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Radford VA Home Sales September 2017

by Desi Sowers

What You Need to Know About Renting Out a Room

by Desi Sowers

With college football season upon us, there will be an influx of people trying to find accommodations in the New River Valley area.  Homeowners may be tempted to rent out rooms to earn a little extra income.  Why not?  It sounds easy enough.  Clean up that spare room or basement and you can rake in the big bucks from people desperate to find lodging.  But there are things you should know before taking this on.  It may not be as simple as it seems.

  • There are several online peer-to-peer marketplaces for renting out your house or a room in your house. Airbnb is one of the largest and most popular. Some others include HomeAway and FlipKey. Your first step should be to investigate the various options and decide which one will work best for you.
  • Educate yourself about the laws involved with renting out a room in your home. When listing your home on a website, they might not indicate whether you’re complying with local laws.  You are responsible for knowing the regulations and following the rule of the law.  Don’t get yourself in a situation like the hosts in New York City who were fined thousands of dollars for renting their apartments through peer-to-peer services.  This type of rental activity is allowed in the Town of Blacksburg, but it is subject to standards adopted by Town Council.  Make sure you know the rules and regulations before placing your room for rent.
  • There may be taxes involved.  Depending on how much you earn by renting out all or part of your home, you may receive a tax form from the marketplaces that list your property.  Regardless, you must report the earnings when filing your taxes.  This is something to consider when deciding if it is worth the cost to start renting out space in your home.
  • Something else to think about when deciding if your profits will outweigh your costs is the expense of having guests in your home.  You will be providing consumables such as soap, toilet paper, shampoo and cleaning supplies. In addition, your utility bills may increase.  You may also want to hire a cleaning service if you don’t have time to clean between guests.
  • To increase your chances of being booked, consider listing on multiple sites.  The more people that see your listing, the better the chance it will be rented.  But remember, each site has its own rules, fee structures and insurance requirements, so you need to know this information for every site you use.

Should you decide to rent out a room in your home, the rental site that you choose will help you get started.  You can also check out College Weekends; a site specific to Blacksburg for renting out spaces for football weekends.  Go Hokies!

http://www.desisowers.com/Blog/Bedand-Breakfast

http://www.desisowers.com/Blog/Welcome-to-the-New-River-Valley

http://www.desisowers.com/Blog/Real-Estate-Myths-Dont-Let-Them-Fool-You

Radford VA Home Sales July 2017

by Desi Sowers

Christiansburg VA Home Sales July 2017

by Desi Sowers

Pulaski VA Home Sales July 2017

by Desi Sowers

Radford VA Home Sales June 2017

by Desi Sowers

Desi Sowers has distinguished herself as a leader in the New River Valley real estate market. Desi assists buyers looking for New River Valley real estate for sale and aggressively markets New River Valley homes for sale.

Desi brings with her a keen eye for the details of buying or selling a New River Valley home and seemingly boundless determination and energy, which is why her clients benefit from her unique brand of real estate service. Rooted in Tradition, Focused on the Future – Desi Sowers will help make the most of your New River Valley real estate experience. Give her a call today, 540-320-1328, and discover the difference she can make during your family's move.

What Women Want - She Sheds!

by Desi Sowers

The she shed trend has arrived and it looks like it’s here to stay. And really, what took so long?  Men have had their “caves” for years.  Women should have their own space to get away and unwind too!  Whether a she shed is used for relaxation and contemplation, watching chick flicks, or as a space for hobbies, it is a long overdue oasis for hardworking women who deserve a peaceful space to call their own.  If you’re ready to create your own she shed, here are some ideas for you:

If you already have a backyard shed, you are going to need to clean it out.  Completely.  You will want a blank slate for designing your perfect environment.  Find new storage options for the items you are keeping and give away the rest.  If you don’t have a shed, you can build one with an  easy-to-build kit purchased online or from a local home improvement store.

Show off your one-of-kind sense of style by giving your she shed a fresh coat of paint.  Choose colors that you love.  Do you want a rustic look, or do you dream of a storybook cottage?    The ideas for designing your personal retreat are endless.  Remember, it’s all about YOU!

Think about what you want the purpose of your shed to be.  Will you use it as a peaceful sanctuary where you can curl up with a good book?  Perhaps you might set up an easel and use it as your art studio.  Whatever your intent, be sure to keep it in mind while coming up with your design. 

You don’t have to spend a lot of money to furnish and decorate your she shed.  Search antique stores and flea markets for unique pieces.  The idea is to make it feel relaxed and cozy.  You might already have everything you need, but just needed a special place for it all. 

