If you happen to be on the market for your first, second, or even third home, and are not too keen on taking out a 30-year house mortgage from a bank, then a prefabricated home may be a good option for you.
Actually, an article on How Stuff Works pointed out that prefab homes have been a great housing on a budget strategy since the early 1900s, costing on average 20-40% less than traditional stick-built, architect designed homes.
What are prefab homes?
Essentially, prefab housing is a system where a house is pre-manufactured in parts off-site (usually in a factory) and then delivered, also in parts, on a building site to be put together by a handful of people, skilled in building a home.
Imagine getting a box from Ikea and getting ready to assemble a book cabinet or a table, only this one will have thousands more building pieces — and considerably heavier and more complex. But that’s still a house in a box!
In addition to their affordability, energy efficiency and speedy construction, prefab homes have also been adapted over the years to meet the architectural designs of more current times.
Prefab home manufacturers constantly implement the latest innovations into their designs for that high-end, updated, modern look within a sustainable, purposeful living space and all around zen.
So how much does a modern prefab cost?
According to the guys at Stillwater Dwelling, the average total project price for prefab homes range from $350 to $450/sq. foot.
This is a national average. Needless to say, the site conditions (location, topography, soil conditions, etc.) and choice of finish will impact the total project cost.
There are wide options of finishes depending on your personal taste and how much you are willing to invest in a place you will soon call your home.
For a better understanding of the costs you’d be looking at, Tough Nickel has listed a few sample prefab homes and unit prices, ranging from $75,000 as one of the cheapest to $566,000 as some of the priciest.
The biggest con amidst all these pros however is that you have to own the land you build your prefab house on. This means on top of the price of your home kit, you will have to buy the land.
The cost of getting the land home-ready, e.g. power and water installation, are also at your expense.
Other costs you should factor in
According to SmartAsset, you would most likely need to shoulder cost for inspections, permits and soil testing on the land. This can all easily add up and therefore needs to be factored in beforehand. Like everything else in life, good planning can make a world of a difference.
Overall, building a modern prefabricated home is no doubt a cost-effective way to put a permanent roof over your head.
You just have to take your time and do your research, discuss your ideas extensively with every manufacturer you are considering, and take full charge of the construction of your own home. Happy building!
Learn more about prefab homes
* Please note that this section contains affiliate links and we might receive a small commission if you make a purchase by clicking on these links *
Here is some recommended reading and great inspiration if you are considering getting a prefabricated home. We curated this list of helpful resources to give you access to more comprehensive information on the costs of building a prefabricated home, best practices and tips to make it as energy efficient as possible. Please note that the following affiliate links might earns us a commission if you buy any of the guides or illustrated books.
Prefabulous and Sustainable: Building and Customizing an Affordable, Energy-Efficient Home Tiny House Designing, Building, & Living (Idiot’s Guides) Prefabulous + Almost Off the Grid: Your Path to Building an Energy-Independent Home And if you just want to look at gorgeous prefabricated homes, make sure to grab this for your coffee table: Prefabulous Small Houses – Hardcover
Let’s start at the beginning: What is an HOA and why do communities have them?
According to Investopedia, “a homeowners association (HOA) is an organization in a subdivision, planned community or condominium that makes and enforces rules for the properties within its jurisdiction. Those who purchase property within an HOA’s jurisdiction automatically become members and are required to pay dues, known as HOA fees. Some associations can be very restrictive about what members can do with their properties.”
An HOA is typically established to make and enforce rules regarding the properties within the jurisdiction. And while they play an essential role in maintaining a community’s guidelines, HOAs can, at times, feel overbearing because of the many guidelines and restrictions they put in place.
And since many people wonder what makes living in a neighborhood with an HOA such a pain, we thought we’d share some of the crazy HOA stories people have posted on Quora — and let you decide whether living in a community with an HOA is the best option for you.
Bad experiences with homeowners associations
#1 Ken’s wooden beams, cherry tree and propane tank
“You do give up certain freedoms regarding maintenance of your home and property, as well as having to adhere to certain standards of conduct. For the most part, these rules are for the good of all and serve to enhance the quality of life in the community and help to maintain property values.
However, it all depends on the individuals who run the HOA. Unfortunately, these organizations are often controlled by retired people with a lot of time on their hands who delight in enforcing mindless rules.
I had several negative experiences with these organizations. The first two were in the Pittsburgh area.”
