First time buyers are in an ideal position to buy a house, renovate, decorate and turn it around for a fat profit! What is more, the time is NOW – the market is right- read on…
In another few years, the bulk of the baby boomers will be moving to a prime real estate area (like this one) and many of them will be down-sizing and looking to buy a modestly-sized house.
They will be ready to have fun and may not have the energy or the wish to renovate and decorate. They do not have youth on their side – but you will.
As many of you will not have started a family yet, you will have time to fit this in around your day job. It may even pay better than your day job. Let’s take a look at the figures for Bellingham Real Estate in the last ten years.
Now if you had taken this advice in July 2002, and bought a $100,000 home, it would have been worth more than double by now! Aha, you are thinking – I have missed the boat – but here’s why this may not be the case:
The largest population burst we have experienced will be hitting the retirement scene in 2011 – when the youngest of the so-called baby boomers will turn 65. Some of them have been lucky enough to retire early and have already bought their homes. read more…
In today’s real estate market people are spending a good deal of time trying to find ways to make their primary residence pay off a little bit better. One way that this can be done is by installing or renovating an income suite. Income suites are fantastic for helping out with monthly bills, mortgage payments and are better for the safety of the home. In a general sense a good income suite can almost or entirely pay your monthly mortgage payment leaving that money available to you for your other bills and costs. Finding the right tenants for such a suite is imperative as this is your primary residence and your respite from the world so the tenants have to be perfect. If you are the kind of person that goes on long trips this can also bring real peace of mind as there is someone taking care of the home, and who is there on a regular basis.
If your home does not already have a suite then they are relatively simple to install. The main thing that you will have to worry about is putting in the kitchen. Now the kitchen for a suite does not need to be huge but it should have all the trappings of a regular kitchen that is; stove, sink, storage space, fridge etc. Organizing the space so that kitchen sinks and bathroom sinks and the shower or tub can plug into existing plumbing can save you allot of money in startup costs. Plumbing can end up being a major cost so try to plan out the suite accordingly. Also try to think about what the average renter needs and try to supply that. The more amenities you supply the more you will be able to get for the suite on a monthly basis. read more…
