Investment Properties

When it’s time to sell, you want the best price for your investment property. Home staging can make your property stand out. According to the National Association of Realtors, 23 percent of sellers said that staged homes received 1 to 5 percent higher offers than non-staged homes. How does home staging work? Read on to find out. 

Declutter 

Getting rid of clutter lets you dramatically improve your property’s appearance without spending a fortune. The last thing you want potential renters to see is stacks of paper and crowded counter space. Consider putting extra furniture and accumulated garage junk in storage. You can always sort through stuff later. Right now, focus on decluttering your property. 

Keep it Clean

Now is the time to do that deep cleaning. Sparkling clean rooms create a positive first impression. Make those windows shine, dust the furniture, polish the floors and steam clean the carpet. Even door knobs and light switches need attention. Let potential renters or buyers see that you take care of your property. The last thing you want them to notice is a stained carpet or a collection of dust bunnies under the sofa. 

Choose the Right Color Scheme

Your rental doesn’t have to be awash in neutral tones, but a monochromatic color scheme, such as soothing shades of blue, is usually appropriate. Prospective renters can view the home as a whole without being distracted by a particular wall or ceiling. On the other hand, you may want to be a bit more adventurous with colors if your property sits in an arts district. 

Enhance Lighting

You want every room in the property to look bright and inviting. Make the most of your available natural light by washing the windows and opening the blinds. For lamps and ceiling lighting, choose higher-temperature LED bulbs that mimic the look of daylight. Maximize the sunny effect by cleaning your light fixtures. 

Repair and Refresh

Walk through your property and take note of items that need repairs. Make sure all light fixtures and bulbs work. Refresh the living room with new sofa cushions, or update the bedroom with a new comforter. Have pets scratched or chewed on the furniture? Could the walls use a new coat of paint? Simple repairs can make a big difference when staging a home.  

Remember Curb Appeal 

Of course, people will see the exterior of your property before they can enjoy the monochromatic color scheme and spiffed-up carpet. Therefore, don’t forget to consider curb appeal when staging your investment property.  

First, stand at the curb in front of the home and look for areas that need improvement. Check the lawn, planting beds, and front entry. The exterior walls, patio, and driveway could probably use good pressure washing. Mow the lawn, pull weeds, put down fresh mulch, trim the shrubs, and paint the front door. While you’re at it, a new mailbox and doormat wouldn’t hurt. 

How does home staging work? The general contracting professionals at RH Blanchard can answer your questions and make your Boston-area investment property shine. For a free quote, get in touch today!

Are you considering a whole-home remodel? From design to building codes, there are many factors to consider. Read the following tips for a successful remodel.

#1 Decide How to Fund Your Remodel

Depending on the work involved, the average cost of a whole-home remodel ranges from $18,000 to $165,000 or more. Cash and liquid assets are a great resource for funding your whole-home remodel. However, you can apply for a loan if you don’t already have the funds.. A home equity loan lets you use your remodeled home as collateral. The main drawback is you could lose the home if your payments are late. Credit cards are less desirable due to high interest rates. If you borrow from family or friends, make sure you have a clear repayment plan. 

#2 Hire Experienced Design-Build Contractors  

Reliable design-build contractors are indispensable for a large remodel project. Your best bet is to hire an experienced and skilled in-house team. A design-build team will have an organized system and efficient workflow. On the other hand, you may want to hire individual subcontractors if you need specialized work, such as a kitchen remodel. 

#3 Choose Your Style

Now is the time to rethink your home’s style and interior design. Is there a particular style — such as farmhouse, Early American, or mid-century modern — that you prefer? Areas where people gather, such as the living room and kitchen, should have the same theme. Discuss your style preferences with your design-build contractor. 

#4 Understand the Structural Requirements

Your whole-home remodel must meet local structural requirements. Any changes to the home must not interfere with the structural support of the building. The remodel must adhere to your area’s building code and other requirements.

#5 Apply for Permits 

Speaking of building codes, you’ll want to apply for the required permits as soon as possible. You don’t want to delay your project while you wait weeks or months for permit approvals. Plumbing, electrical and structural changes are examples of projects that need permits. General contractors will often do the paperwork for you. 

