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See How 1 Kitchen Looks With Different Island Lights and Stools (6 photos)

Many homeowners are cautious about going too bold in their kitchen design for things like cabinet color, countertop material and backsplash design. Which makes sense. A kitchen renovation is a big investment, and many people don’t want to regret a big design decision that’s difficult to change later…. read more

How To Opportunely Buy A Property In Any Major City

Originally published on David Taran’s website.

If you are looking to buy a property in any major city, especially if you are investing, it’s crucial that you are mindful of how strong the area’s domestic and international demand curves are. The international demand curve is what will influence the rise in prices during positive periods.

When you find a city that you believe has a lot of potential, there are a few other best practices to keep in mind before you finalize the property you envision yourself buying, whether it be for yourself or for investment purposes. Ask yourself the following questions – and if you can confidently answer “yes” to all of these questions, the property you have been looking at may be the best option for you:

Is it in an up-and-coming area?

While “up-and-coming” can often be interpreted as meaning an “okay” neighborhood, there are definitely variations of what up-and-coming is defined as these days. If there are signs that the neighborhood is actively improving, you may want to hit the sweet spot of purchasing the property before the area is completely polished up. Not only will you reap monetary benefits, but you won’t have to worry about your property being vacant for long since homebuyers will flock to your area to find their next dream home.

Does the property have a feature that makes it unique?

Just like every city is unique, so is every home. One property might be situated ocean-front, while another may be surrounded by a park. Even owning a property in a certain location, like in San Francisco, can be seen as an advantage. For every property you look at, be mindful of its unique features that set it apart from other properties around the area.

Are there reputable schools near the property?

A renowned and highly reputable school district will also be something that homebuyers will look for before buying a property. Even if they don’t currently have kids, they will want to invest in a home to settle into so that their future children will have the opportunity to get a good education. It also allows for a higher selling price since it is such a hot commodity.

Have you searched for properties in an unknown part of the city?

If you can find a property in a major area, you have found the most opportune investment. However, it is almost impossible to purchase a property in a neighborhood that every individual constantly has their eyes on. Don’t fight for these properties. Instead, look for beautiful neighborhoods surrounding these more common areas and purchase a property there. The homebuyers looking for a place in one of the major cities will begin to peruse your area once they realize how limited their options are where they are currently looking.

Small Vs. Large Homes: Size Does Matter For The Return On Investment

Originally published on David Taran’s LinkedIn.

Does size really matter? Homeowners often ask the question of what size home will potentially have the best return down the line - small or large?

Will a smaller home give you the best investment? Will a larger home provide you with a greater financial return on investment when you go to sell it in the future? While most homebuyers are focused on the size of the home, they are missing out on one crucial facet of homeownership that is just as important - location.

The physical structure of your home will depreciate over time; it is the value of the land that actually appreciates as time passes. The home itself will not have a direct impact on the increase of land value. Instead, it is these areas that will influence the majority of your return on investment:

Quality of the surrounding school district and neighborhood.

Aside from the physical features of the home, the quality of the nearest school district and the entire feel of the neighborhood are at the tops of the lists for families who are looking to settle down. If the home is in an area that will provide their (future) children with a good education and both themselves and their family with a thriving community to connect with, that will be a desired property.

Proximity to amenities.

Millennials want to buy a home that puts them close to the social and active lifestyle they crave. Seniors want to be close to the essentials - a doctor’s office, the grocery store, the bank, etc. A home’s walkability to certain amenities can have a direct impact on the value of the home.

The size of the home.

From mansions to tiny houses, the ideal size of a home has fluctuated over the years. Once, larger homes were more popular due to their elaborateness and spaciousness. Recently, tiny houses that measured in at 1,000 square feet or smaller became the newest real estate trend. Now, smaller homes are sought after again as the younger generations begin to grow their families.

The Final Verdict: Small Vs. Large Homes

When all of these factors are taken into consideration, it seems that smaller homes offer the greatest return on investment. The down payment is much smaller when compared to larger homes, which means lower debt, and they often come off the market quicker as there is a larger number of families looking to settle on small- to moderate-sized homes.

House Hunting On-The-Go: The Top Real Estate Apps

Instead of replying to texts or scrolling through Facebook while waiting in line at the grocery store or during your lunch break, use that time to productively search for your dream home. Now, you can take house hunting on-the-go with an endless surplus of real estate apps that you can download right to your smartphone.

These apps are all free to use, so don’t hesitate to go download-crazy and have as many tools available to you as possible to assist you in finding your new home. The real estate market is becoming more competitive, so having multiple outlets to search through will only benefit you in finding the right home for you before it’s taken off the market and is a missed opportunity.

