Thursday, March 3, 2016

4 Signs a Property Is Worth Buying and Renting Out




Do you have fantasies of becoming a landlord? That is, do you dream that one day, you’ll purchase a promising piece of property, move in some reliable tenants, then kick back and collect rent well into retirement? If you’ve got the cash and ambition to follow through, there are plenty of condos, homes, and buildings you could buy and rent out—but pinpointing the right one is tough. Don’t give up the dream! Insiders insist there are a few ways to separate the cash cows from the turkeys. Here are some signs a rental property is primed to gush big bucks. IT MAKES MONEY FOR YOU IMMEDIATELY While many mistakenly size up an investment property by the amount of money it could eventually make them later—once they’ve made a ton of renovations—that’s exactly the wrong approach. As the saying goes in real estate, you should “Make your profit when you buy.” That means: Your income (in the form of rent checks) should cover your costs upfront. Financial planner and real estate investor Jim Ludwick at MainStreet Financial Planning recommends looking for properties that will generate enough rent in 10 months to cover all costs, including mortgage payments, taxes, and insurance. Another popular rule of thumb is the “2% rule,” which holds that your monthly rent should be at least 2% of the total purchase price of a property. Look at comparable rental listings online to get a sense of what you could reasonably charge for rent. Then, try punching in your numbers, from your rent to mortgage to maintenance costs, into an online investment calculator like this one from CalcXML, to see if you end up in the black. A DWINDLING DOM DOM stands for days on market—how long a property has been for sale. And if the DOM is plummeting across the board in a neighborhood, that’s a key harbinger that this particular housing market is heating up. And since this typically precedes price hikes, that means you can still score a deal on a property that could make you beaucoup bucks in rent (and if you resell down the road). Another set of listings to check? Rentals in the area. If landlords are offering concessions to tenants, such as a free month of rent or a lower security deposit, those are signs that they’re having a hard time filling apartments, so you may want to steer clear. GOURMET GROCERIES NEARBY Scouts for Whole Foods, Starbucks, and other high-end chains get paid a lot of money to research the up-and-coming neighborhoods with residents (aka your future tenants) who have the disposable income to support their stores. So, if you can buy heirloom tomatoes and a pour-over coffee in a five-block stretch, things are looking good. The presence of Trader Joe’s, Whole Foods, and Starbucks, in particular, bode well for real estate desirability. “You can’t just look at the numbers,” ways Justin Cohen, chief marketing officer of Pangea Properties, a Chicago-based real estate investment and management company. “You’ve got to really look at the neighborhood and understand what’s happening there.” Get a sense of what type of tenant the neighborhood and property would attract. A property in a college town, for example, might have a high turnover, while one near a desirable elementary school (get stats at GreatSchools.org) might tend to draw families that want to put down roots for years. And since many millennials favor “walkable” neighborhoods, areas near public transportation are bound to be a good bet. And we’re not just talking about buses and subways in urban jungles; transportation matters in the suburbs and small towns too, although in a different way: Look for towns near (but not right next to) major turnpikes or highways. A SQUEAKY-CLEAN TENANT If you’re inheriting tenants with the property you’re considering, don’t just trust that current landlord’s word that they “always pay on time.” Run a background check and a credit check (it’s worth paying for a service such as TransUnion SmartMove to do one for you) on any current or potential tenants to see if there are credit issues or a history of evictions, and ask to see pay stubs or a 1099 to show the tenant has the enough income to cover the cost of living there. And if the tenant has a less than stellar payment history? There actually is a way to turn this into an opportunity to negotiate a lower price for the property, factoring in the cost (and hassle) of a potential eviction. “Whether you keep the tenant or not, by buying someone else’s problem, you’ve gained some equity,” says Jorge Newbery, a real estate investor and the founder and CEO of American Homeowner Preservation.

 By Realtor.com


Courtesy of Lina Arbelaez.

When you are buying or selling property in today's market, it's important to have confidence in your Real Estate professional. My commitment as your REALTOR® is to provide you with the specialized Real Estate service you deserve.
 
