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Owning multiple homes is a great way to build wealth and earn a second income. You can rent them out to vacationers or just plain old-fashioned tenants while you’re not there.

Managing second and third homes, though, isn’t always straightforward. For many people, dealing with one property is time-consuming enough, let alone two or three. 

Fortunately, this post is here to help. We discuss how to take proper care of your real estate portfolio and, hopefully, craft a profitable enterprise for yourself. 

Ask Yourself If You Can Afford It

Firstly, you should ask yourself whether you can really afford to own a second or third home. Remember, if you take out a mortgage, you will have to pay it back in installments – and that could reduce your return on investment. 

Consider Your Tax Advantages

Naturally, tax advantages will depend on where you live. However, usually, you can deduct things like mortgage interest, insurance and taxes from the property’s income. You can also get breaks for deprecation.

When you subject these costs, it reduces the size of your taxable income. As a consequence, your tax bills are lower. 

Prepare Yourself For Being A Landlord

Being a landlord isn’t the same as earning passive income. You have to be active to stay on top of tenant needs (assuming that you don’t hire a property management company to work on your behalf). 

In many states, you have a duty to ensure that the properties you own remain safe and habitable. Consequently, you’re liable for callouts in the evenings and at weekends when things go wrong (which they inevitably will do). 

If you really don’t want to manage your own rentals, you can always get a property management company to do it on your behalf. These professionals essentially take over the job of running your real estate empire for you. In return, they take around 10 to 15 percent of the rental income. For many landlords, this is a price worth paying. 

Make Links With Local Contractors

When things go wrong in the middle of the night, you don’t want to be the one getting out of bed to solve the problem. Moreover, you probably don’t have the necessary skills to fix issues around the home, either. 

For that reason, it’s a good idea to forge links with local contractors. These are people who you can call upon in an emergency, such as plumbers, electricians, boiler engineers and dumpster rental services. The more of these people you have on your team, the easier your job will become. 

Always Run The Numbers

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Sometimes, it can be hard to work out whether your second and third homes are making you money or not. There are so many costs involved in their upkeep that your actual profit margins often remain a mystery. 

Double check that you’re not operating at a loss. Add up all of the income and expenses from your property and work out how profitable the capital is. Ideally, you want to be making around 10 percent a year to compensate you for the risk and hassle involved. Don’t forget to include property value appreciation in your calculations (if it applies in your area). 

Get The Whole Family Onboard

Running a second or third home is rarely something that you do by yourself. Instead, it’s something that requires the involvement of the whole family – and not just from a financial perspective. When you view a second or third home as part of your empire, other members of the family step in and take up the slack. For instance, you could ask your children to live in one of the properties and act as minders, ensuring that they remain safe and secure. 

Be Clear On Your Budget

There are numerous costs associated with running a second home. Many financial professionals recommend purchasing them with cash (and avoiding a second mortgage). However, if you do decide to take out a loan, then you’ll need to budget for this. 

You’ll also need to budget for other items. These include furniture and appliances, HOA fees, homeowners insurance, property taxes, utilities and so on. 

Once you have a clear budget, you can begin to define the value of owning additional properties. You can then compare this to, say, putting money into a mutual fund for five years or more. 

Work With Somebody You Trust

Lastly, you’ll want to work with an agent or mentor you trust. They’ll be able to provide you with shortcuts you can use to ensure that you’re managing your property correctly.

If you want to make sure that you find a property that is suited to your needs in every way, then you have come to the right place. Here you can find out which properties are available while also being able to make the most out of your purchase overall. Want to find out more? Take a look below.

Finance should Always Come First

Before you even start looking at a property, you have to make sure that you work out how you are going to pay for it. If you are not a cash buyer, then you will need to take out some kind of mortgage. You will also need to make sure that you have enough cash to put down a deposit for the property as well. This may not sound hard to do, but when you take into account the surveyor fees as well as the inspection fees, you may find that things add up. Most of the time you will need to undergo some kind of finance check as this will help you to know if you can actually get a mortgage before going ahead with your application. The check will normally be in the form of an Agreement in Principle, which you can get online with ease. If you need a mortgage then Strong Home are a great solution.

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Identify what you want and Need

The next thing that you need to do is identify what you want and then what you need from your home. This will help you to get a good idea of what you can afford. If you know that it is incredibly important for you to be close to a school or even work, then you need to take this into account when searching for your property. If you want a swimming pool or double parking then this is great, but if it is not essential then you should not prioritize this over something that is.