Zillow

Zillow is one of the most downloaded real estate apps at the moment. It gives homebuyers a customized look into desired homes and locations. In addition to looking through high-quality images, you can also go on a virtual walkthrough of the home to see if it’s worth scheduling an in-person showing. This decreases the amount of time spent wasted at showings where the images don’t tell a true story of the home. You can also research a home’s surrounding area to find information that could affect your decision to buy, like neighborhood crime rates or the quality of the local school districts.

Redfin

One of the major benefits of Redfin, aside from its vast database of listings and detailed search capabilities, is its efficiency. The app updates its listings every fifteen minutes, which means that you won’t be unknowingly scrolling through older properties that may be close to selling. Redfin is also able to predict how fast a home is projected to be sold, so you will be able to prioritize the order of the homes you go to for showings.

Trulia

Trulia is another one of the most popular apps used by homebuyers and professionals. Trulia, like other real estate apps, offers personalized searches with detailed information about the area to help you make the most informed decision. But one of the areas where Trulia surpasses its competitors is with images. Instead of a map, you can browse through packages of photos that will show you different features you are interested in, like new, renovated kitchens or even fixer uppers for those who are interested in having control in the renovation process of their new home.

Homesnap

You are out driving around and a stunning home for sale catches your eye – how will you ever find that listing online? With Homesnap, you can take a picture of the home and learn more about it through the actual app to see if it’s a worthy candidate to schedule a showing!

If you are serious about finding your dream home, take full advantage of all of these tools that are available to you, whether you are at home or out and about.

Originally published on David Taran’s website.

A Desired Commodity: How Real Estate Prices Are Affected By School Districts

When searching for a new home, what attributes are potential homebuyers prioritizing over others? Obviously the details of the home are important: the square footage of the home, the number of bedrooms, the age of the home, etc. But there are other factors that will influence whether a home is purchased or sold. In addition to considerations like the neighborhood crime rate and the home’s closeness to important amenities, the quality of the school districts in the area also takes top priority and can actually affect the surrounding real estate properties.

More Money For Better Schools

Some families are so particular about the type of school district they enroll their children in that it will single-handedly influence whether or not they look at a home in a certain neighborhood. The home could match every quality they are looking for but, if it is outside of an esteemed school district, they may not even bother scheduling a showing.

The standard for a good school district is so high that buyers are even willing to make sacrifices if it means they can live in an area with a better school. A study done by realtor.com found that one in every five buyers would sacrifice something like an extra bedroom to be in a good district, with one out of every three buyers willing to downsize to a much smaller house.

It doesn’t stop at a spatial downsize, either. That same study found that one person out of every five homebuyers would pay between 6-10% over their original budget, while one out of ten buyers would be willing to pay 20% over budget. Depending on the market, that could be a substantial difference in what a home could ultimately sell for.

Better Schools Can Determine The Price Of A Home

Because homebuyers are so particular about the surrounding school districts, homeowners who live in one of these desired areas can sell their homes at a higher cost – the data clearly shows that people are willing to pay for it. There are two main reasons why a better district has become such a sought-after commodity:

A Focus On Education

The primary – and perhaps most obvious – reason is that individuals who either have a family or who are planning to start a family in the near future want to make sure their children are receiving the best education possible. If a better education means spending more on a home, it’s evident that people are willing to pay more out of concern for their children’s futures.

A More Desirable Property

Some individuals who don’t have children, or whose children have grown and moved on, look to buy a home in one of these areas simply because they will have a better chance at not only selling their homes in the future, but making more of a profit when they do.

This is definitely something to keep in mind whether you will soon be looking for a new home for your family or if you already live in an area with a good school district and are planning to eventually sell your home.

Originally published on David Taran’s website.

Rent Out That Extra Space And Make More Money

Have you recently purchased a new home with a little extra space? Or have your children grown and you now some extra rooms available in your house? Don’t let that unused room go to waste – rent out the space on Airbnb and make some extra money!

How involved this process is will be completely up to you. You can choose to do it sporadically and, because it’s not your main source of income, you can be selective of the renters who you choose to let into your home.

If this is something you have given thought to in the past, here are some tips for making the most of your experience:

1. Hosting Etiquette

If you do pursue this route, there are some added responsibilities that you will take on as a result. The more exemplary Airbnb hosts aim to make their renter’s stay as special and personalized as possible. Introduce yourself, make sure the area they will be staying in is tidy and equipped with the necessary essentials, and be prepared with recommendations of restaurants and attractions they should visit during their stay. Other than that, you don’t have to be any more involved unless they would require something of you.