The wooden beams
“My home’s driveway was lined by wooden beams embedded in the ground. I had only lived there for about a year, and these timbers were rotting. I received a letter from the HOA telling me that these timbers must be removed or replaced in two weeks or I would be fined. Two weeks seemed pretty unreasonable for a considerable amount of work. These timbers were really only visible to someone actually on my property, so they weren’t a community eyesore. They had to have been rotting for quite some time, yet the former owners were not asked to replace them. I did agree that the work needed to be done, but two weeks was an unreasonable time frame. I asked for and received an extension to six months.”
The cherry tree
“My next incident was when I was having some trees pruned. There was a cherry tree planted very close to the house. When the worker was about to prune it, he discovered that the tree was basically hollow and infested with carpenter ants. I had actually noticed the occasional ant in my house. The tree was dying. Rather than pruning, I had it removed. The HOA was upset because I had the tree removed without permission. They tried to fine me $100. Apparently, I should have sent my worker home and then requested permission to remove a dying tree from my property, one that was leading to carpenter ants entering and potentially damaging my home. I sent them a rather nasty letter telling them that I would not pay a fine when the need to remove the tree was obvious. I didn’t need permission to get it pruned, and I only had it taken down because it was diseased. Obviously, permission would have been granted to remove a tree in this condition. They backed off the fine.”
The tank
“I’ve since moved to Hilton Head, SC, where most homes are in gated communities with HOAs. I had an recent run-in with them. On the side of my home, there was a propane tank. It had been there at least ten years prior to my buying the house. It was concealed behind some hedges. Someone from the HOA saw this and I was sent a letter informing me that, according to the rules, the tank must be enclosed in a service yard or have some sort of structure around it. Having it behind hedges was not acceptable.
The former owner who installed this tank, who still lives in the community, was once the head of the HOA. No action was ever taken against him. I am the third person to purchase this house since the tank was originally installed. None of the prior owners were fined. The HOA allowed the house to be put up for sale three different times while it was out of compliance with the community rules. Then out of the blue, they decided to fine me for a tank that had been in place for at least nine years and three owners before I ever owned the house.
I tried to protest, as the tank is not at all visible from the road (one of their stated reasons for this rule in the first place), but I was basically told that regardless of its history (and their failure to enforce the rules before), it was my tank now and I had to move it. So I had to pay nearly $300 for the propane company (which actually owns the tank) to move the tank into a service yard.“
Source and link to full comment
#2 Katrina’s grass length and nephew’s bike
Her thoughts on why you should never move in a neighborhood governed by an HOA?
“Because they control everything!
The height of your lawn, the color of your siding, how many cars in your driveway, what plants are grown out front, if you can have a fence, how high the fence is, what color of the fence…. I can go on and on and on. You have limited control of your own property, and you pay dues…. Yea!!”
The cars in the driveway
“My sister and her husband moved to a community with a HOA, she moved 200 miles away from us. Naturally, myself and my parents helped her move.
We decided to spend the night there, my they had a long driveway. It was meant for cars and boats because the community was near the water. So we pulled our 4 cars into the driveway. The last car had about 12 feet extra before reaching the sidewalk.
We were unloading her belongings when the local community police department showed up, they wanted to speak to my sister.
Apparently she broke an ordnance because more than 3 cars were in her driveway, we didn’t get the stuff out the car first…. It was a fine, our first 15 minutes at the property.”
The nephew’s bike
“Another time (same place) my nephew left his bike on the front porch, the same people show up to fine my sister for the bike… Yes a 6 year old’s bike barely visible on a porch was fine worthy.”
The length of the grass
“Grass, in Maryland it is hot and humid and the grass grows so fast, neglect your yard for a week and the grass is knee high. My sister’s husband cut the grass, almost weekly. They would routinely (every week) go on to the property with a ruler and check the grass height.
They were just over a bit and they came on to their property and cut the grass for them, fined them and charged them for the cut.”
Source and link to full comment
#3 Ted and his A/C-less summer
“One spring, found my A/C quit working at my townhouse. The compressor was located off a mini deck built one floor up specially constructed to hold the compressor. Problem is, I had to have it replaced. Another problem, they didn’t make SEER 10 anymore and had to get SEER 13. SEER 13 units are bigger, heavier and wouldn’t fit on the mini deck. I had a structural engineer check it out, would cost me about $13k to have that deck made bigger (long story). Alternative was to move the compressor to the front of my unit.
