Open Floor Concept: Great Solution for Your Rental Property

Open-plan home designs are becoming trendy again, so why not use the available space in your rental to make it more attractive for prospective tenants. Whether you’re aiming for a home office within a living room, or looking to merge the kitchen with the dining area, these spaces need to be well-designed to be able to take the best of both spaces. Smart decorating and styling ideas can make the spaces look separate but seamlessly integrated, which is much less complicated than it sounds. Make your remodeling plan, clear out space and safely store everything in a cheap storage unit and check out these eight tips for maximizing the open floor potential in your rental property.

Insist on symmetry

One way to give character to expansive space is to create a balanced look with larger furniture pieces. Make double the sofas for the seating area and counterweight them with a big dining table and a matching set of chairs, and the resulting symmetry will instantly bring order to the room. Use this setup as the frame on which to add moments of contrast like mismatched storage trunks or groupings of wall art. 

Expand practical spaces

Open floor kitchens modern homes are often designed to be gathering spots, but instead of a classic kitchen/dining arrangement, consider a more eclectic approach by turning a kitchen island into an everyday dining surface with barstools, while keeping the seating area with heavy sofas and chairs right next to it. Such a space that capitalizes on everyday comfort and lounging is definitely going to make an impression on potential tenants. 

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Regulate foot traffic

By smart furniture arrangements, you can create specific stations within the larger space of your open plan area, and make the room feel more navigable. A big single room can feel directionless for people used to more compartmentalized dwellings with a central hallway and side rooms, while a huge room with dedicated ‘isles’ for conversation, comfort, eating, working, and preparing food is much more approachable. Between these stations, make sure there’s a clear path wide enough room for two people to pass by one another. 

Plan for cozy corners

An open floor plan allows you a lot of creative freedom to create distinct areas that your tenants can use for specific purposes. If you don’t know where to start, look to the corners for inspiration. For example, a double wall of windows can make for a perfect reading nook heavy with lush potted greenery, while the opposite corner can become an intimate dining nook. To prevent those opposing nooks from feeling distinctly different, or you can create a more cohesive look through eh use of blue, white or natural gamut that spans both areas. 

Choose consistent flooring

Rule number one for open floor rooms in rental properties is to use as few floor types as possible. Mixing different types like hardwood and vinyl in the same room chops it into smaller parts, roughly breaking the unity of the space. Consistency, on the other hand, doesn’t mean that the entire room should look exactly the same. By choosing quality flooring products of different accents, you can subtly distinguish different parts of the room. As materials are concerned, the best choices for rentals are durable floor types that can withstand a lot of traffic, such as teak hardwood or vinyl.  

Try monochromatic color scheme

Sticking to a monochromatic color scheme is probably the safest option for both rental properties and open concept homes. Pick a color and use it in different shades and tones throughout the space. Make sure to include some patterns as well. Monochromatic decors are always welcoming for white or black details, but also try to add some interest with an accent color. For example, a monochromatic blue color scheme always benefits from a few splashes of rich red or orange. 

Employ wood designs

Although heavy furniture pieces such as big upholstery and a banquet-sized table will make use of an open floor plan beautifully, there’s a lot of charm in wood pieces with slender silhouettes, as well. Tailored mid-century-inspired wood designs can infuse the space with a refreshing modern appeal while maintaining the whole room weightless. Besides, the slim designs allow for plenty of walk-around space. 

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Create a modern great room

Take inspiration from elegant and sophisticated great rooms with soaring ceilings and tall windows, which were used for open living and dining in past centuries. In the latest trend of reviving baroque interior décor, attract quality tenants of style by creating a great room with a modern sensibility. Instead of going overboard with patterns, rich leathers, and deep colors, give it a try with a pair of simple and bright sofas, gold and crystal accents, and minimalist abstract art that acts as a bridge between the seating and dining area. 

Open-plan homes enhance the feel of a space, boost social interactions, and improve the efficiency of usable space, so it shouldn’t surprise why such rental properties, like downtown Columbus apartments are in high demand with both families and young couples. As the concept evolves, less and less interior designers speak of it as a trend but rather an opportunity that can be exploited with great success.

