Here's Why Renters Should Become Homeowners
For those living in Central Ohio, these issues are exacerbated by skyrocketing rents. But we at Take A Look Real Estate Brokers are devoted to helping you to change not only your mindset, but your economic reality through homeownership. In this article we will share 5 reasons why you should consider home ownership as a better alternative to renting.
Register for our It’s Time to Own It event here.
As the middle class continues to decline and as political unrest continues to create feelings of uncertainty for many Americans, a longing for a sense of security pervades the nation. For those living in Central Ohio, these issues are exacerbated by skyrocketing rents. But we at Take A Look Real Estate Brokers are devoted to helping you to change not only your mindset, but your economic reality through homeownership. In this article we will share 5 reasons why you should consider home ownership as a better alternative to renting.
When you buy a home, you receive tax benefits that you wouldn’t receive as a renter. The tax laws are more supportive of owners of homes and business. According to mortgage calculator.org, homeowners in 2019 can deduct up to $750,000 in interest expenses and exclude up to $250,000 in capital appreciation. For many people, those deductions can be helpful to take care of other expenses or to put towards education, a business or retirement in the future.
When you own a home of a similar square footage as the one you currently rent, the monthly mortgage on that home is typically less. Where the average rents in Columbus are around $1,500 a month, a home with a $130K mortgage can garner you a monthly mortgage payment of under $1,000! That extra $500 in rent that you are giving to the owner of your home or apartment of complex is increasing his or her net worth… not your’s. Think about that the next time you pay your rent.
When you pay your mortgage, though you are giving it to your mortgage company to pay back your loan, you are still building a nest egg for yourself for your future. If you purchase wisely, at the point that your property increases in value, you then have equity. That equity can be used to purchase another property, to put towards education or retirement or even help you fund a business opportunity you have dreamed of. When you own, you are paying yourself. Remember that.
Neighborhoods that are populated by owners are better for the community. Compared to neighborhoods where consistency in upkeep and maintenance may be sub-par, owner filled communities tend to better maintained and cared for to a higher standard. Owners, take… well… ownership of their properties and yards. They understand that the upkeep will affect their investment and their futures. So they take great initiative to resolve the issues that arise. Also, in neighborhoods filled with owners, members pay closer attention to the traffic, the people, the children and the elderly with a little more care. Therefore, you are likely to feel safer and more secure than you would in a neighborhood of temporary renters.
Sometimes times get hard. Layoffs and medical concerns can create periods of a slower influx of income. Because of that paying, paying your monthly expenses could be a bit harder than in times of stability. Understandably, landlords aren’t always so forgiving of late payments, because often they are depending on the rent payments from their tenants to pay off mortgages of their own. In those cases, in Ohio, it only takes 3 days to get a notice tacked on your day and a request for you to pack up and move out. However, when you own your home, you get to buy yourself a little more time. Your payment might be due on the 1st, but by the 15th or even the 30th, no one is rushing to your door to serve you with a notice to vacate if you have not made that mortgage payment. This allows you greater freedoms and flexibility to reorganize your budget and find a creative solution for raising the money to get current.
Come on out to our “It’s Time To Own It” events on Saturday March 23, 2019 from 2:30 to 4:30 pm and on Wednesday March 27, 2019 from 6:30 to 8:30pm to learn how you can begin the process towards home ownership. We’ll have great speakers and you’ll be educated on getting credit and cash ready to purchase. You’ll hear from our agents, title agents and other real estate experts on everything from loans, to inspections, to appraisals, to closing expectations. To get registered click here and we look forward to seeing you at our brand new office at 2957 Stelzer Road!
4 Ways to Prepare Your Home for Airbnb Rental
As the trend continues for real estate investors to transition their home from lease contracts to Airbnb rentals, owners are discovering higher monthly returns and less hassle with their investments. But there are a few things that an owner needs to do in order to become the kind of host that receives consistently high reviews for their property stays. In this article, we are going to share four surefire things you can do to prepare yourself to be a successful host on the Airbnb platform, while earning you some extra bucks in the process.
Learn how to style up your space for Airbnb rental!
As the trend continues for real estate investors to transition their home from lease contracts to Airbnb rentals, owners are discovering higher monthly returns and less hassle with their investments. But there are a few things that an owner needs to do in order to become the kind of host that receives consistently high reviews for their property stays. In this article, we are going to share four surefire things you can do to prepare yourself to be a successful host on the Airbnb platform, while earning you some extra bucks in the process.