HOA made me contact three neighbors and have them sign off on my architectural mod. Then they took all summer to approve the job.
Read that part again.
I found the problem in spring, immediately complied by getting the neighbors signatures, and I didn’t have A/C until the job was approved in August.“
The window unit
“Oh, and as a stop gap measure, I bought a window unit to get me by the summer months until they allowed me to install the new unit. It took the edge off, kept it from getting over 90°F inside.
Took about a week before I got a nasty gram telling me to remove the window unit (against the rules) or get a hefty fine. So, I put it in the window where it shared space by the broken a/c compressor (in other words, hard to see). Got a nasty gram within two days threatening a fine.“
The grey front stoop
“Another story – my next door neighbor bought his place with his front stoop painted grey. He didn’t paint it; the prior home owner did. He gets a nasty gram saying painted stoops are against the rules. It’s gray paint, I didn’t even notice it was painted until it was pointed out. Neighbor fought it at the next meeting. Had pictures of other painted stoops throughout the community (a few others did exist). He made sure he also captured unit numbers. It was noted during the meeting that one of the painted stoops happened to be the porch of the HOA president. They dropped the complaint against him.”
Source and link to full comment
Now, we’re not saying that all HOAs are bad. Nor are we encouraging anyone to move to a neighborhood governed by one. But since knowledge is key when making a life-changing decision like buying a home, we thought these stories will give you a better understanding of some of the challenges you might face when moving to a neighborhood with an HOA.
Have any stories you’d like to share? Maybe some stories of how your HOA is doing a great job for your neighborhood? Drop us a line at [email protected]
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Moving overseas can be daunting. However, exploring a new country offers a myriad of exciting possibilities as well, which is probably why more and more people are choosing to live abroad.
People have many different reasons for living in a different country. Some find living overseas exhilarating and consider it a great adventure. Others decide to relocate for practical reasons, like to take advantage of more job opportunities abroad.
Establishing a new home overseas can seem like a dream to most, but it can certainly be done. And there are important factors to consider (specifically, costs) before taking the leap.
General Costs Before Arrival
Visa and Immigration
It’s a given that incoming visitors will have to pay to enter a country. Regardless of what passport you hold, there are fees that come with visiting and immigrating abroad. Each country has its own rules and regulations regarding tourists and incoming immigrants. As such, the price of entering countries can vary as well.
The expenses for immigrating to a new country will depend on who is coming with you. As expected, moving solo will cost less. Bringing family with you will cost more and probably take longer to process.
Some people also want to bring their pets. There are different regulations for travelling animals. For instance, countries in the European Union issue pet passports for their furry friends.
Visits
Before the big move, visit your potential home abroad.
During the first couple of visits, you should scout the cities or towns that you would consider residing in. Below are some potential expenses you’ll accrue during your visits:
Two-way plane tickets
Food
Transportation
City Tours or general sightseeing expeditions for tourists
Temporary accommodations
Once you’ve decided on a location in a given country, your visits may become longer and more frequent since you’ll begin making the necessary preparations.
Shipping and International Movers
Once you’re ready to relocate, there will be a bunch of tasks to do before getting on that plane with your one-way ticket.
The first obstacle would be figuring out what to do with your belongings. There are two options when it comes to your possessions: leave them behind or take them with you.
You can leave everything behind, except for a few choice items (like your favorite clothes and shoes) which would be relatively inexpensive to take with you. If you decide to bring only a couple of your prized possessions, you could pack them in a suitcase and travel with this on the plane as check-in luggage.
However, bringing fewer items doesn’t necessarily lower the costs when you arrive at your destination. Since you will be staying for a long period of time abroad, you will need to purchase all the basic home items, like plates, utensils, furniture and house appliances.
The second option is to take most (if not all) of your possessions abroad. If you follow this route, you’ll need professional help. Hiring international movers will come at a cost. Besides labor, there is also moving insurance.
Potential Home Expenses
There are two ways to handle finding a home overseas. First, you could stay in temporary accommodations after you’ve moved, then find a permanent place to live in. Second, you could rent or buy a place before you arrive.
Choosing Temporary Accommodations Abroad
If you haven’t found the right place yet, staying in a hotel, Airbnb, transient, or other temporary accommodations is a good option. However, the longer you take to find a more permanent residence, the greater the expenses that will rack up.
Some of the expenses you might be faced with while staying in a temporary place include:
Cost of storage. A temporary living space is unlikely to have room for all your belongings if you’ve brought them. You might need to store some in a facility while you find your footing.
