If you’ve never purchased a home before – or it’s been a few decades since you’ve done it – you may not be realize that getting a pre-approval letter from a mortgage provider is one of the first steps towards the home search and purchase process. And if you don’t know much about the pre-approval process, now is a great time to learn.
Walk into the average American home, and you’ll find clutter. We live in a culture where we’re constantly acquiring “stuff” and remain rather reluctant to get rid of items we no longer need. As a result, our homes – and lives – end up feeling disorganized.
If you’ve never bought a property before, the process can be intimidating. You might not know exactly what you want, and might be afraid you’ll end up with a property that loses value over time. There’s no way to gain property buying experience overnight, but you can better equip yourself for the process by familiarizing yourself with the mistakes that others have made in the past.
Many people look to buy rental property as an investment, much like they would invest in stocks, bonds, index funds, or other assets intended to grow over time. But is buying rental property inherently more profitable than other types of investments?
Selling your home can be stressful, especially if you’re under pressure to move to a new location as soon as possible. You’ll need to price your home appropriately enough to ensure it sells quickly, but not so low that you lose money, and you could end up negotiating paperwork for weeks to months even after you receive an initial offer.
Houston is home to many property investors for a reason: there are some worthwhile investments in the area. If you’ve been investing locally for a while, you might be considering expanding your real estate portfolio out-of-state. Out-of-state investments can be worthwhile, but they’re not for everyone. For every reason to invest in property outside of Texas, there are plenty of reasons to keep it local.
You want to increase the value of your property as much as possible. One of those methods is to upgrade or alter your property in a way that increases the value and brings you profit whether you rent or sell the property.
By upgrading your property with add-ons (like bedrooms, bathrooms, and other extended areas), you add long-term value that will provide a return when you sell.
Investing in any type of property in the Houston area requires careful consideration. No investment is problem-free, but some are easier than others. For instance, investing in a single-family home requires less effort than investing in a multi-family property. With a single-family home, you only need to find one tenant every few years and handle a moderate amount of repairs. With a multi-family property, you’ll be constantly screening tenants, checking credit, filling vacancies, renovating, fielding repairs, and improving the property.
Owning rental properties isn’t as simple or effortless as some are tempted to believe. There are undeniable perks and rewards, usually including a healthy return on investment, there are also numerous challenges and points of friction that are too easy to overlook.
Traditionally, one of the biggest problems landlords encounter is the lack of concern the average tenant shows for the property. Whether it’s through simple carelessness or overt disobedience, tenants often leave properties worse than they found them.
Styles come and go. Design trends fade, then re-emerge. Technology innovates and iterates.
When you’re a homeowner, improvements, renovations, remodels, and additions enable you to keep your house up-to-date and functional. You may also generally assume that such tinkering will enhance the value upon resale. But this isn’t always the case.