If you think that only affluent individuals invest in real estate, you cannot be farther from the truth. The prospects of potentially hefty earnings attract people of different financial statuses and all walks of life and the best part is – they are all welcome.
Anyone can join the real estate business since there are different ways to join the game and not just how you think big real estate companies operate. To help you find the most suitable method, here are a few simple ways to achieve success in the real estate arena.
Go with a rent-to-own agreement
Rent-to-own is an interesting manner of acquiring a property you like at a more convenient moment. You rent a place and sign an agreement that after a predetermined period of time you will purchase that property. As agreed, a percentage of those monthly installments become a down payment on a mortgage. This is especially suitable for those who need time to improve their credit score so they can use that predetermined period to do that. Other benefits include that you agree on the price at that point so any subsequent rise in the price of real estate properties will not affect your agreement, as well as having the opportunity to get to know the neighborhood and both bad and good sides of the house before you purchase it.
Purchase a vacation rental
Many people dream of owning a property on the seaside so they can rest there during the summer. And even more dream about renting the said vacation property and earning from it. The idea is simple: you purchase a property at a tourist-infected location and rent it. However, you might want a vacation rental at some luxurious destination but that can be costly. So, when choosing the location, you need to account for the potential income in the future and how you would advertise the place. For instance, you might choose a trusted online platform such as Airbnb. You can create a profile, post property pictures and communicate with tourists via this platform and you also need to take into account the service fee which is deducted each time a booking is completed.
Transform a charming fixer-upper and sell it
Perhaps the most traditional real estate investment is purchasing a property under market value, fixing it up and selling it at a higher price, and this process is called flipping houses. However, for somebody who hasn’t got much experience, it can be quite tricky to assess which of the properties is worth investing in since the cost of fixing it might surpass its value. In this case, you might want to consult with an experienced real estate consulting firm because they can help you to make the optimal choice based on customized reports as well as offer legal advice during the purchase procedure. This step by step service might also include performing a detailed property inspection and provide you with various interior design ideas so that your fixer-upper can reach a good price.
Consider real estate investment trusts
To invest in Real Estate Investment Trusts (REITs), you don’t need to purchase a property. REITs are companies that invest the majority of the money into real estate and their profit depends on it. You buy shares at a REIT which means you are not in charge of collecting rent or emergency repairs – you don’t need to have any contact with the tenants whatsoever. As a shareholder, you need to know that the income comes in the form of dividends. This type of investment offers more opportunity for portfolio diversification because any major repair of one of the properties you rent out can be detrimental to your budget. If you find this strategy interesting, you should look into thriving REITs and purchase shares with them.
Test your resourcefulness with wholesaling
This type of real estate investment doesn’t involve that you invest anything or purchase a property which makes it appealing to many. Wholesaling a house means that you are contracting a seller that has an undervalued house on the market and then quickly selling it at a higher price than they asked for it. Your profit comes from the difference in the prices. However, wholesaling demands a lot of patience and different skills because it is neither easy to find sellers who are eager to sell a distressed property nor is it easy to find an interested party quickly. Although it is not for everybody, the end profit can be quite lucrative.
And now that you know that there are many types of real estate investment, it is time to opt for one that suits you and sail on the tides of real estate success!
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.
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.
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.