Reasons why Renting a House May Be better than Owning

No Comments

rentWhen it comes to buying vs. renting, there is always a very hot debate on which among the two options make the most financial sense. Being a homeowner and also renting a premise for https://wpbtowingservice.com/ business, I can relate to this debate. Recent changes in tax laws have made owning a home not very advantageous due to a couple of reasons we are going to look at in this guide.

A common argument most people against renting have is that renting only makes you pay rent to the landlord instead of working to build equity in a home that is yours. However, there are many other advantageous reasons why renting may be more enticing and compelling. Let us look at the reasons why renting may be the best option for you.

No Maintenance Costs

Big advantage renters have over homeowners is that they do not have to suffer the responsibilities of maintenance costs. As a renter, the landlord must take care of all the repairs and maintenance. If an appliance stops working, it is not your responsibility to dig deep into your pockets to make it work. On the other hand, homeowners are responsible for all repairs, renovations, and maintenance of their premises.

Access to Amenities

Another key advantage to renting a house as compared to owning is having access to many amenities that would otherwise be enormously expensive if you were a property owner. While renting a home, you can have access to many luxuries such as an in-ground pool, fitness centers among others without having to pay for any additional charges as a tenant. If a homeowners want to match these amenities, they will be required to dig deep in their pockets.

No Big Down Payment

Another area renters have a significant advantage over the financial obligations associated with renting. While renting, you don’t need to have the financial muscles as compared to want to be required for homeowners. Rental property doesn’t attract a substantial down payment. Though the amount required varies from one apartment or property to the next, it doesn’t have to be that huge. In most places, landlords require a rental deposit that is equal to the amount of one month’s rent. On the other hand, a down payment for acquiring a house can be anywhere about 20 percent of the value of the property.

Decreasing Property Value

Property value will always go up and down depending with the market. While this fluctuation affects many homeowners big time, it affects renters to their advantage. The cost of a home determines the amount of property taxes you pay as well as the amount of your mortgage. When the housing market gets rocky, renters are not adversely affected by the fluctuations. Another advantage renters have the flexibility to downsize. In today’s economy, many people are struggling to have a decent living. There are a lot of uncertainties arising from the recession, retrenchment among others. When your income streams become tough, you can always take a rental property with lesser financial obligations.

Categories: Property

Steps to Planning Successful Building Project

No Comments

planningProject planning involves establishing and defining objectives of a goal and the plans to be followed in achieving these goals.  When we talk about the building project, for it to be achieved, there must be a concrete plan laid in place.  Have you decided to build a new home or renovate an existing one? While you may face the temptation to rush and pick the most available architects, it is essential to do a thorough pre-construction preparation to handle any problem that might come along the way.

To achieve a successful construction project, you must be willing to invest in the following pre-construction steps;

Write a Wish List

The first and the most important thing to do is to sit down and write a list of items to be included in your dream home. Think broadly concerning layout, structure, and functionality. If it is a matter of renovation, write down things you would like the renovated house to have. Split your list into must have things and those that would be negotiable. It is also important to consider the weaknesses and strengths of your current home, and the limits of what can be achieved through the modifications.

Choose a Design Professional

Now that you have a budget and a list of features and functionalities of your house, next you need a design professional to actualize your dream. The design professionals may comprise of two people; an interior designer and an architect. Both these two have distinct tasks but work to achieve a similar goal. Designers work on projects that do not necessarily involve altering structural works. On the other end, architects take a wide array of tasks including structural works, floors, and permits among others.

Interview Contractors

ContractorsOnce a final schematic design has been reached, contractors usually come in at this stage. At this stage, they typically have a general idea of how the house will look like and the desired results to be achieved.  During the interview process, you would want to ask the contractor to estimate the schematic design. Once you receive the estimates, it is upon you to evaluate which contractor you want to work with.

Determine Your Budget

Now that you have a list of the things you need to achieve, the fundamental question lies on what budget you have to commit to these projects. Sit down and work out your budget by determining how much money you have to on your project. Make a list of all the things that need to be involved in the building project. These items include construction materials, engineering and design fees, site work, all permits, landscaping, and insurance among others. Do not forget to budget for other aspects such as interior and deco.

