What Are The Different Types Of Investment Properties You Can Purchase?

What Are The Different Types Of Investment Properties You Can Purchase? If you are looking for a way to diversify your investment portfolio, there are different options available. One option is to invest in real estate. With so many different choices, how can you select the right one for your needs? There are a few key points to keep in mind.

A Single-Family Home

One of the first options you might be considering is a single-family home. This is a versatile option that you can use to host long-term renters or vacation visitors. Single-family homes come in many shapes and sizes, but the variation can also make it a bit of a challenge. You need to think about landscape maintenance, potential repairs, and real estate taxes. Single-family homes can also be expensive, so they might require more upfront cash to purchase.

A Duplex

Another option you might want to consider is a duplex. A duplex is a house that is essentially divided into two parts. This option provides a number of advantages. You could potentially live in one side of the house and rent out the other, possible covering your mortgage, if you are comfortable living near your renters. Furthermore, living close to the renters could make it easier for you to manage the property. Because you could live in one side of the house, this option could be more affordable.

A Condo

In addition, you might be thinking about purchasing a condo as a rental property. A condo could be a nice option because you don’t have to worry about exterior maintenance. There is usually an HOA that is responsible for managing the landscape. The downside is that a condo typically comes with expensive HOA fees that could eat into your profits. Condos come in all shapes and sizes, so you should think carefully about whether this option is right for you.

Find The Right Investment Property For Your Needs

If you are thinking about purchasing a rental property, these are a few of the top options available. Each choice has its benefits and drawbacks, and you need to think carefully about which one is right for your style. If you have questions about investment properties, you should reach out to an expert who can help you.

7 Inexpensive Upgrades You Can Make To Your Rental Property

7 Inexpensive Upgrades You Can Make To Your Rental PropertyUpgrading your rental doesn’t need to cut deeply into your profits. You can add curb appeal and help prospective tenants see your rental as their next home by making some simple changes. The following upgrades are all things that a handy landlord can do without needing to hire professional contractors.

1.  Decorative Switch Plates

Replace ugly cream switch plates with either stainless steel models or decorative designs. Fancy switch plates for light switches and electrical sockets cost very little, yet make any room look nicer. The best part is, you can do the replacements yourself, using only a screwdriver.

2.  Flower Beds

Beautiful flower beds make any rental look more inviting. You can enhance curb appeal by planting inexpensive perennials around the front of the rental and along the pathway leading up to the door. Top off your newly planted flower beds with a fresh layer of colored mulch.

3. Kitchen Cabinet Refacing

Kitchen cabinets are pricey, but it’s cheap to just reface existing cabinets. You can either replace the entire doors or take them off and give them a fresh sanding and a couple of coats of varnish or paint.

4. Fresh Paint

Even quality paint is inexpensive. Give your rental a beautiful new look with fresh paint throughout. You’ll want to use neutral tones, but consider making an accent wall, painted with an attractive color.

5. New Light Fixtures

Old light fixtures make a place look dated. You can pick up inexpensive light fixtures at big box home improvement stores. This simple upgrade will make your rental more attractive and modern.

6. Broom Storage Area

Most rentals don’t come with a broom closet, but you can create a makeshift broom storage area very cheaply. Just pick up some plastic broom holders and a shelf from the hardware store. Attach the broom holders to the wall and hang the shelf over that. Your tenants will appreciate the upgrade!

7. Fresh Window Treatments

Window treatments make a house look like a home. Replace window blinds or shades for an instant upgrade. Curtains are even cheaper and can be laundered and reused between rentals.

No matter where your rental is located, you can make it more attractive with these easy and inexpensive upgrades that you can do yourself.

Real Estate Investing: Why Buying a Condo in a Ski Resort Area Can Be a Great Investment

Real Estate Investing: Why Buying a Condo in a Ski Resort Area Can Be a Great InvestmentThe decision to invest in real estate can be one rife with risk, but if you’re ready to take this type of step into the investment market, you might be wondering where to begin. While upcoming neighborhoods and university areas may always be a place where investment is a viable idea, here are some reasons it can be a boon to consider a resort condo.

A Reliable Influx of Visitors

The great thing about having a condo close to a resort is that, no matter the weather, people will be getting away in the summer and the winter for some vacation relaxation. While you’ll certainly notice a more significant influx of visitors to a ski resort when winter rolls around, there will still be heavy crowds for the summer months when people want to escape from the city. Renting a condo in a resort can seem like a risk in the off-season, but there are many months out of the year that you can garner a cash flow that will make up the difference.

Maximizing Your Rental Earnings

An investment property in a trendy neighborhood or next to an educational institution will probably always be a popular renter]s area, but being a landlord for a resort property can have its own special perks. With the high season comes the push and pull of supply and demand, and this means you’ll be in a position to offer your property at a significantly higher rate. By keeping your rent reasonable but respectable, you should be able to quickly make up for the cost of initial investment.

It’s An Extra Vacation Property

While this might not work for the investment angle, having a condo at a popular resort may help with the cost savings that can come from not spending money at vacation time. Instead of going to far flung places and splurging on expensive hotel rooms, a resort condo property will mean that you can save on accommodation and still enjoy a relaxing holiday with your family and friends. If your vacation happens to occur during the resort’s downtime, it’s even better since you won’t miss out on improved rental earnings.

While investing in real estate is not risk-proof, buying into a resort condo can be a great way to enjoy a vacation pad and still make money in the high season at the same time. If you would like to learn more about the ins and outs of investment properties, you may want to contact your trusted mortgage advisor for more information to discuss what makes financial sense for you.