Whether you’re buying, selling or just curious about the real estate market, it’s always good to know a few surprising facts. Here are some interesting tidbits that might change the way you think about homeownership, real estate investment and your property’s value.
1. Homes with walk-in pantries sell faster!
Did you know that homes with a walk-in pantry can sell up to 20 percent faster than those without? Walk-in pantries are a sought-after feature, adding extra storage space and convenience to kitchens. If you’re considering selling, a pantry upgrade could give you the competitive edge.
2. The average homeowner spends four to six hours a week on maintenance
Homeownership requires time and effort. On average, homeowners spend four to six hours per week on upkeep, from mowing the lawn to fixing small repairs. Keep this in mind when budgeting for your time (and energy) as a homeowner.
3. The best month to list your home?
May is the optimal month to list your home. Studies show that homes listed in May sell faster and for higher prices than those listed in other months. Spring buyers are eager to settle in before summer, making it the perfect time to put your home on the market.
4. The “One-Percent Rule” in real estate investment
Real estate investors often use the One-Percent Rule to determine whether a property is a good investment. This rule states that the monthly rent income should be at least 1 percent of the property’s purchase price. For example, if a property costs $200,000, you should aim for at least $2,000 in monthly rent to make it a worthwhile investment.