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Factors to Evaluate When Searching for a Profitable Rental Property

Wed, 07 Apr 2021 13:00:11 GMT

A rental property can make you good money, but only if you identify a profitable property from the beginning. For example, a profitable property has adequate tenants and doesn't cost much to maintain or own. Below are some specific factors to consider when shopping for such a property.

Attractiveness to Potential Tenants

You can only make money from a rental property if you have tenants. The best way to attract tenants is to give them an attractive property. Therefore, you should know what tenants like in your neighborhood of interest and get a rental property with the relevant features. For example, most tenants want:

Low crime rates
Good employment prospects
Good school districts
Useful amenities, such as swimming pools, parks, and fitness centers

Some of these features, like low crime rates, are out of your hand. But you can endeavor to improve features of the property, such as curb appeal, after purchase.

Average Rents

You must price your units within the average rents in the area. Compare your property with similar properties in the area to determine the average rent you can charge. Ensure that the comparisons:

Have comparable square footage
Are within the same neighborhood
Have comparable amenities

You can use the average rent to calculate projected gross income for different occupancies.

Rental Vacancies and Turnover Rates

The number of tenants your property is likely to have at any time will affect your cash flow. You can approximate this number by looking at the vacancy rates in the area. For example, you should suspect high vacancies or turnover rates if neighborhood properties are always advertising properties for rent.

Property Taxes

A rental property can only be profitable if it makes more money than you spend to own the property. Property tax is one of the expenses you will have to pay, so you should understand it well. Note that property taxes vary by the area and the property type, size, and age.

Determine the applicable property taxes and the potential for changes (especially changes upwards) in the future. For example, the tax rate might be due for an evaluation if the municipality hasn't reviewed it for a long time.

Property Condition

The property's condition will also affect its cost of ownership. And don't forget that you must maintain the property to keep or attract tenants. You might also need to fix one-off damages. Expect to spend money:

Caring for the landscaping
Fixing broken fixtures
Keeping the roof clean
Fixing damaged structures, such as roof leaks

Despite the necessity of these expenses, these costs may be low if the property:

Is relatively new
Hasn't suffered damage (such as wind damage) in the recent past; or if it has, then then the owner affected adequate repairs
Is in good condition because of adequate maintenance

An evaluation of the property, for example, via a property inspection, can help you know its condition.

Planned Developments and Growth Potential

You should also consider the future prospects of the neighborhood. For example, future developments, especially in the real estate industry, can affect:

Your future building's attractiveness
The future availability of tenants in the area
Changes in property taxes

Consider a case where a big employer is planning to move to your neighborhood of interest. That is a sign of the neighborhood's growth potential, which increases the potential profitability of the area's properties.

Realty One Group Heritage has been active in the real estate industry for over 30 years. We can help you identify and buy a good rental property in which to invest. Contact us with your preferences to help you start the search process.

Virtual Home Tours: Benefits and Tips

Mon, 01 Feb 2021 02:06:23 GMT

More people are embracing virtual home tours. This technology allows prospective home buyers to conduct video-enabled tours of properties for sale. If you do a virtual home tour property, you should enjoy all its benefits. Keep reading to learn more about all the benefits and tips of a virtual home tour.

The Benefits

Virtual home tours have multiple benefits to different parties. Below are some benefits to homebuyers.

Convenience

Convenience is the premier benefit of virtual home viewing. You will appreciate the convenience if you are busy, have an unusual schedule, or want to buy a home in another city or state. Specifically, virtual home viewing is convenient because:

You can view listed properties irrespective of weather. You don't have to cancel a viewing just because of a deep snowfall.
You can view a property irrespective of time. For example, a midnight physical viewing would be difficult but not with a virtual viewing.
You can view listed properties from any location.
If the property is occupied, you don't have to displace the residents to view their house.

Everyone, including the agents and homeowners, will benefit from the convenience.

Viewing Speed

Virtual viewing also works fast. You can view a property as soon as it's listed as you have an appropriate gadget and internet connection. That might give you an edge over those who are planning physical viewings. The viewing speed may be a big deal in the case of a sellers' market where properties are flying off the shelves.

Low Cost

Virtual viewing is inexpensive on multiple fronts. For example, you don't have to interrupt your normal schedule or incur transportation costs to the viewing. Many people already have the technology they need for virtual home viewings.

Possibility of Multiple Viewings

Another advantage of the technology is that you can view a house as many times as you like. Even if you have viewed a listing multiple times, you don't have to incur any cost to show the same property to your friends, partner, or other family members.

Health Safety

In the age of the COVID-19 pandemic, anything that helps you to avoid physical interactions is welcome. Virtual viewings help you minimize physical interactions with the public (for example, in buses or cabs), agents, and property owners. You also don't have to worry about contaminated surfaces, such as kitchen counters, since you won't touch them physically.

The Tips

Virtual viewing is great, but only if you get it right. Below are a few tips to help you.

Ensure It Captures Every Room

The virtual tour should include every square inch of the property. You should be able to view the indoors, outdoors, ceiling, and every room in the house. A good tour won't rush over some rooms. That is the only way to confirm the property's condition.

Zoom in on Places of Interest

Some virtual tours give you the option of zooming in for close up views. For example, if you see something that looks like a crack on a wall, you can zoom in for confirmation. Use the feature as much as you like since it doesn't incur any extra cost.

