The Best Reasons Why You Need To Do Rental Investment

If you’ve come into a little extra money, or you’ve been working hard to put away savings, there’s no doubt you’ve been wondering what the best way is to invest that money. If you’ve never considered a rental investment, now is the time to give it some thought. Not only can it be a great decision from a financial standpoint; it can also provide you with another residence that you can make use of if you choose.

Here’s a look at some of the best reasons to consider a rental investment.

A Lovely Retirement Home Down the Road

One of the top reasons people end up investing in a rental vacation property is that they hope to be able to take advantage of it themselves in their retirement years. While you may still be busy in your career with many years left until you retire, there’s nothing wrong with planning for your future, especially if that includes a restful location to enjoy your golden years.

Enjoy Owning a Second Home Without Having to Absorb All the Costs

If the idea of owning a second home appeals to you but you don’t have the extra income to pay for it, investing in a rental property can make excellent financial sense. Think about it, you’ll have the vacation home available to you to use if you like, but at the same time, your guests are paying the mortgage.

Where you need to be careful is that you don’t block off too much time for your own use, as this will take away from your profits. Ideally, you want the income from the guests to cover all the carrying costs, and a little extra is possible. Experts recommend that you don’t stay in the home for any more than 10% of the year if you don’t want to eat into your profits too much.

Discover a New Destination and Culture

Rather than just staying in random hotels on your vacation each year, when you own a vacation home you get to learn about that destination, its people, the culture, and its history. It’s an immersive experience since you become a home-owner rather than just a guest.

You Will Spend Less on Vacations

For some people, owning a second home is actually a way to make vacations more affordable. Think about it, you won't be paying for a hotel when you're on holiday and, ideally, you'll have enough guests booked year-round that your expenses are virtually nothing. All you will have to pay for is the flights to and from your vacation property.

A Couple of Buying Tips to Keep in Mind

If you do decide that a vacation home is for you, then there are a few tips to keep in mind. First of all, the location should be a huge factor. You want to pick a home that is not just appealing to you but would be appealing to guests as well, says Greg, rental executive at luxuryvillasmalta.com. What this means is that you want to look for places that offer scenic views, are close to towns/attractions/landmarks, offer dining nearby, and aren’t difficult to reach from the airport.

You’ll also have to decide whether you want to put work into the home and purchase a fixer-upper or if you want to get a place that is ready-to-go so there are no nasty surprises in the budget.

Purchasing a rental investment can end up being an excellent financial decision for you, not just right now but for your future and well into your retirement years.

Our favorite listing this week is 508 West 24th Street, Unit 5th Floor, home to NBA Player Carmelo Anthony. The ten-time NBA All-Star, has listed his New York City condo. The home is the largest unit in the Cary Tamarkin designed building at 508 W 24th that overlooks the High Line and is walking distance from world-class shopping and prominent art galleries.

251 East 51st Street, Unit 2M, listed on the market as a Compass "Coming Soon," is a recently renovated, perfect pied-a-terre (and ideal one bedroom for all the rest of us). What truly sets this pad apart from the rest is the dreamy outdoor terrace with endless possibilities and city views. Accessed by the living room and overlooked by the bedroom, this 24x12 outdoor space is an oasis in the center of the Midtown hustle and bustle.

Our last #openhouse roundup will you be checking out this #parkslope home? #nycrealestate #brooklynrealestate #milliondollarlistings #luxuryhomes #OffTheMRKT

DNA Development announced that closings have commenced at 350 West 71st Street, the successful Upper West Side luxury conversion that seamlessly combines two historic pre-war buildings into one stunning contemporary condominium with a classic façade. As construction nears completion, the seven-story building’s 38 elegant residences and bespoke amenities are coming to life, as DNA welcomes its first residents.

Our favorite listing this week is located at One West End, the sculptural glass residential tower designed by Pelli Clarke Pelli within Riverside Center. At $19.5 million, 29B offers 5,302 square feet of interiors space, with four bedrooms, five and a half baths, a media room, lofted library, and a double height great room leading out to a 3,000 square foot terrace with impeccable views.

