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February 2023

3 Renovation Ideas for Expensive Real Estate Markets

1000 500 Sam Radbil

When renovating a house, it’s important to slightly mirror the styles that other homes have throughout the neighborhood. In expensive real estate markets, it is common to see extremely high-end, luxurious homes with custom renovations throughout the property. Sometimes, maintaining a home in an expensive market can feel like keeping up with the Joneses. There is pressure to have perfect feng shui at all times. Additionally, if your home doesn’t keep up with the high-end style of your neighbors, you may have trouble selling your house in the future, because it will be overshadowed by the others.

To alleviate the pressure, here are 3 renovation ideas that you can implement today when owning a house in an expensive real estate market.

New Fireplace

A fireplace acts as the heart of certain living rooms. If the fireplace is outdated, it can quickly decrease the appeal to a room. To keep up with the luxurious neighborhood that your property sits in, consider adding a new fireplace. In expensive real estate markets, such as Southern California, most high-end homes have fireplaces even though it doesn’t get cold there. A nice fireplace adds value to a home and makes it easier to sell in the future.

fire burning on fireplace

You can travel as far south as Chula Vista, CA and still find stunning fireplaces in homes. Even if the fireplaces aren’t used by the residents, almost every home will have one. Certain larger homes will have multiple fireplaces! By adding a new fire, you can sell your house faster than you’d expect. You can view these helpful tips on how to sell a house fast in Chula Vista, CA. Creative renovation ideas, like adding a fireplace, help homes sell quicker than ones that are missing one.

Window Wall

Across many expensive real estate markets, you’ll find large houses in the hills with killer views. What better way to enjoy the magnificent view than through huge windows? Windows aren’t a cheap renovation but will add value to your property if there’s a great view that comes with it. Consider adding windows that will act as the entire wall for part of the house.

beige couch and armchair

Does your home have a view of the ocean or the mountains? Take advantage of that by adding wall-sized windows to a room that you spend time in. This will allow you to enjoy your property and generate a higher sale price whenever you plan to sell. You can use this tool to determine how much your house is worth after doing certain renovations. Again, remember that you must try to (slightly) mirror what other homeowners are doing in the area before committing to certain renovation ideas.

Front Door

While it’s still possible to sell a house without making repairs in an expensive market, they surely make it easier. For those that want to add a luxurious flair to their home without spending money on expensive window walls, consider adding a custom front door. There are various types of materials, colors, shapes, and sizes that you can choose from when adding a new front door to your home. This is one of the first things that people see when looking at your home from the outside.

If your property is situated in an expensive real estate market, it’s worth investing in a high-quality front door. A front door provides the first impression to potential buyers when they walk into your house. For homeowners that want an easy home sale in the future, adding a new front door will help. When adding a new front door as your next home renovation, make sure that it matches the style of the rest of your property.

3 Indisputable Reasons to Sell Your House As-Is

1000 500 Taylor Witt

If you’re considering selling your house as-is but are worried that it won’t meet the standard of other homes on the market, don’t be. While it’s a fair concern, you don’t need to break the bank or waste precious time crafting a move-in-ready property to sell. Sometimes, selling your house as it is right now is the best decision. There are cash buyers and investors that typically don’t require repairs to be completed before closing. You can learn more about how to sell a house for cash here. Cash buyers typically make the real estate process simpler, which will save you both time and money when you begin the selling process.

Below, you’ll find three wholly indisputable reasons you should sell your home as-is.

Advantages of a Cash Offer

Many home sellers prefer to work with cash buyers because the transaction is unlikely to fall apart. They have the money required to purchase your house outright without needing to find financing, limiting the likelihood of anything going wrong. If investors are interested in your property and are offering a price you’re happy with, selling your house as-is can be as near to perfect as possible. Granted, the overall sale price may be lower than if you were to complete repairs, but you’ll save yourself the hassle and be able to move on to the next chapter of your life.

100 US dollar banknote

After all, selling homes can be emotional. Relieving yourself from that burden with a cash buyer can be one of the best things you’ll do for your mental health. We Buy Houses in Denver, a professional homebuyer, stated “We oftentimes have sellers reach out to us because they’re having trouble selling their properties on the market. Typically, we can come up with some kind of offer that makes sense for their timeline.” Readers can view the homebuying strategy that We Buy Houses in Denver uses here Selling your house to a credible homebuyer in your town can remove tons of stress from the transaction.

Save Time and Money

Whether you’re moving across the country, need a quick influx of money, or simply want to spend as little time on the market as possible, an as-is sale is a great option. You can’t beat its speed. Renovations require time and patience — two things you won’t have if you’re eager to get moving. Selling your house as-is ensures you can put it on the market almost instantly. Another challenge of conducting repairs is the nasty surprises they can uncover. Often, there will be more damage than you previously knew. For example, what starts off as just replacing a sink can turn into severe water damage.

round Timex analog clock at 2:33

Shocks like that won’t just set your moving date back; it’ll cost you exorbitant amounts of money.