Idea’s to Increase the Value of Your Home

People take pride in their homes. It can be wonderful to live in a residence that makes you feel good about yourself. If you have a well-maintained home, inviting guests over can be a comfortable and easy experience. There are many homeowners out there who are constantly searching for things they can do to improve their properties. Home improvements can increase your comfort and quality of life. They can do a lot more than just those things, too, however. They can give your property value a major spike. Strengthening the curb appeal of your property can be beneficial to people who are contemplating possibly selling later on. If you want to improve your home and potentially strengthen its value in the real estate world, there are many great changes you can make to it.

Paint Your Residence

Painting a property can do wonders for its value. No one wants to buy a residence that has chipping and cracking interior paint. No one wants to put their money into a home that has unattractive faded paint on its outsides, either. If you want to give your home value a big spike, painting can make an easy and budget-friendly solution. Your goal should be to paint all of your interior walls meticulously and neatly. A tidy and well-maintained home gives the impression of better value. It’s important to make smart choices in paint color selection as well. If your objective is to better the value of your home, focus on neutral paint color choices. Neutral colors tend to be the most attractive to people. Refrain from the use of paint colors that are excessively loud or bright. These can be off-putting.

Plant a Beautiful Tree

If you want to improve the value of your home, don’t concentrate exclusively on the interior. Make a point to focus on your outdoor property, too. Your outdoor space will actually be the first thing potential purchasers see, after all. That’s precisely why it’s so important to make sure that it appears as enticing and aesthetically pleasing as possible. Landscaping can do so much for home value. Think about planting a lovely shade tree on your lawn. Mature trees can beautify landscapes in a significant way. They can also offer practical advantages. If you grow a tree in a strategic spot, it can reduce your monthly cooling bills dramatically. It may be able to reduce these bills by upward of 40 percent. The presence of mature trees, lastly, can also help the environment. They can give animals in your neighborhood a nice place to live.

Add a Pool

It may seem like a big investment to add a pool, but as you invest more into your home the more it will be worth in the long run. Pools are seen as a luxury that not everyone has, so adding a pool to your home will give it a distinction in the neighborhood, and your home will be seen as a home of value compared to the houses around you.

Invest in a Room Addition

Room additions can be amazing for people who want to improve residential value. It doesn’t matter if you get a room addition that serves as an entertainment center, extra storage space, a guest bedroom or anything else. Customized room additions can up the value of your home considerably. They can make your home significantly larger. Who in the world doesn’t want or crave extra space? You can get creative with your room addition, too. You can turn it into an entertainment haven by adding a home theater to it. You can turn it into a designated kiddie play zone by filling it with toys, a jungle gym and beyond. You can do whatever you want. The sky’s the limit.

Renovate Your Bathroom

Bathrooms are big business in the home remodeling universe. If you want to better your home value, it can be wise to zero in on your bathroom. Bathroom renovations can go a long way. They don’t have to cost a lot of money, either. If you want to give your bathroom a quick overhaul, take out old lights and switch them with new ones. Take out old-fashioned wallpaper and switch it with something a lot more contemporary and fresh. Seemingly small tweaks and adjustments can actually do a lot for the value of your property.

Self-Directed IRAs: A Smarter Way to Invest in Real Estate

moneygrowthFor more than three decades, The Entrust Group has provided account administration services for self-directed retirement and tax-advantaged plans. The Entrust Group continues to assist people in purchasing alternative investments with their retirement funds, administering the buying and selling of assets that are typically unavailable through banks and brokerage firms such as real estate.

The Entrust Group even created its own Real Estate IRA Center for individual investors and real estate professionals who wanted something more from their IRAs. The aim of the program? To help break down the Real Estate IRA investment process, explain the paperwork required, and walk people through the various IRS regulations.

It was back in the early ’80s when Bill Keller, a broker with Coldwell Banker in the Napa Valley region, first became familiar with The Entrust Group as his interest in assets, such as residential and commercial real estate and other non-traditional investments, continued to grow.