Use it as a Supplement

Virtual viewing is great, but it shouldn't automatically replace physical viewing. Some things are best with physical viewing. Examples include:

The property's smell
The quality of natural light in the property
The neighborhood's sounds

Ideally, you should use the virtual viewings to eliminate some properties and narrow down your search. You can then plan a careful physical viewing of the remaining properties.

Don't forget to use a local realtor to help you with the purchase, even if you have conducted a virtual viewing. The realtor can preview the house before you plan a physical visit. Contact Realty One Group Heritage to help you buy properties in Lumberton, NC, and the surrounding areas.

Due Diligence — What to Confirm Before Signing a Commercial Lease

Tue, 01 Dec 2020 18:00:36 GMT

When you sign a new commercial property lease, due diligence protects your business and your finances. But what is due diligence? And what does it consist of in a commercial leasing process? Here's what you need to know.

What Is Due Diligence?

In broad terms, due diligence refers to the act of investigating to confirm the facts of a matter. This investigation doesn't necessarily need to be overly complicated, but it should reasonably match the scope of the contract or transaction being entered into.

When you sign a commercial lease, you enter into a multi-year contract that will likely cost thousands of dollars and a large investment of time and energy. Therefore, it would be due to research common elements of the lease contract to ensure that things really are as they seem - or as you believe them to be.

The means to complete due diligence vary depending on what needs to be researched. You might have a lawyer look over some documents. Or you may need to physically walk around an area or measure things on your own. And you'll need to know how to track down some important property information and documents.

What Does Lease Due Diligence Involve?

What should you research when it comes to a commercial lease? The list varies depending on the property. But there are a few common elements of the building, the owner, and the documents that most lessees include in due diligence.

First and foremost, you should have the contract assessed by legal professionals to ensure that you understand and can comply with all its terms. The lease should stipulate things like who pays for what repairs or maintenance, how disputes are resolved, what signage you may use, and options for early termination. In addition, analyze the contract for vague wording, missing items, errors, and required legal language.

Due diligence also involves ensuring that certain legal issues won't come up after you enter the lease. For instance, you might verify that local zoning ordinances allow you to run your business the way you want. Checking that the owner isn't late on their own mortgage or doesn't have unpaid property tax prevents you from suffering the fallout. And you'll want to make sure that there's proper insurance coverage.

You may want to do some less formal research regarding the owner or neighborhood. If you speak to other tenants, you can learn more about how the property owner does business. You might check out the neighborhood to see for yourself how well local businesses fare, whether there may be any natural conflicts with your business, or how much turnover there is among tenants.

Finally, verify aspects of the property itself. Is the HVAC system up-to-date? Are there any structural issues that may end up on your doorstep? Does the actual square footage match what's in the lease? Can you make the necessary tenant improvements needed? Does the building meet all applicable ADA (Americans with Disabilities Act) laws? Are all included fixtures installed and working?

Where Should You Start?

Clearly, due diligence of your commercial lease takes some time and effort, but it's an investment that your business needs. The best place to learn more about how to approach all these due diligence tasks is with an experienced commercial real estate agent who's done this before.

Realty One Group Heritage can help. With more than 30 years' combined experience, we have helped many of your North Carolina neighbors find the right commercial property to lease and making sure that they have all the information they need to make the best decision. We can help you too. Call today to make an appointment with a commercial real estate professional.

Buying Residential Land? 6 Things to Learn About It First

Fri, 02 Oct 2020 22:23:54 GMT

When you shop for a vacant lot in order to build your own home, you have a vast array of choices. Unencumbered by the traditional concerns of existing home shoppers, you can focus on the few key elements of the right piece of land. To help you hone in on what you need to know specifically about empty land, discover six things every land buyer needs to find out ahead of time.

1. Access

Access to your land is an issue that only rural land buyers largely face. City dwellers may not expect that problems might exist in getting to and from their plot or in getting utilities to it. But every homeowner should ensure that this basic issue will not be a problem. If access to public roads and the presence of utility connections is not obvious, be sure to ask.

2. Zoning

City or country rules dictate what you can build and how you can use it. Clearly, if you look at a lot inside a planned subdivision, you can generally count on being able to build a home on it. But those purchasing land not part of an established area may need to clarify that their plans will be allowed based on zoning rules.

3. Restrictions or Covenants

Deed restrictions are privately agreed on rules about what you can and cannot do with a piece of property. These rules are on the deed rather than based on general city zoning. They may also come from a homeowners association (HOA) the lot is part of.

Such restrictions or HOA covenants are a big factor for anyone planning to build their dream home. They may cover everything from where you can place the house to its exterior color. So you want to research these in detail before deciding to purchase a lot subject to them.

4. Flooding

You can learn about the potential for flooding on your property in several ways. First, talk with the agent or builder directly. You may also find information on the land map or plat already on file. Flood agencies offer more general guidance, although these are not always updated often. Finally, if you still are not convinced you understand the full flood situation, arrange for a land survey (which may be a good idea anyway).

5. Environmental Issues

Test a piece of land for its environmental situation. This would include testing groundwater and soil for contaminants and condition. If your neighbor's farm operation, for example, has leeched chemicals downhill into your soil, you need to know. And soil condition may also give information about its propensity to flood.

Ground testing is a more obvious concern for certain parcels - such as those with a prior commercial history - but problems are often hidden. Do not assume your soil is fine just because it has been used only for residential purposes.

