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Top Reasons that People Buy Homes to Rent Out to Others
When people think of opportunities in Wyoming, they probably imagine wide open spaces and cattle ranching. Fewer people understand that there is much potential in the local real estate markets around the state. For someone looking to generate passive streams of income, Wyoming might be a great market to purchase property in. Whether you are considering buying residential units in an urban area or large ranches to rent out to farmers, there are several good reasons why people invest in rental properties.
Renting Property Is a Stable Source of Income
No matter what else happens with the economy and how things change, people will always need houses. That means that investing in properties that you intend to let out to other people is often a smart business decision. The most important considerations are ensuring that the amount of rent you can charge offsets your monthly expenses in owning and maintaining the property and that you don't buy a house with an inflated price. Single unit houses and multifamily dwellings are both solid investments, as our rental farm properties. Depending on what kind of work you want to do and where you live, the possibilities are practically endless. While the prices and demand may change from year to year, the overall need for rental housing will not go away.
The More Work You Do Yourself, the More Profit You Can Make
With many jobs, doing extra work doesn't mean you make more money. Thankfully, working as a landlord is not one of those jobs. One of the best ways to quickly turn a profit by purchasing properties to rent is to buy a distressed property and fix it up. Most people don't want to live in a slum, but many people will apply for a newly renovated apartment. More importantly, by making repairs, you increase the overall property value of your rental, which could mean that you may sell it for a profit in the future.
Handling applications and dealing with tenant issues may be stressful, but managing all of those aspects of your rental business on your own means that you don't have to pay a superintendent or property manager to handle it for you. If you have the skills required to make basic repairs when something goes wrong, that can save you even more money.
Over time, your tenants will help you pay off the mortgage on your rental properties. They will also provide you with an ongoing stream of income that requires minimal effort on your part. You can reinvest that profit and purchase more properties or use it to fund your lifestyle. Since renting has become increasingly popular, working as a landlord is increasingly attractive to modern professionals. There are many reasons why, but the freedom and potential profit that come from being your own boss are certainly high on the list!
Technology Is Changing The Way We Buy Homes
Here in Cody, the median listing price for homes is $319,000. Home sales have also been generally higher in 2018 than they were in 2017. This information is not only open to the public, but it is also easily accessible. With technology involved in the home buying process of today, potential buyers can locate listings easily, view properties from the comfort of their own home, and significantly reduce the time it takes to complete the home buying process.
Finding and Viewing Homes
The first step in the home buying process is finding a home you love. Before the incorporation of technology into real estate, flyers and newspaper ads were some of the most common ways to find available homes, while driving to them in person was the only way to view them. Online apps and websites have made it extremely simple to find all the available properties in the Cody area at the touch of a button. This convenience allows buyers to narrow down all their prospectives without having to waste their time. Also, with the wide open spaces and natural beauty of the area, visiting multiple homes in a day can be a daunting task. Virtual reality software has been developed to allow buyers to view a home whenever they please, as opposed to just physically. This allows the buyer to see the property an infinite amount of times which pushes the sales along quicker, as the buyer is surer of the property.
Get The Best Prices
In the past, information regarding properties and their pricing were held by those who owned or were selling the property. With the accessibility of today's information, middle-class home buyers can be just as informed as those in the industry. Not only has technology offered up an even playing field, but it gives buyers the means to compare brokers and mortgages. Online applications for pre-approved mortgages, as well as competitive comparisons, speed up the home-buying process for all parties. This accessibility also gives buyers the opportunity to get fair prices and land in the best possible financial situation for you.
Technology Makes Home Buying Easier
Technology is meant to be a way to make life more efficient. In the housing industry, technology allows buyers to find and visit all the properties that interest them from their phone on their couch. This convenience saves time, money and effort. Technology also gives buyers access to all the information about a home, as well as the best prices and deals for mortgages and real estate agents. Your next purchase in Cody could all be done from your fingertips, a norm of home buying in 2018.
Eco-Friendly Ways to Heat Your Cody Home While Boosting Its value
Whether you live in Cody or any other part of the USA, heating costs can become exorbitant during a typical Wyoming winter. Apart from leaving you feeling the financial pinch, many conventional heating methods are not good for the environment either. According to the EPA, as much as 42% of the energy consumed in a home is for heating purposes which is why home buyers are willing to pay more for an energy-efficient home that will save them on their utility bills in the long run. This tendency amongst home buyers is necessitating homeowners to consider making a number of eco-friendly upgrades to their homes before selling them. There are a number of green heating options available, such as the following, that will increase the value of a home significantly while providing environmentally-friendly, cost-effective heat.