Update YOUR Property.
Yes, Airbnb guests want the experience of being in a home. But let’s make a distinction here... they want a nice home experience. When someone spends their hard-earned money on a place away from home to lay their head, they have certain expectations. One of the expectations is a place that is well put-together and aesthetically pleasing. If your budget doesn’t allow for full renovations, at least make sure that your home looks updated, fresh and stylish. A can of paint, yanking carpet from nice hardwood floors and adding some stylish accents (pillows, art and end tables) can do wonders for a home. At a loss for how to decorate each room? Think of each space in themes like coastal or glam or farmhouse chic. Turn on HGTV and check out some of the small, yet inexpensive ways that you can transform your property.
Provide Some Amenity.
Providing amenity does not have to be an expensive venture. Amenity for an Airbnb guest means allowing them to have things that they need and would expect at a hotel, or better. If your house has a full kitchen, with clean appliances obviously, provide additional things such as a a coffee pot with coffee and tea. If you can afford a Keurig, that would be better, less frustrating and easier solution. Keep the cabinet or pantry stocked with seasonings, cooking oil, dishes, wine glasses, eating and cooking utensils and pots and pans so that they can save money by cooking in. Also, keep cleaning products under the sink with some dish towels and leave a roll of paper towels under the sink. In the bathroom, have a couple of bottles of travel-sized soaps, shampoos, conditioners, toothpaste and some unwrapped toothbrushes. Have some bathroom cleaner and a sponge in the linen closet for their use. Also, a plunger and toilet brush, clean and neat, hidden behind the toilet will be very helpful for them. Have enough toilet paper stocked for them and include a bath mat or towel so that they don’t slip on the floor after their bath or shower.
Clean Your Home, But Be Efficient.
The best thing you can do is to keep a cleaning supply closet that’s locked when guests are present. Keep it stocked with a broom and dustpan, a mop and bucket, bleach, all surface cleaners, window cleaner, disinfectant sprays and wipes, cleaning towels, paper towels, furniture polish, bathroom cleaning soaps and a vacuum cleaner. You can also store additional items that you will replenish after each stay such as bath soaps, laundry soaps, fabric softeners, dishwashing liquid, toilet paper and travel size toiletries in bulk. Make sure that you clean every corner of your house. From the floors, to the walls and counters, deep cleaning is required, particularly in the bathroom and the kitchen where water and dirt create nasty build-up. Clean your appliances inside and out. And make sure to wipe down window ledges and blinds. These are crucial areas to focus on to garner great reviews.
Linens, Linens, Linens.
When hosting an Airbnb rental, linens are extremely important. Not only do you want a nice looking bedspread and pillows, you also want to make sure that you have good quality sheets. But washing one set of sheets after every checkout would be incredibly time-consuming and inefficient. The best thing to do is to have four or five sets of sheets and pillowcases per bed in the home so that you only have to drop them in the washer and dryer once a week. You also want to do the same for towels. You’ll probably want to have about five sets of body towels, hand towels and face rags for every 1 bedroom in the home. Wash all your linens thoroughly with fragrance-free detergent to prevent your guests from having allergic reactions. A great, liquid fabric softener will keep them in good condition. Fold them nicely and store them neatly in a clean linen closet or drawer for easy access.
Extras
You definitely want to make sure to have a fire extinguisher in the home and to assure that your smoke detector is in good working condition.
Make sure all light bulbs work and keep some extras in your cleaning supply closet.
All windows should have blinds or curtains for privacy.
Leave a welcome check-in letter for your guests with instructions for the house. Let them know where they can find the items that they need, how to use cool appliances and how you can be reached for an emergency.
A couple of other things to consider would be snacks. Grab a big bag or box of cookies, crackers and/ or chips and leave a basket full on the counter for guests to snack on. Just refill them after each check out and store them away for the next check-in.
Snag some local attraction and tour pamphlets from a local hotel and keep them in a nice neat rack or basket in the living room. This will give your guests the opportunity to know what’s going on in the city and to experience some of the local attractions. You might want to include a binder of local area restaurant menus so that they can go for a meal or order take-out.
