Rental properties can be a great source of passive income and help you to accumulate wealth. Here are six reasons why investing in rental property might be a good idea:

1. The regular rent payments from rental property can offer a consistent cash flow that is significantly higher than what you'd make with other investments, like stocks or bonds. Therefore, owning rental property provides bigger and more reliable source of passive income compared to other types of investments.
2. Having rental property offers several tax advantages not available with other investments. You can deduct expenses such as maintenance, repairs and mortgage interest when filing taxes each year.
3. Real estate investments, such as rental properties, may appreciate in value over time due to changes in their location, quality, or condition. This appreciation of equity can lead to greater financial security for retirement savings or for use towards further investments.
4. Maximizing the monthly rent revenues can be used as a means of reducing debt and incrementing one's net worth at the same time.
5. Making all mortgage payments in a timely fashion will have positive effects on your credit score, which banks view favorably when approving mortgages and car loans. Doing so every month also demonstrates financial responsibility with debt, making you more credible to lenders.
6. Real estate investments are generally less risky than other types of assets, such as stocks and bonds. This is due to their more gradual rate of appreciation and their stability against market volatility. Because there is usually a continued demand for housing in most regions where you invest, rental income can remain steady regardless of changes in the economy or market conditions.

Let's talk about developing a strategy for you to build your real estate portfolio. Give me a call!

Is your home starting to feel too big? Maybe there's a room you haven't been in for a few weeks? A bathroom with a waterline on the bowl because it hasn't been flushed for a while? Homes serve a purpose, and it's essential to understand that purpose can change over time. The needs of a family of five change drastically when the kids move out. And it might be time to start thinking about reevaluating what you need in a home. 

Why would someone consider downsizing?

This certainly isn't a complete list, but some of the most common considerations.

Retirement: Part of retirement is enjoying your newly found free time. For some, this is tending to a garden, traveling, starting a new hobby... it doesn't matter; it's your retirement; do with it what you may. The house that served your family might not serve that purpose now. 

Empty Nest: Our house serves as a central hub when raising our families. A place to sit down for dinner, a place to have family over, and a place for the kid's friends to come over and play. As the family starts to make their mark on their own home, the need for space gets smaller. Some options have shared common areas that allow you to enjoy hosting large gatherings without the headache of tending to ample space. 

Stairs: We give very little thought to stairs in the early part of our lives; as the rust starts to form on our joints, stairs seem less appealing. Suddenly going upstairs to your bedroom is a task and not something you look forward to. Bungalows are a common choice for downsizing because of the convenience of the living space being on one level. 

Lifestyle Change: Is it time to start shaking things up a bit? Maybe the next chapter of your life will look different, and you need a home that better suits that narrative. Condos are a fantastic option for families who want to travel more and spend less time managing a home.  

Is downsizing starting to sound right?

There are plenty of options available. 

Rightsizing: Quite simply finding a home that might better suit your needs. Most big families come from a 4+ bedroom home, but most rooms start to become havens for clutter and an easy option to just close the door and forget about. Why would parents now need 3+ bathrooms for just the two of them? By recalculating your needs, you will probably find that a 2 Bedroom, 2 Bath might better suit you. Allowing you less time spent upkeeping the home and more time enjoying it. This is an excellent option for those who want the pride of homeownership but would appreciate less work on the house. 

Multi-generation homes: For some families, this is an incredible option. More and more homes are being built with a live-in suite in the basement. A perfect opportunity for grandparents who don't want the responsibility of managing a whole house but are falling in love with their new role as grandparents. 

Retirement Communities: These are increasing and are an incredible option for the social butterflies. Being surrounded by a whole new group of friends who are like-minded and enjoy similar activities can be an excellent option for many. 

Time to pull the trigger on downsizing? Great, get in touch with a realtor. Start looking at what options will fit your newly minted goals. Be honest with them. Remember, a realtor works for you and wants to get you the best home possible. If your new goal is to golf twice a week, let's look for a home near your course. Is the plan to downsize and travel more? Let's find a home with minimal upkeep. The most significant consideration is to be honest with your realtor and yourselves. Your realtor can help you dial in those expectations. 

What to do next?

Declutter: Time to start looking at all the stuff you've acquired. Some of it might truly bring you joy, and some might just be collecting dust. It is much less stressful to start this process sooner than later, and no need to clean everything out at the eleventh hour. By taking the time early to go through your possessions, you might find items your family would find sentimental and cherish to have in their home. 

Make a want and needs list: This is probably one of the most critical steps during any real estate transaction. A clear list will help you stay on track toward your real estate goals. Share this with your realtor, and revise it often. As you look at homes, you might feel a need is now a want or vice-versa. It is perfectly acceptable to make changes, and it's expected. 

