This Months Real Estate Insider Newsletter

Each month, we publish a series of articles of interest to homeowners — money-saving tips, household safety checklists, home improvement advice, real estate insider secrets, etc. Whether you currently are in the market for a new home, or not, we hope that this information is of value to you. Please feel free to pass these articles on to your family and friends.

ISSUE #1228
FEATURE REPORT

How to know if a house is right for you?

It’s normal to be cautious when you’re shopping for a home because a house is a huge investment, and you want to be sure that you’re making the best decision possible. But how will you know that you’ve found the right property for you?

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Also This Month…
 

4 Surprising ways to  make money off your home

You can earn passive income to offset or even cover your mortgage. Although that might sound like a pipe dream, it’s actually possible. In fact, with some ingenuity, you can earn passive income that covers your mortgage and have some extra money.

More…

 

How do you spot a bad neighbour when buying a house?

The problem with buying a house, especially when you are too excited to go through the process is that you forgot to research the neighbourhood!

More…

 

Which would you prefer, a condo or a house?

Such a good question but let me start by pointing out that condos are usually the affordable way for a person to buy in a neighbourhood. However, if it weren’t for money or opportunity, it would be about lifestyle.

More…

 

Is it better to own a rental property first before a nice house?

If you are new to the real estate industry, investing in rental properties is a great way to get started.  This will not only help you accumulate long-term wealth, but it will also make you financially stable in the future.

More…

Quick Links
How to know if a house is right for you?
4 Surprising ways to make money off your home
How do you spot a bad neighbour when buying a house?

Which would you prefer, a condo or a house?

Is it better to own a rental property first before a nice house?

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How to Know if a House is Right for You?

It’s normal to be cautious when you’re shopping for a home because a house is a huge investment, and you want to be sure that you’re making the best decision possible. But how will you know that you’ve found the right property for you? Some people have instincts while others may need more convincing. Below are some indicators that can give you an idea that you found the one.

 

7 Ways to Know You’ve Found the Right One

  • The house embraces you the moment you enter – You’ll know within about five seconds of entering whether the house makes you feel warm and comfortable. Does it speak to you? Does it invite you to explore? Does it feel like home? If so, it probably is.
  • You feel defensive about the house – Maybe your agent points out a flaw or two and says, “There’s a stain in the kitchen sink” or “the sink needs some repair.” It could be a sign that you like the house if you find yourself getting defensive, sort of like the place is already yours.
  • You begin to envision the furniture arrangement. This might be your house if you walk into the master bedroom and can immediately envision your bed against a particular wall. You’re already hooked if you find yourself thinking that the living room window is a perfect spot to put an instrument – a drum set or a keyboard.
  • It checks the most important boxes – The property might not have everything on your list, but it meets the basic requirements. Maybe it has the number of rooms and space you need. Sudden urges to be flexible are a good sign that you’re in the right place.
  • You want to stop looking at other homes – All the other homes you’ve been looking at no longer appeal to you. You compare each new property you visit to this one, and you like this BEST.
  • You can’t wait to brag about it – Did you already snap a few photos and post them on Instagram? Did you text your mom about the house or hop on that group chat to tell your friends? You might have found the one if you’re feeling excitement after your first tour of the place.
  • You’re already planning to go back and check for the neighbourhood – If you got in the car, chatted with your spouse, and immediately planned your next visit to the property and neighbourhood before you even left the driveway, then this is the ONE!

 

Are you feeling these signs already? Then you might be ready to welcome yourself to your new home.

A home is a long-term decision. Be passionate…

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4 Surprising ways to make money off your home

You can earn passive income to offset or even cover your mortgage. Although that might sound like a pipe dream, it’s actually possible. In fact, with some ingenuity, you can earn passive income that covers your mortgage and have some extra money.

Here are five ways you can turn your home into a money-making machine.

