2006 ended with a bang! The last 15 days of December saw a surge in showing activity for homes in the greater Lake Country Area. Showing activity is a good barometer for market activity and December ended up being the best month for 2006 for Glenn Hanon. This increased activity parallels what a number of other national commentators are saying. “60% of investors planned to increase their stakes in U.S. real estate this year...a majority and a vote of confidence”1 With interest rates still so low and a small likelihood that the Fed will change the rates in the first quarter, savvy investors are buying up real estate now. If you have thought about rental properties now is a good time to jump into the market. You may want to consult with an attorney to set up a LLC (limited Liability Company) that you can use for the purchase of rental properties or additional home.
1) Wall Street Journal January 3, 2007
Friday, January 05, 2007
Avoid the Headaches of a Remodel Project
Here is a list of 10 things you can do to avoid the headaches of a home improvement project.
1. Plan your budget. Be realistic too when preparing for the remodel project and then add 10% to your budget for unexpected items.
2. Know your limitations. The biggest mistake people make when starting a remodeling project is they think they can do everything. “How hard can this be?” is not a good starting point.
3. Hire an expert. Don’t be afraid to hire a contractor to do some of the work.
4. Get the necessary permits. When it comes time to sell your home you will have to disclose if you obtained the proper permits for your job. It is more cost effective to pay for the permits than to pay later. Trust me on this one.
5. Plan your time. Many do-it-yourselfer’s do not plan on how much time this project will really require. Then in haste corners are cut.
6. Get it in writing. If you hire a contractor, get your bids in writing. Handshake deals can lead to higher than expected costs.
7. Don’t just buy on cost. Picking finishing materials just on cost alone can come back to haunt you. I look at hundreds of houses each week and I can spot in a minute which seller cheated on cost. Believe it or not it stands out like a sore thumb.
8. Eco Improvements. If you can buy materials that are Eco-Friendly or save money in the long run potential buyers like this.
9. Get good opinions. We all like to think we know what will work, but good advice from experts will save you thousands of dollars.
10. Think of re-sale. If you want to be compensated for your home improvement then think in terms of re-sale. “Will anyone else like what I have done?” is a good starting point. It is a good idea to run your project past a number of people and experts. If they think it is a good idea, then proceed. If not, you can proceed, but a future buyer may not reward you for your hard work.
1. Plan your budget. Be realistic too when preparing for the remodel project and then add 10% to your budget for unexpected items.
2. Know your limitations. The biggest mistake people make when starting a remodeling project is they think they can do everything. “How hard can this be?” is not a good starting point.
3. Hire an expert. Don’t be afraid to hire a contractor to do some of the work.
4. Get the necessary permits. When it comes time to sell your home you will have to disclose if you obtained the proper permits for your job. It is more cost effective to pay for the permits than to pay later. Trust me on this one.
5. Plan your time. Many do-it-yourselfer’s do not plan on how much time this project will really require. Then in haste corners are cut.
6. Get it in writing. If you hire a contractor, get your bids in writing. Handshake deals can lead to higher than expected costs.
7. Don’t just buy on cost. Picking finishing materials just on cost alone can come back to haunt you. I look at hundreds of houses each week and I can spot in a minute which seller cheated on cost. Believe it or not it stands out like a sore thumb.
8. Eco Improvements. If you can buy materials that are Eco-Friendly or save money in the long run potential buyers like this.
9. Get good opinions. We all like to think we know what will work, but good advice from experts will save you thousands of dollars.
10. Think of re-sale. If you want to be compensated for your home improvement then think in terms of re-sale. “Will anyone else like what I have done?” is a good starting point. It is a good idea to run your project past a number of people and experts. If they think it is a good idea, then proceed. If not, you can proceed, but a future buyer may not reward you for your hard work.
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