6. Easements

Easements are legally allowed uses of your property by other parties. Some easements, such as utility placements, benefit you and are required. Other easements can occur when neighbors need access to their homes through your property, when others have used a spot for many years, or when it would be too difficult to remove structures. Remember that an easement will limit your full use of the land.

Clearly, a piece of empty land has its own unique concerns. The more you know about what to look for before setting your heart on a property, the more confidence you will have as you shop. Want to know more about land buying? Start by meeting with the property pros at Realty One Group Heritage today.

Why You Should Work With a Realtor When Buying a Home

Thu, 06 Aug 2020 14:10:20 GMT

Today, everything is found on the internet, including houses for sale. Therefore, some people opt to buy homes without the help of real estate agents because they can easily connect with sellers via online platforms.

But did you know realtors help homebuyers in many ways, other than showing them homes for sale? A realtor can ensure you buy your dream home and avoid making mistakes. Discover why you should work with a realtor when purchasing a home.

Home Valuation

Realtors are so experienced in the real estate market that they can easily estimate a home's value the moment they see it. How do they do this? They usually pay attention to the critical features of a house and the neighborhood because they know the pricing of homes in different areas.

Since realtors can often tell if a house is being overpriced or underpriced, they help you identify and purchase a home that is worth the price.

Price Negotiations

Besides helping you get your ideal house, the realtor can also handle the negotiations to get you a fair deal. Real estate agents have negotiated with many sellers in the course of their career; thus, they know the right tactics to apply to get a great home within your budget.

Access to Many Homes

Real estate agents have links with many realtors who sell homes. Thus, they give you access to many properties, some of which have not been listed on any online platform.

As a result, your decision will not be based on a few houses that you find online. With access to a large pool of homes for sale, you not miss one with the key features you want.

Fiduciary Duty

When acquiring a home, you need to work with someone who has your back. Realtors have a fiduciary duty, and they strive to keep your best interest in mind. A reliable realtor will, therefore, protect you from real estate investment pitfalls by ensuring you buy a home that will still be valuable in the foreseeable future.

The realtor will also help you locate homes that are near the necessary amenities in low crime and high-security neighborhoods. Hence, you are likely to find a house that meets all your demands.

Realtors can guide you on zoning laws of a neighborhood to avoid code violations and consequent regal issues. For example, if you want to put a fence or home additions after buying a home, they will only show you homes in areas that allow you to do so and save you from such restrictions.

Flaw Identification

Most home buyers are so excited about a home's curb appeal that they fail to notice significant flaws. A realtor can identify defects, such as roofing issues, damaged appliances, faulty electrical wiring, cracked flooring, plumbing issues, and poor ventilation.

With the help of a home inspector, the realtor will not let any issue to go unnoticed. The realtor might also request the seller to fix the issues before the deal is closed. They typically agree with the seller about the sensible repairs and the small issues that you can handle.

Contract Verification

When you buy a home, you need to create and sign contracts for legal purposes. A realtor can help verify that the stipulations of the seller's contracts are friendly.

Moreover, the agent will help you write quality contracts that protect your rights and interests. Even if you have written contracts when purchasing your previous houses, you might need a professional to verify critical details because they have the necessary experience.

Realtors offer many benefits to homebuyers. At Realty One Group Heritage, we have knowledgeable realtors who can help you select an ideal home. If you need real estate in Lumberton, NC, contact us now.

6 Must-Have Features for the Best Backyard Summer Hangout

Tue, 02 Jun 2020 20:26:47 GMT

Finding buyers for your home can seem overwhelming, especially if your home can't quite keep up with the other homes on the market. One way to boost interest in your home is to improve your backyard, turning it into a great summer hangout. If you want to turn your backyard into a summer hangout, check out these six must-haves.

1. Grill

Homeowners who want guests during the fun summer months better be able to feed them, and grills are an excellent way to do that. While many people chose to purchase a grill at their local home improvement store, other homeowners prefer the benefits of a built-in grill.

Built-in grills are customizable, so you can get one that fits perfectly for your backyard, making it more unique and aesthetic for potential buyers. Plus, they have more features than just the grill, such as countertops, drawers and cabinets, which makes cooking outside much easier.

As an added benefit, a built-in grill will increase the value of your home. So when you do finally find a buyer, you recoup some of that initial investment.

2. Fireplace

An outdoor fireplace is another feature to consider, especially for buyers who want to spend time outside at night. Even summer nights can get chilly, but an outdoor fireplace will help keep guests warm. They can also provide a fun alternative to cooking, allowing kids to roast marshmallows or hotdogs.

Similar to built-in grills, an outdoor fireplace can increase the value of your home, but only if you maintain the fireplace.

3. Seating

Naturally, people will want some place to sit while hanging out in any backyard, so make sure to provide plenty of seating options. Of course, you can buy patio furniture, such as tables, chairs, sofas, etc. to show off what the potential home buyer can do, but some homeowners choose to incorporate seating into their landscaping.

Many people build seating directly into an outdoor wall. For example, if you have a tiered wall near the patio, you can turn the lower levels into seating areas. The benefit of incorporating seating into your landscaping is that you don't have to worry about protecting furniture from rain and UV rays.

4. Shade

Summer days get hot, and even when the temperature is comfortable, not everyone wants to sit in direct sunlight. For this reason, you need to provide shaded areas to attract buyers. Adding trees can help naturally add more shade, but other homeowners choose to install pergolas, awnings or a gazebo.

Awnings are connected to your home, making them a great choice for a patio right outside your house. However, if you have areas further from the home that need shade, a pergola or gazebo may be a better choice.