“I was looking for some way to do my own investment, self-directed, and I couldn’t find anything like that,” says Keller. “Whenever you looked into retirement, you had to buy stocks, and I wasn’t a big fan of that,” he adds. “I wanted to do my own thing. I discovered The Entrust Group and learned that I could do some investments on my own.”

For almost three decades, Keller has been a happy client of The Entrust Group, and being in the real estate game himself, he understood the money he could make by investing in real estate. Still, while investing in real estate with a self-directed IRA isn’t too different from a regular real estate purchase, Keller needed guidance regarding the rules and processes that had to be followed to do it right.

“I started with notes and deeds of trust, and I was able to really build up my retirement portfolio,” he says. “There were never any problems. It worked so well that I convinced most of my associates to open up an account with The Entrust Group, and many of us have bought notes together thanks to their help.”

In the beginning, Keller had a dedicated agent on behalf of The Entrust Group who was very knowledgeable about the business, and these days, he says The Entrust Group’s entire team is just as aware of what’s going on. In fact, Keller feels that service is one of the key features that makes the company stand out.

“They are always responsive and get the job done,” says Keller. “They knew what we wanted to accomplish, were willing to listen and make things work for us. They are flexible and accommodating.”

Keller estimates that he has done more than 100 deals with The Entrust Group over the years, and has seen his retirement portfolio grow exponentially.

“It’s so important to get started on planning for retirement, and the sooner you do, the easier it is,” says Keller. “These folks know all about it, and have made a big difference for me.”

Find out how you can generate more referrals, leads and repeat business with your free download of How to Help Your Clients Invest in Real Estate Tax-Free.

For more information, please visit www.theentrustgroup.com.

Is Buying A Home Still a Good Investment?

Lately, many of my colleagues and friends have been asking me whether I think buying real estate is still a good investment. While it may seem like renting a property that is easier to get out of, costs less to maintain and is more easily negotiable to get into is a better choice than dealing with selling agents, competitive cash offers from investors and escrows and taxes; I firmly believe that it is NOT. You may think, “Sure, of course SHE doesn’t want us to rent, she wants us to buy – that’s how she makes money” so keep reading and decide for yourself.

First we need to define what is considered a “good” investment. There used to be a time when people would see huge returns on their investments, be they in stock, bonds or real estate. In a recession however, all kinds of earnings and returns are diminished. This leaves investors to re-define their idea of a “good” investment. Sometimes, they may consider an investment that does not lose value as a “good” investment, other times nothing less than doubled value would be considered “good.” Generally speaking, according to most economic theorists and financial advisors, any investment that is yielding a 5-8% annual return is considered a “good” return. This leads us to a discussion of ROI.

Often you will find people talking about ROI. Historically, ROI (Return On Investment) has been a common method for individuals and companies to measure how “good” of an investment they have made, based on the rate of return that they have enjoyed. When trying to determine whether a particular real estate purchase is a good one – one would need to consider a few things. Real estate’s value depends mainly on its location. (I know you’re heard it “location, location, location”) Often, communities that are built to support big educational institutions or employers (think big name colleges and the neighborhoods close to them, or big factories and suburbs created to house the families of the workers) tend to enjoy more stability in terms of price and rate of return than others, even in times of depression and recession. By looking at the location of the real estate, you will have more information about whether or not it is a good investment. Surveying historical values over time in the area will allow you to see the retention of prices in the area.

Ultimately, as an investor you will need to gather information not only about the property you are considering purchasing, but also the surrounding neighborhood, historical values and proximity of institutions that can contribute to the stability in price. Overall, investing in a home, even at this time in our economy can yield the same (if not better) return as investing in stocks or other types of investments. The key difference would be that you can live in, build a home in, create a family in and achieve your dreams in a piece of real estate whereas a stock certificate can not provide these intrinsically satisfying things for you.

Mitra Karimi

Realtor – Broker

Crestico Realty

www.CresticoRealty.com