PDX Renovations

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  • The Benefits of Downsizing Your Home

    While bigger is usually better when it comes to your living space, there may come a time in life when you take stock of your home and utter the d-word: downsize. Perhaps it’s that spare room that you haven’t entered in a month that triggers your reaction. Maybe your kids have finally moved out, making the house seem cavernous in their absence. It could be that the hassle of cleaning and maintaining your home has become too much. Or, the expense of living in your current home may prompt a move to someplace more within your budget. Whatever the case, downsizing your home can save you money in a variety of ways – many of which may surprise you. Here are just a few.

    You have less stuff. As with any move, you take an inventory of your belongings, and invariably pare down things you no longer use or need. This simplifies your life, and when you move to a smaller dwelling, you have less space for those frivolous purchases that often end up doing nothing but occupying space.

    Closer quarters = closer family. In a smaller home, the inhabitants are invariably forced to make spend more time together, cooperate and make compromises on space, which fosters a greater sense of togetherness than a home with lots of space where family members can segregate themselves. Downsizing your home can actually bring you closer to your loved ones.

    More quality time. A smaller home means less upkeep and often spending less on utilities and a mortgage, which translates into more time and money to devote to leisure activities that enhance your quality of life, such as traveling and hobbies.

    To be sure, downsizing your home is a major life decision, and one sometimes prompted by circumstance. But it can be an opportunity to streamline your life and eliminate space and possessions you don’t necessarily need.

  • Summer’s Coming. Now’s the Time to Sell. Why?

    Summer’s Coming. Now’s the Time to Sell. Why?

    Whoever coined the phrase “Timing is everything” may well have been referring to real estate. Deciding when to sell your home is of crucial importance. With summer soon to be upon us, there are several factors that make the season an ideal not only to sell your home quickly, but to maximize your profit. In this post, we will examine a few of these factors.

    Kids and School

    Changing schools is a major transition for children, especially in the midst of a school year. As a result, many parents prefer to move during the summer months to allow children time to adjust to a new setting before the school year begins.

    Low Inventory in Local Markets

    The inventory of homes for sale in your locale is crucial when deciding to sell, and inventory in many markets has been low. Lack of inventory can spark a rapid price growth. Low inventory can translate into more competing bids for your home, meaning you can negotiate better terms of sale.

    Longer Daylight Hours

    This one’s a no-brainer. Summer features more daylight hours than any another season, meaning your home is more visible to those on the street.  Potential buyers also have more opportunities to tour your home.

    Aesthetics

    A home is usually at its most beautiful during the summer. Gardens are in bloom, the grass is green, and all of those spring improvements owners have made frame a house in its best light. Furthermore, neighborhoods bustle with activity during the summer, creating a welcoming atmosphere for homebuyers. Or, put another way, during the summer potential buyers are less apt to be preoccupied with thoughts of having to rake leaves or shoveling a driveway.

    What are some other factors that make summer a great time to sell a home? 

    If you have a house, lot or land to sell, fill out our sell fast form.

     

  • 4 Challenges Widows Face in Keeping a House

    Women continue to outlive men in our society. Faced with less income, some widows move to more manageable housing situations but decide to keep the house and rent it out as a source of monthly income. But is this a good decision?

    This post reviews the challenges widows face in keeping a house and why a decision to sell the house makes better sense.

    1. It’s Expensive

    Just getting a property ready to rent can be an expensive proposition. Everything needs to be in working order, cleaned, and freshly painted at a minimum. Other items needing attention may require a greater investment. Services like landscaping need to be considered if the property is to hold its value (don’t expect the tenants to keep it in the shape you expect). Marketing the property, running ads, and running background checks on applicants all cost money. In short, the initial outlay of capital can be great.

    2. It Requires Cash Flow

    The landlord business requires a good, steady stream of expendable cash flow. Keeping up with the costs of repairs and maintenance can be expensive. Then, there are the problems of abusive tenants, unauthorized pets, long-term guests, and other factors that add to wear and tear greater than might be expected.

    In cases involving serious property damage, repairs and renovations can be quite expensive.

    All the above costs continue to add up, resulting in far less monthly income than previously anticipated. The fact is that most rentals make money when they sell; profiting on a month-to-month basis is a rare luxury.

    3. It’s Hard to Do

    Rentals demand a lot of time and effort from landlords. For example, tenants consider household chores like fixing a light switch of a leaky faucet that homeowners take for granted as the responsibility of the landlord. Without a man around the house, who is going to take care of these tasks? More than likely, a widow is going to have to rely on the services of a handyman, and that just adds to the expenses already discussed above.

    Other areas such as advertising the rental, screening tenants, and showing the property require time. Alternatively, one can hire the services of a management firm, but that cuts into overall profits, too.

    4. The Income is Not Always Reliable

    Few landlords are fortunate to have long-term tenants. Turnover in the rental market is frequent. Each time occupants leave, there is a period of a vacancy during which no income is realized, and added funds are spent to prepare the house for the next renter. Idle rentals can deplete needed landlord cash flow in a hurry.

    Rather than face the above challenges and take the added financial risks, a widow may be better served financially by selling the house. The income from the home’s equity could be invested in an instrument like an annuity which could make up for less monthly income in a stable and no-risk manner.

    Selling the home for cash is a good way to avoid costs associated with preparing the property for the market—repairs, renovations, and the like—real estate fees and commissions. A cash house sale can take place very quickly, freeing up equity and adding to increased monthly income now when it is needed.

    Do you think a widow should try to keep a house as a rental?

    Do you have a piece of property (house, lot, or land) you’d like to sell fast?  Fill out our Sell Fast Form and get a cash offer within one hour of us viewing the property.