One of the most crucial traits that any successful real estate investor must possess is the ability to spot a good opportunity. And in a market as volatile as real estate is these days; that’s not always easy. Keeping your hand on the pulse of the latest real estate development trends is a complicated thing. But there is one strategy that is always consistent in its success: becoming a student landlord.
Obviously, most landlords don’t feel comfortable renting to people who have probably never lived by themselvesin their lives; which is certainly correct. But despite such legitimate concerns, if you invest in a university-adjacent property, you could actually net quite a tidy profit. On average, a house that’s near a college campus can give you profits almost 40% higher than the same house in a different neighborhood. That’s precisely why we’ve prepared a guide for you right here!
The Benefits of Investing in Student Housing
Let’s face it – millions of brand-new students enroll in universities each year, all over the country. That’s why college towns are actually one of the most certain real estate investments when it comes to residential rental properties. You’ll never lack demand, as campuses will provide a source of new tenantswhenever you need them. And all of that competition will drive rents higher, which is great for property owners.
So, if you’re looking to shore up your retirement strategy and expand your portfolio as a real estate investor, this is a great opportunity for all that and some neat passive income that doesn’t require much input past the initial investment. Andif you’re an investor who can’t boast with a huge marketing budget, all the better! Being a student landlord means your tenants will basically find you.
This is a good idea for people who want to sell their home in a college area and move somewhere else as well – a great way to enter the real estate game! Just calculate your moving expenses in advance, and use the remainder of your disposable income to spruce up the place. You’ll soon have college tenants knocking on your door. And then, instead of selling your home, you’ll have a constant influx of steady profit.
Rental Demand
So, just how good is the demand when it comes to rentals in college towns? The official statistics show that you definitely won’t be wrong in renting out student housing, from that perspective. Two years ago, The College Board published a study dealing with the average life of an undergraduate student. And one of the interesting pieces of information is the fact that almost 45% of students don’t live on campus. Obviously, these numbers slightly differ between private and public universities, with more people living on campus in private universities.
So, before you decide to sell your propertyfor a tidy profit, consider renting it out long-term to college students, gaining a respectable source of steady income in the process. And if you’re scared that this trend of high demand in college areas will change over time, you can rest easy! Earlier studies show that this is a trend that has been one of the most consistent ones in the entire real estate industry, even throughout the mortgage crisis of 2008!
Sure, rental demand in college towns sees tiny fluctuations throughout the academic year, but college towns still produce a consistent stream of housing demand; not just from students, but from the accompanying staff and professors.This makes such areas extremely attractive for mid-range investors.
High Rental Yield
There are quite a few reasons why real estate investors are attracted to such a rental niche, but the main one is simply that it pays consistently. With the constant high demand in mind, it’s no wonder that college rental properties don’t have problems generating quite a steady cash flow for their owners, at least compared to traditional rental properties. A lot of students simply choose to search for housing off-campus, as living on campus can prove to be even more costly than renting a home.
You can predict a sizable return on investment compared to traditional rental investments! /alt: A graph representing rental finances.
As a study from relevant industry sources shows, real estate owners who decide to invest their resourcesin a student housing property can actually hope for a return on investment that’s bigger than 10%. To give you some perspective on that – many real estate owners and investors believe that a return on investment that’s higher than 5% is a pretty sweet deal.
Tenant Expectations
One of the toughest things with residential rental properties is managing tenant expectations. But when your tenants are students, that isn’t too big of an issue. Remember – most of these people haven’t lived by themselves anywhere before, or they have just lived in a dorm room. So, especially since these are mostly young people, they don’t expect the condition of the property to be as pristine as a suburban family that’s renting out the place might. You can save quite a bit of money on the property investment alone. Trust us, the quality of the flooring and the perfection of the paint job isn’t something you’ll have to think about when you’re renting out to students.
Tenant expectations are much lower when they are students! /alt: A student reading a book in a library.
Conclusion
As you can conclude, renting to students is not such a daunting proposition as it first seems. Sure, you need to be prepared to deal with younger tenants, but the constantly top-tier demand and solid return on investment you can achieve is definitely a tantalizing idea.
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site.
Please join the Civic Club on Wednesday,
September 11, at 7pm in the Clubhouse Great Hall, as Deputy Sheriff/TRIAD
Coordinator Ron Kesner will be providing important information to us. He will present
the TRIAD programs administered by the Sheriff’s Office and its importance to
the safety of community as a whole and to its senior population. Deputy Kesner coordinates
senior citizen safety programs between the Sheriff’s Office, the State Attorney
Generals’ office and senior citizens groups and/or senior citizen services
organizations within the county of Orange. The purpose is to promote
senior citizen safety and help eliminate senior citizen victimization.
