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Buying a Home: Why You Need a Real Estate Attorney


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Buying a Home: Why You Need a Real Estate Attorney

When I bought my first home, I basically signed whatever was placed in front of me. The idea of becoming a homeowner overshadowed any concerns that I might have. Besides, the agent seemed to know just what needed to be done. It was only later that I learned there was some confusion about the location of the property lines. Two years and several thousand dollars later, I finally got things straightened out. When I bought my second home, you can bet that I had a real estate attorney by my side. Everything was checked and double-checked before I signed anything If you are thinking about buying a home, take nothing for granted. Let me tell you more about my experience and why you need your own legal counsel. In the long run, you'll save a lot of time and trouble.

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3 Cool Ways To Use 2 Bedroom Apartments

When you find an incredible apartment you love, you have to jump on the deal — even if the space is a little bit larger than what you need. Oftentimes, people who live alone wonder what to do with second bedrooms in apartments, especially if they don't have family or friends who stay overnight and need a guest space. Here are three cool ways to use your 2-bedroom apartment and how that extra room could save you cash or generate a little extra revenue. 

1. Income Property

Many apartment owners who have extra space make extra money by renting out spare bedrooms for the night. By advertising the space on a local classifieds site or vacation rental website, you can indicate that you have a private bedroom available within a home that has a shared bathroom and kitchen. When people pass through and need a place to stay for the night, you may be able to rent out the room, and pocket a little extra money. If you go on vacation, you could even rent out your entire apartment with your landlord's approval. 

2. In-Home Office

If you work from home, save money on your taxes by creating an in-home office. In order to write off an office space, it has to be a "separate and exclusive" space, which means you wouldn't be able to use the room for anything other than work, and it would have to have a locking door or another way to keep people from wandering in and out of the room. You also need to use the space regularly, so think about how much you would need to work from home, and don't try to write off a home office you won't use frequently. 

3. Art Studio 

Whether you love to draw, paint, or create collages, creating an art space in your second bedroom is a fun way to make it easier to enjoy a creative outlet. Consider putting down a protective area rug, putting up some standalone shelving to house art supplies, and including a desk where you can complete your projects. When you have free time, you can make cool pieces of art that you can hang in your home, sell, or gift to friends and family members. 

If you have a two-bedroom apartment that you are thinking about upgrading into an income suite, office, or art studio, make sure to talk with your landlord before making any changes. Many apartment contracts have rules and guidelines about renting out your space or making permanent changes to rooms, so understand the rules before you retrofit your second bedroom.