1. Need for Housing

The Beginner’s Guide to Buying Rental Properties (A Case Study)

Pro

Literally everyone wants to have a place to live. A roof over your head is something just about everyone would list as a top priority in life. Yet homeownership in America is below 64%. So close to a third of the population still needs a place to live, and where do they find that place? A rental.

The need for housing will never go away. Some areas might get overcrowded, but there is always a need somewhere for more available living quarters. A huge bonus would be if you lived in or near a college town. Students are always looking for a good deal on housing, so if you are nearby to campus, you’re in business. For instance, if you were near Knoxville it could be worth consulting with West Knoxville real estate experts and looking for property nearby to invest in. There are around 8 colleges in the area, so no shortage of students looking for accommodation! You would need to check local university and college websites to see if they require anything specific from students or landlords.

Con

While just about every industry is hurt by a dip in the economy, people will still need a place to live. That isn’t to say that property investment is immune, there have been several real-estate market issues over the past 20 years. So do your due in knowing market trends before jumping in, perhaps consider consulting a real estate expert!

2. Control

Pro

Is anyone ever really in control? There are so many factors outside our control. As a property owner, you can take control of a number of things. You get to control things like rent, whether you provide any utilities or furniture, and who your renters are. This gives you a feeling of comfort and control that buying other investments can’t provide. Unless you own a large portion of stocks, your opinion is not going to matter to a company.

Con

While you are in control, that puts a lot of responsibility on your shoulders. You have to ensure that the apartment is a decent place to live, or it won’t be filled. You have to be responsible for repairs, insurance, and other fees. Owning a rental property comes with a number of costs, and you need to be prepared for that. Thankfully the experts at residential lettings doncaster can help you out if you are having difficulty getting started in the rental business.

3. Cost of Rent

Earn Extra Cash As A Landlord—How To Start Saving Up For Your First Rental Property

Pro

Like warm air, rent rises. Well, it usually does. That is a definite pro for property owners, as they can make more money off their investment. Raising the price of your rent will allow you to potentially see an increase in your cash flow, which is the whole point of investing, right? Seems like a win for the owner, although as a renter I can verify that increasing rent is not cool.

Con

Usually, when rent goes up there is a reason for that. It may be a higher cost on your lot fee or another unexpected fee. That seems logical, you get hit with a higher fee, so you raise the rent to compensate. The problem is that you aren’t actually making any more money. A very rudimentary example would be if you charging $900 a month for rent and your average monthly costs are $500, you are making $400 a month. If one month your costs go up to $600, you may raise your rent to $1000 monthly, but as you can see by doing simple math, the profit is still $400.

Note: These numbers are just figures and I am not claiming in any way they are realistic. There are a lot of costs and fees that go into owning property and this does not reflect those, these numbers are simply being used to prove a point.

4. Save Costs

Pro

As a property owner, you have the ability to cut some significant costs. If you are handy, you can do necessary repairs and avoid having to hire someone to do them. Even if the part is pricey, you are still saving on the labor costs. You can even help your tenant maintain their own washer dryer rental as to give them some independence as well as cover the cost of repairs and maintenance on those appliances without doing it yourself.

Many property owners hire a management company to handle this side of things for them, this can be a great way to have complaints, queries and any other property related qualms handled in one place and let’s you focus on other things. When things like repairs do arise, the management company will forward you a list of what needs doing, at this point you can decide to action the repairs yourself or get in professionals to do the job, which is the more common option when landlords have multiple properties. Doing a search online for property management near me can give you a list of suitable partners online, the decision of which one to go with will likely depend on the kind of properties they have experience with. So for instance if you own a flat or several apartments, you’d want to find one who specialises in these so that they have the right knowledge to aid in maximising your rental income.

Experts everywhere tell you to buy a home—here’s why they’re wrong

Con

The downside to this is simply that you will be spending more time at your property, Being a hands-on property owner isn’t bad, and many people prefer to do it that way. If you are already a busy individual, having to visit your property all the time is not going to help your schedule or attitude.

