Susan Greer Team Blog

1. “Pocket offices.” More space is being added to popular family gathering places like the kitchen and family room. As such, space devoted to formal home offices and dens are falling to the wayside. Instead of a formal home office, more new homes are incorporating a small space devoted to home management, known as “pocket offices.” These pocket offices may be anywhere, even included in a large pantry. They also might be tucked away near the kitchen or family great room. Most people today are mobile with their electronics and home office items anyway so they might not need as big of space to spread out and a “pocket office” may suffice.

2. Tucked away relax spots. Window seats and alcoves are increasing in new homes because they don’t take up much space but can still provide some private time.

3. Master laundry rooms. Laundry rooms are being added onto the master bedroom’s walk-in closet for added convenience.

4. “Shadow” units. As more families live together under one roof, “shadow” units are increasing in popularity in new single-family homes. These units may be built alongside a home and operate as a separate living unit accessed through a door from the home’s main floorplan. Shadow units may also include homes that come with at least two master suites, such as one located on the ground floor and one upstairs.

5. Rectangular home designs. Rectangular home designs are increasing in popularity because they are more cost-effective to build. The trend was once grand, multiple roof lines. But to make rectangular designs appealing, these homes may have two windows in a corner with mitered glass to allow unobstructed views and light to flow in, according to NAHB. Or these homes might mix exterior materials, such as with metal, wood, and stone to give the home a more modern look.

Picture by © fStop/SuperStock

When you decide to become a landlord it is easy to make mistakes. Check out these great tips from MSN Real Estate that will help you be successful. 

Mistake 1: Confusing a cheap deal for a good deal.

It is true that you can buy some homes for ridiculously low prices — but that doesn't mean you can rent them out. Homes in deserted subdivisions aren't any more appealing to renters than they are to buyers. The same is true for less attractive properties or those in less desirable school districts.

Mistake 2: Overlooking key costs.
Knowing the potential rent isn't enough. Before you buy a property, you should also factor in closing costs of 3% to 6%, the costs to fix up the place and maintain it, and your holding costs. Then add the profit you expect to make -- and more closing costs, if you intend to turn around and sell it. Only then can you figure out what you can afford to pay.

Mistake 3: Forgetting that time is money.
In real estate, "time is your biggest enemy," says David Hicks, co-president of HomeVestors of America, a franchiser whose motto is "We Buy Ugly Houses." You lose money when your property is empty, whether you are painting it or are between tenants. You also lose if you buy in the fall and can't replace the roof until spring. You may be better off accepting a lower rent than waiting for a higher-paying tenant.

Mistake 4: Assuming you will sit back and watch the rent roll in.
"When you become a landlord, you become a rent collector," says Mark Kreditor of Get There First Realty, which manages 1,600 rentals in the Dallas-Fort Worth area.

Just like homeowners who can't pay the mortgage, tenants lose their jobs and stop paying the rent. Evicting them can take several weeks, and some steal appliances or other property. Kreditor says that once or twice a month, a tenant removes a home's copper tubing on the way out the door to sell the copper for its meltdown value.

Mistake 5: Underestimating repair costs.
As with all homes, you will be making lots of repairs. You may find wood rot or mold when you remove that cracked bathtub. Carpet in rental homes typically must be replaced every five years, and you may have to repaint after every tenant. Tony A. Drost, president of the National Association of Residential Property Managers (NARPM), suggests setting aside six months of expenses so that you will have money if a major repair is needed.

Mistake 6: Assuming that owning a rental is the same as owning a home.
You might put up with flaws that a renter wouldn't tolerate. In addition, many states and communities have strict and complex laws for landlords, even if you own only one property. A property manager can handle most of the headaches, but you should expect to pay one up to a month of rent for finding and screening tenants — and up to 10% of the monthly rent for management fees.

Click here http://realestate.msn.com/6-mistakes-landlords-make for the full article.