When you are an informed buyer or seller, you'll make the best decisions for the most important purchase or sale in your lifetime. My goal is to keep you informed on trends in Miami Real Estate. With property values continuing to rise, Real Estate is a sound investment for now and for the future. 

As local Broward & Miami-Dade area experts with knowledge of the communities, My Ojective is to help you in meeting your real estate goals.

If you are considering buying or selling or would just like to have additional information about Real Estate in your area, please don't hesitate to call 954-600-8739,visit our website, or e-mail linaflrealtor@gmail.com 





Thursday, February 18, 2016

6 DIY Projects You Should Never Do Yourself





Whether you’re addicted to watching HGTV or “This Old House,” home improvement shows always make everything look so easy. But before you pick up the drill and sledgehammer, please pause for this public service announcement. “Those TV shows don’t show about 90% of what happens to complete a project,” says Arthur Sadura, owner of T&A Carpentry and Home Renovations.

As contractors know all too well, home improvement shows are more about people than projects; in their pursuit of drama and a compelling narrative, they bypass a whole lot of details about how repairs and renovations actually get done.

So for inspiration, TV or YouTube is a fine start. But beyond that, a little knowledge can be a dangerous thing. Certain jobs are too dangerous, others too complicated, and some too pricey as the equipment will cost as much as hiring a contractor.

“If you don’t know/own 90% of the tools and accessories you need for a project, then pro it,” recommends MyFixItUPLife‘s Mark Clement.

To help you avoid a ton of headaches or worse, here are six DIY projects to avoid like a misfiring nail gun.

Molding

How many inspiring episodes have you seen where a quick addition of crown molding classes up a room? But heed a word of caution here: “No walls in a house are perfectly straight, not even in new houses,” says Sadura. And no amount of caulk will smooth over these imperfections, either. In fact, Sadura says experts who do molding use various techniques such as scribing, which is painstakingly shaping your material with tools so it fits flush, to ensure your moldings are aligned and stay that way. All in all, it’s not for the amateur DIYer. 

Floor refinishing

Renting equipment to refinish your hardwood floors sounds reasonable enough at first glance—after all, you’re just sanding off the top layer of wood. How hard can it be? Yet Sadura, a carpenter by trade, won’t even sand his own floors. Why? Because sanding machines require what he calls, “the right touch” by someone who does this day in and day out.

“No matter how many times you watch the video, you won’t get the feel for the machine unless you do it a bunch.” Sanding one spot a few seconds too long could result in drum marks on the floor that will be extremely difficult to cover up. And you thought you were saving money…

Electrical work

My spouse is actually quite handy. After watching electricians install dimmer switches in our old apartment, he was able to do it in subsequent homes—but it turns out he was lucky he didn’t blow up the place or electrocute himself. Sadura urges homeowners to steer clear of all electric except changing a light bulb.

“You shouldn’t fool around with electric,” says Sadura. If you do want to DIY a dimmer switch, “YouTube is a good source of electrical tutorials,” he admits. “But a good rule of thumb is if your wires look different from what you are watching, abandon the project to avoid having to guess.”

With more than 400 deaths per year resulting from faulty electricity, according to the Electrical Safety Foundation, this isn’t worth the risk.

Tiling

This one is not an absolute don’t, but a great-looking tile job does require a lot more planning than just slapping squares on the floor or wall, then admiring your work. Even if you lay out the tile, measure and measure again, you will need to cut edges and around things such as faucets—and prepare to scale a steep learning curve cutting tile. Glass mosaic tiles are among the toughest to cut. You’re probably thinking, I’ll get big tiles so there are fewer to install. Not so fast: Large format tiles are even harder to cut than tiny glass mosaic ones, according to Sadura, and there’s lots of waste. Which is why it pays to save yourself the trouble and hire a professional already.