Stop Acquiring: Shopping can be a lot of fun, and when we start to get excited about a new home, we can't help but think of what we're going to put in it. Wait until you're at the house. No need to buy a new couch just to find out it doesn't fit in the living room. Once your offer has been accepted, you can start daydreaming about how you will turn this house into your new home. 

Find out what your home is worth: Talk to your realtor, and they will be able to show you what similar homes in the area are selling for. This is an essential factor when making a solid plan to downsize. When downsizing, it is common to have some extra cash in your pocket as, more often than not, the value of your new home will be less than that of your old. 

Talk to a lender: Although possible, it isn't common to have a condition of sale on an offer for a new home. Banks and other lenders offer great products to help you bridge that period between possession of your new home and selling your old home. 

Many people looking to downsize haven't bought a home in 30+ years. That's ok. It's not your job to knock it out of the park. That's the job of your realtor. It can certainly be overwhelming, but we're here to help. Your role is to get excited about the next chapter in your life.

If you have questions about how to downsize, please reach out. I would love to help you.

Congratulations! You bought a house, let's celebrate. Crack open the bottle of champagne. Let's enjoy the moment as tomorrow we have to start planning.

What an exciting time for you, you've just bought a new home. It could be your first home, it could be your eighth home, it doesn't matter it's exciting. All this excitement is matched with a list of to-dos. It can certainly be overwhelming but we can make it a bit easier. Let's go over some of the must-dos before opening the door to your new home.

Before Possession

It might be that you have to start packing as soon as you find out your offer was chosen, or you might have several weeks. Take a moment to understand your timeline and plan accordingly. No sense in living in a house full of boxes for weeks when you don't have to. 

Insurance - this is often overlooked. But it should sit on the top of your to-do list, it's right up there with trying to track down moving boxes. Give your insurance broker enough time to shop for the best product for your needs. 

Packing - this is the first thing people think of when moving. An endless sea of boxes. Maybe a couple of boxes that fit in the back of your car, maybe a couple of moving trucks moving across the country. It can be a lot of work. LABEL YOUR BOXES. It's in caps for a reason, its importance can't be over-emphasized, don't forget to label the room the box belongs. Another great tip is don't load a big box up with books, they get heavy. Ask me how I know.

Lawyer - you should have a lawyer lined up (psst a REALTOR® can you help you with this). A couple of days before possession you and your lawyer will sit down and go over a heap of paperwork. At this point, your downpayment will go into the lawyer's trust account. 

Day of Possession

That day has arrived, you can now enter your new home. Resist the urge to go in prior to the agreed-upon possession date and time. This is a busy day but it is rewarding. Remember to drink lots of water and be sure to eat from time to time. 

Check your meters/appliances - Before any boxes are brought into your house take a deep breath and take it all in. You're about to turn a house into a home. Even before you bring in the first box walk through the house, check that all the appliances work, and is everything as you remember it? Now go record your meters. Water, Gas, and Electric. These are going to have to be called into your utility provider.

Essentials - below is a PDF with a checklist of all the things you should pack separately and have ready. You don't want to be in a situation where you're going through all the boxes trying to find something as mundane as a cell phone charger. Even with proper labeling, it can be hard to find the right box.

Cleaning - your house will probably never be this empty ever again. Take this opportunity to deep clean your house. Get in cabinets, get in all the corners, and clean your baseboards. If it has a surface clean it.

Feed your Friends - this is from personal experience. If you've recruited your friends to help you move be sure they are hydrated and fed. Beer and Pizza go a very long way with a group of friends after moving what is most likely the world's heaviest couch.

Move stuff in - if you're able, start moving the big stuff in first. And don't put it in the middle of a room, try to put it where it's going to go. It's much easier to move after than it is to move around furniture. With all the big pieces in time to bring in the boxes. Put them right into the room they're going.

Start Unpacking - most likely there are going to be a heard of people helping you, especially if you entice them with beer and pizza. If you're lucky enough to have a gaggle of friends helping you, and since you've already cleaned cabinets and such, kitchen essentials can go straight into their new home.

After possession

The proverbial dust has settled, you've moved in. Now it's time to be a responsible home-owner. Take care of your home, and make it what you want it to be. 

Declutter - look around are there boxes you haven't unpacked yet? Are you getting along with your normal routine without the contents of that box? Take a hard look, do you need everything in that box?

And there you go a brief list to give you some guidance while you move, by no means is this a comprehensive list, it is simply here to give some direction. If you have any questions reach out, I'd love to help you out!

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