Elena Langlois - Compass Massachusetts, LLC



Posted by Elena Langlois on 2/7/2019

Okay, so youíve been watching all those home shows and think you want to invest in a second property, but that whole flipping business seems like more trouble than you want to handle. First, you have to budget correctly for the remodel, then it absolutely has to sell, and quickly, otherwise, it stops being a good investment. There is an alternative: keep it as a second property and lease it out for additional income. 

Depending on what kind of rental you want to own, you will want to look at different properties and price ranges. Your real estate agent can help you choose whatís best in your neighborhood.

Standard or Long-Term Rental

For best results, you want your rental home to land smack in the middle of the neighborhood's price bracket. That means calculating your mortgage, taxes and all other included expenses and making sure you can make an income while keeping the rent reasonable. Middle-of-the-road rental prices will get you the best tenants. They will fit into the neighborhood and are more likely to be comfortable there, which means you can probably keep them longer. Each time you turn over the property between tenants, you not only lose the income for that time but incur the extra costs of preparing the property for the new renter. The longer you keep individual tenants, the more profit you make.

Vacation or Short-Term Rentals

Vacation rentals differ from standard rental properties in several ways, but the most common differences are (a) the nightly rate, (b) how often you have tenants, and (c) the range of turnover requirements and costs. Vacation rentalsógrowing in popularity for a while nowómight be your chance to cash in on the craze. Guests prefer them because they can usually get more space for a lower cost than a hotel, fit more people together in a single area and prep their own meals. This makes them particularly popular with families and groups with children.

You'll need to keep your vacation rental furnished and cleaned which increases the costs initially, but if you can keep guests scheduled regularly, the profit margin can be substantial. You can vary your rates depending on the length of stay, catering to stays a short few days or up to three to four months and anything in between. Make sure to check with your local municipality for regulations on short-term rentals in your area.

Don't forget that you can use it yourselves as well, just be careful not to leave too many personal effects there, it can break the ambiance for your guests.

New Property, New Job

The most significant difference between keeping your investment property and flipping it is that you get a second job: Landlord. This is not a position for everyone. First, if you've ever been a renter, you know how difficult it can be if your landlord is in a different city or even a different state. If your property is out of town, investigate getting a property manager. If your property is local, you may want to handle it yourself, but if it takes too much time or causes more stress than it alleviates, you may wish to hire a property manager as well. A good manager will handle interviewing and advising renters, running credit approvals, collecting payments, some landscaping and maintenance, and turning over the home between tenants. Make sure you include this cost when you calculate your necessary rental expenses.

So, ready to invest? Your real estate professional should be your first call! Put their local knowledge to use in finding the best properties for rental investments.





Posted by Elena Langlois on 8/24/2018

Before you sell your home, you may wonder if there are any areas that you can improve on before putting the home on the market. Kitchen renovations have one of the highest return values of any changes that you make to your home. Itís worth investigating what areas of the room could use some improving. Some of these upgrades donít even require you to start a construction project.


Clear Off The Counters


You donít even have to replace the countertops to add some value to your home. Making it appear as if your counters have the maximum amount of space before you show the home can really impress potential buyers Simply clear your counter, clean it, and make any small repairs that you notice may need to be done. If you have time and the budget, you can always replace tired old countertops. Simply showing that your counters have more room can really make a big difference.  


Add A Backsplash 


You can add a backsplash or update your existing one in order to breathe some life into your kitchen. Make sure that the tiles you choose coordinate with the theme of the kitchen. This is purely cosmetic but a kitchen with a fresh backsplash sells much faster than a tired, worn looking kitchen backslash, or even a kitchen without a backsplash at all.


Add Some Technology To The Kitchen


Buyers like simplicity and convenience in their potential homes. Consider adding some technology to the kitchen like USB outlets and smart appliances. If you can save a buyer from needing to upgrade their appliances and meet their 21st century needs at the same time, your home will be a very attractive sell. There are few things more enticing to buyers than brand spanking new appliances in the kitchen! These updates will surely add value to your home before you sell.   


The Floor 


While floors offer the least return for your investment, buyers donít like looking at old, dirty floors! Take the time to clean up your floor and replace it if needed. Itís not a difficult do-it-yourself project and can really make your kitchen look more attractive.       


Clean The Cabinets


Buyers are very into looking at every nook of the home they may potentially buy. That means if you have nice looking cabinets, you can have a leg up as a seller. Whether you need to clean and stain the wood on your cabinets, add a fresh coat of paint, or do a larger project and replace the cabinets altogether, there are plenty of ways that you can give your cabinets a fresh look, drawing attention to this part of the room. Be sure that whatever you do to your cabinets will bode well with the style of the kitchen.  




Tags: kitchen   renovations  
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