Meaningful repairs aren’t cheap, and the last thing you want to do is break the bank fixing a property you won’t get to enjoy in the first place. Furthermore, you want to make a return on your investment. Is there more value in knocking some dollars off the asking price or replacing the roof? Chances are it’s the former.

You Don’t Have a Mortgage On The Property

If you’ve inherited your house or have repaid your mortgage and no longer wish to own it, selling it as-is can be a great way to obtain a cash windfall. Or you can search for “house flippers near me” to see who can help you make some changes! You’ll likely make a nice profit without upgrading appliances, fixing loose tiles, or doing other renovations, especially if the property values in your area have shot up since you purchased.

4 Tips for Maintaining Good Relationships with Tenants

1000 500 Sam Radbil

A pleasant landlord-tenant relationship can make the renting experience more successful for both landlords and tenants, but building and maintaining a positive relationship requires intentional action and a proactive mindset from landlords. It’s not always easy – a recent survey of 1,500 American renters found that only 6 out of 10 renters have a good or excellent relationship with their landlord. 

The importance of positive landlord-tenant relationships. It’s increasingly important for landlords to maintain a good relationship with their tenants, and there are numerous benefits for landlords who strive to keep their tenants happy

low angle view of building

Strong relationships can reduce rental turnover rates

Landlords manage a variety of costs and high rental turnover can raise those costs significantly. Every time a landlord-tenant relationship collapses, investors must spend more to market the property, look for a new tenant, renovate and clean the property, and more. Tenants who have a strong relationship with their landlords are less likely to look for new accommodation unless absolutely necessary, but landlords don’t always take advantage of their connection to renters. Renewals can help rental property owners save time, energy, and money by holding on to renters who pay rent on time, take care of the property, and are responsive during times of emergency. 

Renters who have good relationships with their landlords tend to take better care of the property

Landlords who are hard to contact and only show up to collect rent can be frustrating to deal with. Conversely, those who get to know their tenants and communicate personally can find their renters to be more accountable and responsible in their care of the property. Building and maintaining a relationship also creates opportunities for mutual respect between the parties involved. Even when eviction or rent rises become necessary, tenants are unlikely to intentionally damage the property out of spite due to the existing relationship they have with their landlord. 

The highest proportion of landlord expenses usually go to seasonal and preventative maintenance costs. Repair costs are also significant, and they can snowball if issues are left to worsen over time. Some tenants can be concerned about how their landlords might react to their issues and can choose to lie about broken or damaged items. 22.5% of tenants admitted to lying to their landlord about things that they broke. Landlords who establish that they’re reasonable and approachable are more likely to hear about problems as they arise, which gives them the opportunity to repair damages before they get out of hand. 

Tips for building and maintaining good relations with tenants

All landlords want to develop and maintain positive relationships with their tenants but can be unsure of how they can do so without coming across as overbearing or insincere. Here are some tips that can help. 

1. Maintain open lines of communication at all times

Communication is at the core of every strong relationship and landlord-tenant relationships are no different. Landlords should ensure that they’re accessible through communication channels that are convenient for their tenants. Remote and shift workers may prefer to communicate through email or text, while older tenants tend to prefer the phone. Renters appreciate landlords who are communicative and responsive when problems arise. A recent survey shows that 72% of renters consider a good landlord to be one who responds quickly to issues. 

2. Consistently provide good customer service to your tenants

Successful landlords all recognize the importance of customer service. Consistently checking in with their tenants to ensure that they are not facing any issues, being responsive to their tenant’s needs, and promptly resolving any property issues the renter might have assures tenants that their opinions and needs are important to their landlord. This can go a long way in turning a rental property into a home for renters. 

man using IP phone inside room

3. Set clear expectations early in the relationship

Landlords and tenants use lease agreements and documents to outline the roles and responsibilities of each party early in the relationship. However, some landlords can view this as an administrative task rather than a relationship-building exercise. This can lead to misunderstandings about things like maintenance requirements, property policies, security deposit rules, and more. When a lease is signed, landlords should spend some time going through each clause and provision in the agreement with their tenant. This allows both parties to have a common and complete understanding of what is expected of them throughout the relationship. 

4. Give tenants the tools they need to take good care of the property

Once the roles and responsibilities of the landlord and tenant have been made clear, it’s also important that landlords give their tenants the tools they need to fulfill those obligations accordingly. This could be as simple as providing renters with the contact information of contractors for regular maintenance or as involved as purchasing any specific cleaning equipment for parts of the property that need specialized tools. In addition to caring for the property, information about the neighborhood and its rules can also encourage renters to be more responsible neighbors and reduce the chances of complaints from other residents in the community. 

Successful real estate investing depends on positive tenant relationships

As more Americans choose to rent properties due to remote work and improved mobility, landlords must learn to serve their needs more effectively. Building a strong and positive relationship on the basis of mutual respect and understanding can help landlords and tenants tackle issues that might arise throughout the course of a lease more effectively. These relationships can also help landlords save costs by optimizing maintenance schedules, responding to issues early, and reducing rental turnover rates.