Daily payments for the space
Take-out food, if your temporary accommodations don’t have a kitchen
Transportation. Expect this to be a major expense while you look for a permanent home
Renting or Buying a House Abroad
If you decide to rent or buy a house before your final arrival, these are some of your potential expenses:
A deposit and advance, if you’re renting
A sizable down-payment, if you bought a house
New appliances and furniture, if you didn’t bring your own
Transformers, if you brought appliances from your home country
Utilities and services
Moving to a different country is a major financial undertaking, no questions asked.
If you’ve visited the country prior to taking up residence there, then you should have a fair idea of the cost of living in that location. As such, you should already have some money set aside, based on your needs, to help the transition go smoother.
Renovating, modernizing, and sprucing up your home can be driven by many factors. Some do it from a desire to make the home look more attractive, to increase functionality, or to update outdated appliances or areas of the house.
And while we all like to live in new, beautiful homes, it has been established that adding value is the main reason people renovate their homes. By doing this, individuals will be able to sell their property (if need be) at a higher price that they would have if no work is done on it.
And since buying a home is the biggest investment most people make in their lifetime, it only makes sense to grow that investment over time.
While there are quite a few ways to do this, let’s go through the top 10 areas of improvement that can help you add value to your home quickly.
#1 Include a Garage
Not every house has a garage, but everyone wants to have one in their homes, whether they have a car or not. This only makes a house with a garage much more valuable than one without it. So including parking (even a tiny sheltered space) can help increase the value of your home drastically.
But aside from having a place to park your car, are you aware that garages are actually very functional as it can be used for other purposes?
Even without a car, homeowners can still enjoy their garages as they can turn this space into their storage space, home office, or even an entertainment room. If you have a hobby, say biking, you can store all of your gear inside your garage, allowing you to have peace of mind knowing that these won’t be damaged when placed inside the house.
If you have the budget for it, you can also invest in automatic garage doors to make the area more accessible and appealing. Automatic garage doors are smart investments, especially if you’re planning to sell your home soon.
#2 Revamp the Bathroom
The bathroom is one part of the home every single one of us pays attention to. A bathroom should be a personal sanctuary that allows homeowners to relax and relieve stress. However, no one would want to live in a home with a leaky, droopy shower. Instead of helping the homeowner feel refreshed, this kind of bathroom will only cause a lot of stress. So, revamping your bathroom can help increase the value of the house.
To do this, you do not need to spend a considerable amount of money; just by scrubbing clean the tiles and toilet seats, and by adding some items to enhance visual impact you will make your bathroom look shiny and new. And as you’re doing it, you might spot some other elements that can be easily changed — like water fixtures — to add considerable appeal.
If you’re planning to buy a fixer-upper, consider applying for VA rehab loans. The money you can acquire from this loan will enable you to purchase a new home and fund any renovations for your bathroom, as well.
#3 Add Some Extensions
Extensions are a way to increase the value of the home, and they could be added upward or have the house expanded sideways.
By adding an extension upward, you could include maybe an additional staircase. Sideways extensions could have you clear out a path and cultivate it well to have it serve as a playground.
#4 Renovate the Kitchen
At the end of the day, there’s nothing that adds more value to your home than a freshly renovated kitchen. Houses, especially those that want to appeal to families, have the kitchen as the centerpiece of the home. The kitchen is one of the most important areas of the house because this is where you’ll prepare meals for your family, and, oftentimes, entertain guests. How your kitchen looks and functions can significantly affect the ambiance of your entire home.
Shaping up your kitchen doesn’t necessarily mean a complete overhaul. While this would ensure the best effect, it would take a lot of time and cost you a lot of money. Repainting, freeing up spaces and bringing in modern utensils can be a good and fast way to give your kitchen a fresh, renovated look.
One of the easiest ways to renovate your kitchen is to organize and make the space clutter-free. You’ll be doing a lot of things in your kitchen, which is why you should ensure that every item has its designated storage space. No one would love spending time in their kitchens if the area is a complete mess!
#5 Include a Well-Cultured Garden Room
Gardens are more and more often being incorporated in modern homes and play a role in determining how valuable said homes are.
Now, at this point, it is important to note that the value of a garden is not just in its size, but in how well it is designed and cultivated. So a well-cultured garden — even if tiny, but well-trimmed — can help add value to your home when you decide to put it on sale.