#6 Budget for Unexpected Issues

An extensive remodel is almost guaranteed to run into unexpected issues. Even the best plans can be sidetracked by complications, whether it’s plumbing or foundation problems. To avoid panic, make room for the unexpected in your budget and timeline. 

#7 Factor in Utilities

Your utilities may partially determine the extent of your remodel. Water, gas, or electrical systems have requirements that may limit some structural changes. Consult an experienced contractor about utilities in the early planning stages.

#8 Plan for the Future  

Keep the future in mind when planning a whole-home remodel. For example, current and future tenants will have to live with the remodel results. Will upgrades be necessary if you sell the property in the future?

At RH Blanchard, our experienced general contracting team is ready to get started on your Boston-area remodel. Contact us today for a free quote!

You want your Boston-area apartment investment property to look its best for prospective tenants. The right update can save you money or allow you to charge a higher rent. The following upgrades can refresh your property and boost your return on investment (ROI).

1. Update the Kitchen

You don’t have to spend a fortune on a complete kitchen renovation. Instead, consider adding a few upgrades. For example, replace cabinet doors and hardware instead of installing new cabinets. Add a tile backsplash or replace an old faucet with a modern fixture. Replacing kitchen countertops can account for up to 11 percent of total rent increases, according to the National Apartment Association (NAA).

Granite countertops may be attractive, but you may not be able to recoup the cost in that neighborhood. Formica laminate is heat resistant, lasts up to 20 years, and is less expensive so it helps your ROI.

2. Replace Bathroom Vanity 

A vanity combines a mirror, sink, countertop, and a cabinet or drawers for storage. For a cost-effective upgrade, consider replacing an old, worn-out vanity with a dramatically different style or color. You can even spruce up the existing vanity by replacing the sink fixtures, hardware, or mirror frame. An upgraded vanity can improve the look of an entire bathroom.

3. Install New Flooring

Let’s face it, genuine hardwood flooring is expensive and you may not be able to recover the cost in your apartment investment property market. Laminate flooring is an attractive, cost-effective alternative. Unlike genuine hardwood, it’s moisture-proof and scratch-resistant. Small sections of laminate flooring can be replaced or repaired, and it’s easy to keep clean. 

4. Add Lighting

You can’t beat lighting for creating an appealing living space. Lighting is one of the first things a potential tenant will see when looking at your property. You can make a great first impression by upgrading the lighting. Options include

• Ambient lighting for general illumination, such as ceiling lights and wall sconces.
• Accent lighting that highlights certain areas, such as track lighting or a spotlight on artwork.
• Task lighting for work areas, such as a kitchen counter.
• Dimmers that adjust the brightness of lighting.

5. Switch to Energy-Efficient Appliances 

You can save yourself or your tenant’s money on utility bills if you opt for energy-efficient appliances. You will also increase the likelihood of finding a renter since green features are highly valued by prospective tenants. According to the National Apartment Association, up to 16 percent of total rent increases are attributable to energy-efficient appliances.

Look for Energy-Star-certified models when replacing a refrigerator, washer and dryer and other large appliances. Energy-Star products meet strict energy-efficiency standards set by the US Department of Energy and the Environmental Protection Agency (EPA).

6. Upgrade Windows 

Another potential energy-saver is to upgrade the windows. If you’ve ever felt a draft near an old window, you can understand the importance of installing new windows. When cold or warm air seeps in from outdoors, heating and cooling bills go up. 

Double-pane windows are a great choice for an apartment upgrade. They help maintain a consistent indoor temperature and keep out noise, too.

RH Blanchard can provide expert general contracting services for your apartment investment property. Request a free quote today!

You can make your investment property more eco-friendly and energy-efficient when you opt for sustainable upgrades. We’ve listed six green building design ideas in the following sections, from solar panels to reclaimed building materials.

1. Solar Panels 

Solar panels can be a worthwhile investment when you consider energy savings, rebates, and tax incentives. The greater the roof area, the greater your return on investment (ROI). For example, solar panels on a 10,000-square-foot roof can save up to $44,000 in energy costs per year. The federal tax credit will be 30% for solar panel installations in 2022-2032, 26% in 2033, and 22% in 2034. It is scheduled to expire in 2035. Many solar panels come with a 10-year manufacturer warranty and a 25-year warranty against generation loss. 