Roofing

Both Clement and Sadura agree: Steer clear of the roof. Did you get that?
“It’s not that roofing is too hard,” explains Clement. “Often it’s just a matter of scale.” And something else: danger. In fact, Sadura goes further, recommending that regular folk avoid any exterior projects that involve scaffolding “for obvious reasons.”

According to the National Safety Council, more than 6,000 Americans die each year from falls, mostly from roofs or ladders while cleaning gutters or fixing roofing. 

‘Permit needed’ work

If you don’t really understand how to get the permit—or if or why you need one in the first place—avoid the project. You need to fully understand what’s entailed in a DIY that requires getting a permit in the first place. Many DIYers skip permits altogether, but they risk being shut down if spotted by an inspector or if a neighbor seeking revenge narcs on them.

“But you also risk something worse than inconvenience,” says Clement. “Namely, problems selling the house.” Why? Because you must disclose unpermitted work when selling. This causes a chain reaction, because buyers might be unwilling to take on a home rife with potentially dangerous work. And they might have trouble financing due to the unlawful alterations to the home. 

You want a general rule of thumb? Typically, painting, built-ins, or simple projects such as adding a chandelier don’t require permits. Once your’e changing the footprint of a house, updating wiring, and adding fences (because municipalities usually have height restrictions), you need a permit—which mans you should probably call a contractor pronto. 


By Realtor.com
Courtesy of Lina Arbelaez.


When you are buying or selling property in today's market, it's important to have confidence in your Real Estate professional. My commitment as your REALTOR® is to provide you with the specialized Real Estate service you deserve.
 
When you are an informed buyer or seller, you'll make the best decisions for the most important purchase or sale in your lifetime. That's why our goal is to keep you informed on trends in Miami Real Estate. With property values continuing to rise, Real Estate is a sound investment for now and for the future. 

As local Broward & Miami-Dade area expert with knowledge of the communities, My objective is to work diligently to assist you in meeting your real estate goals.

If you are considering buying or selling or would just like to have additional information about Real Estate in your area, please don't hesitate to call 954-600-8739, visit our website, or e-mail premiersouthfloridahomes.info@gmail.com 





Thursday, December 17, 2015

How to Paint an Accent Wall


Want to bring a splash of color into your room, but afraid to take the plunge? Try an accent wall—it’ll add a focal point to the space without overwhelming the whole room. Here’s how to get started.

1. Choose a Color

Generally, an accent wall is supposed to be the focal point of the room, so select the color wisely. “I tend to work with accent colors that are within the same color palette as the space,” says interior designer Abbe Fenimore. “That way, the space has depth, looks cohesive, and is tactfully layered. If a really bold color is used, it’s important to incorporate that color around the room using art, accessories, or a great rug.” For the finish, interior designer Sara Story suggests using choosing paint with a high sheen level (which means it’s shinier), to make the wall even more interesting.

2. Prep

“To prep, make sure the surface is clean—that means removing cobwebs from corners, dust, and grease or smudges if it’s a kitchen wall,” says interior designer Timothy Brown. “Then, lightly sand the surface.” Go here for more painting prep tips.

3. Paint

Even though it’s only one wall instead of four, painting an accent wall still takes some time and patience. “The number of coats depends on your desired saturation of color,” says Brown. “Generally, that means one to two coats if you want a light color, and two to four coats if you want a dark, rich color. The best technique is slow and steady, especially with darker paints.”

4. Or Take It to the Next Level

If you like taking risks in design, paint isn’t the only way to create an accent wall. “Instead of using paint, choose a patterned wallpaper to add texture and vibrancy,” says interior designer Amanda Reynal. “Then, paint the other three walls in either a neutral tone or a color from the wallpaper. The room will be unified and alive, and the wallpaper will act as artwork.”

5. Think About Furniture Placement

After the accent wall is finished, the next task is deciding how to incorporate your existing furniture and home accessories. “For a bedroom, I would recommend placing the bed in front of the accent wall,” says Story. “For a living room, I would recommend placing the sofa in front of the accent wall.” Reynal is a fan of creating an accent wall in the dining room. “It’s a place that’s often hard to create visual interest,” she says. “By styling the wall with a mirror, sconces, and a sideboard, it becomes part of the space and acts as a beautiful backdrop.”