#6 Free Up Spaces in Strategic Areas of the Home
In the see-it-want-it-buy-it world that we live in today, we tend to end up hoarding a lot of unnecessary things. And those take up highly valuable space that can translate into extra figures on your home sale.
Take a good look at your space and try to clear the house of any unnecessary items, from big to small.
A good place to start is always by looking at older appliances around the house. Regardless of how expensive or sentimental these items are, if these are no longer used, it’s best if you disposed of them properly.
#7 Introduce Seasonal Features
The introduction of seasonal eco-friendly features can also help increase a home’s value.
This isn’t as complicated as it sounds, but rather includes planting trees in some parts to serve as a windbreaker and prevent water logging. Some parts can be cleared off to allow for cross ventilation.
#8 Improve the Aesthetic of the Exteriors
The exterior part of the home is your house’s business card, the part that attracts everyone to the house. Improving the aesthetic of the house could mean either repainting the home or restructuring it, adding some nice-looking shutters, painting the door or windows, you name it.
New features could also be included that will help to enhance the aesthetics and make it attractive. But it’s worth it: remember that your home has just one chance to make a good first impression.
#9 Include Smart Features in the Home
Smart features like CCTV systems or alarms among others can help to increase a home’s value. Since they aren’t the type of features you see around every house, homes with these features tend to be highly valuable and sought-after.
#10 Make the Home Accessible
The creation of drive-through ways and walking paths can significantly increase ease of access. It also makes the home more comfortable.
Already existing pathways can be re-modified to allow for better access. This will be a major plus in the eyes of select buyers and will broaden your pool of potential buyers to include seniors and people with disabilities, so it’s definitely worth considering — especially if your space and the number of floors allow for it.
Remember that all the value you add to your home will be in your benefit. That’s in the sense that it makes the home more comfortable for you and if you end up putting it out for sale, at least you know you will get top dollar for it.
Or who knows? If you make your home that irresistible, you might scoop up an offer from someone that crosses your doorstep before you even end up putting it on the market.
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As you begin to approach older age, a big house may not have the same appeal as it once did.
In homes with multiple levels, for example, getting around may become increasingly difficult or there just might not be the need for many rooms.
Similarly, once you retire, you may wish to shift your focus to different priorities in life; while a big home may have been ideal while raising children, something a little smaller could afford you the ability to travel and spend your hard-earned money on something other than a mortgage payment.
It’s no wonder then that downsizing can offer many possibilities to those searching for something different. The choice isn’t an easy one, however, and there are many factors to take into account any questions you need to ask before committing to a move like this.
When Should You Downsize?
There’s no right or wrong time to downsize but you’ll find that most often it happens before the age of 65 or around the age of retirement.
Apart from the physical work that downsizing takes, it can also be a rather stressful and emotional time for homeowners, especially if they’re leaving the home they raised children in and established so many memories.
Because of this, it’s best to commit to the process while you are still capable and the toll won’t take too much out of you; if you’re already unable to move around your home as freely as you once did, you’re at a disadvantage.
Even those in fine health may see the benefit of downsizing, however. If you don’t have the need for such a large space or simply want to save money, downsizing might be more economical or practical. This guide goes into a bit more detail about the economic benefits of downsizing.
Take Your Time
Another reason downsizing before the age of 65 is ideal for many is because it gives you the ability to take your time.
Instead of feeling like you’re being backed into a move you aren’t ready to make, starting the process early can help ease the transition.
This starts with finding out your home’s worth and calculating the profit you can expect to make from a sale. Taking your time allows you to evaluate the market and, with the help of an estate agent, sell for a good price.
Relocating
The same way a real estate agent can help you sell your home, they can also help you relocate and find a new one that meets your every need.
In some cases, this may just be a smaller house or apartment in the same area you live in now but for some, they’ll find the opportunity to research and visit retirement developments that cater to retired residents. In any case, it’s important to consider why you’re downsizing in the first place; there are many possibilities for those looking for something smaller and more affordable with fewer stairs to climb.
Paring Down
Another bonus of starting the process of downsizing early is that you’re afforded the extra time to go through your belongings and pare them down properly. It’s the perfect opportunity to evaluate your assets and to purge belongings that won’t be essential in your new place.
For example, start your packing and paring down in rooms that you know you won’t likely have once you move. Get rid of duplicates and things you won’t need by determining whether you can sell or store them.
