by Lilly Miller | Aug 26, 2019 | CRESTICO
If you are planning to put your home on sale in the near future, chances are that your prospective buyer will be a Millennial. This working-age generation is currently between 23 and 38 years old and ready to choose and settle in a property and this is where your offer steps into the picture.
Therefore, to reach a fair price for your lovely home and to make sure that it goes into the hands of people who will take care of it, you need to learn as much as you can about millennial tastes. With that in mind, here are 4 steps that will help you stage the house in a manner appealing for a typical millennial.
Work on the curb appeal
Most buyers know from the first moment they see a house whether they like it – a great interior may sway them to change their opinion, however, this first impression is essential for their decision-making process. This means that you have to trim the grass and any bushes that you have in front of the house, to make it presentable. Also, make sure that the driveway and everything else is clean since almost every millennial dislike messy views. Another thing to consider is to change your front door because this generation takes pride in being eco-friendly while old doors with their many cracks and holes are not so energy-saving.
Tidy everything up
As mentioned, clutter and uncleanness is not something that millennials can stand. They prefer minimalism and everything having its place in the house so a dusty collection of old memorabilia will not be attractive to them. The first piece of advice is to declutter the rooms so they seem as if they only have essentials when it comes to furniture and decoration. It may seem like an undertaking but it really doesn’t have to be time-consuming and it will also be useful to cut down the number of things you would be transferred to the other home you will be living. The second piece of advice is to scrub everything clean since simple and clean is what millennials look for.
Pay attention to the room layout
Fragile figurines and expensive furniture that is a hassle to clean do not make up a room display approved by millennials. Their love for the visual simplicity and open spaces is no secret so providing them with the feeling of open space could be a perfect idea. If a renovation project is not something your budget can sustain, you can achieve a similar impression by getting rid of chunky furniture and leaving more free space. Another thing which might tip the scale to your advantage is a pet-friendly rug because this generation has taken the love for animals to a whole new level. Besides being beautiful, these rugs are durable and can stand being vacuumed daily, as well as a bit peed and nibbled on by the little groomed angels.
Transform the spare room into an office
If you have a spare room you are using as storage space, you might want to put it to another use. Millennials often work from home or run their own business, so the idea of a house already having a home office would be pleasing. The trickiest thing about turning your storage room into an office space is getting rid of all those things you don’t need. Once you are done with that, all you need to do is set up a table and a chair next to the window and make sure they have enough power sockets for their many gadgets. Then you can place your laptop on the table and gingerly arrange some pens, notes and a coffee mug, to look as though you just left the table. This will certainly leave a strong impression and make them decide on your house.
The perfect starting point with staging your house for a millennial buyer is thinking from the environmentally responsible perspective. A messy driveway with garbage everywhere and rooms filled with unnecessary things are in no manner eco-friendly so decluttering and cleaning everything are the first steps to boosting the appeal of your home.
In line with thinking green, millennials will not find luxurious decorations attractive because they always aim for simplicity. So, it is best to put away your fragile expensive trinkets and leave the bare essentials and a lot of free space because too many things can make the room be stifling. If you sprinkle your house with thoughtful elements such as office space and pet-friendly additions, you will be on your way to winning over their hearts.
by Lilly Miller | Jun 12, 2019 | CRESTICO
Multifamily Real Estate is typically a diversification option for versed investors, and not a first-timer’s leap of faith. You need knowledge, expertise, and the negotiation skills to match the level of competitiveness in this industry, but it also makes for a wonderful choice in case you’re already familiar with real estate investing in general, and you’d like to enrich your portfolio further. This profitable choice can bring you a stable source of income, and it can serve as a stable, long-term investment that you can ultimately sell if such a need ever arises.
However, no matter how experienced you might be in other forms of real estate investing, jumping into this versatile field takes some research and adjustments. Let’s go over a few handy tips you can use on your own journey in order to make the most of this lovely opportunity!
Deciding on the location
Not all multifamily properties are created equal. In fact, among many factors that will affect their overall value and desirability in the eyes of your future tenants, one of the main deal-breakers can be the location. Since your target buyers and renters are families, you should consider features that will appeal to such an audience. Is there a reputable school in the vicinity? How about a playground? Are there safety measures in the neighborhood, such as regular patrol and security surveillance?
There are all kinds of conditions that might inspire a family to feel welcome in that particular location, so it’s vital to do your homework. That way, you can pick a location that will elicit offers before the ink dries on your investment contract.
Managing the management
Unlike one-person units and other real estate options that don’t focus on families, working with multifamily real estate properties requires quite a bit of legal knowledge and managerial skills. Whether you decide to be the key manager of the entire property you invest in, or you choose to hire a property manager, the decision is entirely yours. What matters most is that you have a solid base and that you fulfill all of your legal obligations.