2. Be Transparent

This is your home, so be honest when you are posting your listing on Airbnb. Be transparent of exactly what you want from a guest who will be renting a portion of your home. If you want there to be a certain period of time from evening to morning where volumes should be kept at a minimum, for example, be sure to mention that. If you are committed to enforcing a variety of rules, you will weed out renters that may not be a good match for you just through being honest. If not, you risk having situations arise that cause conflict between you and the other person.

3. Research Your Renters

You have every right to be as selective as possible in your choices. Do some research into the guests who are interested in renting your space, including their previous stays and their profile details. You can also reach out and ask them their intentions during their stay to get a feel for whether or not it would be a good fit for you.

4. Rent During The Right Times

If you don’t want to rent out your space frequently, you can wait for busier periods. If you live in a more popular area, wait until there will be a special event near you to post your listing. You can even charge more during these times as well.

Whether you decide to rent infrequently or on a more regular basis, it is still a great source of additional income!

Originally published on David Taran’s Wordpress.

Stop Using These Terms When Selling Properties

When people are looking to buy a home, they aren’t just taking the visuals into consideration. A commitment as substantial as buying a home requires more thought, more research, more scrutiny. Every word they read in a listing and every word they hear at a showing will remain in their thoughts to be analyzed later. They will be narrowing down their final choices by not only comparing pictures of their top choices, but by comparing descriptions of each home as well.

There are a few words and phrases that real estate professionals are urging that people cease using when describing a property. Finding the right words may not be a simple task, but avoiding this terminology will ensure that you aren’t setting yourself up for a loss at the onset:

“Good Value”

Saying that your home is a “good value” detracts from all of the important information that you really should be sharing. And this missing information is exactly the type of description that potential buyers want to read or hear. Instead, focus on using words that help to visually paint a picture of the reasons why someone would want to live in the home, with an added emphasis on its physical attributes.

“Luxurious”

High-end, classy, you would think that this word should be included in your description since it eludes to the home being very desirable. When you use the word “luxurious,” you are implying that there is an element of the home that sets it apart. When the buyers come to the home for the showing, they will be searching specifically for that luxurious element. If you use it out of context just to sound impressive, that letdown could ruin your chances of selling the home. This word is so frequently used anymore that now it’s lost its meaning, which means that if you truly do have a luxury home, it may not mean anything to potential homebuyers until they actually come to see the property.

“Freshly Painted”

Before you sell a home, there are renovations that are not only necessary, but will lend to an increase in asking price due to the improvements made. But you need to be selective when you are speaking about the renovations that have been completed. If you only include one renovation, like the home being “freshly painted,” the prospective buyers may interpret that as being the only remarkable characteristic about the home. If you have done more to the home, be sure to mention that.

Put yourself in the mindset of a homebuyer when you are writing or speaking about the home for sale. When you describe it, analyze the meaning behind every word or phrase that is being used and look for any disguised meanings that, when interpreted, could potentially hurt the sale of the home.

Originally published on David Taran’s professional website.

To Buy Or Not To Buy: That Is Every Renter’s Question

“Should I rent or buy?”

If this isn’t a question you have asked yourself yet, it’s at least a question you have heard debated many times. There is definitely useful information to obtain from both sides, but it really comes down to your specific life situation.

There is nothing wrong with wanting to buy a home, just as there is nothing wrong with choosing to rent instead. Don’t let anyone push their opinion on you just because something else makes more sense for their situation. 

Here are some things to consider when determining if you should rent or buy:

Does it make sense for your budget?

Would a home be your main investment?

What are the opportunity costs of renting vs. buying?

Learn more by reading the full post on David Taran’s website.

3 Questions You Should Ask Before Buying That Home

You’ve finally made the decision to purchase either your first home or another home! This means that it’s time to start the homebuying process. You’ve either experienced this for yourself or heard it from others, but purchasing a home is both a time and financial commitment. 

The last thing any homebuyer wants to feel is that they’ve made the wrong decision. There are lists of questions that you could ask, but here are 3 questions you should ask yourself before deciding which home to purchase:

Have you explored every area of the home?

Do you know what the neighborhood is like?

Do you know the house’s past?

Learn more by reading the full article on David Taran’s website.

You may not control all the events that happen to you, but you can decide not to be reduced by them.

