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Andrew Carnegie”founder of U.S. Steel and one of historys richest men”once observed, More millionaires have been made through owning real estate than through all other industrial investments combined.

Owning real estate investments remains one of the most effective means of growing ones wealth. But to fully take advantage of the opportunities the real estate market affords, those planning on purchasing investment properties should familiarize themselves with the different types of investment products and should spread their investment across several widely different opportunities.

But how? Here are a few core concepts:

What Is a Portfolio?
Investors and industry professionals refer to a persons collection of investments as a portfolio. This is a concept that basically encompasses all of your investments. So, if you own stocks, bonds and rental properties, that’s what your portfolio consists of.

What Is Portfolio Diversity?
A portfolio is diverse when the investments it contains vary in relatively equal amounts. Keeping with our above example, a portfolio that is 90 percent stocks, 5 percent bonds and 5 percent rental properties is not diverse. A portfolio with 33 percent of each investment type would be considered diverse.

In the context of a real estate-specific portfolio, diversity means owning several different kinds of real estate investments.

Why Is Diversity Important?
This is a great question that a lot of new investors overlook. Heres an example that may resonate with many: In 2008, the housing market collapsed. Many people lost their homes, and the average value of those homes went down dramatically. If you were a real estate investor who focused primarily on renting out houses, there’s a good chance you went out of business in 2008.

But, if you were a real estate investor who was also receiving rent from properties associated with unaffected industries”like commercial real estate”you were more likely to survive the collapse.

In short, owning three houses is good. However, owning one house and a grocery store is better because, even if people dont have the money to buy a new home, theyve still got to eat.

How Do I Diversify My Real Estate Portfolio?
For the new investor, or for the investor who hasnt explored much of the market, your first stop should be at the offices of an experienced real estate agent who works specifically with investors. An experienced investment agent can help you find the right properties”and the right balance of properties”to secure your wealth and make you a tidy profit.

This article is intended for informational purposes only and should not be construed as professional advice.

Source: Dixie Somers/RISMedias Housecall

Published with permission from RISMedia.

Urban life comes with plenty of advantages, but if theres one challenge that can be difficult to overcome, its staying connected to nature. For many of us, being surrounded by plants and trees or hearing the sounds of birds and cascading water is an easy way to relax and find tranquility, especially when the grind of the city starts to bog you down. If your urban environment leaves you yearning to reconnect with Mother Earth, here are a few ways to experience nature in the city.

Create Your Own Oasis
Whether its a small backyard or a spacious terrace, make the most of your outdoor living area and try to surround yourself with plants. There are numerous benefits to doing so, from the appealing aesthetic to air purification and extra privacy. If you dont have a green thumb, its okay to work with a professional landscape designer to create an enchanting little hideaway right outside your home and, of course, you can always fill your indoor space with plants when it gets cold outside.

Rooftop Gardens
Rooftop gardens are becoming increasingly popular in the city, from hotels with verdant lounges and restaurants to public buildings with well-tended green spaces on top. Roof-to-table restaurants are a another relatively new concept and although they might not have seating on the roof, you can still treat yourself to fresh, organic vegetables that are grown right upstairs.

Parks & Trails
Local parks, nature trails and botanical gardens are all easy ways to get a quick dose of nature when you dont have time to get out of the city. Taking just a few minutes to appreciate all the sights, sounds and smells can leave you feeling more mindful and at peace in your environment.

Indoor Herb Garden
If your home is a bit limited in terms of outdoor space, all it takes is a sunny spot inside to grow your own herb garden. You can garnish your meals (and cocktails) with the fresh flavors of homegrown rosemary, mint, cilantro and much more while getting to experience the wonders of nature.

Published with permission from RISMedia.

A fireplace can be the focal point in any room that has one. They create a cozy atmosphere that everyone loves to gather around. The flickering flames, the smell of burning wood and the extra warmth that fills the home make it a unique living feature thats never going out of style. If youre looking for a residence with a fireplace that makes a statement, here are four sophisticated designs to keep you warm this winter.