Deputy
Kesner is a native Virginian, having been born in Covington. He
possesses 37 years of continuous law enforcement service. He retired from
the Albemarle County Police Department in 2009 as a Master Police Officer,
Firearms Instructor, Driving Instructor, Bike Patrol Officer, Fatal Accident
Reconstructionist, Special Operations Group Member and Academy
Instructor. He also had worked for the Louisa County Sheriff’s Office for
10 years and operated the Marine Unit Patrol Boat on Lake Anna as one of my
duties. Deputy Kesner joined the Orange Co. Sheriff’s Office in April of
2019 to fill the position of TRIAD Coordinator.
We look forward to seeing you at the Clubhouse Great Hall on September 11th at 7pm!
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site.
Selling your home can turn into a genuinely lengthy process
if you have no information on how to do it properly. Making a detailed plan and
having an experienced professional agent by your side can significantly
decrease the time your home spends on the market. If you are willing to make an
effort, invest your time and some financial means, it will be easier to gain
competitive advantage and make your property more appealing than others. Thus,
here are some tips on how to interest your prospective buyers and succeed in
selling your home faster.
Improving curb appeal is the starting point
The first impression matters greatly when buying a property. Interestingly, sellers very often tend to forget this fact, so they focus intently on the inside of their homes. However, if you aim at selling your home faster, improving curb appeal is the most reasonable starting point. Firstly, pay attention to your lawn. Keep it neatly mown at all times since you never know when the potential buyers can come by. Also, it is necessary to trim trees and bushes regularly and to maintain your garden well enough.
Figure 2 Improving curb appeal is the most reasonable starting point when aiming at selling your home faster. Alt.tag: A beautifully decorated home entrance that can help when aiming at selling your home faster.
Pay special attention to the entrance. If it is necessary to
add a fresh coat of paint, do not hesitate to do it. A new house number and a
matching mailbox can easily catch everybody’s eye. Ideally, repainting your
front door will maximize the positive effect on whoever comes to tour your
home. Remember, what you want to achieve is making prospective buyers believe
your home is the right choice for them.
Decluttering is critical for selling your home faster
Clutter at your home threatens to prolong the whole process
or even reduce the price considerably. Getting informed on some key decluttering
tips can help you create an intimate and yet neutral and cozy atmosphere
that will enable your prospective buyers to envision their life and family in
this place. Furthermore, do not forget depersonalization. If a neutral territory is what you want to
achieve it is inevitable to remove all your family photos, children’s artwork, souvenirs
from various travels and so on.
Since it is essential
for potential buyers to move freely around your home, getting rid of bulky
furniture pieces is a must. Ideally, you can look for
an affordable unit to store your belongings and these furniture items
safely. Then, you can rearrange the rest of your furniture and maximize the
space. This will be highly appreciated and valued.
Make your home shine
You need to raise your cleanliness standards to the highest level until selling your home comes to its end. Paying special attention to all hidden areas is of utmost importance because your home needs to bear the scrutiny of various potential buyers. While it may be exhausting and quite challenging to keep your home in pristine shape for long, it is needed given the circumstances. Otherwise, you risk making one of the biggest mistakes when selling a home.
Figure 3 Make your home shine and prospective buyers will love it. Alt.tag: Cleaning brushes in various colors.
Natural light is a great benefit
Natural light is everybody’s favorite. It brings freshness,
calmness, and warmth to your space, so it has to be ample in order to attract
attention. Try your best to make your home as naturally lit as possible. Should
you find any problems with meeting this requirement, placing decorative lamps
around your home might help.
Selling your home faster requires making it available to prospective buyers
It is vital to make your home available to potential buyers.
Unfortunately, this most often means allowing them to tour your home whenever
it fits their schedule, even at weekends. This is a slight inconvenience you
will have to bear if you expect to succeed in selling your home faster. Buyers
themselves also feel nervous about finding the property that meets their criteria
once they realize that buying
real estate is a good investment.
Be realistic about the price
Making a decision about the price when selling your home is
a crucial task in the process. With the help of the internet, both sellers and
buyers can obtain information on the subject quite easily. Hence, it is
essential to be utterly realistic when setting the price. Defining the price
either too high or too low is very risky. Should you have any doubts,
consulting professionals is advisable.
