The current inventory state is critical if you’re looking to buy a home. Low stock makes it harder for home buyers to get the house they want and can raise prices.
When pricing a home, agents usually compare it to similar homes that have sold recently. But more is needed.
Add a Deck
Whether or not you plan to sell your home, installing a deck can increase your property value. Research shows that a majority of homebuyers find this feature desirable. It also provides a place for you and your guests to dine, chat, and relax. This is an excellent option if you have young children because they can play outside without fear of being attacked by animals or other people.
Adding a deck is a great way to improve your property value and add extra living space. It also increases your chances of getting a high return on investment because it is an appealing feature to potential buyers. In addition, it is a popular feature amongst millennial buyers. Moreover, it is relatively easy and affordable to install.
Add a Sunroom
Consider a sunroom to add value to your home and boost curb appeal. Sunrooms combine outdoor ambiance with indoor comfort, offering immersive views and natural light while protecting from insects, weather, and excessive heat or sun. Plus, a sunroom can be used for any activity you’d like to enjoy – from relaxing with friends and family to entertaining guests.
Adding a sunroom to your house also increases its resale value. According to real estate agents, a sunroom can increase resale value by approximately half the cost of installing the room. Plus, a sunroom can be added to your house without removing existing spaces or reducing square footage.
Sunrooms are a great way to expand living space and can be used as a dining area, lounge, or playroom for the kids. Today’s young families are moving towards informal living spaces where they can gather and make memories with family and friends, making a sunroom a desirable addition to any property.
A sunroom can also be called a four-season solarium or glass atrium. It’s an insulated space that can be used year-round and counts toward the total square footage of your home. However, if you want your sunroom to qualify as a livable space, it must be heated and cooled through the same centralized system as the rest of the house.
Add a Garage
Although it may seem counterintuitive, adding a garage to your house for sale in Cartersville, GA, can increase its value. It can also add an excellent curb appeal to your home and provide an area for extra storage. While it is difficult to put a monetary amount on how much this feature increases your market desirability, it certainly makes a difference in buyers’ opinions of a property. Many of our clients would cross a house off their list that didn’t have a garage. If you have the space and can afford it, this can be a very worthwhile addition.
Whether your garage is attached or detached, it can still bring added value to your property. Most homeowners will use it for cars, tools, seasonal decorations, and other items. This project could be financed through a personal or home improvement loan if you need more equity in your current home.
Before making any significant structural changes to your property, it is essential to consult with a real estate agent or contractor. They can provide a comparative market analysis comparing your home’s value now and with the addition of an outbuilding. This way, you can see how much the acquisition will likely cost you and the return on investment you will receive when you decide to sell your home.
Become a Real Estate Investor
Becoming a real estate investor is a popular way to generate passive income and build wealth. However, it is a complex process that requires knowledge and skills. This article provides tips for new investors on success in this field. It covers topics such as education, goal-setting, building a team, and securing financing.
Start by determining your financial goals. Determine if you are interested in investing for rental income, property appreciation, or both. Also, consider your risk tolerance and time horizon. Then, create an investment strategy that will help you achieve your goals.
Educate yourself on the real estate market by reading books, attending seminars, and networking with experienced investors. This will give you a competitive edge in the industry and allow you to identify opportunities quickly.
Assemble a team of professionals that can support your real estate business. This should include a real estate agent, mortgage broker, attorney, accountant, and property manager. In addition, you should develop a referral and networking campaign to promote your business. Lastly, allocate enough time each week to work on your real estate investments.
Build a Multifamily Complex
Multifamily homes are an excellent option for families that want to live together in one house but need their own separate living spaces. They typically include anywhere from two to four units, allowing extended family members to live together while enjoying privacy and independence. This type of housing is also ideal for investors looking to build a rental property portfolio. The income from the other units can cover a portion or all of the mortgage payment, generating a positive ROI for the owner.
Another advantage of multifamily properties is that they offer a larger pool of tenants than single-family homes, making it easier to find renters quickly. However, there is still more financial risk with multifamily homes than single-family homes, as a vacancy can significantly impact monthly income.
Currently, many communities are relaxing zoning restrictions to allow for the construction of more multifamily housing. This can include building new apartment complexes, duplexes, townhomes, and other residences that increase housing density in neighborhoods close to employment centers and public transit routes.
Become a Real Estate Broker
Traditionally, real estate agents act as go-betweens for the principal parties of a sale, carrying offers and counteroffers back and forth between buyer and seller and shepherding the deal through closing. They are paid a commission based on the final selling price.
Brokers typically own a real estate firm and employ licensed salespersons under their license. However, a broker may also choose to operate as a solo practitioner. In New York, Article 12-A of the Real Property Law states that anyone negotiating a sale, exchange, or rental of real estate on behalf of another must be licensed as a broker.
Many real estate professionals obtain a broker license when ready to take on more responsibility and gain additional income potential. If you’re considering becoming a broker, taking a 45-hour pre-license course through an approved provider like MLS Campus is the first step. The online e-learning portal provides a flexible study solution that allows you to complete the broker course in your own time from anywhere. You’ll be eligible to take your state exam after completing the course.