Shrewd residential real estate investors know how to choose effective home renovations for their properties. A new kitchen, new bathrooms, or a window upgrade – all these generally add considerable value to the property, while also improving your monthly cash flow as an investor. Wondering whether Boston home renovations are worth investing in? Keep reading to learn the advantages of putting your dollars into this particular market.(more…) Read More
Despite the fact that Boston has the third-highest rental costs in the US, demand for quality rental housing is perennially strong. There are many factors to consider if you’re deciding whether to renovate an investment property or start home remodeling in Boston, and these pros and cons can help you consider such a project.
Con: Remodeling Cost Is High
Especially in an area with expensive housing costs like Boston, a remodeling project can feel like an unending list of bills to pay for contractors, materials, licenses, carrying costs, and of course, unexpected expenses. This can be especially true in remodeling an older home or doing extensive renovations. Some remodeling projects can also be very time-consuming depending on the extent of the work being done. That doesn’t even take into account added time due to supply delays, contractor and labor scheduling issues, and even weather problems. In addition, you may face unexpected expenses as a result of issues discovered during the remodeling process or changes in the original plan of work to be done.
Pro: Strong Return on Investment
Because housing costs are so high in the Boston area, an owner who does a smart, careful job on a remodeling project should see a return on that investment in a short time. Renters and buyers are choosy, even in a tight market, and your investment in quality remodeling should pay off in higher rental and sales rates. Buyers and renters are willing to pay more, however, if remodeling choices result in designs and amenities that appeal to them.
Con: Bathroom and Kitchen Remodels Can Cost the Most
Because of their function and complexity, bathrooms and kitchens can be the most expensive rooms to remodel in a home. These spaces require skilled workers across many of the trades including plumbing, electrical, carpentry, tiling, and more. This results in more workers and associated costs. These are also spaces that require a lot of specialized materials and supplies, all of which add to the total expense.
Pro: Bathroom and Kitchen Remodels Add the Wow Factor
Time after time, results show that good bathroom and kitchen remodels can be the special features that make a property move. There’s something really delightful about a clean, fresh kitchen and bath that gives an entire home some added appeal.
Con: Remodeling Costs Can Outweigh Earnings
It can be easy to let a remodeling project get out of hand, adding more and more to a project until it’s become an overly expensive money pit. It’s often tempting to keep finding additional upgrades to make during a renovation project, adding time and expense overall.
Pro: Careful Planning and Quality Contractors Can Save You Money
Working with quality contractors and carefully planning a remodeling project can save you money upfront, increasing the odds of a strong profit in the end. Of course, there are unexpected problems that can turn up during renovation that require attention, but the scope of a remodeling project should be well defined at the start and changes carefully evaluated.
Con: A Remodeling Project Can Be Stressful
A remodeling project can be a very stressful time. A lot of money can be at stake, and there are many unknowns including the time required to complete the project, the possibility of encountering unknown problems, and worries over successfully renting or selling the property when work is completed. In addition, coordinating the work, workers, schedules, and expenses can be an overwhelming task.
Pro: A Good Contractor Can Reduce Stress
Hiring a quality contractor to oversee a remodeling project can provide you peace of mind while the work is done. Experienced contractors can identify small problems and resolve them before they become large issues, are used to coordinating complex projects and have the knowledge to make sure every detail is taken care of.
Contact us at R.H. Blanchard today to discuss remodeling your investment property and home remodeling in Boston.Read More
For those who are looking for their first rental property investment, diversity in the market only serves to confuse them. There are just too many variables to the equation that leads to a successful investment. However, fret not, because we are about to show you some of the best types of property investment opportunities in the rental market. Buying a property at the right price and in the right location ensures that you’ll receive a steady stream of passive income monthly while assuming the lowest risks possible.
These homes are especially attractive to young families. A recent report by Forbes showed that single-family homebuilding rose 11 percent in December 2019, the highest ever since 2007, which was before the economic crisis.
To be more profitable, pick homes that have sound structure but require a bit of renovation. These homes will be priced much lower than the current market rate. This is to provide you with a protective cushion in case the market value takes a dive. Once renovated, this type of home can bring you steady income for years to come, provided you pick an established neighborhood that provides values to the renters.
Single-Tenant Triple-Net Properties
This type of property is perfect for investors who don’t have the time to actively manage the property. Basically, you’ll lease out your property to a single tenant. Most of the time, the tenant will be a company and they will be responsible for all expenses related to the property. The typical lease terms are from 10 to 25 years, renewable. If you have KFC, FedEx, or Ford as tenants, you’ve hit the jackpot.
For those with more ample funds to invest, middle-class apartments are synonymous with security and prosperity. These apartments are often in their best conditions with little management required, and they attract well-behaved highly-educated tenants, which is a landlord’s dream come true.
To learn about the best types of property investment opportunities, contact us at R.H. Blanchard today.Read More
An ideal rental property has positive cash flow, isn’t a headache for the owner-investor, and is attractive to quality tenants. Here are factors for real estate investors to decide how to choose a rental property to purchase.(more…) Read More
Investing in real estate can be a rewarding experience if done correctly. While there are no specific guidelines that can guarantee you success, there are certain tips that will surely set you on the right path. These are real estate investing tips and tricks that have been garnered from the years of experience of professionals in the field of real estate investing.
Read on to learn more about 8 useful tips and tricks to help you in your journey of real estate investment.(more…) Read More
Boston Seaport is a thriving community on the city’s famed harbor. However, as recently as 2010, most of the area was a wasteland primarily consisting of parking lots and decrepit piers. A city-led “work/live/play” initiative announced in the same year spurred the area’s development. What had been approximately 1,000 underused acres now bustles with the activity of restaurants, retail outlets, corporate offices, hotels, and parks in fulfillment of the “work” and “play” components of the initiative.
Investing in a multifamily construction property may seem like something that is out of your league but actually may not be as far-fetched as you think. With perseverance and careful planning, it is a great opportunity. With about 64% of the Boston population renting their living spaces over owning it outright, this is a great opportunity to invest in the beautiful city.
Here are 4 fantastic reasons to invest in multi-family real estate and why R.H. Blanchard Contract & Design is a great company to partner with for your construction needs. (more…)Read More
Investing in new building construction is the next big niche in the real estate industry. Instead of purchasing an old house to flip, many more investors are buying new buildings. Instead of purchasing the property from another investor or the homeowner, you’re buying it directly from the building’s creator. Investing in these “real estate new builds” is proving to be a strategy that yields profitable returns.Read More
Several of Boston’s centuries-old properties still stand today and are suitable as private investment residences, though they may require building rehabilitation. Each of these five properties has a unique historical significance.Read More
Investing in residential real estate can be a great way to earn impressive returns and build substantial equity over time. However, once you have decided to put your investment monies into the residential real estate market, it is time to decide whether you will focus on single-family or multifamily investing property types.
Single-family residences, commonly referred to as SFR’s, are typical detached homes that traditionally house only one family. These properties come in all shapes, sizes, and price points. On the other hand,multi-family residences are those that have several units in one building, such as a fourplex or apartment building.
Here is a quick rundown of some of the benefits and drawbacks of each, to help you make an informed investment decision.Read More