2. Rainwater Harvesting

With the water supply dwindling in many regions, rainwater harvesting is an important green building design option. As rainwater runs off the roof, it flows through drain pipes and is filtered and collected in a tank. The water is suitable for various uses, from irrigation to washing clothes. It is best to avoid drinking, brushing your teeth or cooking with rainwater, according to the Centers for Disease Control (CDC). Besides lowering your water bill, rainwater harvesting can help prevent sewer spillage during storms.   

3. Tankless Water Heater 

Instead of storing and heating gallons of water in a tank, a tankless water heater heats only on demand. It can cost up to $5000 to purchase and install, but the energy savings add up to an attractive ROI. Your energy bills can drop by 20 to 50 percent after installation. Tankless water heaters can last up to 20 years and take up less space than a traditional water heater.  

4. Energy-Efficient Lighting 

Energy-efficient lighting can be a relatively simple green building design upgrade. Simply installing LED light bulbs can reduce home energy bills by an average of $225 per year. To increase natural light, you can make other changes, such as installing skylights, glass doors, or large windows. 

5. Energy-Efficient Windows and Doors

Besides increasing light, windows and doors can also help regulate interior temperatures. Energy-efficient windows keep cooled or heated air inside the home, reducing the work of heating and cooling systems. That’s a big help when you consider that poorly sealed windows and doors lose up to 30 percent of home energy.  

If you’d rather not replace your windows and doors, you can seal them to improve energy efficiency. Caulking, weatherstripping, and glaze are effective options. South-facing windows can help heat the home in the winter. During the summer months, cover the windows with shades or curtains to keep the room cool. 

6. Reclaimed Materials  

Why not reduce waste and save money during your next renovation project? You can use recycled or reclaimed flooring, wood beams, doors, and other building materials. Ask your design-build team about reclaimed materials that can be used for your project.

At RH Blanchard, our general contracting experts can help you add green design features to your Boston-area investment property. Contact us and get a free quote.

A home renovation project involves many decisions and considerations. For example, does your investment property need interior or exterior home renovations? The following sections will help you decide which renovations your property needs.

Why Do You Want to Renovate?

Before you commit to a project, ask yourself why you want to renovate. Are you planning to sell the property soon and want to increase the resale value? Does the property need structural repairs? Maybe you just want to make the home more functional or energy efficient. Understanding your reasons for renovating will help you decide whether to choose interior or exterior home renovations.

Interior Home Renovations

Property owners often renovate the interior because that’s where people will spend most of their time. From kitchen remodeling to new lighting, interior renovations result in changes that can improve our everyday lives.

Kitchen Remodel 

One of the more popular interior renovations is the kitchen remodel. This renovation will likely add value to your property, but the cost may be more than the increased value. Kitchen cabinets alone can cost $20,000. An entire kitchen remodel may give you a return on investment (ROI) of 60 percent, with an average cost ranging from $25,000 to more than $100,000. 

Bathroom Remodel 

A bathroom remodel can really spruce up a home interior. The average cost of a bathroom remodel ranges from $6600 to more than $28,000, with an average ROI of 60 to 67 percent after resale. Materials and the project’s complexity are major factors in determining the cost. 

Exterior Home Renovations

Besides adding curb appeal, exterior renovations can improve energy efficiency and save money. Examples include new siding, patios or decks, and structural upgrades. Here are some of the more popular types of exterior renovations: 

Window Replacement  

New windows will quickly improve your property’s curb appeal. More importantly, they can end energy waste from drafty windows. New windows can make it easier for your heating and cooling system to maintain a comfortable temperature. An upgrade to energy-efficient windows can reduce heating and cooling costs by an average of 12 percent. That can mean annual savings of $500 or more. 

Door Replacement  

Door replacement is another way to improve energy efficiency and curb appeal. Old, worn-out doors can be as drafty as old windows and easier to break into. Door replacement can make a dramatic improvement in the appearance of a home. If you’re replacing your front door, consider a style or color that will refresh your property’s exterior.  

Small Repairs  

Even small, relatively simple repairs can significantly affect a property’s appearance. If you’d rather not pay for an entire kitchen remodel, try replacing the faucets or installing new lighting for an updated look. The small repairs may even give you ideas for more extensive future projects.