Get Permit

Once you have settled down on a contractor to work with, get the required permits. For every building project, you want to engage there are specific building and operating licenses you must have. Once all permits are in place, sign the required contracts and get your project started.

 

 

Categories: Furniture

How to Do House Flipping the Right Way

No Comments

 

flippingWould you want to know how to flip a house for a considerable profit? Research from leading real estate firms such as Trulia and Century 21 shows that house flipping is on the rise. The best way to get into house flipping id to watch some favorite house flipping shows to get ideas and inspiration.

When we talk about house flipping, it is the process whereby a real estate investor buys houses, does some modifications on them and sells for a profit. For a home to be categorized under flipping, it must be purchased with the sole intention of getting traded in the shortest time possible.

House Flipping Basics

Flipping a house may sound simple on paper, but it is not as easy as many may think. When done the right way, flipping can be a significant investment. When done the wrong way, it may end up costing you a lot. Investing your time and money into a real estate property is always a considerable risk. However, if you want to reduce the chances of risks, there are some things you can do right.

 

Find Source of Cash

First, you need to find your source of cash. To flip a house successfully, you need to understand your financial position.  Do you have your own money and how much are you getting from investors? If you have a partner, will they assist you in investing? Once you have identified your sources of funding, you need to define a potential house to flip.

 

Build a Flipping Team

When undertaking house flipping, you need to have a team of trusted specialists who can help you throughout the process. When you assemble a good team, you put yourself in the forefoot of ensuring your investment will be a flip and not a flop. The specialists you should have on your team include a private money lender, an accountant, a general contractor, an architect and an insurance agent. Each of these members will help you see a successful transition throughout the different stages of the project.

Location and Property

Locating the right property is essential. Find the right property that you need to flip. Conduct critical research on a targeted geographical region that you want to get property from. You can use real estate agents in the area to save yourself time and get the right deals. An agent will help you find

Be Timely

It is essential to be very timely and precisely. The faster you can flip the property, the more profit you can make. The longer the house sits on the market, the longer you will have to pay for taxes, insurance, and other underlying costs. Note that these expenses can sum up quickly to make you not realize the full benefits of profits. So for you to maximize the value of the house to flip, you need to manage the whole process effectively. Properties that do not require expensive transformations and repairs. You can also look for bank-owned and repossessed properties, put a little investment into them and flip the house at a profit.

 

Categories: Furniture

How to Combine Furniture for a Perfect Living Room

No Comments

living roomDid you know you can make your living room smarter and larger with small twerks of furniture arrangement ideas? Homes that employ different dynamics and styles are quite impressive. But note that too much mixing can end up making your space to be confusing. To take your living room design to the next appealing level, here are a couple of ideas you can incorporate to inspire your area.

 

Everything is better in Pairs

As far as creating symmetry is concerned, remember that two is always better than one. You can add a pair of slide chairs or two, or even make use of a set of wall lights and other decorations on either end of your sofa to create a perfectly balanced space.

 

Make use of slipcovers

The color of furniture and sofas you choose will play a vital role in the look and cleanliness of your house. A crisp white sofa will always work very well in most spaces, but it also has a reputation for high maintenance. But you can make a compromise using tailored washable slipcovers.

 

Always Rearrange

coversYou should never be afraid to rearrange. If you have had your furniture in the same spot since the day you moved in, it’s time you consider switching it up a little bit. You can try to run the sofa to a different wall or turn it to a certain degree to create distinct and separate sitting areas.

 

Work with the scale

It is always good to play with the scale. If you are working with a small space, you have to limit yourself to furniture that fits that space. Try to choose a furniture type that maximizes and gets the best out of your space. Such a piece of furniture should offer more regarding seating and storage. Instead of fitting one large piece of furniture, you can try using multiple small ones that take after the shape of the space available for use.

 

Go Off the Wall

One way of creating an impressive space for your furniture is going off the wall. An alternative to arranging your furniture and other items around the perimeter of the room would be to try instead to float the furniture and other items in the center of the space. Using this trick can help to create a seating area that is better for conversation, one that helps to keep the center of the room having no feeling of being an empty void.

Categories: Furniture