Charlie Veaudry

Serving you with passion!

 

Purchasing an income property is a big decision. In some cases it can be a great investment, but there are risks involved. Here are some things to be aware of:


1. You won’t get rich quick.
Or maybe not at all. The real estate market can be unpredictable, so make sure you have realistic expectations about the potential return on your investment.


2. Income properties cost money.
As a landlord, you will likely need to pay for maintenance, taxes, cleaning between tenants and vacancy time. Set money aside for emergencies.


3. There are rules as to what can and cannot be rented.
Make sure you check that local zoning regulations allow renting before buying a property you plan to use as a rental.


4. Insurance can be expensive.
Insuring rental properties can cost much more than insuring an owner-occupied home. Get a quote first, so you know what you’re getting into.


5. Maintenance workers will save your life.
A reliable and talented repair woman or man is vital. When the need arises, it’s important to repair items as soon as possible to prevent further damage. Plus he or she will be the one who runs over when the fire alarm starts beeping at 3 a.m.


6. Income properties should operate like a business.
Start a separate bank account for the property and keep paperwork for things like maintenance separate from records for the property you live in.

 

Article courtesy of The RE/MAX housing blog.

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As one of the largest financial decisions in a person's life, buying a home requires discretion, sensibility and budgeting. The following tips will keep you on the right path as you look to purchase your first place.


1. Keep score
The better your credit score is, the better your mortgage terms will be. A good credit score can save you tens of thousands of dollars over the life of your loan. Start reviewing your credit a few months before you apply for a home loan.

 

If you have a score in the 600s or lower, start paying down credit balances to 30 percent or less of your balance. Also make bill and debt payments on time – no later than 30 days after the due date.

 

If you have a score in the 700s or 800s, be sure to maintain and protect your good credit. The slightest credit misstep can cause a strong credit score to plunge more sharply than a weak score.

 

2. Consider all costs
The cost of a home is just the start, and smart buyers tighten their belts before buying to meet the monthly and yearly financial demands of homeownership. When you buy a home, you're responsible for paying principal and interest, taxes and insurance. Additionally, you'll need to cover expenses such as utilities and possibly homeowner association dues. You'll also need cash on hand for the upkeep and repair costs that come with any home.

 

The average homeowner spends 1 percent to 4 percent of a home's value on property maintenance each year, according to U.S. News & World Report. Expect to pay for repairs or maintenance even within the first year of owning your home.

 

3. Be flexible in your search
Homebuyers who distinguish between wants and needs make the most sensible decisions. A list of must-haves should include items that affect your quality of life, such as a home's location, its price, number of bedrooms and square footage. You should be prepared to concede nonessential items, such as views and extra rooms, if you find a house meets your must-haves and is within your budget. Being flexible also involves adjusting your criteria as the home search progresses. For example, your budget may require looking at a town house rather than a detached home, or buying a fixer-upper in order to live in a better neighborhood.

 

4. Keep your cool
Don’t get overly excited in your search, especially in markets where homes are selling quickly. A bit of self-restraint prevents you from overspending or choosing a home that doesn't fully fit your needs. Be prepared to walk away if a home inspection reveals more defects in a home than you're able to deal with.

 

Also, keep calm if you find yourself in a bidding war. Your agent can help you make the most competitive offer, and if it doesn't get accepted then your agent can help you find the next great option. Finding the right home that fits your lifestyle and budget can take weeks or months. By starting early and being patient, you'll avoid the sense of urgency that often drives homebuyers to make hasty decisions.

 

Courtesy of RE/MAX Housing Blog from Tue, December 16 2014


A Note from Charlie:

have plenty more ideas to add to this list. If there is a new home in your future contact me, even if you are just thinking about it right now and you are not sure when you will purchase. It's never too early to start planning for buying your first, or next, home. I am happy to answer any questions you might have!

 
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Finding your dream home is just a click away, start your search!  Search Now

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Office Location:

5603 27th Street Vernon BC V1T 8Z5 CA

Charlie Veaudry

I make myself available at all times. My web site is here to help you 24 hours a day. You can search listings at your own convenience, browse reports, and read up on real estate info on your own terms. When you are ready to see a listing in person, or just have a simple question, please dont hesitate to contact me!

 

When you make the important decision to buy or sell a home, I am committed to going the extra mile to ensure that all of your needs are successfully met in a professional and honest manner.

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