In many cases, things you no longer need can be passed down to children or relatives. Similarly, making a note of the things you absolutely can’t do without will help you determine just what kind of square footage you’ll need in a new home.
Whether you’re downsizing for practical or economic reasons, there are many advantages to starting the process early and going through the proper channels to ensure a transition that is as smooth as possible.
While only time and support from friends and family can help ease the stress and emotions that come with saying goodbye to a home you’ve lived in an loved for decades, a real estate agent can help with everything else. With their help, you’ll be able to find something new that suits your budget and every need, where you’ll be sure to make even more great memories for years to come.
More resources:
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There’s no easy answer to the question “Should I rent or buy a house?” It depends on so many factors: your age, your finances, your neighborhood, your future plans, the current real estate landscape, and the mortgage market, to name just a few.
Being a landlord requires a lot of responsibility and quite the investment. But it also comes with a great set of benefits, including becoming your own boss and gaining more control over your time — and earning.
If you’ve ever wondered if it would be worth it to become a landlord (and what exactly that entails), keep reading.
Entire books have been written about finding a good rental property. So much text has been dedicated to the topic because of its critical importance. Buy too expensive a place, and you’ll never make money. But trying to snag a bargain can be troublesome too.
Buying a fixer-upper requires that you have the skills, time, tools, and cash to make the necessary repairs and renovations. But here are some of the biggest concerns you should have before embarking on the journey to becoming a landlord:
Do you have enough in savings?
Let’s just say that your tenants can’t make the rent, but they are not going to move out without a fight.
Before you buy a rental, you need to amass an economic cushion amounting to at least six months of housing expenses, plus a few thousand dollars to pay attorneys. That gives you the staying power required to manage most worst-case scenarios.
Are you handy?
If you’re a handy person who likes doing your own work around the house, light plumbing, perhaps some construction, yard work, and so on, you might be a good candidate for becoming a landlord.
If you’re just starting out, it may be too expensive to handle outside contractors if you expect to turn your rental income into profit. Doing the work yourself saves money.
Are you available for 24-hour responsibility?
Hiring a company to manage your properties is an expense that cuts into your profit. Depending on the location, you may be able to afford this from just your rental income. If that’s the case, work with a professional property management company who will answer the phone at any hour to fix any household problems that arise.
Otherwise, be prepared for calls in the middle of the night. If you’re starting your adventure with rental properties while working at another job, you will find yourself with competing priorities often. Usually, a good idea is to start out small, and see whether being a landlord truly is a good fit for you — before embarking on bigger projects, with many units.
Another question you need to answer is: Are you old enough? You can legally buy a house as young as 18. But bear in mind that, on top of the financial responsibility that comes with a purchase, you will also have to account for the property in the eyes of your renters.
Can you keep tenants happy?
Of all the costs associated with being a landlord, the biggest one is a vacancy.
Every time a tenant moves out, you’re going to spend money, probably quite a bit of it. That means finding and keeping good tenants is the heart of successfully investing long-term in real estate.
Happy tenants are critically important. They’re your customers. And the way you keep them happy is by keeping the property in good shape and treating them with respect.
This means being a landlord also comes with a great deal of hospitality and marketing tasks that you probably haven’t factored in before, but that are crucial to your long-term success.
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When putting your home up for sale, the waiting game is one of the hardest parts. Regardless of the reason behind the decision to sell your property — be it because you’ve already found your dream home, want to move to a new city/area, or simply downsizing — earning money from the transaction as soon as possible is always preferable.
Plus, it’s never easy saying goodbye to a place you’ve called home, where you and your family have spent wonderful moments together and that will be forever etched in your memories. So why prolong the melancholic goodbye?
Fortunately, there are things you can do to improve your home’s chances to sell fast without having to shell out a considerable amount of money. Often times, doing things in the right order can help us save lots of time and effort, not to mention unnecessary stress. It isn’t much different when selling your home.
So to make it easier for you, we’ve turned to industry professionals for a little guidance on how to prepare your house for selling. Here’s what most of them agreed would speed up the sale of your property.
#1 Work with a Realtor
Sure, it’s the age of the internet, and every service can be accessed online, who needs a real estate agent to hold their hand? But as most industry professionals will tell you, that may not be applicable in the case of real estate transactions — especially when selling your home, which is arguably your biggest financial asset.
Pricing your home, listing it, distributing the listing to make sure it appears on websites people actually use when looking up homes, scheduling property tours, and handling paperwork are just some the biggest aspects of a home sale. The list goes on an on, so better put it in the hands of a professional that will know to pay extra attention to crucial aspects of the deal.