5. Fences

Fences are another must-have feature because they provide privacy and protection. First, if you choose a privacy fence, buyers may feel more comfortable because they can have fun in the backyard without prying eyes. In addition, a privacy fence offers some sound dampening.

Fences also offer protection, which is especially important if there are potentially hazardous areas in the yard, such as a pool. Without a fence, kids, pets and inebriated adults may fall into the pool. Fences also keep out strangers, which better protects all the great features you have in your backyard.

6. Railings

If you have a raised outdoor area, such as a deck or balcony, installing railings is another attractive and safety feature buyers will enjoy. It's best to get a railing with narrow vertical beams. If buyers have kids, they will see horizontal beams as perfect little ladders to climb.

If someone does get hurt because of a missing railing, they may be allowed to sue you, which can increase your homeowners' insurance premiums.

These features combine to make a great place to hang out. If you would like to know more about how to make your home attractive for buyers, contact us at Heritage Realty and Insurance today.

3 Important Land Considerations for a Custom Home

Fri, 03 Apr 2020 15:10:12 GMT

Many families dream of the adventure and enjoyment that custom home construction can bring. The chance to build a dream home to your own specifications gives you incredible creative freedom. Along with flooring and countertop options, you get to select your own home style, floor plan, and number of bedrooms from among dozens of possibilities.

The first step toward a custom home build is acquisition of the land lot, which differs from a speculation home and its accompanying lot ready for construction. The land lot you choose is important because it is the site for your future home. Take a look at these three important land considerations for your custom home.

1. Location

Realtors assert that location is important in real estate, and the same is true of land you plan to claim as your future custom home site. Location is the most important consideration when you begin your search for potential land.

You want your land to suit your lifestyle and fulfill your family's needs. Some families prefer a rural or semi-rural lot away from traffic and congestion, while others like the potential increase in value when a property is located within city limits.

Is your land close enough to your work or within your desired school district? Commute times and school bus routes and proximity of other forms of transportation can affect your quality of life. Ease of transportation to work or school can help decrease stress.

Ultimately, your land should be in a place that brings your family the most joy. Maybe your lot has a great view of mountains or a beautiful body of water. Or a lot may hold value because it is near relatives and other loved ones or near the conveniences of city life.

2. Size

Lot size is important because it can play a role in the type of home you choose to build. A larger lot can accommodate a range of home styles and sizes, while a smaller lot accepts homes with a smaller footprint.

For example, you may need to opt for a two-story home on a small lot if you want a large number of bedrooms. If your heart is set on a sprawling rambler and an absence of stairs, a large lot may be better.

Additionally, lot size affects the size of your available yard once a home is complete. A family will probably want a larger yard if they have children. If your family is small, you may still want enough outdoor space to park an RV, build a swimming pool, keep a dog, or grow heirloom roses. However, a small yard is often more desirable when you want to cut back on the amount of property maintenance.

3. Terrain

The lay of the land is an important consideration. Raw, undeveloped land can contain terrain like water bodies, hills, rocks, and even thick forest. Features like these provide beauty and interest but may impact your custom home construction.

Land terrain can limit the amount of buildable space, especially if a lot is small. For example, a stream that runs through the center of your land diminishes your buildable square footage. Terrain can also present potential problems, like flooding from a nearby water body.

Finally, terrain may dictate home design. For example, a gentle slope may offer the opportunity to include a walk-out basement but may not be a feature that fits into your building plans.

A reputable broker can help you in your search for the right land lot for your custom home build. You can trust Realty One Group Heritage to find land for sale, negotiate with land sellers, and even help determine important zoning and easements on a piece.

Prepare Your Commercial Building to Go On the Market

Fri, 31 Jan 2020 21:37:58 GMT

Your commercial building is a large investment. So when you sell it, you'll certainly want to get as much as you can for it. But while most homeowners understand the value of staging their homes for sale, many commercial owners aren't sure what the best staging moves are.

If you are in this position, try these tips to make your commercial structure as appealing as possible to the highest bidder.

Make it Shine

To stage your building, first, give it a thorough cleaning from top to bottom. This is one of the easiest and least expensive steps you can take.

For the best results, hire an outside cleaning service if possible. These professionals will know the best tricks and have the right tools to shine the floors, clean walls, and ceilings, get rid of stains, clean the windows, and make built-in furnishings look nicer. Then, add curb appeal and boost the color and vibrancy of any landscaping.

Fix What You Can

Every building experiences normal wear and tear over time. While potential buyers will not buy based solely on minor repairs, these problems will give the impression that the building hasn't been cared for. So, take the time to do relatively small repairs. Fix nonfunctional lights, paint faded walls, make sure the doors open and close, ensure that there is no visible wiring, and replace damaged ceiling tiles.

You may need to take on some more serious repairs depending on their nature. Removal of any hazards (such as asbestos) will likely be obligatory. Other major repairs should be completed if you have the budget and there is a sufficient return on investment.

Emphasize the Good

What will your buyers be looking for? If you think like them, you can find ways to emphasize what they want and minimize what they don't want.

A retail location, for example, is often sold on the merits of location and heavy traffic. So, you might emphasize that good location. Spruce up and make the signage visible to approaching buyers, and encourage foot or vehicle traffic by making the routes easier and more welcoming.

A building in a hip downtown area might also benefit as you highlight eclectic architecture or the industrial-chic popular with young consumers.