One of those responsibilities includes obtaining the initial maintenance schedule for your property so as to compile the most relevant data on how you take care of your property. That means you need to follow the prescribed legal rules and meet your local government’s expectations when it comes to property maintenance in order to avoid financial and other penalties. If you alone cannot handle the burden of multifamily real estate management, make sure to work with an expert who can take over a portion of those chores.
Land on the right financing solution
A common issue even among versed investors is obtaining the right sum of money to purchase the property you find the most lucrative. These massive investments require a stable financing solution so that you can have that much-needed initial capital for this venture. Direct lenders are considered a safe and reliable option while partnering up with other investors is another viable opportunity especially if you already have trusted partners in the business.
Increase the value of your investment
Who said that being an investor is a dull occupation? On the contrary, if you choose to invest in multifamily real estate, you’ll need your creativity and imagination so that you can amplify the value of the properties you purchase. From increasing functionality of the space and installing a ground source heat pump, all the way to beautifying the exterior with finer design solutions, even the smallest of changes can lead to a major surge in value.
Sometimes, you’ll be able to find properties in a pristine location, but in desperate need of a thorough restoration or remodeling in order for them to be rentable. Make sure that this is an investment that is in line with your budget, and you’ll have a diamond in the rough in your hands, ready to become a prime spot for families after spruce.
Plan your tenant strategy
Finally, never invest in a property without preparing a strategy for your tenants. With the right policies in your hands and clearly defined procedures, you’ll be able to attract the right people to your property in no time.
Multifamily investing is a perfect opportunity to diversify your portfolio, and an exciting way to grow your community. Use these tips, and turn this endeavor into a streamlined journey towards purchasing your first multifamily property!
by CRESTICO | Oct 8, 2018 | CRESTICO
November 6, 2018 is around the corner and I am sharing two propositions affecting Real Estate properties with you.
California Proposition 5
Property Tax Transfer Initiative (“Prop 5”) concerns calculating property tax on owner-occupied replacement properties.
- A “yes” vote on Prop supports amending Proposition 13 (1978) to allow homebuyers who are age 55 or older or severely disabled to transfer their tax assessments, with a possible adjustment, from their prior home to their new home, no matter (a) the new home’s market value; (b) the new home’s location in the state; or (c) the buyer’s number of moves.
- A “no” vote opposes amending Proposition 13, 90 & 60, currently in effect, to change how tax assessments are transferred between properties for homebuyers who are age 55 or older or severely disabled.
California Proposition 10
Local Rent Control Initiative (“Prop 10”) concerns rent control for rental properties affecting tenants and landlords.
- A “yes” vote supports allowing local governments to adopt rent control on any type of rental housing, thus repealing the Costa-Hawkins Rental Housing Act.
- A “no” vote opposes the initiative, thus keeping the Costa-Hawkins Rental Housing Act and continuing to prohibit local governments from enacting rent control on certain buildings.
You can read more about each Proposition at the links below.
Read what they are all about. Make a decision and remember to vote!
🙂Foot Notes
- Prop 5 is in addition to initial prop 13 voted in 1978, Prop 60 voted in 1986 and prop 90 voted in 1988
- For additional info on prior propositions, simply google “California Prop” and the number and read all about it.
by David Glenn | Mar 23, 2018 | CRESTICO
Cleaning your home doesn’t have to be hard. There are some natural, effective ways to clean your home. If you want to drastically improve your health, your family’s health and your pets’ health, you need to implement some changes within your home, but they’re a lot easier than you think. With just three changes, you will be feeling much better.
Indoor Air Quality
The home’s air quality is often worse than the air quality outside the home. This is primarily caused by the lack of ventilation in the home. Allergens and other substances become trapped in the home, and they build up. The home needs proper air flow to evacuate allergens and other pollutants. That said, it’s good to open up the windows and doors every once in a while. Using a fan within the bathroom and other parts of the home helps to lift out air along with allergens from the home. If your home doesn’t have an attic fan, now would be a good time to invest in one. However, check with a contractor whether this is a smart solution for your particular roof style.
To avoid toxic fumes, it’s best to build a home with “green” materials. An open layout of the house helps to improve air flow. HVAC systems, ceiling fans and floor fans can also help to increase air flow within the home. Using these methods, along with opening windows, will help to expel poor air, allergens and mold. Mold growth significantly decreases using this method of air ventilation as well because it reduces humidity in the home, and it provides an exit point for mold spores.