If you, however, decide to set the price yourself, there is another step you need to define. Having a timetable for lowering the price can prevent your home from being on the market for too long. Instead, a reduced price after some time may incentivize those buyers who were having second thoughts. Eventually, selling your home faster becomes achievable.
Figure 4 Be realistic when setting the price for your home. Alt.tag: Three different piles of coins and a small wooden model house.
Taking some photos can help in selling your home faster
A great majority of prospective buyers start their search
for a perfect home online. Most of them prefer seeing photos of the houses
listed in order to take them into consideration. Thus, making high-quality
photos of your home can be very beneficial. If they emphasize all the appealing
and distinctive features, they will easily attract buyers in a short period of
time. Make sure you photograph both the inside and outside of your property. If
you are willing to invest in hiring a professional photographer, you can expect
favorable results very soon.
Feel free to spread the word
Although collaboration with your real estate agent is
compulsory, you can also contribute to selling your home faster. Feel free to
spread the word. Talk to your neighbors, colleagues, and friends. Use the
advantages of social networks and share your listing on various social media.
Understandably, the more people you inform the bigger the chance to find the
buyer soon.
Time matters
Among other factors, the time you list your home for sale determines how long it will stay on the market as well. When aiming at selling your home faster, it is, generally, advisable to list it in spring or fall. Reasons underlying this suggestion are understandable. The weather in spring is pleasant and people are willing to tour houses more often. The school is coming to its end, so moving will not cause any problems to families with children either. On the other hand, in the fall, the weather is still warm. People have come from their vacations and now they are ready to search for the property that meets their strict criteria. The school is about to begin, so prospective buyers have time to make the final choice and conduct their relocation. Use your chance and make selling your home faster possible.
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site.
This Home Buyer Workshop event will feature on-site loan consultations as well as our “Love it or Leave it” program. In addition, you’ll gain access to other premium programs that are unavailable to the general public! This event is FREE to attend, so make sure to set the date on your calendar! A Q&A will also be held featuring some of the industries best vendors: such as a Michael Ullmann, a mortgage representative, a title company, and a home inspector. Seats do tend to fill up, so make sure to reserve yours today!
RSVP by Sept. 25th at 540-388-2541 or email: Cheryl@licatagroup.com.
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my homeworth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site.
Orange County Animal Shelter is selling raffle tickets to benefit the Emergency Vet Fund. The Licata Group is proud to team up with OCAS to help raise money for the EVF. The first 100 followers to share our Raffle social media posts will receive a FREE raffle ticket, compliments of The Licata Group! The drawing will be held on September 7, at the Orange Street Festival Adoption Event. You may also purchase raffle tickets at The Licata Group main office, located at 36111 Goodwin Dr. in the Food Lion Shopping Center. Stop by and see us!
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site.
Food, Fun, Festival, oh my! It’s now that time again! Downtown Orange, Virginia is hosting its 44th Annual Street Festival on September 7 from 9 AM – 4 PM. Take a stroll down historical Main Street as the whole family enjoys all the splendid treats that this beautiful city has to offer. With over 150 crafts as well as music, art, and plenty of delicious food, you’ll find that there is something for everyone! Kids will have an absolute blast at the ever-popular Kid’s Corner, where they can enjoy pony rides, toys, games, face painting and much more! For you adults, be sure to treat yourself to a refreshing cool beer, or delicious award-winning wine at the Beverage Garden. With so many wonderful activities to enjoy, it’s a shame that this day only comes once a year! For more information, be sure to click here. Are you ready to party?!
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site.
Along with the excitement
that buying your first home brings comes the apprehension about the
decision. Millions of questions come to mind making your decision even harder
to make. The best tip that you can get is to get informed. But, do you
know what you have to get informed about? If you are thinking of buying your
first property ever, take a deep breath and start reading through the most
common mistakes first-time homebuyers make so that you can avoid making the
same ones.
Starting a House Hunt Without a Financial Plan
Since you are buying your first home, it is understandable that you are very excited about the idea and impatient to find the right one. However, that doesn’t mean that you should start your search completely unprepared. You should at least know what price range to look at. Since the real estate market is quite competitive and demand is almost always higher than supply you should come prepared. That means that you should be pre-approved for a loan before looking at listings. Then you will be more acquainted with your financial prospects and you will know what you can hope to find. By the way, there are so many facts you should know about mortgage before you apply, so do not rush it.
