture of life in the neighborhood. Use your senses to get a complete picture of the prospective community.

Property Managers…What They Are, What They Do, and Why You Should Strongly Consider Hiring One To Help You Out With Your Rental Properties

responsibilities_of_property_managersIt’s true that many landlords are, in fact, able to manage their properties with very little effort. The trick to being an independent landlord is to first establish the proper processes, leverage available tools and resources, and build multiple rental form templates for use, over and over again. There are many reasons why a landlord should hire a Professional Property Manager. Deciding whether or not you should hire a manager doesn’t have to be an agonizing decision.  It really just depends on your own needs, level of commitment, and expectations.

Property managers work with with applicants and tenants for you. They will usually market and advertise your rentals, meet with prospects to host showings, collecting rent, deposit money to your bank account, and coordinate repair issues. They are also the first line of defense when responding to tenant complaints and will even stand by your side when you have to pursue an eviction or get sued.

A great property manager will voluntarily keep you updated with regular communication. Above all, the main purpose of a property manager is to give you peace of mind that your investment is being handled with care. Unorganized property managerproperty-managers will try to manage everything, but still turn to you for every issue and request; this forces you to be involved and develop stress, which is what you were trying to avoid when you hired them.

If you own enough to where it’s hard to keep track, you should probably hire a property manager to help you. If you live far away from the
property, you could benefit from a property manager. If you do choose to be a long-distance landlord, you should create a list of professionals that you can call upon in an emergency.

Perhaps property management does not interest you, or you are not detail oriented.  If you are not an organized person, then you should consider giving the responsibility to a professional. If you have no idea what you are doing, and don’t want to learn, then don’t try to do it yourself. If you are very busy, you likely should hire someone to help you.

Typically, property managers will take the first month’s rent as their main fee…some will take about 3-11% of the overall rental income. It depends on the company. forrentIf you feel like your property is vacant too often, then perhaps you need help with your marketing.  If you aren’t sure what else you can do, then consider hiring a manager because they often have tried many different marketing techniques, and they know what works and what doesn’t. Contractors are often needed to maintain the property.  If you do not know any, or have the time to work with them, you should probably hire a property manager.

Are You Looking To Buy a House Located In a Resort Community? Exciting! Here’s What You Should Know Before Becoming an Owner In This Type of Location

UnknownResort communities typically offer beautiful scenery, fabulous amenities, upscale homes, and an abundance of recreational activities such as golfing, skiing, or beaches. Of course nothing is perfect, and while resort home ownership sounds dreamy, it also poses challenges. Since resorts are typically situated in the most beautiful places, they can offer advantages like:

Recreation and amenities. Resorts offer activities such as snow skiing, golfing, spa visits, or the beach. And, if you’ll be at the resort home full-time, or visit regularly, you’ll have lots of time to take advantage of these and other amenities. You won’t be competing with others to choose the best visiting times. imgfile388

•A wide variety of restaurants and nightclubs are also common in resort areas. More night life, shopping, and entertainment options than in similar sized towns. Resorts often attract high quality performers, and might offer such things as classical symphony concerts under the mountain stars, rock concerts by well-known artists, or ballets by visiting professional dance companies.

•Wide variety of homes and condominiums to choose from, whether its a cabin in Aspen, or a condo in Florida.

•Resorts tend to attract people from all over, resulting in a more interesting and diverse population than many other towns of a similar size.

However, they can also come loaded with many disadvantages. For example, it is expensive to own in these locations. Resort living can be great, but it typically doesn’t come cheap. Resorts commonly attract people with money to spend, and home prices tend to reflect this. How good an investment your prospective resort-community home might be depends on many factors, so be sure to talk to a realtor.

The daily cost of living in a resort is typically higher than average, for everything from gas to groceries. Since resort communities are less likely to have large chain discount stores, you’ll likely need to shop at smaller, more expensive stores. Taxes are often higher in resorts, too. These taxes are meant to avoid overburdening the residents of tourist areas with individual expenses incurred due to the impact of tourists on the infrastructure. 6

Even if you don’t live in the house, it’s still going to have to be maintained. And, a part-time homeowner might also need to hire an on-site manager to handle ongoing maintenance. Some part-time owners also choose to hire a property manager to ensure that their vacation home is cleaned, stocked with groceries, and heated upon their arrival.

Weather is an issue worth taking a careful look at. Blizzards, below-zero temps, and black ice can make life in a mountain area hazardous and uncomfortable, while homeowners at beach resorts might suffer from temperature spikes and intolerable swarms of insects. It’s wise, therefore, to visit the resort in all seasons before buying, to get a taste of what the area is like in many different conditions.

Accessibility can also be an issue with resort areas. Some areas have no airports nearby and require drives through areas that can prove challenging, such as severe cold weather conditions.

Buying a Resort House Can Be a Pretty Expensive Venture…Read Here To Find Out Nifty Ways That You Can Budget To Save Up For Your Beach or Mountain Home

Prices in resort areas are commonly higher than homes in other areas. As with any home, the purchase price of a resort home will depend partly on its size, location, and finishes. In a resort area, however, the home’s location and views can be especially significant.

Owning a home in a resort community can be amazing. Whether it’s a vacation home or a full-time residence, the resort lifestyle offers great perks, from beautiful scenery to lots of things to do. Keep in mind, though, that this is not an inexpensive venture. beach-style-exterior

Because resorts are located in some of the world’s most beautiful places, they will generally cost a lot of money, especially for an ocean view, or a view of the mountains. Also, the most desirable homes in a resort area are typically the ones closest to the area’s activities and amenities. The closer you are to a main attraction (such as a beach or ski slope), the higher the purchase price usually is.

As with any home purchase, before you must also budget for the cost of closing expenses on your resort home. These might include loan fees, escrow and title fees, inspection reports, and transfer taxes. Before making a resort home purchase, consult a real estate professional, title company, or real estate attorney in the area to get an idea of how much to budget for closing costs.

You’ll need to budget for a monthly mortgage payment. If you’ll use the resort home as a second home, you might be faced with higher mortgage interest rates than those available for a primary residence. Typically, this happens when lenders classify a second home as an “investment property.” Whether this classification is applied to your purchase may depend on how frequently you stay at the home. To know what interest rate is applicable, consult with a lender or two before you buy. images

In financially preparing to own a resort home, you must also budget for ongoing home-related expenses. As with any home, you will be responsible for the costs of utilities and any and all ongoing maintenance and repair expenses.

You must also pay annual property taxes for the home, which can be a major shock if your previous home was in another state with low property taxes.

Real property taxes are based on the property’s assessed value, but the amount levied depends on the formula used where the home is located. Find out how much the current taxes for the home are by asking a real estate professional in the area or inquiring with the municipality assessing the tax (most likely the County Assessor’s office). Keep in mind that the value of the home will be reassessed periodically (and likely influenced by the purchase price you pay). images-1

You might consider making some income from your resort home by renting it out when you are not using it. Talk to a realtor concerning your options. When budgeting, however, don’t overlook the expenses involved with renting. Unless you have the ability to obtain renters on your own, you’ll likely need to pay a portion of the rental rate to a real estate agent or rental agency.