Cleaning the home with natural products also reduces the amount of toxic fumes and chemicals within the home as well. Baking soda can be used to scrub the tub, remove burnt-on residue from pans, serve as a laundry booster and effectively deodorize many parts of the home. Distilled white vinegar helps to remove stains from laundry, kill germs, clean glass, and it helps to clean a variety of surfaces.
Professional Cleaning
Keeping the home clean helps to prevent illnesses and help boost the immune system. There are many places for dirt and dust to hide. Within dust, dust mites gather, and they leave their fecal matter behind. People are allergic to this, and they are allergic to other substances if they’re immune systems are not strong. Pets and people track in dust and debris, which get trapped in the carpet. Another issue in the home is mold. Mold spores cause numerous problems for people, and it tends to hide in porous surfaces, like grout. When people suffer from weak immune systems, they’re more susceptible to illnesses. This means that an endless supply of people walk around tired, thinking they need coffee or sugar to keep them going, when they really just need their homes deep-cleaned. Hiring a professional company for carpet cleaning, tile cleaning and duct cleaning can make a drastic difference in the home.
Sunlight
Sunlight has an amazing ability to kill microorganisms that could otherwise cause problems for the family. Some of the sun’s ultraviolet rays help to kill certain types of bacteria. Sunlight also prevents mold growth, so where you’re able to allow for sunlight to permeate your home, take advantage of it. Sunlight is also helpful in killing viruses. While you’re opening up windows, keep curtains and blinds drawn. Take advantage of the sun throughout the day. You’ll say on lighting costs as well. Certain health industries have started taking advantage of using ultraviolet light to effectively kill a host of germs as an extra step in sanitizing everything.
You can’t eradicate everything harmful from your home, but you can give your immune system a fighting chance by naturally cleaning your home. Implement the steps above, and take time to boost your immune system internally as well. Eat well, drink water, exercise and get full sleep cycles in to help your body stay healthy.
by David Glenn | Mar 22, 2018 | CRESTICO
There are many costs associated with owning a home, and first-time homebuyers often do not fully understand or budget for these costs. A home is likely the most expensive thing you will ever own, and repairs can be astronomically expensive. Even small maintenance items add up over time and can strain your budget. This guide will focus on four hidden costs to homeownership that homeowners need to budget for.
Closing Costs
When buying a home for the first time, many people forget about closing costs. Fortunately, as the buyer, you are not responsible for paying a commission to your Real Estate agent. However, there are fees associated with closing, and they can be substantial and varied. These fees include title fees, taxes, real estate attorney fees, inspections and survey fees, among others. There may also be additional documentation required, such as when your home is part of a homeowners association. This is all in addition to the purchase price of the home and any modifications or updates you want to have done. You can generally expect to pay two to five percent of the home’s purchase price in closing costs and will need to budget for this expense.
Property Taxes
Property taxes vary widely based on where you live. They are usually assessed by a local municipality, such as a county, and some areas have much higher property tax rates than others. It is also possible for a property to be taxed by multiple jurisdictions, such as when your property straddles the border between two counties. Before you buy a home anywhere, it is important to calculate what your property tax burden will be. Factor this number into the amount of home you can afford when looking to buy. Always stay updated on changes to legislation, which can strongly impact property taxes. Also remember that because the property tax amount is based on the value of your home, it can and does vary from year to year. In most cases, property taxes are due once a year, the date on which varies from state to state.
Insurance
Homeowner’s insurance is much more expensive than renter’s insurance and much more complicated. For example, buying an older home might actually increase your insurance costs because of older systems such as plumbing and heating which are more likely to catastrophically malfunction. You also need to consider special coverage if you live in an area that is prone to natural disasters not covered by normal homeowner’s insurance policies, such as a flood zone or an area prone to earthquakes. This isn’t insurance you can go without because the risks of getting caught without it are far too high.
Updates
Updates can increase the value of your home as well as additional features you want and will use. Updates can be as simple as painting or as complex as major renovations. It is important to come up with a plan for how you want your house to look and what costs will be associated with these updates. Look at average prices, such as swimming pool prices, to determine how much you might need to budget for each update and the associated maintenance and installation costs. To save money, you can do multiple updates over a length of time rather than all at once. You can also wait for good deals to come around so the updates will cost less overall. For example, decks, sunrooms, and patios are not as popular in the winter, so contractors often offer discounts to encourage people to buy. This benefits contractors because it means they don’t have to lay off workers in the offseason.
Homeownership is often an expensive undertaking and a major financial investment. Homeowners and homebuyers need to ask questions and fully understand all fees, taxes and maintenance costs they might be responsible for once they purchase a property. If you properly budget for these costs, however, they will not catch you unaware.
