7 Things to Consider When Buying Rental Property

ust like buying a primary home, investing in a rental property requires a lot of consideration, research, and decision-making to guarantee a positive return of investment. Though these tasks may seem daunting to a first-time real estate investor, they are essential to making sure your property will generate the revenue you desire.Real estate investing requires an investor to remain unbiased when searching for a property and staying within means of their investment range. Here are seven of the top items you should consider when you are shopping for your first rental property.

Neighborhoods

The quality of the neighborhood in which you choose to buy will influence multiple factors of your investment's profitability, vacancy rates, and re-sale value. For example, if you purchase a property in a college or university town, you may need to account for the higher possibility of vacancy rates in the summer months and more tenant turnover.

Schools

Schools are a huge factor on homebuyers' and renters' want lists. 91 percent of homebuyers cited school boundaries as a deciding factor in their home search, according to a Realtor.com® survey. Even though your renters may or may not have school age children, school quality affects your home value and will affect your re-sale value when you decide to sell your rental property. Click here for ways to determine whether your potential property is located in a quality school district.

Job Growth

Job growth is often a good indicator of the need for rental property. Employment opportunity typically means a greater need for local housing and rental opportunities. To find out how a particular area rates in employment and job growth, visit the U.S. Bureau of Labor Statistics.

Future Housing Development

The amount of new builds, both residential and commercial, is also a good indication of economic health in the area. Visit the local municipal planning department for information on new developments that have been zoned in the area. Keep in mind that while these new developments are great for economic growth, certain builds like new condos or apartments could provide competition for your renters.

Vacancy Rates

Just like residential real estate, rental prices work on a supply and demand model. Higher vacancy rates typically force landlords to lower rent to fill up their properties, while low vacancy rates create higher demand, allowing for increased rental prices.

Amenities

Proximity to local amenities is an important factor to the success of rental property, regardless of your target market. Check into the distance of malls, parks, gyms, pharmacies, grocery stores, etc. from your prospective property. The convenience of location will be a great selling factor to renters.

Rent

This factor is a no-brainer. You will need to determine whether the amount you are able to ask in rent will be enough to cover costs of the property, including the mortgage, taxes, insurance, maintenance, etc. Do some research of other rental properties in the area to see what the going rate is for similar properties.

If you're interested in buying an investment home, download our free Investment Guide for more information on buying a successful investment property.

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Neal Paskvan is a full time Realtor specializing in Downers grove, Darien,Woodridge, Westmont and Du page county Real Estate

What Buyers Should Know About Home Inspections

For many first-time buyers, buying a home can be a scary experience. They know they'll be maintaining or improving a home with little to no maintenance experience, so the solution is to buy a home in perfect condition. So they hire a home inspector to point out all the flaws.

The problem is -- no perfect home exists. Air conditioners break, plumbing pipes leak, and roof tiles blow off in the wind.

If you're buying a home, start with a reasonable expectation of what home inspectors can do. Their job is to inform you about the integrity and condition of what you're buying, good and bad.A home inspection should take several hours, long enough to cover all built-in appliances, all mechanical, electrical, gas and plumbing systems, the roof, foundation, gutters, exterior skins, windows and doors.

An inspector doesn't test for pests or sample the septic tank. For those, you need industry-specific inspectors.

Here's what else you need to do.

1. Make sure the inspector you hire is licensed. The responsibilities of home inspectors vary according to state law and their areas of expertise.

2. Ask what the inspection covers. Some inspection companies have extensive divisions that can p can provide environmental for radon and lead paint. Be prepared to hire and schedule several inspectors according to your lender's requirements and to pay several hundred dollars for each type of inspection.

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Does Living on a Main Road Affect Your Property Value? | Home Guides | SF Gate

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LOCATION LOCATION  does Living on a Main Road Affect Your Property Value?

ng and selling homes can be tricky business. As if it isn’t difficult enough finding an affordable house that fits your needs, it needs to be on the right piece of property. That property needs to be located in a safe, well-maintained neighborhood that’s a reasonable distance from employment centers, and the house needs to be attractive to other buyers so it can be easily resold in the future.


Buyers who pass on homes located on well-traveled roadways generally have one of two concerns: the safety of their children or the constant noise generated by passing vehicles. Additionally, it could affect the view. Obviously, not every home buyer has children young enough to haphazardly wander into the paths of oncoming vehicles, and the traffic flow on even the busiest streets usually thins out to just an occasional car or two during overnight hours. Nevertheless, this can still be a factor. Like any other product, when the public’s interest wanes, the price drops.