If the building has limitations, perhaps due to zoning, you may want to use some staging to help buyers visualize its use. If the building is largely only fit for office usage, for example, appeal to co-working businesses and stage a sample workspace within the larger structure.

Empty It Out

Generally, an empty commercial building sells better than one that's filled with ongoing business operations. To really get the best price, you may want to clear it of as much stuff as possible. As with residential homes, commercial buyers may have difficulty visualizing their own operations if the space is too tightly tied to its current layout and usage.

If the building was a rental or if you will vacate it soon due to changes in your own business, clean it out early - even if you aren't quite ready. If you can't clear it completely, reduce the amount of unnecessary furnishings, partitions, cubicles, or storage spaces so that buyers can see the structure and its size beyond your operations.

Work with a Good Agent

Commercial property is a unique market, so you need a real estate agent who can navigate it. An agent can guide you as you prep the building, find the right price point, and determine other ways to make it attractive to buyers.

At RealtyOneGroup Heritage , our commercial real estate professionals are ready to help. Call today to make an appointment and learn about the best ways to approach the sale of your building.

Should You Buy Or Lease A Commercial Property?

Tue, 03 Sep 2019 19:31:39 GMT

Does your company need a new building? No matter whether it's the first location for a new business or you're ready to expand to bigger and better surroundings, this new home will surely provide a base where your business can grow and thrive.

But before you start shopping for real estate and picking out furnishings, you'll need to answer one basic question: should you buy or lease the commercial property? The answer depends on many factors, and it can have far-reaching consequences for your profit margin. So, how can you make the right decision? Here are the major factors to consider.

1. Liquidity vs. Equity

When anyone purchases a piece of property (building or land), they generally have a larger upfront cost than when they choose to rent. You may need to pay down payments, pay for construction costs, pay for renovations, or cover existing debts against the property. But as an owner, you may be able to recoup these costs when selling at a profit.

On the other hand, when you rent, you generally pay a monthly cost as well as some agreed-upon upkeep expenses. The landlord may even pay for some renovations. However, in return for this lower outlay, you don't earn any equity in the structure if it appreciates in value. The owner keeps this.

Your company must answer the question of whether it's better to keep your liquid assets or put them into a large capital structure. How is your cash flow? How much of your overall liquidity will be poured into the building? Will buying drain your reserves? Or will you remain comfortable if other cash emergencies arise?

2. Flexibility vs. Stability

Does your business need the ability to change easily as your business needs change? Or does it need to have a solid base on which to grow and build trust? What is the likelihood that you may need to pick up and move in less than a decade? What about expansion? Is your business based on location in order to draw customers (such as a restaurant or retail store) or can it easily move if the need arises?

Leasing a space offers an easier path to moving, whereas owners will have to go through the process of selling their property first. However, owning your own building does have the advantage of being able to decide for yourself what changes or improvements you want to make to the building or land. If you think it more likely that you'll simply want to expand in place, ownership may offer better flexibility.

3. Control vs. Ease

Finally, consider how much effort you want to expend on your building. Leasees have much less to worry about when it comes to repairs, upkeep, and even maintenance. This allows small businesses to put their time, money, and effort into the business itself rather than keeping up the physical property.

While it's beneficial to allow someone else to worry about the property, it also cedes control over many things. What if your landlord doesn't maintain the property to your liking? What if they are unresponsive? What if you want to make changes to the landscape, structure, or interior? How much decision-making power do you have? Will this cause unnecessary friction or tension for you or the business?

Clearly, there is no right or wrong answer as to whether to buy or rent a commercial space. Your needs are specific to your company, your industry, and your goals. But no matter what you choose, Heritage Realty & Insurance can help. Call today to learn more about our commercial rental and sales services and get assistance.

Things to Consider Before You Buy an Apartment Building

Tue, 09 Jul 2019 00:00:00 GMT

Income properties can help your business portfolio by providing a relatively stable income, especially if you have secure tenants. You have a few choices for income properties, but your thoughts might have landed on buying an apartment building. If you don't have a lot of experience with income properties, buying an apartment building might be a challenge for you.

This is why it is important to hire a professional real estate agent who can work with you to find you the right property for your needs. Here are a few other things you need to think about before you buy an apartment building.

Keep In Mind The Location Of The Building

Locations of apartment buildings are vital in getting tenants to rent with you. If you wish to buy in the city, then your building needs to have access to a good transit system for those tenants who do not have a vehicle, it also should be in close proximity to jobs, schools, and grocery stores. You should also think about its location in regards to restaurants, entertainment, and retail stores.

If you buy in a more rural area, the same rules apply - is the building close to a city or other large job center? Do your tenants have access to highways to get to their existing jobs in nearby towns or cities? Also, is the building on a lake, and does it have good views for your tenants?

These are all important considerations in picking a good location when buying an apartment building.

Decide What Type Of Apartment Building You Want

Along with deciding on a location, you need to decide on what type of apartment building you want. For example, do you want a low-rise, double unit building? Or would you prefer a larger multi-unit building that could be a highrise?

Keep in mind that the larger the building, the more financing you will need to secure for the purchase as well as its upkeep. If you buy a newer building, it could end up costing you more upfront in price, but many newer buildings have luxury or upgraded amenities and fixtures renters might like. Older buildings may need to be renovated, but will cost you less upfront.

Think about what your return on investment would be with each different type of building, and taking into consideration the location, and what the rents are going for in the area to help you choose the apartment type that's best for you.

