Tag: #affordablehousing

The Fall Market is the One for You

Posted on | by Allison Zuck

The real estate market doesn’t always have the best track record in the fall. However, there are a few reasons you should consider buying your house in the fall.

First, less competition. Because most people don’t have much faith in the fall market, you won’t be competing with dozens of other buyers (hopefully)! That way, you’re able to take more time to decide, making sure that you get the house of your dreams!

Second, you’re in a better spot for negotiating. If you’re looking at a house that failed to sell this summer, chances are the owner is tired of having that property still on the market. You can use that to bargain for a price that fits your needs, as well as those of the seller.

Third, all the holidays are coming up. You’re not the only one who wants to be home for the holidays! The seller will also want the stress of an unsold property off their plate. If you finalize the deal in the fall, neither of you will have to worry about it interfering with your holidays!

Fourth, buying in the fall sets you up well for furnishing at the end of the year. Not only do you get end-of-year sales to shop, you also get to have a little bit to prepare for all the Black Friday deals. After all, you can live without a dream piece of furniture or appliance for a month if it means you get a great deal!

So, if you’re still looking for a house, don’t despair! Fall will still offer you fantastic real estate deals!

Rental Costs

Posted on | by Allison Zuck

It can be hard to figure out how much to charge for rent. You want to make a good amount of income off your rental properties, but if you charge too much per month, tenants will look for better deals with other landlords. You’ll need to walk the thin line that makes sure you don’t overcharge or undercharge.

Figuring out how to price rentals

One of the first things you can do while pricing out your properties is look at the value of other rentals in your area. This is called looking for the market rent. There are a few ways to learn what the market rent is for your area. First, you can look on websites like apartments.com to get an idea of places in your area. You can also call any properties where you see a rent sign to see what they are charging. Just remember, the price that you are going for should be similar to properties that have a similar floor plan and amenities. You can also tour nearby rental sites and decide if your rent should be similar to what they are charging.

You can also double check your rent based on your occupancy rates. Occupancy rates are just how much of your space is rented out. So, if your rates are lower or higher than your area’s average, you may need to readjust your rent. If your space is fuller than most units in your area, you may be able to charge more for rent, while, conversely, if you have trouble filling up your building, you may be charging a bit too high.

One other thing you can always do is ask your property manager. They may have a handle on the current rental rates in the area. Make sure to double check the information they give you, as your property is still in your control, though. They may also have ideas for how you can improve your property to raise rent more.

How much to actually charge

First, look at the minimum you could possibly charge on rent. This will cover the expenses of the rental, while also covering any debt or emergency funds. You need to also be putting money in your pocket, so if you add up how much each of these cost, you can figure out the minimum you need to be charging.

Second, look at the maximum rental price. Try to find properties that are affordable for the most amount of tenants. Cater to the types of tenants that are reliable and will not cause many issues.

Lastly, look at how many square feet your apartment has. You can’t charge the same price for an apartment that is 200 square feet smaller than another, even if they are both one bedroom. Make sure your price is fair for the amount of space you are offering.

Deciding on your rent is a difficult balance, but with these tips, you should be able to find the right price for your properties.

To learn more, check out the article that inspired this blog: https://www.biggerpockets.com/blog/how-much-to-charge-for-rent

Real Estate in Atlanta

Posted on | by Allison Zuck

Atlanta is a fast growing metropolitan area, with a cultural mix of sports, art, entertainment, and nature.

What a Healthy Real Estate Market Looks Like

First, the market needs to be in a growing population. A good indicator of a growing population is whether there are a good amount of jobs available. If jobs are available, people will relocate to them. However, with COVID, more people are working remotely, so they could be moving to their dream location. Growth is not the only scale to be aware of, though, as market affordability is very important. Comparing median house prices and median incomes nationally and in the area will show if your investments will be worth it.

Atlanta’s Market

Once you know what a general healthy market looks like, you can locate great deals in the Atlanta area. Here are a few tips to get you started:

  1. Look for a growing population. Many young people are flocking to Atlanta, and they aren’t ready to commit to owning property yet. This helps boost the rental property needs in the area. For example, by 2050, Gwinnett County will have one of the largest populations of all other counties, besides Fulton County.
  2. Look for more affordable neighborhoods. While Atlanta’s housing market is typically more affordable than other large cities, it does have more desirable areas. Instead of investing in real estate in established neighborhoods, invest in lesser known areas, near jobs that people will be moving to.
  3. Look for the jobs. Jobs are growing in Atlanta, and, therefore, it’s important to invest in property in the area. People can’t work a job without a home to come to every night, and therefore, investing in locations with jobs near by will make the renters flock to you.

Atlanta has many opportunities for investors. With the growth Atlanta is experiencing, the market could be yours!