Why an Investment Property Should Be Your First Real Estate Purchase
Not ready to buy a home for yourself but want to take advantage of great market conditions? Consider buying an investment property! It's a trend that's taking over real estate, as savvy investors look to put their money in an appreciating asset. Here are five reasons to consider it.
1. Rates are crazy low. Lower rates mean more affordable lending, or more for your money if you choose to reach higher.
2. Because it will appreciate. According to CoreLogic, "The overall home price index (HPI) has increased on a year-over-year basis every month for seven years." The long-term price appreciation of real estate can provide one of the safest investments out there.
3. Because passive income is good. Yes, it's nice to know there will likely be appreciation over time, but the real key to success with investment properties is passive income.
"The best part about rental properties is that they provide a stable income," said Mashvisor. "What would be better than having a check sent to you every month? In order to have positive cash flow, you have to make sure you invest in a profitable rental property."
4. To turn it into a short-term rental. The short-term rental market has opened up a new world of opportunity for investors. By buying in the right location—by the beach, near a ski resort, or in close proximity to a popular annual event like Coachella, you have the potential of making a significant return in a short period of time. Just be sure to check the local laws, as lots of cities have been cracking down on Airbnb and other services.
5. Because it can help you buy the home of your dreams down the line. "Buying an investment property before your first home does not imply that you won't have the funds to purchase your actual home at some point," said Mashvisor. "In fact, investment properties that have been purchased wisely and have grown in value can offer you a sizeable amount of wealth and equity."
Floor Cleaning Tips & Tricks
Regardless of how tidy you are, your floors, rugs, and carpets get dirty. Between the dirt you track in on your shoes, the accidental spills, and the inevitable accumulation of dust, your floors can get quite grimy. Here are a few cleaning tips and tricks for all types of flooring.
Natural Stone Floors One of the most important rules when it comes to cleaning natural stone, is to steer clear of acidic products like vinegar, ammonia, or bleach, as they can ruin the stone. Your best bet is to use a pH-neutral cleaner that won’t react with the minerals in your stone floor.
Tile Floors Tile is easy to clean. Simply combine ¼ cup of vinegar and one drop of dish soap in a spray bottle. Fill the rest with water and mix well. Spritz the mixture onto your tile surface and wipe it down with a microfiber cloth or mop. Steaming the tiles and grout will provide a deep cleaning.
Carpets Unlike other flooring surfaces, carpets have their own set of rules. For a deep clean, it’s best to steam clean your carpets. For regular cleaning, using a vacuum should suffice.
Hardwood Floors Wood floors need a lot of attention. Start by determining whether your floor is sealed or not. If it’s unsealed, avoid using water and instead try mineral oil and periodic coats of wax. If the floor is sealed, a simple mix of hot water and soap is a safe bet.
Linoleum Start by sweeping or vacuuming the floor to get rid of dust, hair, and dirt. Then add about six drops of mild detergent or dish soap to a gallon of warm or hot water. Dampen a mop with the mixture and use it to clean the floor in sections. Avoid getting the mop too wet, and make sure to dry the floors with a towel when you’re done. Standing water can damage linoleum.