Decide If You Want A Property Management Company Or Not

Decide whether or not you want to have a property management company or not to care for your building in your absence. If you decide to manage the property yourself, keep in mind, you will need to collect rents, do the maintenance yourself, and market your property to attract tenants to your building.

Tenants are able to directly contact a property management company for any emergencies, repairs, or concerns they have regarding the building. This is helpful to you especially if you have another job and the building is a secondary income to you.

It's possible the building you are considering was poorly managed prior to being up for sale, so this could mean you need to do extensive repairs, or upgrading of the facilities such as putting in a laundry room, parking lot repairs, and even unit repairs.

A management company can help organize and find contractors to fill those roles for you.

If you opt for a property management company, then ask your agent when you are buying the apartment for recommendations.

If you have any questions about buying an apartment building, or finding a property management company for your apartment building, then contact us at Heritage Realty & Insurance for more information.

Questions to Ask Before Buying a Multi-Generational Home

Tue, 07 May 2019 19:50:47 GMT

In 2018, 20 percent of homebuyers ages 53 to 62 were likely to buy a multigenerational home. If you're heading toward retirement but still have young adult children or aging parents who live with you, take a look at what you need to ask before buying multi-generational housing.

How Many Bedrooms Will You Need?

This may seem like a straightforward question with one answer - you need as many rooms as there are people. But the true answer is much more complex. Don't let this complexity challenge you. With a few simple strategies, you can come up with a realistic answer that meets your needs.

When you calculate room number, consider:

The total number of couples . You don't need one room for each person if you are married, your adult child is married, or you live with your married parents. If you have six people who are divided into three couples, it's likely you'll only need three bedrooms.
Whether children will or won't share a room . Some families are fine with multiple siblings living in one room. Others aren't. If you have children under 18, or if your adult child has their own children, decide on who (if anyone) will share a room.
If anyone will have a baby or adopt a child soon . An adult child who is starting their family may only need one bedroom for themselves and their spouse right now. But a year from now they may need another room for a new addition to the family.
The total number of guests . Do you entertain often? If you have out-of-town guests, family members who visit, or your child or grandchildren have friends stay over, add on an additional room (or rooms) as guest bedrooms.

Some families like having an extra guest room, even if they don't regularly host overnight visitors. If you prefer this option, you'll need one additional bedroom.

How Many Additional Rooms Will You Need?

There's also no easy answer to this question. From family room spaces to bathrooms, the number of rooms you need depends on several factors. These often include:

Your preference . Some families (whether they live in a multi-generational home or not) prefer minimalist spaces while others enjoy a roomy home.
The use-need for each room . Using one room for different purposes can cause conflict between the generations. If your grandchildren regularly play loud video games, having a separate TV room and living room makes sense.
Each family member's schedule . If you, your adult children, and their kids all need to shower before work or school, having multiple bathrooms is necessary.

If you have budget concerns, investigate ways to combine rooms - minimizing the size of home you need. This may mean looking for a home with an eat-in kitchen to eliminate a formal dining space or opting out of a separate family room and living room floor plan.

How Many Levels Will You Need?

Their advantages and disadvantages of different home setups. Whether you want a ranch or multi-level style of house may depend on:

The ages of your family members . Aging adults are more prone to falls, making stairs a challenge. If you don't feel comfortable with a multi-level house or your aging parents can't use the stairs, you'll need a single-level or ranch-style home.
The physical condition of your family members . Anyone, regardless of their age, who can't easily walk up and down stairs may require a single-level setup.
The amount of privacy needed . A multi-level home offers additional space options that may make finding private spaces easier.

Along with planning for the immediate future, think about what's to come. An aging parent who can navigate stairways right now may have very different needs in a year or two. If you suspect this is the case, investigate a single-level option or a home with a downstairs bedroom/bathroom combo.

Do you need help finding a multi-generational home? Contact Heritage Realty & Insurance for more information.

Tips to Help You Choose a Suitable Forever Home

Fri, 08 Mar 2019 21:30:09 GMT

A home is a major investment that requires careful thought. You should particularly be careful when you choose a forever home where you plan to spend the rest of your life. The following guidelines should help you land a suitable forever home.

Choose an Accessible Home

As you get old, physical frailties creep in and make it difficult to navigate difficult terrains. Many diseases that strike in old age, such as arthritis, also make mobility laborious. Therefore, ensure you will access your home easily even when you are an octogenarian. For example, a forever home on a hilltop that you must access via a steep ascent is not ideal.

Choose a Navigable Home

You should not have to labor to navigate your forever home once you get old and frail or struggle to get from one part of your compound to another. In addition, avoid homes that will involve a struggle to enter and exit different rooms in your house or perform normal household tasks. Here are some features of a navigable forever home:

The doorways are wide enough to accommodate wheelchairs
The bedrooms are on the ground floor
The stairs are shallow
The stairwells are wide
The floor is at the same level

In short, a physically frail person or a person with a physical disability should get to different parts of your house without any difficulties.

Opt for a Low-maintenance Property

A good forever home is easy to maintain. You don't want to spend most of your sunset years in the care of the home; you want to enjoy your home. Here are some of the typical features of a low-maintenance home:

The compound is just the right size; it is neither too small for your comfort nor too big to take care of (you don't want to shovel snow for hours every day).
The building materials are durable and easy to care for; for example, fiberglass or PVC (plastic) is easier to care for than wood.
The exterior materials are weatherproof and won't suffer much damage due to weather elements.
The compound has hardscaping designs instead of landscaping designs in some areas; human made features (such as pavements) are easier to care for than landscaping features.