First-time homebuyers should be prepared before house hunting, Alt. tag: A model of a house made of words FOR SALE
Sticking to One Mortgage Lender Only
A mortgage is also a product
that you buy and can find at different prices with different sellers. Do
not make a mistake by not comparing the quotes before committing. Choose at
least three lenders and compare the estimates that you get. Remember, you are
looking for a good deal as well as the lowest rates you can get. You cannot
find those if you only consult one bank or lender. The same goes for finding skillful movers who can relocate your home – you need to make a list and then choose one company that
suits you best.
Not Paying Attention to Your Credit Reports
Your credit reports are extremely important to a bank or lender that you are considering taking a mortgage from. They will analyze every single detail of it, so you need to make sure that they like what they see. A credit report that contains errors may result in higher interest rates for you, so it is in your best interest to keep it as accurate as possible. The good news is that you can get a free credit report from any of the main credit bureaus at the end of a year so that you can correct any errors that you come across. The lenders need this report at pre-approval and before final loan approval. In the meantime, you shouldn’t be opening new credit cards and you should do your best to pay your bills on time every month.
Credit reports are extremely important to lenders, Alt. tag: Credit report of a first-time homebuyer
Thinking That You have to Make a 20% Down Payment
When you start calculating how much
money you need for your down payment, you will probably ask yourself whether buying real estate is a good investment
at all. Twenty percent of your future
property’s worth is a lot of money to prepare before you even start
searching for a home. Luckily, there are some loan programs that allow
you to make a down payment as low as 3.5% or even 0%. It goes without saying
that a bigger down payment means that you can get a smaller mortgage, so you
will have more money left in your budget every month.
On the other hand, while you are
saving money for your 20% down, the property prices continue to grow along with
the mortgage. So, the decision is all yours and you need to make sure that you
set a monthly payment that you can actually provide. And, do not forget that
you are obliged to pay the mortgage insurance in case your down payment
is less than 20%.
Not Considering Special Programs for First-Time Homebuyers
There are some special programs for
first-time homebuyers that offer low down payment loans. You should inform
yourself whether such programs exist in your state and learn about the
following:
FHA loans –
the down payment can be as low as 3.5%. Besides this obvious
rebate, the Federal Housing Administration is not so strict about
credit reports. But, once you commit to this loan, you will have to pay
for mortgage insurance as long as you have the mortgage to pay, which
means even after your equity is more than 20%.
USDA loans
– if you are planning to buy a property in a rural area, the chances are
that you qualify for zero percent down and 100% financing – a
program offered by the U.S. Department of Agriculture. If you opt for this
program, you will have to pay the guarantee fee instead of mortgage
insurance.
VA loans
– mortgages offered by the US Department of Veterans Affairs to
people who have served in the military. These loans allow veterans to put
a down payment of zero percent and get 100% financing. A funding
fee has to be paid instead of mortgage insurance.
Falling in Love With the Property and Failing to See its Faults
This can be a huge mistake. It often
happens that we like the house, but it turns out that its neighborhood is not a
place where we would like to raise our children. You should always visit the place
at least two or three times, at different times of day and week, before you
make a decision to buy. If you notice that there is something the seller is
trying to hide, that should be a red flag to look for.
First-time homebuyers are usually impatient to move in, Alt. tag: House door with keys
Wasting All Your Savings On Your First Property
This is one of the common mistakes
first-time homebuyers often make. They do this to add to the sum for a down
payment and lower the monthly payment rate. However, you still need to have
an emergency fund (three to six months of living expenses) because there
are so many things that can go wrong when you buy a property. It is better to
pay for mortgage insurance and still have your emergency fund untouched, just
in case.
Not Knowing About the Hidden Costs of Ownership
There are many costs of ownership that first-time homebuyers do not know about. Property taxes, insurance (mortgage, hazard, and homeowners), repairs, maintenance, and utilities are just a few of them.
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site.
It’s that time of the year again! The 2019 Virginia State Fair is right around the corner, so get ready for some rides, games and of course, a giant turkey leg! Virginians have been coming since 1854 in celebration of food, fun, family and community. This year is no exception and looks to be a fair to remember! Held at Meadow Event Park in Doswell, this 10-day event is set to begin on September 27 at 10:00 AM. Tickets are on sale until August 31, and full price ticket will start on September 1. For more information, be sure to click here. Virginia is for lovers, and we all love a good fair!
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site.