  1. Rent out your lot – If you have a large lot or space, you can make money by renting it out to tiny house enthusiasts. You can even charge more if you can offer amenities like electric, septic, or water
  2. Rent out parking spaces – If you have a seldom-used garage or an empty reserved parking space, you can choose to rent out your space on a daily basis.
  3. Let people store their items in your home – Storing extra stuff can be expensive. Budget-conscious renters looking to save money try to find alternatives. If you have an unused shed, spare bedroom, or closet, you can turn that empty space into regular, monthly income.
  4. List your home on Airbnb. I know, the pandemic crisis is on the air but after all of these are done, you can rent out that space for a few nights a month to make extra income. Cost-conscious travelers are increasingly skipping hotels for budget-friendly rentals through sites like Airbnb.

 

Since you already made a huge investment by buying a home, it makes sense to use it to earn more money. Consider using one (or more) of these strategies to earn a regular income.

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How do you spot bad neighbours when buying a house?

The problem with buying a house, especially when you are too excited to go through the process is that you forgot to research the neighbourhood!

First things first.

  • Do web research – you can google and have thorough research on that city or town to see if what kinds of people are living near that address.
  • Talk to your neighbour’s – Do not be afraid to talk with the neighbours before you buy a home. This will not only give you a chance to meet them but neighbours will often disclose facts that a seller might forget to mention.
  • Scout the neighbourhood for at least six times. In the morning, in the afternoon, and most importantly, at night – there are a lot of things that can happen during night time that can’t be observed during the day. It really helps to know what is happening when the sun is down. First looks can be very deceiving and never base your opinion on the first thing you see.

Not only will bad neighbours lower your home’s value and make it harder to sell, but they can also make your home life miserable. So I hope this helps and good luck with the home search and stay healthy!

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Which would you prefer, a condo or a house?

Such a good question but let me start by pointing out that condos are usually the affordable way for a person to buy in a neighbourhood. However, if it weren’t for money or opportunity, it would be about lifestyle.

Who is likely to prefer a condo: Someone who doesn’t want to pay for the cost of repair maintenance or the time of doing them will usually choose a condo. Some would prefer the simplicity of the condo lifestyle – the reason why they want the condo than a house.

Why a condo is a good idea—may be better than a house?

  • Condos are less expensive than houses – Less expensive means a lower down payment and a lower monthly payment.
  • No repairs and maintenance, at least on the exterior – This is one of the primary advantages of living in a condo. The exterior of a condo is both owned and maintained by the homeowner’s association (HOA). The owner is responsible only for the interior. But everything outside the front door is none of their concern. That frees up time and money.
  • Location – Condos are smaller, and they’re often located closer to amenities such as malls and offices. Condo owners frequently have shorter commutes.

Who is likely to prefer a house: People who love the idea of fixing up a house, having a yard for pets or kids or both, enjoy expanding to make the house bigger, having a driveway or garage, and having a lawn for their plants.

Why a house is a better idea than a condo?

  • Having some land – This is one of the primary advantages of owning a house. You can build a private pool in your backyard, create a garden, host backyard parties, and having a fenced-in backyard where your kids can play safely.
  • Room to grow – As your family grows, you can also grow your house. You can do some expansions to make your house bigger.
  • Self-expression – You can always paint it any color you like. A house can be customized, in a way a condo never can.

 

As you can see, there are advantages and disadvantages to each housing type. What’s great is that you can choose whichever works best for you. So, the answer is neither of the two housing types is necessarily better than the other. It really comes down to where you are in life, and what your preferences are.

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Is it better to own a rental property first before a nice house?

If you are new to the real estate industry, investing in rental properties is a great way to get started.  This will not only help you accumulate long-term wealth, but it will also make you financially stable in the future

  • Buying a rental first is a good investment – a good investment is something that will pay you more than you paid for it. Focus more on assets – anything that puts money into your pocket.
  • Tax Benefits – Buying a rental property can help you save and will give you tax breaks or create a refund putting more money in your pocket.
  • The rental property will also become your piggy bank – you’ll be able to profit off your investment and you can take the money you earn and reinvest it in your property or use it to pay off other bills and debts.
  • You Get to Be Your Own Boss – One of the best benefits of owning a rental property is the fact that you don’t have to answer to anyone. But of course, you may need to respond to your tenant’s inquiries, but you can also hire a property manager to do it for you.

There will always be some risk involved when it comes to owning rental properties. However, if you stay dedicated to maintaining your property, you should be rewarded accordingly.

Happy investing!

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