By Realsimple.com
Courtesy of the Lina Arbelaez Group.

When you are buying or selling property in today's market, it's important to have confidence in your Real Estate professional. The Lina Arbelaez Group’s commitment as your REALTOR® is to provide you with the specialized Real Estate service you deserve.

When you are an informed buyer or seller, you'll make the best decisions for the most important purchase or sale in your lifetime. That's why Lina Arbelaez Group’s goal is to keep you informed on trends in Miami Real Estate. With property values continuing to rise, Real Estate is a sound investment for now and for the future.

As local Broward & Miami-Dade area experts with knowledge of the communities, Our objective is to work diligently to assist you in meeting your real estate goals.

If you are considering buying or selling or would just like to have additional information about Real Estate in your area, please don't hesitate to call 954-600-8739,  visit our website, or e-mail premiersouthfloridahomes.info@gmail.com 




Tuesday, November 24, 2015

The Sweet Spot Of Pricing Your Home

 


When you and your REALTOR® sit down to price your home, you'll be looking at competitive homes that are the most similar in size, location and amenities as your home. You may find that prices can be thousands of dollars higher or lower. It's tempting to pick the highest price and say, "Let's list it here." But what if your home doesn't sell at that price?


High prices are a strategy that can work in an accelerating market, but it's risky. Your home can sit for months without selling and you'll end up marking the price down, perhaps lower than it should have sold for in the first place.


Pricing your home is a science. The science is choosing the right price at which your home will sell quickly. How do you do that? By analyzing your local market conditions and where your home fits in the spectrum.


The only way your home will sell at the highest price possible is if your buyer agrees to your home's value. To best determine market value, you have three important tools: CMAs, appraisals, and your REALTOR's®knowledge of the market.


The comparative market analysis

A comparative market analysis (CMA) is a side-by-side comparison of similar homes for sale as well as homes that have recently sold in your neighborhood. REALTORS® use CMAs to compare the features that make each home unique, including age, location, number of bedrooms, baths, room sizes, updates, condition, etc.


As a seller, you should be able to see where your home fits -- in the top or lower price range of similar homes. For example, if a similar home to yours has been recently renovated with a new kitchen, expect it to sell for more than your home if your home has not been improved.


The appraisal

An appraisal is a market analysis performed by a professional appraiser using a variety of sources, including multiple listing system data and conforming loan formulas.


Appraisers most often work for lenders to determine market values, so that lenders can weigh the risk of making a loan to a homebuyer. Appraisals come after an offer is made when the buyer applies for a loan. Even though the buyer pays for the appraisal, the lender uses it to determine whether or not to make the loan at the contract price.


Other market data

Your REALTOR® has access to data that may not be public through the Multiple Listing Service. This data is provided to broker members to track market trends over weeks, months and years. Some brokers pay data companies for specific markets that help them plan their business, such as the number of listings on hand, which zip codes are the hottest, and whether closings are trending up or down over last month or last year.


Your REALTOR® uses all this data to help you hit the sweet spot of pricing. That's high enough to reflect your home's value, but attractive enough to buyers to get it sold quickly. 

Article on Realtytimes.com
Courtesy of the Lina Arbelaez Group.

 
When you are buying or selling property in today's market, it's important to have confidence in your Real Estate professional. The Lina Arbelaez Group’s commitment as your REALTOR® is to provide you with the specialized Real Estate service you deserve.

 
When you are an informed buyer or seller, you'll make the best decisions for the most important purchase or sale in your lifetime. That's why The Lina Arbelaez Group’s goal is to keep you informed on trends in Miami Real Estate. With property values continuing to rise, Real Estate is a sound investment for now and for the future.


As local Broward & Miami-Dade area experts with knowledge of the communities, Our objective is to work diligently to assist you in meeting your real estate goals.