Choose a spot in the yard that takes you away from your day to day grind and makes you feel surrounded by nature.  Lush plants and window boxes full of flowers will give you a tranquil ambiance that will provide the calm environment needed for quiet serenity.

The most important thing is to make your she shed a reflection of yourself.  And remember…it’s a woman’s prerogative to change her mind, so as your interests and hobbies shift, your shed can transform with you and always be there to fulfill your needs and desires.

 

http://www.desisowers.com/Blog/Heavenly-Homes-Churches-Converted-to-Residential-Living-Spaces

http://www.desisowers.com/Blog/Ten-Décor-Trends-to-Avoid-in-2017

http://www.desisowers.com/Blog/Bedand-Breakfast

Christiansburg VA Home Sales June 2017

by Desi Sowers

 

Desi Sowers has distinguished herself as a leader in the New River Valley real estate market. Desi assists buyers looking for New River Valley real estate for sale and aggressively markets New River Valley homes for sale.

Desi brings with her a keen eye for the details of buying or selling a New River Valley home and seemingly boundless determination and energy, which is why her clients benefit from her unique brand of real estate service. Rooted in Tradition, Focused on the Future – Desi Sowers will help make the most of your New River Valley real estate experience. Give her a call today, 540-320-1328, and discover the difference she can make during your family's move.

Pulaski VA Home Sales June 2017

by Desi Sowers


Desi Sowers has distinguished herself as a leader in the New River Valley real estate market. Desi assists buyers looking for New River Valley real estate for sale and aggressively markets New River Valley homes for sale.

Desi brings with her a keen eye for the details of buying or selling a New River Valley home and seemingly boundless determination and energy, which is why her clients benefit from her unique brand of real estate service. Rooted in Tradition, Focused on the Future – Desi Sowers will help make the most of your New River Valley real estate experience. Give her a call today, 540-320-1328, and discover the difference she can make during your family's move.

Selling Your House or Renting It Out - Pros and Cons

by Desi Sowers

Whether moving for a job or just relocating for personal reasons, you still must decide what to do with your current home.  Should you rent it out?  Or sell it?  There are many circumstances to consider before making that decision.  How long do you have before you move?  What is the housing market doing in your area?  And do you have someone you can trust to manage your property?

Of course, the biggest motivator in your decision is which option will be most financially profitable.   If you have a lot of equity in your house and can sell it, you’ll walk away with some cash to put toward your new home.  If the house is paid off, you’ll walk away with A LOT of cash.  However, if your equity is built up and you have low mortgage payments (or no mortgage payment), you could bring in a substantial monthly income by renting the house for more than your monthly payments.  You do have to consider the costs involved with renting the house out.  If you’re relocating to another town, you will likely have to hire a property manager to collect rent and take care of issues that come up.  You might also have to pay to advertise the home.

There are going to be risks involved either way.  If you put the house up for sale, you run the risk of not selling it quickly and possibly ending up with two mortgage payments or a house payment and rent payment on a new place.  But renting out your house might be a bigger risk. There’s a chance you will rent it to people who you think will be good tenants, but wind up paying the rent late or not at all.  There is also the risk that renters will not take care of the house and lower its value.

Another issue to consider is that housing markets can greatly fluctuate from year to year. You must question whether your neighborhood is in the kind of shape to support a quick sale.  If other homes haven’t been selling, for example, you might not get as much for your house as you might if you could wait a year or two and rent it out in the meantime.  On the other hand, if the housing market is hot in your neighborhood, it might just be the best time to take advantage of it and sell to get the best price possible.

Finally, you have to think about whether you can afford a new mortgage while you still own the first house.  Per Kiplinger, lenders count about 75 percent of the income you receive from renters when figuring out if they’ll give you a new loan, but that’s only if you have a signed lease and your salary is sufficient to cover the rest of the mortgage requirement.  Selling your house will make it much easier for you to qualify for a new loan.

The bottom line is that, after doing your research, you can decide whether selling or renting is the best and most financially sound choice for you.

 

http://www.desisowers.com/Blog/Paint-Colors-that-Sell

http://www.desisowers.com/Blog/Moving-Day-Survival-Kit

http://www.desisowers.com/Blog/To-Renovate-or-Not-to-Renovate-Should-You-Fix-Up-Your-Home-or-Sell-it-As-Is

Displaying blog entries 11-20 of 143

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Photo of Desi Sowers,  Associate Broker,  Real Estate
Desi Sowers, Associate Broker,
Certified Residential Specialist at REMAX 8
1344 N. Main Street
Blacksburg VA 24060
Phone: (540) 320-1328

Each Office Independently Owned and Operated