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Property Management Blog

Published on Sunday, October 11, 2009

Buying Real Estate Now

 If in the current situation you are thinking about buying real estate then you need to make a little bit of research, so that you can get the best deal for your investment. Many people prefer to buy old properties, especially if they are looking for a home today. If you desire to buy a property then old homes are certainly best choice. There is still a wealth of old homes that are scattered in different parts of the world. You just need to look around and choose the right property. If you are buying real estate then choices are many for you.

You can make purchases of condos, luxury condominiums, old villas, beach side resorts, townhouses, farmhouses and not to mention the popular country homes. Country homes are popular among the new generation who can spend some leisure moments away from the hustle and bustle from their busy lives. Villas are popular among newly weds too who buy these homes to spend their vacations among the calmness and serenity of the environment.

Today if someone is buying property or even thinking about making a purchase, it does not mean that it will be of commercial or business purpose right away. Buyers are making purchases as a source of investment, which can earn them huge returns some years down the line. So, if you are buying real estate an old home can be a good option especially if you are a lover of classic heritage buildings. In these properties, you get several things that are not available with other properties. You get historical value, charm and heritage altogether in these homes. These properties create exclusiveness and individuality for their owners in abundance. Since these are heritage buildings you may also get the unique opportunity of getting some furniture and other things that are related to the home, which may come to you as a special bonus. It is good you enquire about this, when you make a purchase so that you know what you will be getting when you make a purchase.

Individuals who are buying real estate often visit the premises before signing the papers. If they are visiting old homes, then the interesting architectural features of these homes cannot be denied. There is a difference in the properties that separates them from several properties that are available. The fireplaces, slate floors, wall and bath panels, the painting of doors and windows, everything is different from the current homes and this is one of the main reasons for the increase in demand of these doors. It is just like discovering new treasures with every home that you visit or every home that is discovered. Another chief feature of these homes is the lawns and spaciousness that is associated with the homes. You will find back as well as front gardens in these homes that are just perfect if you have children at home.

Still there maybe some disadvantages of buying real estate that was constructed long back. Though they have extreme heritage value, yet some changes are required so that they become fit for living, in terms of present standards. A lot of money may be required to be spent on renovations and additions. Many buyers usually are not willing to spend this extra amount on such renovations and additions, as they view this as an extra cost that is incurred.

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Author: Web Master

Categories: Property Management




Landlord Knowledge Base

If you’ve ever considered investing in a few rental properties in Philadelphia or Bucks County, PA now might be a good time. Prices are still low in Philadelphia, but have been on the upswing. According to the National Association of Realtors, the median price of an existing home in a US metropolitan area grew 13.7% between July 2012 and July 2013, the latest in a 17-month streak of year-over-year price increases. 

New landlords can choose from properties that are likely to appreciate and a large pool of potential renters.Licensed realtor Pat Mueller cites a few reasons for this trend: “Many families have lost their homes to foreclosure and are entering the rentals market for the first time in years. Mortgages are also harder to get now, so fewer people are qualifying for a new one.”The more skills you bring to the table to get into Houses for Rent in Philadelphia Philadelphia or Bucks County, PA and the more time you have to devote to your properties, the faster you can make a return on your investment. 

But investing in rentals can also be disastrous (or too stressful to be worthwhile) without expertise. Here are three professionals you may consult about your new rental properties, and what you can do to mitigate how much they cost you:Handyman:  You may need to hire a specialist for some work on your rental. If you need new outlets or new pipes, for example, hire an electrician, plumber or licensed contractor. Handymen usually tackle smaller, more manageable tasks, like:

  • Painting and paint removal
  • Drywall repair
  • Minor appliance repairs (fixing a leaky toilet or faucet, among others)
  • Installing tiling or flooring, moldings, windows, doors
  • Refinishing decks, cabinets and other wood items

When You Could Skip It: You could do any (or all) of these projects yourself if you have the time and interest in learning. Of course, this only works if you live relatively close to your rentals and are flexible enough to service them on short notice. And if you’re willing to respond to the occasional 5 AM basement flooding.

Average Savings: Any base rates or costs-per-hour vary from location to location in Philadelphia or Bucks County, PA , but nationally, you can expect to spend an average of $60 to $85 per hour for repair costs. It general costs less to hire an individual handyman than a handyman employed by a company. Expect an additional charge if your job requires a trip to the store for materials.

Resident Property Manager As the owner of a handful of rental properties, you may be able to manage them yourself, but if you want help, a single resident manager would probably be more cost efficient than a property management company. Resident managers may:

  • Serve as a handyman
  • Advertise vacancies in your units
  • Show apartments to prospective tenants
  • Review rental applications
  • Collect rents

When You Could Skip It: Again, the closer you live to your properties and the more spare time you have, the less likely you are to need a manager. The obligations of being a boss will also cut into the time you save on maintenance.

Average Savings: The national median wage for residential managers is just over $25 per hour. Research the wages in your community and adjust according to how much responsibility your manager will take on. 

Real Estate Agent: Once you’ve gotten your financials in order and done your own research on the neighborhood(s) you’re considering, you might contact a realtor to show you potential properties. You can also arrange for a realtor in Philadelphia or Bucks County, PA to show rentals once they’re ready to rent.

When You Could Skip It: It depends. Even if you’re a local, or have thoroughly researched the neighborhood(s) you’re considering, a realtor is a great resource for a first-time rental buyer. Realtors have access to data and statistics not necessarily available to the general public and first-time buyers may not know all the right questions to ask. Using a realtor to fill your Houses for Rent vacancies is less of a no-brainer, depending on your other time commitments or whether you plan to hire a resident manager who could do the same thing.

Average Savings: As a buyer of rental properties, as when buying your own home, sellers typically pay most, if not all, of the buyer’s realtor fees. In this case, Mueller points out there’s little reason not to work with a realtor. For help in filling your units in Philadelphia or Bucks County, PA, the services of a realtor would set you back between 10-20% of the unit’s rent per month.  Mueller recommends interviewing with several brokers before making your final decision to invest into Houses for Rent .

The Bottom Line: As a new landlord, you can’t necessarily control the flexibility of your schedule or the amount (and cost) of unexpected repairs to your properties. Rentals are a long-term investment. However, to maximize profits from your Houses for Rent, new rentals, you can buy close to home and start small. It is best to begin with just one or two properties. This will allow you to maximize the time you spend on your properties’ needs, and minimize the amount you’ll have to pay anyone else.


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