Top 10 tips for downsizing - Style At Home

Whether you're an empty nester moving from a house into a condo, or a renter trading in a two-bedroom for a studio, you'll have to say sayonara to some of your stuff. Stressed out by the prospect? Don't be. Sarah Moyse and Jennie Davidson, Toronto-based moving planners and owners of Wren Designs, offer 10 tips designed to make downsizing a snap!

1. Write a list of all the items you love and can't live without; it will help you bid adieu to things that didn't make the list. “It's hard to persuade people they can't take everything with them,” Sarah says. “But by keeping what's on your wish list, you won't be upset about the things you can't keep.”

2. Start thinning out your belongings at least three months before the move.Take some time each day, or one morning each week, to go through that jammed coat closet or overflowing filing cabinet. "Paper is the real killer," Jennie says, so tackle it one box at a time. The same goes for photos, which require a lot of attention.

3. Get a feel for the size of your new rooms by comparing them to rooms of similar dimensions in your present home. For instance, your living-room-to-be might be roughly the same size as your current bedroom. You may think you can squeeze in two sofas, but this kind of reality check could help you realize that only one will fit comfortably.

4. Heavily edit areas with items that don't have as much sentimental value.Take the kitchen, for example; most people don't need 10 mixing bowls and won't get teary-eyed over losing a second spatula. If you're downsizing from a house to a condo, target the garage. Snow shovels, the lawn mower, ladders - you won't need any of them.

5. Don't throw anything in the garbage. Recycle, reuse, sell and donate instead. As tempting and easy as it is to pitch wire hangers, musty clothes and shabby furnishings, be environmentally responsible and find a home for everything. A can of Comet with a few shakes of powder left could make someone else's sink sparkle if you don't want it; consider giving supplies to a shelter, neighbour or cleaning lady.

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Snow Blower Maintenance Tip - ConsumerReports

Unless you’re a skier, poet, or school-age kid, snow is a downright nuisance—especially with back-to-back storms like certain regions of the country are getting this winter. But even if you’re keeping up with your snow blower’s maintenance, there’s an extra chore that, if ignored, could affect how ready you are for the next onslaught. It’s as simple as cleaning your machine after clearing your driveway.

A little bit of snow left around the auger and snow-blower chute might not be a concern even if you store your snow blower in an unheated garage or shed. But if packed-in snow freezes into a block, you’ll need to chip it out before you can run the snow blower again.





Neal Paskvan is a full time Realtor specializing in Downers grove, Darien,Woodridge, Westmont and Du page county Real Estate











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 Neal Paskvan is a full time Realtor specializing in Downers grove, Darien,Woodridge, Westmont and Du page county Real Estate

Bacteria Alert: How To Easily Clean A Jacuzzi Bathtub Or Whirlpool Tub (Hot Tub Bath With Air Jets)

Sure, you can clean the bathtub itself, but once you start up the air jets all kinds of nasty looking bits and specks will come floating to the surface if you don’t properly clean the jets themselves and the interior plumbing system.
That’s right, the jets and pipes behind your jet tub can quickly become contaminated with all sorts of infectious bacteria — some you can see, and some you can’t see!

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Neal Paskvan is a full time Realtor specializing in Downers grove, Darien,Woodridge, Westmont and Du page county Real Estate

Spring Maintenance - checklist, spring home maintenance,

Too many homeowners believe spring maintenance is all about the cleaning. Sure, spring cleaning comprises a big chunk of any spring home maintenance schedule, b

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Neal Paskvan is a full time Realtor specializing in Downers grove, Darien,Woodridge, Westmont and Du page county Real Estate

Major credit agencies agree to changes

Medical debts won't be reported until after a 180-day waiting period to allow time for insurance payments to be applied. People who contest items in their credit reports will recei





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Neal Paskvan is a full time Realtor specializing in Downers grove, Darien,Woodridge, Westmont and Du page county Real Estate

New Construction = New Competition | Keeping Current Matters

For the last several years, home sellers had to compete with huge inventories of distressed properties (foreclosures and short sales). The great news is that the supply of these properties is falling like a rock in the vast majority of housing markets (only 11% of homes sold in January). Many homeowners are now thinking of selling as the impact of this substantially discounted competition has disappeared.

However, every seller of an existing residential property must realize that there is a new form of competition in the market: newly constructed homes.

According to the National Association of Realtors’ Profile of Home Buyers & Sellers new home sales accounted for 16% of all homes sold in 2014. The graph below shows the top 5 reasons that a buyer would choose new construction over an existing home.

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Neal Paskvan is a full time Realtor specializing in Downers grove, Darien,Woodridge, Westmont and Du page county Real Estate

4057 Glendenning Road Downers Grove, IL 60515

4057 Glendenning Road Downers Grove, IL 60515

Neal Paskvan is a full time Realtor specializing in Downers grove, Darien,Woodridge, Westmont and Du page county Real Estate