A home is high-maintenance if you require considerable physical energy and time to maintain the home. Avoid such homes since they will weigh you down with maintenance requirements once you are old.

Consider Your Future Needs

Don't just dwell on your current needs when you want to purchase a forever home; try to gauge what your future needs might be and consider them too. For example, if you want to adopt some kids one day, buy a forever home that will fit those kids too. If you plan to start a home business after your retirement, factor in the space requirements for the business when you select a home.

Ensure the Essential Services Are Nearby

You don't want to drive for miles and miles to shop for groceries or get dental health services when you get old. And, waiting too long for emergency services to reach your place can be life threatening. Therefore, choose a home in a neighborhood where these essential services are readily available.

Ensure the Community is a Fit

Lastly, don't just focus on the home when you want a suitable forever home; consider the neighborhood and the community too. Don't forget that you will most likely spend most of your time at home as you get old. You don't want those years in a neighborhood where you don't fit well.

For example, if you can't stand noisy places, avoid college neighborhoods filled with noisy students. If you love nature, buy a home in the suburbs or a rural neighborhood where you will enjoy close contact with nature.

No detail is little when you are on the hunt for a forever home. Involve Heritage Realty & Insurance from the beginning of the hunt, and you won't take long to land a suitable forever home. Contact us today so we can discuss your needs and commence the search.

Selling and Buying at the Same Time? Keep Your Investment Safe

Thu, 10 Jan 2019 07:36:48 GMT

Moving to a new home while your old one is still on the market adds an extra level of challenges during the buying/selling process. But that doesn't mean you can't easily manage your previous home while you're moving on. What do you need to know about moving with an old and new home? Take a look at the ways that you can keep your initial investment safe.

Add an Alarm

In 2016, the rate of property crimes in the United States topped 118 per every 1,000 households, according to the U.S. Bureau of Justice Statistics. If your home doesn't already have an existing alarm, considering adding one before your final move day. This is the first step to prevent a property victimization while your home is vacant.

When you spend the day moving boxes out of the house and into the truck, you basically tell anyone who drives or walks by that your house is soon to be vacant. This gives potential burglars an easy target. An incognito move or one done under the cover of darkness isn't reasonable. But if a wood-be thief sees that you have an alarm set up, they may stay away. Most security companies will provide you with a sign or window sticker to notify others that the building comes equipped with an alarm.

Talk to Neighbors

If your neighbors know you're moving, they can be a first-line resource against potential problems once your home is vacant. If you're close to your neighbors, talk to them early on in the moving process. This gives you time for a few different asks. For example, if you need help packing or moving furniture/boxes, now is the time to ask your neighbors.

Along with help for the move itself, ask your neighbors to watch out for your old home. Depending on your comfort level, consider giving your neighbor a spare key. They can check up on your home every few days, making sure that there are no interior problems. If you don't feel comfortable handing over a key, ask a neighbor to call or text you if they see an intruder, damage, or something else that's suspicious.

Hire a Landscaper

Now that you have a second mortgage and move-related expenses to pay, the sooner you unload your first house the better. But you still need to take care of your old home, which includes landscaping expenses.

Curb appeal sells houses. An overgrown yard presents two problems. An unkempt yard lowers the curb appeal, which makes it more difficult to sell your home.

Also, while a messy yard looks bad to potential buyers, iit has the opposite effect on potential burglars. Grass that's growing wild, bushes that are jagged, and flower beds filled with weeds are obvious sign that the house is vacant - making it a prime target.

A landscaper can stop by at your request to mow the grass and declutter the yard. Try to set a regular schedule so you don't have to worry about an unkempt yard and the potential consequences.

Install Smart Features

Smart home features are major selling points. Even though you're moving and won't use these features, the next owner may pay more for a house that comes equipped with them. Along with adding value to your home, these features can protect it after you've moved:

Smart thermostat . An empty, hot house is a recipe for warped wood and other potential problems. A smart thermostat allows you to set the indoor temperature remotely, get interior environmental information while you're away, and create a money-saving on/off routine for your heater or air conditioner.
Doorbell sensor . If you don't have a security system, or you want added protection, a doorbell sensor allows you to see anyone who approaches your house.
Smart lights . Periodically turning the lights on makes it look like someone's home. Instead of using an old-style timer, a smart system allows you to remotely control the lighting.

Consider also adding smart or timed features to your home's exterior. Outdoor smart lights or motion sensor lighting can prevent a break-in or vandalism.

Are you ready to sell and buy? Or are you struggling maintaining your old home after you have moved to a new one? Contact us at Heritage Realty & Insurance for more information.

Beyond Curb Appeal: What Really Matters in a Home for Sale

Tue, 13 Nov 2018 07:35:00 GMT

Searching for your dream home can be a fun adventure, yet it can also present a variety of challenges. It's tempting to take one look at a home and make initial judgments. That's why many home sellers put a great deal of effort into a house's curb appeal.

As you look for a home to buy, you will find that many things matter more than first impressions. Empower yourself to make wiser choices when you consider the aspects of a home that truly matter.

How to Stage Your Home in the Summer

Mon, 17 Sep 2018 06:29:00 GMT

Summer is a popular time for home selling, but it can also be a challenging time. Heat can make buyers uncomfortable and can also take its toll on your property. Knowing how to stage your home at this hot time of year is important. These tips can help you stage your property and display your property's strengths at a time of year when everything can easily seem uncomfortably hot.