Property investment is a great way to go if you are looking for a solid investment to last over many years. If you are smart and do your research well property ownership could suit you very well. Some people buy a little house and rent it. Others build apartments. Regardless of the size of your property, it can be profitable if you invest the necessary time and effort into your investment.

The post 4 Pros and Cons of Property Investment appeared first on InstantELLA.

But here’s the thing about New Year’s Resolutions. Sometimes, they are nothing more than thin air…. forgettable and easily blown away. So here’s where all of us could use a little help to make our New Year’s Resolutions a reality.

You Really Need This

A Psychologist’s Secrets To Making New Year’s Resolutions Stick

Making resolutions are good. They recognize and acknowledge that not everyone and not every situation is perfect. Resolutions, if made correctly are motivators of encouragement. Despite this however, according to a Brain Research Institute survey, only 41% Americans usually make New Year’s Resolutions and of this, only 9.2% felt they were successful in achieving their resolution. So, when I made my 2017 New Year’s Resolution List, I made sure that the most necessary ones topped my list. For example, Lose that 2016 winter weight (I don’t need to tell you that nearly all of us are guilty of over-eating during the holidays) and  Learn Left-Side driving (because we Asians drive on the right normally and being unable to drive handicaps me in a country where public transport is very rare). Make sure your resolution is something that benefits you. If you are not convinced that you need resolutions, you will not be convinced that you need to stick with them.

Make Choices Fun

7 Secrets Of People Who Keep Their New Year’s Resolutions

Resolutions vary in terms of type and duration. It may also sometimes vary in terms of demographics – gender specific or age specific resolutions. Because of these variations, it’s very difficult to narrow down some of the best resolutions to have. The easiest way to choose is to reflect on what you have accomplished; select a few meaningful goals that will make an impact; be prepared to ‘stop doing’ a few things you normally would that don’t benefit you and by ceasing to do them , will ensure you have time to do the things that do benefit you. My personal tip to choosing resolutions is to add at least one Fun Resolution. For me, who was never into ‘gaming’ I included ‘Be a sport: try out a few video games in 2017’. This would ensure I spend more family time with my husband and kids who are hardcore gamers, allow myself some much needed relaxation time and  possibly learn a thing or 2 about video games while I’m at it.

Initiate Driver mode!

When making out your list, be sure you schedule it i.e if it is an ongoing resolution like effective exercise, set aside a specific time each day for it. If it is a one-time achievement like building your own gaming computer (this was my husband’s 2016 resolution, a project he successfully achieved), schedule time for that as well. Scheduling your resolution makes it easier for you to stick to it.  Be committed to your cause, simply because, no one is going to do it for you. That said, it is also important for you to know that there may be a few initial setbacks and challenges, making it seem more difficult for you to  execute your resolution(s). In her article, How Long It Takes to Form a New Habit  Maria Popova, explains:

“It’s like trying to run up a hill that starts out steep and gradually levels off. At the start you’re making great progress upwards, but the closer you get to the peak, the smaller the gains in altitude with each step.” Lastly reward your efforts. Every time you make any headway with your overall resolution, treat yourself to a prize. This will motivate and energize you to take on the next steps towards completion.

New Years Resolution Statistics

Track Progress: Have an accountability partner.

2 things here. Firstly, it’s important that your resolution, like all SMART goals, must be measurable because this is what will identify gaps in execution and possibly predict whether you will succeed or fail at accomplishing your resolution at the end of the year. Secondly, while your resolution is yours and you will need to execute it on your own, it’s wise to have an accountable partner to keep you on track. Depending on your resolution, it’s schedule time and place of execution, this can be a spouse, a work colleague, a family member or a friend. Having an accountable partner will not only provide motivation and companionship but intensify your efforts to accomplish what you started out to do.

So there you have it, The Essential Guide To Making Your New Year Resolutions & Sticking With Them! I hope you find these tips helpful. 2017 has just begun and it’s not too late to make a few Resolutions for yourself if you haven’t already.

The post New Year, New Beginnings: The Essential Guide To Making Your New Year Resolutions! appeared first on InstantELLA.