Searching the Market

As a buyer, you may have to sell your home first, before you even think about trying to find your dream home. This is a recipe for disaster. If your home is not up for sale then when the perfect property does come along, you may find that you are not able to secure it. This is the last thing that you need, so make sure that you do what you can to get yours listed before you get too serious about finding your dream property.

Be Realistic

When you are ready to make an offer on a home, be realistic about how much you can afford. Break down how much the payments are going to be, plus interest and factor in any extra bills that you might have as well. If you can do this, then you will soon find that you can get the right property without breaking the bank every month. If you want to get some help with your finances, then do not be afraid to seek it from a financial advisor.

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Last year alone, home improvements carried out in the United States amounted to $457 billion. Admittedly, the pandemic and the need for the population to work from home boosted the figures. There are several reasons why people love to carry out home improvements. Indeed, the most apparent reason is to improve aesthetics, but there are more. Below is a list of the things that make home improvements worth it. 

1. Increases value

The property market is highly competitive and can mean so many things to different people. However, one element that cuts across all divides is property appreciation. Real estate tends to increase in value every few years due to market demands and other prevailing factors. Therefore, when you own a residential property, you can be sure that it will still be worth your initial investment or even more when you decide to sell.

Thankfully, home improvements contribute significantly to this increased value, and this is how that happens. First of all, after some years of living in the property, it may become necessary to take care of deterioration. Specific prevailing conditions may make it imperative to build an extension of the home or improve the garden area. These projects you embark on automatically increase property value. Moreover, when you decide to sell it, prospective buyers will consider the additions made to the property and may want to purchase at the selling price.

2. Saves cost in the long term

Very few people acknowledge the cost-saving benefits of home improvements. Indeed, the average cost of a simple home improvement in the US is $11,000, and for some people, that can be on the high side. However, after the project, you would have prevented costly repairs in the short to long term. Once you understand it from this angle, it becomes easier to have a broader perspective on home improvements.

Take this scenario, for instance. According to bhg.com, a primary bathroom improvement can cost as much as $8000. When it’s completed, though, a homeowner can save at least $12,000 worth of major plumbing repairs in the next five to seven years. So, it may not be a bad idea to consider bathroom ideas 2022 projects in the meantime.

3. Improves safety, security, and function

According to houzz.com, 80% of the time, home improvements enhance household safety and security. The report also indicated that enhancements made to the property increase function and purpose. Sometimes, structural damage occurs on the blind side of the homeowner. When that happens, it becomes almost impossible to detect until more severe deterioration has been caused.

This is where home improvements can be worth your investment. As you embark on this project, it becomes necessary to take care of all detected deterioration within and outside the physical structure. For instance, cracked walls can be fixed, and plumbing and electrical wiring issues can all be resolved when the project is completed.

Undoubtedly, home improvements offer cost-effective benefits. If you’re already planning a home improvement, keep in mind that there is more to gain than lose.

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The last thing any of us wish to do when starting to cook a meal is fighting with our drawers and cabinets, as well as digging into the bottom of our pantries and storing cupboards for access to the tools we need to make a particular meal. That said, when kitchen and surface space is limited, sometimes it can be tough to keep everything we want to hand.

However, oftentimes, playing ‘cabinet Tetris,’ which is constantly reorienting and battling with the stored appliances and kitchen tools within your home, can get old quickly and may even lead to you experiencing harm from a falling air fryer or unco-operative toaster.

Thankfully, no matter how humble your kitchen, there are some ways by which you can improve its space or at least the utility within which you interface with that space. In this post, then, we’ll discuss a few measures you can use outside of storing everything away between each meal, saving you time, energy, and daily enthusiasm to cook. 

Without further ado, let’s get started:

Reposition Your Kitchen Table

It may be that positioning your kitchen table, or a side table within your kitchen space can give you a little more surface area on which to chop vegetables or prepare certain foods in bowls before you bring them over to the main surface area. Not all kitchens have huge amounts of room to deal with, and so making do with integrating the dining and kitchen space for cooking needs could be a very real and worthwhile compromise, provided you clean up properly.

Restore Your Kitchen Cabinet Design

Custom kitchen cabinets that open at the corner of a fixture, or provide you with more space upon opening the door (easily getting out of your way), as well as removing the handle necessities, instead opting for a push-open panel design, all of these measures can help your kitchen stand out again as a beautiful, renovated environment while offering enhanced utility regarding your day to day management of storage. This is especially true of drawers or cupboards that open diagonally, perhaps in order to store wine bottles or cutlery. An investment like this can potentially unlock more and more space within that area, then, which is impressive to say the least.