Solar air heating
Solar heating is by far the most eco-friendly way to heat up your home while adding substantial value to your home, often amounting to anywhere between $9,000 and $20,000. After the initial investment of the solar panels, you will incur virtually no additional expenses. Solar heating generally costs between $30 and $80 per square foot with a solar collector being estimated at around $3,500. After these outlays, you heating is free. Besides keeping your house warm all-year round, solar air heating systems are also of great benefit to the environment by not relying on any fossils use and reducing our carbon footprint considerably. When having your solar heating system installed, make sure you only make use of a reputable installer of which there are, thankfully, many situated in and around Cody.
Geothermal heating
According to reports by Energy Star, a geothermal heating system is the most eco-friendly approach to heating that can be taken and one that appeals to both cost-conscious and eco-conscious home buyers. The system, which is installed underground, literally makes use of the earth’s natural heat to warm up the home. To install a geothermal system might be quite expensive but they are considered an exceptionally good investment and generally pay for themselves within 8 years of installation, reducing your monthly energy bill as well as adding substantial value to your property. Installing a geothermal system will also grant a homeowner a 30% federal tax credit. A quality system, if installed correctly, can produce a minimum of 3 units of heat for every single unit of electricity consumed by the system. Want to know the best thing about making use of geothermal heat? It will work even if the ground in and around Cody is frozen as is often the case in the heart of the Wyoming winter.
Pellet stoves
By investing in a pellet stove, you can heat your home responsibly by making use only of sustainable fuels. The wood pellets used in wood stoves burn completely smoke free, releasing substantially less harmful gases into the air than a conventional wood-burning stove. Unlike such a traditional wood stove, pellet stoves also make use of pellets manufactured from completely renewable sources such as sawdust, corn, and switchgrass. The costs incurred by installing a pellet stove are affordable with an average stove retailing for under $2,500 with the pellets amounting to as little as $600 for an entire winter season - approximately $50 a month less than other heating methods.
Finding more eco-friendly approaches to our everyday lives is the least we can do to keep ourselves and our environment healthy. By simply switching from a conventional heating method to a sustainable one you can not only reduce your households CO2 production but save yourself quite a lot of money in the long-run as well while adding significant value to your home. Eco-friendly living truly is a win-win situation for all.
Putting Your Home on the Market
Last year over 5 million homes were sold, according to the National Association of Realtors. If you plan to join these numbers this year, you're in luck; it's a seller’s market. The demand for homes is far outpacing the supply of them. Unfortunately, mortgage rates keep going higher and higher, forcing many people out and into the rental market because they simply can't afford the mortgage they need to buy a home, but you're still in a good place. If your home is in good shape and in a good area, buyers will come. All you need is curb appeal, a good realtor and to follow these tips for successfully selling your home.
Curb Appeal
To attract the right kind of buyer to your home curb appeal is key. It’s the first impression buyers will get so make it count. Start with a fresh paint job on your home and fix any broken siding or shutters. Keep shrubs trimmed, and lawn mowed, and remove lawn ornaments, trash cans, and any clutter. If necessary, invest in new landscaping and paving of walkways and your driveway, as well as any fencing you may have if it's not in good shape. The investment will pay off in the price it sells for.
Inside your home, remove any and all clutter. Walls and shelves should have the bare minimum on them. Replace floors and carpeting if necessary, and touch up painted walls and other surfaces. Wash windows and make sure your bedding and furniture look as picture perfect as possible. Your home doesn’t have to look like a magazine layout, but it should be neat, clean and in good condition in the photos you take for your listing. Removing clutter and things from walls and shelves will allow potential buyers to visualize how their things will look there.
Make sure your photos are as clear, crisp and professional looking as possible with good lighting and angles. Make sure you get one photo of every room as well as the front and backyards. Your backyard should be well kept with no toys or debris around, and patios and decks empty or with clean, attractive furniture and plants.
Open Houses
When hosting an open house, make sure your home is spotless. Simmer a pot of water with apples, cinnamon, and cloves on your stove or bake cookies to make the air smell irresistibly good. Avoid chemical air fresheners in case any attendees have sensitivities. Be prepared to answer any questions and be enthusiastic about your home and how much you love it.
Selling your home can be stressful, but our tips can make it less so. The more effort you put into making your home attractive to buyers, the more success you'll have and the better asking price you'll receive. The hard work and investment will pay off.
The real estate market is currently facing a shortage of homes for sale. Not only in Cody but in many other areas across the country.
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