Most people find it fairly easy to make the decision to move. However, actually executing a move is a whole lot harder than it looks on paper. One of the more challenging aspects of the process is listing your house so that you can buy your next one. And if you want to get top dollar for it, there are a number of things you need to do prior to listing.
When it comes to investing in real estate, there are plenty of options. You can buy single-family homes, multi-family homes, apartments, townhomes, condos, vacation rentals, commercial properties, even tiny houses! But there’s one unique, yet potentially lucrative option you probably haven’t considered: mobile home parks.
When most people think about mobile home parks, a lucrative investment isn’t typically the first thing that comes to mind. Because of the price point and stereotypes associated with mobile homes, it’s generally assumed that there’s no money to be made here. However, you should be wary of coming to this conclusion without first doing your research.
In the late-90’s and early-2000’s, the economy was rocking, the internet was booming, and money was flowing. As a new generation of homebuyers began accumulating wealth, a trend emerged and people started buying and building “McMansions” – larger than average homes with more square footage than the average family really needs.
Right around 2009 to 2010, there was a stark correction. Fueled in part by a crashing economy, a mindset shift occurred. People started to crave the idea of minimalism, simplicity, and small spaces. People who had previously owned 7,000-square-foot mansions were moving into moderately sized 2,500-square-foot homes and enjoying more focused lifestyles.
Ask almost any successful person about the quickest, most efficient ways to build wealth and they’ll point you to real estate. Chances are, you know this and have thought about investing in real estate in the past – but something is holding you back.
Unfortunately, the human mind is not a perfect instrument for making decisions. Our brains are hard-wired with cognitive biases that affect the rationality of our decisions, whether we like it or not. Learning to overcome these biases is not as simple as flipping a switch.
House flipping is something every real estate investor has thought about trying at one point or another. It offers a chance for huge returns over a short period of time, but it can also prove to be costly if you don’t know what you’re doing when doing a house flip.
In addition to picking the right property, one of the most important skills is to accurately estimate repair costs on the front end so you maximize profits on the back end. While this is an acquired skill that you’ll become better at over time, it’s imperative that you learn about how to estimate rehab costs before entering into your first deal. … [Read More]
As a seller, you’re obviously inclined to accept the highest-priced offer you can. In a competitive seller’s market, you might receive lots of offers at once, with some of them going well over your initial asking price. Even in a buyer’s market, with plenty of inventory to choose from, you may be forced to consider a lower-priced offer.
In general, the seller’s decision is fairly straightforward; optimize your timing and strategy to nab the offer with the highest price. However, there are some situations where you might accept the lower of two competitive bids, or a price much lower than your asking price.
A lot of people have an unrealistic view of what the home buying process looks like – particularly if it’s their first time buying a home, or they have a past experience in which everything went swimmingly.
One of the biggest misconceptions is that homes on the market come in perfect condition. This sounds ridiculous when you say it out loud, but the truth is that many buyers expect pristine homes with brand new features throughout. (Hint: Unless you’re building your own house, you aren’t going to find an immaculate property.)
Have you ever dreamt of designing and building your own home? Do you have Pinterest boards filled with ideas? Do you look at homes and think, I would have done that differently? Building a home certainly isn’t easy, but it’s also not as lofty of a goal as you might think. The most important step is hiring the right builder – of which there are many.
Building a house is a huge responsibility that comes with lots of pressure and decisions. While you have a team of people to handle the intricacies of the process – including an architect and builder – you have to think about the big picture and designing. The more strategically you think about your home’s design now, the more satisfied you’ll be with the finished product.