Top Things for Home Buyers to Consider at an Open House

Mon, 16 Jul 2018 18:29:00 GMT

Looking for a home can be an exciting time of life. Take advantage of the opportunity to look for a house that delights you by asking your realtor about open houses. An open house provides you with the chance to see a home without any commitment. Make the most of the experience by weighing these considerations every time you attend an open house.

Consider These 5 Aspects When Choosing a Pet-Friendly Home

Mon, 21 May 2018 08:45:00 GMT

The purchase of a new house can be an involved process under most circumstances. If you own a dog or cat, you may have requirements that make the process even more of a concern. Inspect the home inside and out and consider certain features that will make your new home compliant to your pet’s needs. You can ensure your new home is suitable for your pets by pondering the following pertinent home features.

Tips for Choosing the Right House After Looking at Dozens of Homes

Mon, 19 Mar 2018 21:18:00 GMT

While some people can view just one or two homes and find the perfect one for their needs, others will look at dozens of homes and still have trouble choosing one to buy. If you want to buy a house and suspect that you might need to view dozens of homes before choosing one to buy, here are some tips to help you stay organized and find the right home to buy.

4 Insurance Options to Consider When Buying a Home

Mon, 29 Jan 2018 02:09:00 GMT

You have many decisions to make when purchasing a home, one of which is what homeowners insurance you'll purchase. If you're in the process of buying a new house, here are four important homeowners insurance coverages to consider.

How a Property Manager Can Help You Save Cash

Thu, 30 Nov 2017 02:04:00 GMT

If you are thinking about becoming a landlord, you might want to consider hiring a property management company. Whether you'll be renting out a single home or an apartment complex, a property management company won't just save you time — they'll also be able to save you a substantial amount of money. Here are just a few ways in which a good property manager can have you seeing dollar signs.

5 Home Features to Look for Based on Your Lifestyle

Fri, 22 Sep 2017 14:48:00 GMT

Choosing the right home for your family requires looking beyond the color of the walls and the accents in the bathrooms. You have to carefully consider a home's layout and how it will suit your family's unique lifestyle. Depending on your family's lifestyle, you may want to look for one or more of these five features.

3 Major Hurdles It Pays to Overcome When Buying a Home

Thu, 20 Jul 2017 14:57:00 GMT

You have several hurdles to jump when you buy a home; some are tougher than others to overcome. For that reason, before you even start looking, it helps to know which home-buying hurdles pay off bigger if you succeed in clearing them.

Make the Most on Your Empty Lot Sale

Wed, 31 May 2017 14:11:00 GMT

If you’re not buying vacant land to resell, you might be doing it wrong. Investing in property lots can be a good nest egg to have in your financial portfolio. There are many ways to profit from your vacant land holdings and Heritage Realty & Insurance can help.

Long-term care Insurance Benefits

Tue, 14 Mar 2017 15:31:00 GMT

Health insurance provides security if you get sick, but only covers medical expenses. If you become injured, disabled or otherwise impaired you may need assistance beyond your medical treatment. Long-term care insurance covers this gap.

A Guide to FHA Appraisals

Tue, 17 Jan 2017 15:21:00 GMT

When a house is being purchased, an appraisal of the house is usually done. This is when someone evaluates the current market value of the house. When a conventional loan is being used by the buyer, the appraiser is concerned only with anything relating to the value of the house and property. When an FHA loan is in use, the appraiser must be HUD approved and licensed and his or her objective is to not only assess the value of the property but also make sure it is habitable. Here are some of the guidelines an appraiser follows for an FHA appraisal .

Tips for Finding the Perfect Home This Holiday Season

Fri, 11 Nov 2016 00:50:00 GMT

This holiday season, the best gift you can give yourself might just be a new house . Hunting for a new place to live is exciting because you are planning for your future. However, it is also hard work. Here are some ways you can be certain you are getting the perfect abode for you and your family.

Three Smart Reasons You Should Rent a House

Tue, 20 Sep 2016 23:14:00 GMT

Are you trying to decide if you should rent or buy a house? While buying property can be a good investment, it may not make sense for every consumer. Renting can be a wise choice with great benefits for people who may not want the burdens of homeownership. Here are just three smart reasons why renting a property makes sense.

How a Real Estate Company can Help With Commercial Leasing

Thu, 21 Jul 2016 01:09:00 GMT

When leasing out commercial space, your tenants are conducting business within the building, and an entirely different set of rules apply. You should ensure that your property is protected to the fullest by enlisting the help of a real estate company.

The Advantages of Buying Vacant Lots

Tue, 24 May 2016 14:21:00 GMT

Vacant lots can be an overlooked land investment. The truth is that vacant land offers its owner a number of financial benefits, including saving money and great potential for profit down the road. Here are some advantages to purchasing a vacant lot .

Reasons Property Management Is Important

Wed, 23 Mar 2016 17:20:00 GMT

If you’ve recently invested in a rental real estate property, both you and your investment will be much better off with the expert services of professional property management. No matter if you’ve handled your own property or tenants in the past, a property management service is sure to make your life much easier.

Five Reasons to Make Lumberton, North Carolina, Your Hometown

Thu, 21 Jan 2016 15:32:00 GMT

If you seek a place to rear your family or retire, Lumberton, North Carolina, is the ideal town to consider.