If you are considering buying or selling or would just like to have additional information about Real Estate in your area, please don't hesitate to call 954-600-8739, visit our website, or e-mail premiersouthfloridahomes.info@gmail.com
 
 
 
 
 



Friday, November 13, 2015

18 Inexpensive Ways to Improve Curb Appeal When You're Selling a House



When you’re selling a house, you don’t want potential buyers to drive by and keep on going. But if your home doesn’t have curb appeal—if it doesn’t look so great on the outside that people have to stop and take a look—that’s exactly what’s going to happen.


“A home’s curb appeal is always critical, since it’s the first impression for potential buyers,” says National Association of Realtors President Steve Brown, co-owner of Irongate, Inc., Realtors in Dayton, Ohio. “That’s why exterior replacement projects offer the greatest bang for the buck. Projects such as entry door, siding, and window replacements can recoup homeowners more than 78 percent of costs upon resale.”


But don’t freak out and exclaim, “I can’t afford to replace my windows and siding.” Oftentimes improving curb appeal can mean just doing a few small projects that can have a large impact. Many don’t cost a lot of money.


I spoke with three real estate professionals for their suggestions on how to improve your home’s curb appeal on the cheap. Here are their tips.

  • Wash the windows.
  • Evaluate foundation plantings, and trim back or replace as needed.
  • Update the light fixture at the front door.
  • Repair or install a new mailbox.
  • Replace window treatments inside the house if necessary. “Take a look at the window treatments in the rooms on the front of the house,” suggests DeeDee Bowman, a Realtor with Coldwell Banker Hearthside in Lahaska, PA. “How do they appear from the street or front walk? Update or eliminate if needed.”
  • Repair the front walk if it is cracked or heaved.
  • Remove dead tree and shrub branches.
  • Mow the lawn.
  • Power wash your house. Before you hire a professional for this service, check out the Windex Outdoor Multisurface Cleaner, which attaches to a garden hose. I used this product when I was selling my old house, and it cleaned up our vinyl siding and windows so easily.
  • Clean the entryway, front lights, and walkway of cobwebs, tree debris, dust, dirt, etc.
  • Add colorful, potted plants along your walkway or entryway. “You can often find smaller plants on sale at hardware stores, flower markets, or gardening and home improvement stores,” suggests Romunda Craft, a Realtor with Century 21 Imperial Realty in Daly City, CA. “Another alternative—small succulents planted together in larger containers.”
  • Paint your front door. “Doors leave a first impression as you enter the home,” says Inez Tomonelli, a Realtor with Lyon Real Estate in Roseville, CA. “Be sure that it is clean, or even add a fresh coat of paint or new stain.”
  • Clean and sweep the driveway.
  • Store all yard equipment, including children’s toys.
  • Find somewhere else to park any extra cars, boats, trailers, or RVs.
  • Do not use the porch for storage.
  • Clean up after your pets.
  • Store garbage cans where they are not visible from the street.

Curb appeal is the difference that sells nearly half of all houses on the market, so says the National Association of Realtors. If you’re getting ready to sell yours, investing some time and a little bit of money in improving your home’s curb appeal seems like a no-brainer.


Article on Parade.com
Courtesy of the Lina Arbelaez Group.


When you are buying or selling property in today's market, it's important to have confidence in your Real Estate professional. The Lina Arbelaez Group’s commitment as your REALTOR® is to provide you with the specialized Real Estate service you deserve.


When you are an informed buyer or seller, you'll make the best decisions for the most important purchase or sale in your lifetime. That's why The Lina Arbelaez Group’s goal is to keep you informed on trends in Miami Real Estate. With property values continuing to rise, Real Estate is a sound investment for now and for the future.


As local Broward & Miami-Dade area experts with knowledge of the communities, The Lina Arbelaez Group’s objective is to work diligently to assist you in meeting your real estate goals.


If you are considering buying or selling or would just like to have additional information about Real Estate in your area, please don't hesitate to call 954-600-8739, visit our website, or e-mail premiersouthfloridahomes.info@gmail.com