How to Rent Your Second Home – Part 2


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Respond immediately or within a reasonable time frame, to rental inquiries because vacation renters usually do multiple inquiries at the same time like through the internet. Check your phone messages and e-mails periodically within the day for inquiries. In fact you can make calls to prospective renters and offer them your place.Build your network by joining business groups where there is always an opportunity to advertise your rental property. Also, you can get referrals or hot leads from people in your local hospitality business scene. Network with certified public accountants and real estate lawyers, because in this business, it’s imperative to know if everything you are doing is in compliance with the law. Have them scrutinize your forms and procedures, it would be useful to know what the experts have to say.


Why Buy?

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The thought of making a major purchase such as a house or a piece of land could be pretty daunting for most people. This is of course not a surprise as taking such big leaps involve big bucks. This is probably the reason why some people opt to just rent a space, thinking that they will eventually be able to put up the money someday.

Unfortunately, not everyone reaches that someday

It would also be important to be aware of the fact that most of the time purchasing a property could actually turn out to be cheaper in the long run. Just think about all the money that goes into renting. What if you put that into paying a loan or a mortgage instead? In the end, after years of paying rent you’ll still be a renter. But years of paying mortgage would definitely make you a home owner.


Buying vs. Renting

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Would you rather rent a house or buy your own? Each has its own advantages and disadvantages so take good care in choosing the right option. One would suit your needs while the other could prove be not advisable. 

If you knew that you will be staying on a particular location for several years, if not forever then buying a house of your own is your best bet. It is better to shell out money for amortization rather than spending on monthly rent. The house would eventually become yours so why not splurge for it?

If you are someone who is constantly moving from one city to another, then suit yourself on an abode for rent. Choose one that does not have a contract that locks you for more than a year. That way, you would not be forced to stay on the place longer than you want.


Steps in Buying a Home

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How much can you afford – will depend on your income, credit rating, current monthly expenses, downpayment and interest rate.

Know your rights

Shop for a loan – Talk to several lenders, compare costs and interest rates

Learn about homebuying programs

Shop for a home – Choose a real estate agent; create a wish list

Make an offer – If seller counters your offer, negotiate until you both agree to the terms of the sale

Get a home inspection – Your offer would be conditional on a home inspection

Shop for homeowners insurance

Sign papers – Be sure to read everything before you sign


Check out the neighborhood

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Before signing a contract, the first thing you should do is check the property of similar houses in the area that are on sale, or have been sold recently. This will be particularly easy to check if you are buying a property on an estate where there are lots of houses that are about the same house as yours and in similar condition.

When making comparisons, bear in mind that a property’s value can be increased by factors such as what fixtures were included in the price, extensions, loft conversions, fitted kitchens, being in a good location, or the year it was built.


Moving out

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Moving day is a day of uncertainty. To avoid the unnecessary hassle of transferring from a familiar living space into a new one, it is best to prepare in advance.

Go through your possessions beforehand. Give away, sell, or throw away items you no longer need. Moving into a new house is an opportunity for a new beginning. Try not to clutter your new house with items you know will do nothing but collect dust.

Be aware of the items you will need to purchase when you move into your new home. Shower curtains, draperies, or even toilet seat covers can be overlooked in the hustle and bustle of moving, but entering into a new house without these can make the move less comfortable.

Anything you won’t use before finally moving into your new house should be boxed and labeled. This is to make the transportation and unpacking of belongings easier for everyone. There is nothing worse than family members having a shouting match on moving day because they don’t know where their favorite stuff are.

Decide if you want to contact a professional moving service or move your belongings by yourself. Putting this decision off might place you in a stressful spot. Fragile or breakable things have to be handled properly, so make sure you give clear instructions to your movers.


Good fences make good neighbors

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You’re not really buying a house. You’re buying a living space, somewhere you can breathe. You’re sticking your flag into the ground and claiming this plot of land as yours. Here, you are king. But where your hedge ends is where your neighbor’s kingdom begins. No one wants a fight with the neighbors after pouring everything into securing your ideal house. In the end, you’re buying the whole neighborhood.

If you have children, check to see if your neighborhood is child-friendly. It should be close to the schools or playgrounds and with ample and safe sidewalks. Learn how far the hospitals, police stations, and firehouses are from your new house. Find out more about the Homeowners Association so you aren’t caught surprised by stiff membership fees.

There is nothing worse than moving into the perfect house and being forced to stay indoors because you don’t get along with the neighbors.


Seller-Agent: Aligning Their Interests

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Agents give reasons why you should agree to ‘exclusive arrangements’. The best action would be to ignore them. It is better to employ several agents. When you have three or more agents trying to sell your house, only the agent who gets the highest price will make the sale and get your commission. That way their interests will align with yours.

Fix a target price, tell your agent he’ll get this much percentage if he manages to better that price. Do some research, see what you should be getting, and offer him an extra for bettering it. He’ll then have a strong interest in working hard.


Measure It!

So, you’re shopping for an apartment, and want to make sure this is going to be a good investment. Perhaps you want to buy an apartment to live in, or maybe see purchasing a pad as a viable source of passive income for yourself in the future. Either way, buying an apartment is a good investment early on, as long as you know what to look for in a good investment.

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First off, you’ll probably want to bring a measuring tape or a carpenter’s retractable ruler with you when you go shopping. Knowing how big the space is is a very important aspect. If you were to live in it, would it be too small for you, or too big for you? Looking at the measurements of the place, how many people would be able to live comfortably here with all their stuff? A bachelor? A single lady? A couple, pets included? A family? Will the place be easy to clean? These are just some questions you’ll need to ask yourself.

photo credit: me and the sysop via photopin cc


Buying homes near college campuses

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Four reasons why a home near a college campus is always a good investment:

  1. First of all, if you have kids who go to school, they can save on the cost of dormitory stays, food, and transportation.
  2. If you buy a house that is larger than you need (even if you don’t have kids), you can rent out the spare bedrooms to college students, and potentially earn enough to supplement your mortgage payment each month, or even pay it in its entirety.
  3. If you do not plan to live in the home, you can rent it out for use as a dorm house or even a fraternity or sorority house.
  4. Finally, demand for housing near college campuses is always high! When it’s time for you to sell the house, you will potentially make a good profit if the house is still in excellent condition.