An experienced general contracting professional is essential when it’s time for interior or exterior home renovations on your Boston-area investment property. Contact RH Blanchard today for a free quote.

The post-construction phase is a crucial stage of a construction project. As an investment property owner, you will have an opportunity to confirm that the contract terms were fulfilled. You’ll also learn about the care and mechanics of the building, obtain relevant paperwork and address any concerns. Read on to find out more about the post-construction process.

Walkthrough and Punch List

Before the contractor wraps up the project and hands you the keys, you will complete a walkthrough of the building. This is your opportunity to examine the building and make sure that the contract terms have been fulfilled. Make a list of items that need attention. The contractor will do another walkthrough with you and make a punch list of items that need to be addressed. 

Final Walkthrough and Paperwork

After the items on the punch list have been addressed, you will do a final walkthrough with the contractor. If the completed project meets your approval, the contractor will give you the keys to the building. You should also receive a binder containing warranties and other relevant paperwork. 

Certificate of Substantial Completion  

You will then hear from the architect, who will ask if any problems need resolving. If you are satisfied with the completion of the project and the fulfillment of the contract, the architect will issue a certificate of substantial completion.  

Certificate of Occupancy

Once the certificate of substantial completion has been issued, it’s time for a local government inspection. If the building passes inspection, the inspector will issue a certificate of occupancy. As a property investor, you will need this post-construction document as proof of the following:

• Building class, such as single family, multi-family, commercial or mixed use properly.
• The structure is suitable for occupancy.
• The structure complies with housing and building standards and codes.

Operations Manuals and Training

After the project is completed, the contractor will give you an operations manual and schematics for the building. This paperwork includes blueprints that the contractor used during the project, as well as information about the mechanics of the building. 

In addition to the operations manual, you should receive any training necessary for the care of equipment n the building. It’s important to have training and written instructions to ensure that you have a clear and consistent understanding of operations..

Post-Construction Follow-Ups

You should also have follow-up visits with the contractor to address any issues that may come up. Problems should be addressed promptly according to the warranties in the paperwork binder you received from your contractor.  

An important part of general contracting work is post-construction follow-ups. Your contractor should communicate with you periodically over the two years following project completion. These check-ins let you ask questions or address concerns and allow the contractor to anticipate future needs. For example, you could discuss remodeling or renovations that may take place at a later date. 

From planning to post-construction, RH Blanchard is ready to help with your general contracting needs. Contact us for a free quote.

Buying your first rental property can be exciting as well as stressful. There are many factors to consider, from hiring a real estate agent to applying for a loan pre-approval. This blog post provides a helpful overview for first-time rental property buyers. 

1. Hire a Real Estate Agent or Attorney

A real estate agent or attorney is indispensable when buying your first rental property investment. It’s important to have a qualified professional in your corner. You will need an experienced professional working for you and representing your interests. A realty agent or lawyer knows how to negotiate prices or spot potential problems. 

Also, make sure that the person you hire has expertise in the type of property you plan to buy. For example, if you are investing in an office building, you’ll want to hire an agent who specializes in commercial property rather than a standard home realty agent. 

2. Get Loan Pre-Approval

An important step in buying your first rental property is obtaining a loan pre-approval. Pre-approval for an investment property loan demonstrates to the seller that you are serious about buying their property. It also helps you set a budget and understand what types of investment properties you can buy. Before you apply, take steps to improve your chances of pre-approval: 

• Save for the down payment 
• Have a credit score of at least 680
• Maintain a low debt to income ratio
• Have cash available for six months of expenses 
• Be able to prove your job history or income

3. Research Rental Markets 

With the help of your real estate agent or attorney, research different areas to look for strong rental markets. For example, population growth often creates a flooded rental housing market and increases demand for rentals. Other factors to consider in your research include 

• Job growth that expands the housing and commercial property markets
• Local crime rate
• Average household income
• School district 
• Average price of similar properties in the neighborhood  

4. Get Relevant Inspections

Before you sign on the dotted line, have the property inspected. It may be tempting to waive inspections to save money, but you may end up regretting the waiver. An inspection discovers problems with the property that may give you leverage when negotiating. You may want certain issues to be repaired before you buy the property. Or you may be able to use the inspection results to negotiate a reduced price. 

