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This home has been Sold by Cathy Russell Team. Great investment property in Monticello, this home has 1092 square feet, 3 bedroom, 1 full bathroom, storage shed, play equipment, deck, porch, and ceiling fans. Schools are Twin Lakes Sr High.
There are several things to consider before deciding to build vs. improve your existing home. Do you have the cash necessary to actually improve your current home to where it will serve your needs? What changes are necessary (some improvements can be very inexpensive, but perhaps you need more square footage. In this case, building a new home is often the best solution cost-wise)? Is there room to expand on the ground level or will the foundation of your present home support a second floor? Have you considered zoning issues and permits prior to making improvements? How much equity do you have in the property? Have you looked at the existing home market to determine if there is an existing home that would serve your needs?
Take a look at your neighborhood. It's wise to improve before selling, but compare your home to the others...you never want to have the biggest and "best" home on the block and then continue to put put MORE money into it! Your decision should ultimately be based on your individual needs, the extent of the work involved and which features will add the most value. According to industry experts, buyers are always excited by state-of-the art kitchens and bathrooms.
If you ever want to discuss the pros and cons of building a new home in Lafayette or West Lafayette, we are available to you. We can work with you and a builder to make sure you get the best deal possible on a new home, and if after running the numbers it's best to stay with your current home and make improvments, we can help you with referrals to top contractors, so you get the work done right! Call us anytime!
This home has been Sold by Cathy Russell Team. Great home with 2146 square feet, living room, dining room, family room, 3 bedrooms, 2 full bathrooms, and 1 half bathroom. Home was built in 2004. vinyl private fenced yard with an extra large lot. home is wired for satelite.
This home has been Sold by Cathy Russell Team. Bank owned home with living room, dining room, family room, 4 bedrooms, and 2 bathrooms. Wonderful location! Newer windows, large tiered deck. Nice fenced in back yard.
“IRS rules qualify this property as a potential IRA ort 401k investment”.
See front page “Buy Property with IRA / 401k money”.
"Building a new home can be a pain! There are a lot of details, it's expensive, and you have to wait a long time for the home to be finished. Very few people are candidates for surviving such an ordeal."
Ever heard someone say such a thing? Perhaps you have similar sentiments yourself! We used to feel the same way. As a matter of fact, we've been involved with some quite laborious projects in order to get a home built for a client. However, it doesn't have to be that way anymore! As a matter of fact, Lafayette and West Lafayette are now home to builders who work on a completely different set of principles. In order to stay competitive builders have had to learn new ways of doing things, and we can proudly say that we help more clients build new homes than ever before!
There are still a lot of people who do not think that they have the time and energy to build a new home. The fact is that it may not be the best solution for you. Let's sit down and discuss your options. You may be surprised! New homes offer new amenities...a lot of things you just aren't going to find in older homes. New homes are often considerably more efficient, meaning they cost less to own than their older counterparts. Additionally, please allow us to show you some of your options in person, so you can at least get a look. You may fall in love! It happens over and over!
One of the builders we work with regularly has a team ready to go to work on building your home to your exact specifications. They will schedule your new home to be built in a short amount of time and after they start, they will be ready to close in less than 40 days!
Also, since we work with these builders all the time, we know about all their spec homes (homes that are finished and ready for immediate occupancy). If you're truly in a hurry, we can help you find a beautiful brand new home with immediate occupancy. Call to meet with us, and we will make sure you learn everything you need!
It's the age-old debate...first of all let's set the record straight about investing. If you want to buy an investment property in Lafayette that makes money, we can help you find it, but if you don't have a plan and criteria together you are not quite ready to find something. In other words, you need to know what you're looking for FIRST! And you need to know more than "I want to find a rental" or "I want to find a house to flip and make some quick cash".
Both of these types of opportunities exist here, and they both exist in BOTH West Lafayette and Lafayette! You can find a solid, money-making property in any town you search. It is key to know the market first of course, and this is one area where we can help you immensely. Just call us, and we will love to talk about the market with you. As far as your criteria goes, this is all up to you. We can't tell you what to buy!
What type of property do you want to find? Remember I said you need more than "...one that makes money" or "a foreclosure". However, if you want to find "a ranch style home within visibility of a high traffic road, 800-1200 sf, built between 1950-1975 for a price that will cash flow at least $200 a month" well, then now we're in business!
How do you develop your criteria? How do you know what to look for? Well, that's an educational process, and there are a lot of things to learn from us and other investors who have been successful before us. As always, we are happy to talk with you about details, and I have a number of books I'd like to recommend for reading as well. Maybe I'll publish a reading list here soon...
Til then, happy investing and keep the questions coming!
Oh yeah, one other thing: remember, if you're studying and learning the market and developing your criteria, if you're taking one step at a time and progressing carefully and meticulously, guess what. You are investing! Investing isn't all about buying, it's about growing, and one of the surest ways to STUNT your growth is to buy a property that tanks on you. It's better to miss out on a good property than to buy a bad one!
So...keep studying and keep in mind that we are here to help. We love to sell, but just as investing isn't all about buying, we're not just all about selling. Many of our clients work with us for a long time before making their first purchase...that's what we're here for, and that's what differentiates us from the other firms. OF COURSE we sell property! We ALSO treat our clients like people who have needs and real concerns, and we take every step possible (like publishing this blog?) to get you all the information you could possibly need, so you always make the most informed decision possible.
Unfortunately, Lafayette and West Lafayette are the homes of some poorly maintained rental property. We've all seen them. However, most investors know that they should maintain their property. If you are thinking about investing in property in Lafayette or West Lafayette, here are some things to consider:
If you are the owner of an investment property, maintenance is all on you. So when the tenants need repairs, you will need to have local contractors at the ready to make timely repairs, and in order to maintain a good relationship with these vendors, you will want to pay them the day services are rendered. In other words, you need cash on hand.
First, please buy a home warranty on your property when you purchase, especially if it's an older property that may need costly repairs. The yearly cost of a good home warranty is less than the cost of a furnace. It's less than the cost of a new roof. It's less that the cost of a water heater, etc, etc. Even if your property is new, a home warranty will give you an easy place to call in the case repairs are needed. Believe us; new homes need maintenance too!
Additionally, don't count on your home warranty for everything. You're not going to want to call them for every little thing, so keep a percentage of your income from rents available for repairs. What percentage to set aside will depend on the type of building you're maintaining. Typically, the older the building, the higher the percentage. This is not always the case of course...you need to use common sense.
If you ever have questions about investment real estate in Lafayette or West Lafayette, give us a call or email. We always love talking about the business!
Displaying blog entries 501-510 of 562