Wall-Mount & Shelf-Mount Certain Fixtures

A few extra shelves or making use of your wall space can help free up some storage from the main surface area of your kitchen for the better. For instance, integrating a wall-mounted spice rack can give you easy access to all of your herbs and spices without having to take up a long wall at the back of your open surface. The same goes for placing an eggs basket on your shelf, or even integrating new shelving units on the inside of your pantry. This way, you can more reliable store things in a visually appealing manner, without having to fight for access to them.

With this advice, we hope you can enjoy more or more useful kitchen space without having to fight just to cook with your appliances.

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Love animals? There are a few obvious ideas when it comes to days out involving animals. Going to the zoo or visiting an aquarium is always a fun day out. Alternatively, you could try looking into farms in your area that are available to visit. 

But what about something a little different? There are a few quirkier options for when you fancy something more unique. Below are just a few great ideas to consider.

Dog show

Dog shows are held throughout the year across the country. It could be worth checking if there’s one local to you coming up in the near future. A canine entertainment show could be a great event for all the family (especially if you love dogs) – this is a great opportunity to watch dogs performing stunts and routines. There are also competitive events that you can attend (you could even consider entering your dog). Throughout summer, you can even find dog-themed festivals. Make sure to book tickets for these events well in advance as they can sell out. 

Horse riding

Another option could be to try some horse riding. This could be a horse riding tour in which you explore a scenic route. Alternatively, it could be a horse riding lesson in which you learn the basics of commanding a horse. Such an activity is great for all the family – many stables will have smaller horses or donkeys for kids to ride. If you’ve never rode a horse, it’s definitely something worth trying. Book in advance in order to secure a slot as such activities can be quite popular.

Cat cafe

Looking for somewhere unique to grab some lunch? A cat cafe could be an option. Cat cafes have become a lot more popular in recent years and can be found in many cities. As the name suggests, they are cafes that are full of free-roaming cats that you can pet and play with. This is obviously a great experience for cat lovers. You usually have to book quite far in advance for these cafes, so bear this in mind. 

Owl walk

This is less of a ‘day’ out and more of a night activity. Owl walks are guided tours in which you can grab the opportunity to spot owls in the wild. They’re regularly held all across the country – usually in rural areas like forests where this is known to be a significant population. Owl walks may be combined with evening birds-of-prey display events in some cases. Look online for owl walks in your area. 

Bug hunt

If you don’t mind bugs and you’ve got young kids, a fun and free idea could be to go on a bug hunt. The aim of a bug hunt is to try and spot as many different bugs as you can. Forests are great places for going on a bug hunt as you can find all kinds of unique bugs here. You could make it a group challenge or a competitive event.

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If you’re going to be doing lots of driving this winter, it could be a good idea to carry out a few winter checks on your car first. These checks could be important for your comfort and safety. Below are just some of the ways to make sure your car is ready.

Consider switching to winter tires

Winter tires are built to have more grip. This means less risk of skidding when it comes to slippery and icy roads. You could also find it a lot easier to drive in the snow. 

If you live somewhere that gets very cold winters and there’s a high chance of ice or snow, it could be a good idea to invest in some winter tires. Spend some time shopping around to find the best deals (don’t wait until December when the prices are likely to increase). 

Make sure that you’re not driving on very worn tires. If the tread depth on your current tires is very low, it could be a good idea to buy some new tires. You don’t necessarily have to buy winter tires, but you should certainly buy fresh tires if your current ones are very worn to prevent the risk of an accident.

Make sure the heating is working

Now that the cold weather is setting in, many of us will be using our car heating more regularly. Make sure your heating is working properly – you shouldn’t have to grin and bear the cold.

Look for an automotive repair company that specializes in car heating. Check that features such as your car’s demister controls are also working. 

Check the battery

Car battery failure is a lot more common in winter. The cold weather affects your car’s liquid electrolyte solution causing it to work slower. Combined with the more taxing battery usage in the colder months, this can cause batteries to wear out.

Your battery is more likely to die if there are already battery issues. It could be worth testing your car battery to check that it is healthy. Try to regularly drive your car throughout the winter as this will also help to keep the battery charged.

Know when to replace headlights

Shorter daylight hours and harsher weather could result in you using your headlights more frequently. You should check that your headlights are not on their way out before winter sets in. 

If you’ve noticed your headlights starting to flicker or if they seem quite dim, it could be a sign that the bulbs need to be replaced. 

Grab some de-icer spray

For those mornings when you need to quickly de-ice your windows, it’s useful to have some de-icer spray handy. This will make removing all that ice a lot easier than simply having to scrape away.

You should check that you’ve also got a scraper in your car. This will save you having to improvise with a bank card or another object.