Maya Angelou (via samxcamargo)

Networking And Why It’s Important For Real Estate Investors

Networking isn’t just for amateurs or professionals with little experience. Even seasoned real estate investors could benefit from networking with other people in the industry. Connecting with other professionals doesn’t just mean going to networking events anymore. There are other methods for getting your name out there and forming rewarding relationships with other people that share a similar passion with you.

Set aside time to attend related conferences and events.

When people think of networking, this is what they picture: a mass of business professionals listening to a lecture followed by free time to mingle with one another and talk real estate. Participating in conferences, classes, and events are not only crucial in forming contacts with valuable, like-minded individuals, they are also an opportunity for you to expand your knowledge of the industry, keeping up-to-date with the latest real estate trends and news. Stronger connections are generally formed in face-to-face interactions when you have a chance to show your personality.

Build and develop a strong online presence.

Physical interactions during networking events are important, but they aren’t the only way to build connections. Now that we live in a world run by technology, it’s imperative that you build a strong online presence as well. If you already have one, continue to develop it. This is just another place where professionals, clients, and prospective clients can get in touch with you.

Be present within your community.

At the heart of real estate investment is your community, so one of your main priorities should be becoming as personally involved within your community as possible. Consider becoming a key member of a local charity or organization. Take up space in various indoor and outdoor spaces and socialize more with active members of the community. Showing that you are invested in your neighborhood will increase a person’s trust in you, which will lend itself to increasing word-of-mouth referrals.

Become active in clubs.

Networking at conferences and events is one thing, but joining a stable, more long-term organization has its benefits as well. Consider joining some kind of real estate club. Because these individuals all share similar goals as you, it is a great way to meet people and form meaningful relationships. Many investors find mentors through these clubs and, then, eventually become mentors themselves.

Get your name out there on both a local and national level by becoming a networking pro. It is all about participating in events and building connections with other individuals both in person and online.

Tax Benefits For Homeowners

Owning a home has its perks, but with those perks also come other costly responsibilities. But if you are dedicated to being a homeowner, there are some benefits you can enjoy as a result – and they come in the form of tax deductions.

Make sure that you are taking advantage of these 4 tax deductions for homeowners this year:

1. The Mortgage Interest Tax Deduction

No homeowner enjoys looking over their mortgage statement. It’s a reminder that most of your paycheck is tied up in paying your monthly mortgage bill. And to make things worse – as if that isn’t already bad enough – for the first couple of years, that money is only covering the interest of your mortgage. But there is some good news! If you are a single filer, you can deduct interest on up to $500,000 and if you are filing jointly, you can deduct interest on up to $1,000,000.

2. Private Mortgage Insurance (PMI) Tax Deduction

There is a way to avoid paying private mortgage insurance (or PMI), but it requires that homeowners are able to make a 20% down payment when they first purchase a home. For people who can’t pay that initial fee up-front, there are some tax deductions that are available to undo a bit of that burden. As long as your household doesn’t go over a certain amount of annual income, you can deduct your premiums on your taxes.

3. Home Improvement Loan Interest Tax Deduction

If a home improvement project is on your to-do list, now might be the time to consider going through with it. If you borrow money with the intent of making improvements to your home, you are eligible to deduct the interest you are paying towards the loan. Note: these improvements can’t be counted as repairs to your home, though.

4. Home Office Tax Deduction

If you work from home, you are encouraged to claim a home office tax deduction. This will require a bit of number-crunching on your end because you will need to calculate how much you spend annually on electricity, water, internet bills, etc. Once you have that number, you deduct it from the amount of space your office takes up, which will give you the final deduction that you can claim on your taxes.

It’s important to do your research on the various tax deductions available to you! Many homeowners don’t spend adequate time investigating, which means that they are paying out more money to the IRS than they are required to. Keep as much of your money as you can by seeing if you are eligible for any of the above tax deductions.

Want more Happiness? Take charge of your life. Project Happiness teaches proven habits to increase happiness in individuals and communities worldwide. Join us.

Want more Happiness? Take charge of your life. Project Happiness teaches proven habits to increase happiness in individuals and communities worldwide. Join us.

Want more Happiness? Take charge of your life. Project Happiness teaches proven habits to increase happiness in individuals and communities worldwide. Join us.

Want more Happiness? Take charge of your life. Project Happiness teaches proven habits to increase happiness in individuals and communities worldwide. Join us.

Want more Happiness? Take charge of your life. Project Happiness teaches proven habits to increase happiness in individuals and communities worldwide. Join us.

Want more Happiness? Take charge of your life. Project Happiness teaches proven habits to increase happiness in individuals and communities worldwide. Join us.