Choosing Investment Properties in Utah

Don’t let the fear of being a landlord keep you from looking into purchasing investment properties. In fact, investment properties can generate great passive income and there are several options for managing the property that can make you a passive participant.

 

If you do not think you can manage your investment by yourself, be sure to calculate property management fees into your strategy. Be sure you learn about fair housing laws and other laws that pertain to the property you are considering purchasing.

Consider taking a landlord or Property Management class to learn how to select tenants, screen them to be sure they qualify, etc.

 

Be aware that many condo complexes have rental restrictions. You will make sure you have covered all these before proceeding.

 

If you choose a home that needs a lot of repairs you will get more phone calls from the tenants, and you may have more liability if protections like smoke detectors, safe electrical systems, etc are not in the home.

 

Choose your strategy. Generally, you get good cash flow or better appreciation. Homes in suburbs of SLC tend to cash flow better because of lower price points but do not go up in value as much as areas like downtown, sugar house, near universities, etc.

If you limit or deny pets, you will limit your pool of potential renters. If you allow pets, be sure to get pet deposits and pet rent.

Please Note: We’re continuing to post about local businesses, events, and area attractions; however, things often change due to COVID-19 restrictions.  So please, double-check before you visit any of our recommended spots to confirm availability, accessibility, or any restrictions.  Stay safe. Be well. And support Local! Thank you. 

More information and tips can be found here:

Why You Should Work With a Realtor

Summer Housing Trends

How To Find and Work With a Property Manager

Tips for Getting Your Home Ready to Sell

Now that you have made the decision to sell, getting your home in the best condition so it will show well can take a little time.

 

Some simple tips for getting your home ready to sell are just minor details. Like, on showing days, be sure there are no dishes in the sink, all the beds are made and the house is freshly vacuumed. Wipe off counters, hang fresh towels and putting fresh flowers out is a nice touch!

 

Here are a few other tips to consider:

Give your house a deep cleaning

You want any potential buyers to get the best first impression possible. Deep cleaning includes, laundering drapes, cleaning base boards and blinds. Remember not to neglect the bathrooms. Give your backsplashes a good wipe down in both the kitchen and bathrooms.

De-clutter

Having a cluttered space makes it difficult for some buyers to see the homes potential, it can also make a space appear smaller than it is. Getting rid of unnecessary Knick knacks and decorations will allow people to see their belongings in the space, and make the space more asthetically pleasing overall.

Paint Walls

A fresh coat of paint can do wonders for a room. Stick to neutral colors like light grays, whites and beige etc. Having freshly painted walls also allows potential buyers to check an item off their list of things to do when they move in.

Stage Your Home

Spruce up the inside by adding textures, symmetry and nice linens. This can be as easy as adding throw pillows. Lighting candles also adds warmth and homeyness.

Don’t forget about curb appeal, make sure your yard and walk ways are free from debris and obstacles.

Hire a handyman

Little things like broken drawers, even burned out light bulbs etc, may seem like just annoyances but having multiple items that need fixing can devalue your home to some people. Do the things you can do yourself, then hire a handyman for the others.