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Realtors know the ins-and-outs of the industry and have inside knowledge of your area. Real estate agents have already built up their contact list, from potential buyers to contractors who can help you do minor repairs in your residence, and will easily manage all the paperwork involved in the sale.
While some real estate agents require a deposit for their service, most realtors go by a commission-based payment system. This means that they’ll only get paid when you sell your home, which motivates them to help you find clients and close deals quickly — and for the highest $$$ amount possible, as that will lead to a higher commission for them too.
#2 Enhance your home’s curb appeal
Curb appeal pertains to the attractiveness of your home from the outside. It extends to the entire front of your house, including your lawn and how other trees or bushes frame your residence.
The point of enhancing your home’s curb appeal is to make the exterior more tempting to potential buyers. After all, it’s their first interaction with what could be their future home, so you’ll want your house to make a great first impression. The idea is to make it appeal to them as soon as they make the curb.
A few tips to boost the curb appeal of your property include:
Adding some greenery – One of the best ways to enhance the exterior of your property is to plant some flowers and plants. You don’t need to overhaul your lawn and start a garden. You can draw potential buyers’ eyes toward windows and entryways with planters and window boxes.
Tend to the lawn – Never has maintaining a well-kept lawn mattered more. Make a point out of regularly mowing the grass, raking off any unwanted leaves, and pulling weeds out when planning to put your home on the market, as it will significantly increase its curb appeal.
Clean the gutters – The gutters are a visible yet often neglected part of the home. When putting up your property on a listing, make sure that you give these attachments a little TLC by clearing up debris and scrubbing the outside.
#3 Improve the front door area
We’ve already established how important first impressions are when selling your home. And your front door plays a huge role in landing that great first impression. If you don’t think it’s sufficiently appealing already, know that it doesn’t take all that much to upgrade your front door.
You can do this by coating your front door with fresh paint, adding some décor, and even putting a welcome mat right with a memorable message to welcome buyers.
For the interior, you must clear the entryway and draw the eye of clients inward through strategically placed furniture as well as accessories.
#4 Declutter and de-personalize
One of the top ways to increase the value of your home is to free up spaces in key areas of your residence. This includes the living room, kitchen, bathroom, and even the bedrooms. Declutter and get rid of all extra items that don’t add to the aesthetic appeal of your property.
Depersonalizing your space is also a crucial aspect of home-selling. The buyer must be able to envision themselves living in your residence, which is difficult to do if they see your pictures and other personal items lying around.
#5 Stage your home
Home staging is the process of restyling and refurnishing your property to boost its attractiveness in the eyes of potential buyers.
More often than not, the furniture and other things that you’ve accumulated through the years show off your personality. However, as mentioned above, you should depersonalize your space to let the new potential owners imagine themselves living there, which might mean changing up the position of furniture and even replacing some of it with items that have a more unified design.
Tips to keep in mind before selling your property
1. Partner with an investment property buyer
Remember that sellers have the financial responsibility to pay closing costs such as state and property tax, and real estate agent professional fees. By partnering with an investment property buyer, you can sell your home for a non-deducted or full cash offer.
2. Avoid common home selling mistakes
Sellers usually make the following mistakes when selling their homes:
Getting overly emotional: Of course, your lovely home is now for sale, and it’s okay to feel bad about it. However, don’t let your emotion ruin your selling tactics. Just imagine how motivated and excited you were when you first saw your dream home, and your potential buyers might also feel the same. Staging your home or changing its appearance can create an emotional distance since the house looks less personal.
Not hiring a real estate agent: While you want to avoid paying an agent commission, hiring a real estate agent is the best way to get the best deal for your home’s value. An experienced real estate agent will prioritize your best interests and make sure that your house will have a competitive selling price.
Poor listing photos: Good listing photos will draw potential buyers to check your house for sale. Take clear and crisp photos with plenty of natural light to show your home’s true beauty using a wide-angle lens. Hiring an experienced and professional photographer is a good idea to highlight the best features of your home and also get expert advice on how to stage the rooms for better viewing. If you’re working with an agent, this is something they can coordinate for better results, especially since they probably already work with professional photographers that specialize in listing photos (and can include drone shots of your home).