Peninsula Fireplace
Best suited for a home with an open layout, a peninsula fireplace adds dramatic appeal to any room. Open on three sides (hence the name), this modern design can be enjoyed from virtually any vantage point. If you have a multi-use space that connects living, dining and cooking areas, a peninsula fireplace creates the perfect natural divider.

Suspended Fireplace
For a distinctly modern look, a suspended fireplace can hang from the ceiling or be mounted to a wall. Either way, its going to become the centerpiece of the room and create a striking sense of space. When hung from the ceiling, they are particularly impressive and can be viewed from 360-degrees.

Fire Ribbon
If you love minimalist style, then a fire ribbon will make the perfect addition to your home. Designed with a gas burner, these fire ribbons are often used to create a long horizontal flame that complements any living space with crisp, flowing lines. These days, there are even smart gas fireplaces that can be controlled from your phone to further the sleek appeal of your home.

Double-Sided Fireplace
A double-sided fireplace can separate two rooms and be open on both sides, which allows you to enjoy the cozy ambience wherever you are. Similar to the peninsula fireplace, it can also work if you have an open layout to create a barrier between different gathering spaces.

Published with permission from RISMedia.

If a kitchen renovation is on your radar screen, and you plan to stay in your home long-term, you can figure on spending $20,000 or more ” especially if you plan to rip out counters and re-configure your space.

But if youre thinking of upgrades that increase your homes resale value, as well as your own enjoyment, theres a lot you can do at minimal cost to bring your kitchen up to date.

Designers advise putting your money into six specific areas to get the most bang for your update buck:

Appliances ” Replace basic white or black appliances with stainless steel, which will not only update the look of your kitchen but will likely be more energy efficient.

Cabinets ” Its amazing what a coat of white paint will do to make your kitchen pop. But if tired, old cabinets are beyond painting, re-facing them will save you big bucks over replacing them.

Hardware ” Replacing standard cabinet hardware with fresh, bold designs is the easiest (read, cheapest) way to upgrade the look of any kitchen. Choose hardware thats trendy, like brass, which is making a comeback, or contemporary styles that make a statement.

Countertops ” High end stone and ornate beveling is in vogue and expensive, but granite is becoming more affordable. Shop around for a good deal and this upgrade may cost less than you think.

Backsplash ” A snazzy backsplash is a focal point in the kitchen, and the right one can draw the eye away from kitchen flaws that might otherwise be glaring. Choose subway tile, which is a classic and sought-after option, or add a splash of color with a variety of reasonable materials available at most home stores.

Lighting ” An instant style makeover can be as simple as replacing that old overhead fixture with recessed lighting, under-counter lighting, and/or new accent lighting over a breakfast bar or kitchen table.

Published with permission from RISMedia.

When its time to upgrade the windows in your home, its important to know that not all windows are created equally. Considering that they last for up to 20 years and significantly impact the efficiency of your home, this isnt a feature to skimp on. For discerning homebuyers who are willing to spend a little extra for top quality, triple-glazed windows are well worth the investment. If youre getting ready to do (actual) window shopping, here are a few ways in which they outperform traditional windows.

What are triple-glazed windows?
First, you might be wondering what exactly the term triple-glazed means. These windows are constructed using three separate panes with an inert gas, such as argon, inserted between the layers of glass. This can deliver myriad benefits and be used for a wide variety of applications, from casement windows to skylights to sliding glass doors.

Energy Efficient
The biggest advantage is that they will almost certainly reduce your energy bill. When it comes to heating and cooling, windows are typically the least insulated part of a home and triple-glazing was specifically designed to address this. With a significantly improved ability to retain heat or air conditioning, they are widely regarded as the best choice for an environmentally friendly home.

Extra Secure
Additionally, their sturdy structure gives triple-glazed windows the added benefit of being more secure than traditional options. The increased durability can deliver peace of mind to any homeowner, particularly in locations that are prone to hurricanes, highwinds or any other harsh weather conditions.

Noise Insulation
If you live in a noisy neighborhood, youll be pleased to know that they can be an effective way to reduce outside sounds, especially compared to single-pane windows. If this is particularly important to you, then take note of the Sound Transmission Class rating when picking out new windows.

Published with permission from RISMedia.