5. Hire a General Contractor to Get the Property in Shape

You may want to make some changes to your newly purchased rental property. It is best to avoid buying a “fixer-upper,” but you may want to add upgrades or other renovations to add value to the property. When buying your first rental property, your best bet is to hire a general contractor for a remodeling project. 

A general contractor has the necessary experience and expertise to hire qualified subcontractors, obtain permits, find the best materials for the job and carry out other relevant tasks. Boston-area rental property owners can rely on the general contracting experts at RH Blanchard. Get in touch for a free quote.

Buying a vacation rental property involves many decisions, from choosing a location to setting rates. With a projected 3.62 percent annual growth rate, many properties investors are entering the market. If you’re wondering how to make money on a vacation rental property, read the following guide for helpful tips.

Choose the Right Location

Before you buy a vacation rental property, research the location. An area that attracts tourists year-round is ideal. Does the property have a breathtaking view? Is it within walking distance of museums or quaint local shops? Whether it’s in Cape Cod or the White Mountains, your property will be easier to market if it’s in a popular location. 

Some locations, however, do not allow short-term rentals. Other areas limit the number of short-term rental guests per property, per year. You don’t want to end up paying a fine, so make sure you research regulations at the city, county, state and neighborhood levels.  

Buy the Right Type of Property

This is one of the most essential tips for how to make money on a vacation rental property. As an investment property owner, you’ll want to buy a vacation rental home that will generate income. A multi-family property will accommodate more guests than a single-family home. A spacious home with multiple bathrooms and bedrooms will allow you to charge more per night.  

Decorate and Update Amenities 

Your property should be so appealing that guests will want to post pictures of it on social media. The home should appeal to a variety of tastes, so start with a neutral color scheme. Add some décor that is relevant to the location. For example, include some nautical accents pieces in a coastal Rhode Island rental. Keep the house stocked with necessities, such as cooking supplies, shampoo, linens and paper products. 

This is not the time to skimp on expenses, so go ahead and invest in high-quality furnishings. An interior decorator who specializes in vacation rentals can give you valuable advice.   

Finally, you’ll want to include a few high-demand amenities. Guests particularly appreciate the following: 

• Pet-friendly accommodations 
• Hot tub, especially if the property has a scenic view
• WiFi Internet access 

Set Rental Rates

Setting rental rates is a surprisingly complex task. Gone are the days of fixed rates for weekdays and weekends. Today, dynamic rental rates fluctuate with the seasons as well as short-term events such as bad weather.

Start by researching comparable vacation rentals in the same area. It’s also a good idea to consult with experts in the vacation rental market. Short-term rental property management companies can help you calculate your rates by using algorithms, local expertise and other tools.  

Market Your Vacation Rental Property 

You’ve found the ideal property in a charming location. You’ve decorated, added amenities and set your rates. Now it’s time to spread the word about your vacation rental home.  

You can choose from a variety of listing sites. Some sites specialize in certain types of properties, from city apartments to remote cabins. A short-term rental management company can use SEO, social media ads and other resources to help you market your property. 

You want your vacation rental to make a fantastic first impression. At RH Blanchard, our experienced general contracting team can get your property in shape for listing. Contact us today for a free consultation.

Rental properties are an attractive option for many investors. If you are new at buying rental property, there are many considerations you should keep in mind. Before you take the plunge, read this guide to investing in rental property for beginners. 

Decide If You Want to Be a Landlord 

When you buy a rental property, you become the landlord of the property. You can hire a property manager for these tasks, but they typically charge between 8 and 12 percent of collected rent. If you are a novice rental property investor, you will likely have to deal with the following issues yourself:

• Screening prospective tenants
• Doing your own repairs on the property
• Hiring contractors for repairs and maintenance  

Research Property Location

Location is key when it comes to investing in rental property. Look for mid-range properties in an economically healthy neighborhood. Do a market analysis to find out the following: 

• Landlord-tenant laws
• Rental population
• Rental rates
• Price to rent ratio
• Property taxes
• Crime rate
• Quality school district 
• Job market growth

Get in Shape Financially

Before you start shopping for rental properties, you’ll want to be in the best possible financial shape. Lenders have stricter standards for rental property mortgages than for traditional mortgages. Here are some typical requirements for a successful rental property mortgage application: 

• Credit score at least 620, but ideally above 740 for the best terms and rates.
• Debt between 36 and 43 percent of income (debt-to-income ratio)
• Ability to pay a 20 percent downpayment 
• Savings to cover three to six months of mortgage payments.  