Tour This Upper East Side Townhouse

In New York City, you can never have enough space but you can come close with this 5-floor townhouse, with 5 bedrooms and 6 and a half bathroom with a listing price of $14,790,000. Located at 215 East 61st st. this townhouse will soon be off the market as there are already over 40 Street East users who have saved it for a potential purchase.                

Perfectly situated in the Treadwell Farms Historic District, this luxurious home, originally built in 1875, has just undergone atwo year renovation, creating a seamlessly cohesive modern home encased within historic architecture. The five exterior spaces, include an impressive 35-foot long landscaped garden, finished in bluestone, with a cedar fence. 

The master bedroom suite has a spacious terrace overlooking the townhouse garden and the surrounding trees.b There are five bedroom suites, six full bathrooms all finished in stone slabs and a powder room.

The entertaining rooms include a grand living room, formal dining room, kitchen with floor-to-ceiling glass doors, an informal dining room and an entertainment/media room. Quality craftsmanship and the finest finishes were used throughout the design and construction. 

The historical façade has been restored according to Landmarks specifications and the house was completely reconstructed using steel and concrete and includes a new Kemper roof. The custom made elevator services all floors including the basement and has a 950 pound capacity. The home has five wood-burning fireplaces all with Chesney's mantles.

The floors are solid rustic white oak, and the windows are customized solid mahogany with double glazing. The rooms have plaster crown moldings, hand-crafted millwork and plenty of generous closet space. The baths have stone masonry and Dornbracht and Zucchetti polished chrome fixtures. All technology has been incorporated within the building, allowing owners to manage the home efficiently.

There is an eleven-zone Mitsubishi HVAC cooling and heating system, a Nortec humidification system, a Lutron RadioRa lighting system, radiant heat in all of the full bathrooms, Sonos music system, an Aiphone intercom system, and a security system. A dumb waiter provides ease of access for entertaining from the chef’s kitchen to the serving kitchen on the parlor floor. In addition, the residence has a new 400 amp electrical service, all new copper wiring, MC Cable with electrical panels and a sprinkler system.

The house has an abundance of natural light and each floor has been designed with a thoughtful spatial experience and consistency of flow. This unique residence is truly the most luxurious townhouse currently on the market.

Cathy Franklin, Brian Lover, and Alexis Bodenheimer at The Corcoran Group are the listing agents.

This listing courtesy of Corcoran

Water Front Views Only An Hour Away

Looking to wake up during the weekend with an ocean view and not have to deal with the headache of the Hampton commute? Only an Hour away in Rye, this 6 Bedroom, 6 and a half bathroom home that sits on 4 acres is now listed for $15,250,000. Located at 408 Grace Church Street, this home offers all the amenities one would need from in door pool, to the outdoor pool and a private peninsula that docks, not one but 2 boats.

Wake up to a stunning sunrise and morning swim in your pool overlooking the Sound. Play tennis on your court nestled by the sea to top off a perfect morning. Dock your boat on your own private peninsula. This extraordinary home is perfect for entertaining, 12- and 14-foot ceilings throughout, unparalleled attention to detail.

Designed by architects Shope, Reno and Wharton, offering waterfront views from almost every room. Enter into the living room featuring a fireplace with a 300-year old imported marble fireplace surround. The formal dining room includes a 22-foot long glass-wall looking into the temperature controlled wine room. Double-height cherry wood paneling in family room and a wall of windows is breathtaking. Imported Honduran mahogany lines the study. The lower level includes indoor pool, fitness room, additional family room and more. This haven is more than just a weekend residence. Ready to move in?

Update: This listing has been reduced to $14,990,000

 Stacey Oestreich & Nancy Strong,  at Douglas Elliman are the listing agents.

This listing courtesy of Douglas Elliman