10 things to weigh before diving into income property

10 things to weigh before diving into income property

"You’ve been watching HGTV’s “Income Property” and wondering: Is it time for me to buy a rental and become a landlord?

You’re not alone. Between our “Friends”-like economy (“seems like you’re always stuck in second gear”), historically low interest rates, flat-line wages and the mood of millennials to rent instead of own, income property has been on an uptick since the Great Recession.

In fact, for the first time in five years, more Americans are putting their money into investment properties than vacation homes, according to the National Association of Realtors.

Should you? Experts offer a qualified yes, provided you do your homework first.

Here are 10 things to consider before diving into income property..."

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Gross Living Area (GLA)

Gross Living Area (GLA)

"Probably one of the most important elements of a home, in terms of value, is the overall living space or gross living area (GLA). It is probably one of the most misunderstood elements as well. There are a number of standards for calculating GLA but the one that is used by appraisers is the “ANSI” – American National Standard Institute..."

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Who Hires the Home Appraiser?

Who Hires the Home Appraiser?

Home appraisals, they usually play a big roll in a real estate transaction, but that's not the only time home appraisals are ordered and take place.  Below we discuss exactly what a home appraisal is, who orders home appraisals, what they order them for and what people should expect when a home appraisal is conducted.

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Will Adding A Pool To Your Home Increase The Value By More Or Less Than The Cost?

Will Adding A Pool To Your Home Increase The Value By More Or Less Than The Cost?

"There is one thing that comes up again and again during home appraisals: Does adding a pool raise a home’s value by more or less than the cost to build it?

Home swimming pools come in a variety of shapes and sizes and are worth more to some buyers than others — so there aren’t always hard numbers to quantify how much money a pool is worth. For example, in ground pools are valued higher than above ground pools, a family with children may want a pool and a family without may not.

Ultimately, The Best Way To Find Out If Adding A Pool To Your Home Will Increase The Value…"

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Lower-cost Home Renovations Offer Best Value: Appraisal Institute

Lower-cost Home Renovations Offer Best Value: Appraisal Institute

“The latest research shows that home improvements with a relatively low cost are most likely to generate a positive cost-to-value ratio,” said Appraisal Institute President Jim Amorin, MAI, SRA, AI-GRS. “Spending big dollars on major renovations doesn’t necessarily equate to a dollar-for-dollar return. In short: cost doesn’t necessarily equal value...”

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