3. Set the right price
It’s tempting to set a high price ceiling for your home. After all, it’s the fruit of years of hard work. However, you have to consider the price point of houses in your area, the features your house offers, and its strengths and weaknesses. If you want your house to sell fast, set a competitive price for your home, instead of a higher price that potential buyers can negotiate. Remember that price is one of the key criteria home buyers use when searching for listing online, and if your home is out of their budget, they won’t even get a chance to considerate it.
Final thoughts
You can sell your home fast by working with a professional realtor who can guide you throughout this journey. Enhancing the curb appeal of your house, improving the front door area, decluttering, depersonalizing, and staging your residence are just some of the ways to help you get your property listing off the market quickly, but covering these crucial aspects of your home sale will make the process go smoother and will likely result in a faster sale.
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Becoming an Airbnb host can be an excellent way to boost your income. Short-term rentals are the future of the industry, and the statistics indicate that more than 190 million people around the world use this particular platform.
Once you get to learn the laws and regulations specific for your location, you’ll be thrilled to see that the platform is quite user friendly. You have the liberty to set some of your own terms and conditions for renting and you can easily get in touch with your potential guests.
Buying a property for Airbnb could be a profitable investment. However, if you want to maximize your earnings, it is important to pick wisely, so we’re here to help you make the best possible decisions. These crucial tips will guide you in finding the right Airbnb investment property in your area.
Pick an attractive location
In renting business, everything starts with offering an attractive location. The usual tempting locations include downtown or areas close to the place where a major event is held in your city.
You can also use a heat map analysis tool when buying an investment property. It will provide insight into how potential visitors think and what are the most popular locations in your city. By choosing an Airbnb rental property in a desirable area, you can maximize the occupancy rate and boost income.
Get to know Airbnb laws and regulations
Before buying a property for Airbnb, it is important to get to know local laws, as well as the regulations of this platform. Depending on your location, you might need a license before you can start a vacation rental business. If you fail to comply with the laws, you could pay huge fines, which can compromise your profit.
Don’t forget to read the Airbnb regulations to learn the details of how the platform works. For example, all hosts are required to pay a small fee, which is something that you need to add to your expenses of running the business.
Determine your budget
Another thing to do before buying a property for Airbnb is to determine your budget. When setting a budget, it is crucial to consider that the listed price might not be the only expense. You might face hidden charges like closing fees, inspection, insurance, property tax, etc. Additionally, you will also have to consider expenses to optimize the accommodation for renting.
Your budget should correspond to your requirements, but without compromising your personal finance. If necessary, you can consider mortgage payments to avoid paying the entire cost at once.
Analyze available properties
Once you have your budget ready, it is time to hit the housing market. You can use a property finder tool, conduct an online search, or consult real estate agents in your area.
It is important to establish specific criteria for picking rental properties. Apart from finding the best possible location you should also consider the following:
Size – do you want a large or small apartment? Are you looking for one or more bedrooms, and what kind of layout do you prefer?
Property condition – does the accommodation already have new furniture, or will you need to buy everything from scratch? What are other repairs required to turn it into a functioning vacation rental?
Age – while old houses and buildings have a specific charm, they might require additional investment in upgrades and repairs.
Price – the cost of the property should meet your determined budget.
What are the expenses of your short-term rental?
Apart from the cost related to buying a property for Airbnb, what other expenses can you expect? These might be one-time or recurring expenses, including:
Purchasing new furniture to maximize guests’ comfort.
Buying appliances and devices like smart TVs and irons.
Safety investments, such as security cameras or digital entry systems.
Ensuring there are enough toiletries, towels, pantry staples, etc.
Paying for Wi-Fi and other premium services.
Cost of cleaning services.
Utility bills for electricity, heating, etc.
Knowing your expenses as accurately as possible is crucial to optimizing your cash flow.
Use Airbnb profit calculator
If you want to run a profitable Airbnb, it is essential to set the right renting price. For example, rental properties located downtown are usually more expensive than those located in the suburbs.
Renting business newbies might benefit from using an Airbnb profit calculator. These tools take into account expenses, the occupancy rate in the neighborhood, and other variables to help you identify the right price and optimize earnings from your real estate investments.
Listing your accommodation on other platforms can also help to maximize return on investment when buying a property. Airbnb and VRBO are the two most popular platforms out there, and they come with both similarities and differences.
Conclusion
Property investors can earn a lot of money, but only if they make smart moves. When buying a property for Airbnb, you need to choose carefully. By keeping as many factors in mind as possible, you can pick wisely and maximize the earning potential of running a short-term rental business!
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