Income vs Expenses

During your first year as a rental property owner, a 6 percent return on investment (ROI) is a reasonable goal, with the expectation that it will increase over time. The rent you charge must cover operating expenses, which can total 50 percent of the rental income you collect. Expenses can include  

• Maintenance and repairs
• Homeowners association fees
• Homeowners insurance
• Property taxes

On the other hand, rental property owners often qualify for tax breaks on mortgage interest, maintenance and other expenses. Rental properties also often increase in value over time, so you may be able to recoup expenses if you sell the property..

Advantages of Buying Investment Properties

Although there are exceptions, real estate values are generally more stable than other investments such as the stock market.

• Rental property is a source of passive income, especially if you hire a property manager. 
• As you collect rent income, you can devote time and energy to your full-time job.
• You don’t have to pay Social Security taxes on rental income.

Disadvantages of Buying Investment Properties  

Rental property investment is not for everyone. Here are some potential drawbacks to consider: 

• Interest rates are usually higher for rental property mortgages than for a traditional mortgage. 
• As stated above, rental property mortgages are more difficult to obtain than traditional mortgages.
• Dealing with tenants can be a hassle if you don’t hire a property manager. 

If you’re a Boston-area rental property owner, RH Blanchard can help with your general contracting needs. Contact us today for a free consultation.

Does your newly purchased townhouse need renovations? Or maybe you’ve had your eye on a nineteenth-century property but wonder about renovating in a historic district. As an investment property owner, you’ll want to read the following townhouse renovation ideas. 

Before You Start 

Townhouses are often located in historic districts, and some are designated landmarks in their own right. Renovations to historic buildings must follow strict guidelines and be approved by a local authority. In Boston, for example, you must submit an application that includes an outline of the proposed renovations to the Landmarks Commission. If the property is in a historic district such as Beacon Hill or the North End, you must also apply to that district. Surrounding cities, such as Cambridge and Brookline, have their own approval processes.

Restrictions typically apply to exterior renovations that affect the building façade, such as 

• Windows 
• Porches
• Awnings
• Decks
• Air conditioner units

Still, there are plenty of townhouse renovation ideas that can work with a city’s landmark requirements.  

Mix Vintage With Modern 

You can update your townhouse interior and keep its historic features at the same time. Do you love that ornate living room fireplace but not the garish wall color and dated flooring? A fresh coat of neutral-colored paint and new wood floors create a clean look while retaining the original fireplace. 

Mixing new and vintage materials is a great way to refresh a townhouse interior. Maybe you want to keep the old wooden features while creating a more modern style. Try adding brick and steel next to the original wood for an industrial vibe. 

Maximize Light 

One way to update the look of a historic townhouse is to maximize lighting. Sometimes this can be accomplished without installing windows. For example, does the original wood staircase block the light from already existing windows? Consider replacing the closed risers and wood spindles with a minimalist steel staircase and open risers. 

Still need more sunlight? You can probably add new or larger windows, as long as they are on the rear facade. Landmark requirements are often less stringent with renovations that can’t be seen from the street. You can even build an extension from back of the building. Add large windows or steel French doors that open to the back balcony, and your townhouse interior will .  

Change Colors and Textures 

Love the layout of your townhouse but don’t love the dated color scheme? Brand new colors and textures can make a world of difference without altering the historic features of the building. For example, you can give the kitchen a clean contemporary feel with an off-white color for the walls, cabinets and countertops.  

Along with a fresh coat of paint, textures play an important role in updating your townhouse interior. A tile floor or natural wood slat ceiling, for example, can add interest to a neutral color scheme. Wallpaper, plaster and decorative trim also provide color and texture.  

When you’re planning to renovate a historic property, you need to hire licensed professionals with extensive general contracting experience. At RH Blanchard, we’ll treat your townhouse project with care. Get in touch for a free quote.