Tenants, Toilets and Other Rental Property Repairs

Being a rental property owner means dealing with maintenance, repairs and tenant upgrade requests. Even if you’ve hired a property manager, you will still have decisions to make regarding the upkeep of your property.

In general, you should set a maintenance schedule that keeps your property and the unit(s) in your property in the best shape possible. There are several reasons for doing this, but the biggest one is that a property that is kept in good condition attracts and keeps good tenants. The second big reason for doing this is that regular maintenance is often a good way to keep costs down. If you leave things unfixed for long periods of time it can cause other issues. For example, a leaky sink left unfixed could be damaging the cupboards and even the floor underneath the sink.

If you have a property manager ask about their schedule for doing the following things. If you manager your own property, then here’s a suggested schedule for checking on things.

Monthly:

Walk the exterior of the property and pick up garbage from around the property. Make sure the lawn is mowed, weeds are pulled and everything is in good shape. If you have laundry facilities, check that the lint is being removed from the dryers and take out any money if they are coin operated.

Quarterly:

Check windows, doors, and exterior of the house for any leaks or damage. It’s also a good time to check on the furnace or air conditioner and change filters.

Semi-annually:

Change the batteries in the smoke detectors, check carbon monoxide detectors, clean gutters, check appliances, plumbing and electrical outlets in the house. Check for things that might be loose as well (door knobs, railings, or screws). You aren’t looking for things to fix but you want to be aware of things that may require maintenance when a tenant moves out or trying to find little things to repair cheaply as a way to prevent bigger problems later on.

When tenants move out:

Have the carpets and drapery cleaned. Paint the walls if necessary (and usually it is), and get the unit professionally cleaned (including the stove and fridge).

Planning for this regular maintenance on your rental property makes things fairly easy. You will have a good idea of when major expenses like a new roof, a dishwasher or a paint job will be required. You can set aside a little extra rent money to cover these costs. The trickier part can be knowing when to make improvements to a rental property when a tenant is asking you to spend money.

In our Toronto tri-plex we recently turned down our tenant’s request for blinds in the living room of one unit. But at the same time, we agreed to put in a new toilet in another unit. Our tenants can easily figure out that we’re bringing in nearly $ 4,000 in rent per month from this property, so they may think we’re being stingy by refusing their requests. But, you have to keep in mind that, while you want to keep your tenants happy the money your spending needs to either prevent or reduce an expense or it needs to generate revenue.

In the case of a renovation or upgrade requested by a tenant, we ask ourselves a few questions when we’re considering whether to do the work the tenant is asking for:

What are the costs of not doing it (is the tenant likely to leave and what will that cost if they do?)?
Is there another way to address the problem?
Are there any issues with delaying the expenditure?

After we consider these things, we use a final formula to calculate how long it will take to recover our costs.

Total Cost of the Upgrade or Repair / New Money Earned (or Money Saved) each Month = # of months to repay the expense.

On items under $ 1,000, as a general rule of thumb, if you can recover the cost in 12 to 18 months then the money is well spent.

In the case of the blinds, the tenants wouldn’t pay more rent just to have blinds. Instead we agreed to pay for dry cleaning the curtains which will be less than $ 100. There’s no direct return on this – but the tenants wanted the “dirty curtains” replaced so this will keep them happy and it’s not a large expense – especially given that the tenants have been long term.

For the toilet replacement request, we decided that getting rid of the grungy old toilet will not get us higher rent, but it will make it easier to attract and keep good tenants. And, if we replace it now, our tenant’s father (an experienced plumber) will install it for free. Finally, we’re replacing a water guzzler with a low flush model (est. water savings of $ 10/month) that will qualify for a $ 75 water conservation rebate from the City of Toronto. The formula of benefits looks like this:

$ 250 – $ 75 rebate = $ 175 Cost of the Toilet

$ 175 – $ 10/month water savings = 17 months to pay off (PLUS we save $ 80 on installation).

The cost savings plus the added benefits of saving installation costs made it a very appealing use of our cash. Just remember – real estate investing is a business and you need to get a return on any money you spent – even if that return is simply in cost savings!

If you are managing a property yourself there are some great books out there to help you. Two books definitely worth checking out are:

(From the Dummies Series of Books) Property Management Kit
The CompleteLandlord.com Ultimate Landlord Handbook

I know that’s a lot of information to digest, but your monthly cash flow is dependent on you maximizing your rental revenue and minimizing your expenses – so this is pretty important stuff to know!

Dave Peniuk is a real estate investor with a free newsletter on real estate investing. Learn the insider secrets to building a seven-figure real estate portfolio while so many properties present once-in-a-lifetime opportunities… Get the free Rev N You with Real Estate newsletter and start realizing your dreams today. http://www.revnyou.com

Faq For A Divorce Lawyer In San Diego: Property

Even though the financial, emotional and legal ramifications of the end of a marriage will be felt for many years after, a divorce lawyer in San Diego can help lessen the blow, so to speak. With alimony issues and spousal support, child support and custody, there are so many different facets to all points which must be touched upon during hearings, trials and proceedings. Property division is one of the most vehemently argued points of divorce, and rightly so. People work hard for what they have, and they work hard. What happens when there are two people but only one house, or one car?

Whether your case is concluded by settlement or trial, you need to be advised by a divorce lawyer in San Diego who is well versed in the intricacies of the law as it relates to dissolution of marriage. You need someone who is familiar with community property and separate property what is the difference? California is a community property state, which means that marriage is viewed lawfully as a partnership, where both people involved have equal rights to all assets that were acquired during a marriage. Assets include things like cars, boats, furniture, the home, and even stocks and bonds, bank accounts, and retirement benefits. And equally, obligations that were incurred during the union are considered community debts again, both parties are equally responsible for repayment.

Separate property is owned 100% by only one of the people; the other person in the union has no interest or right to it whatsoever. This is the property that was acquired before the marriage that is still in possession of either the wife or husband. A divorce lawyer in San Diego will tell you that separate property can also be acquired by way of a gift. One of the most common examples of this is jewelry that one spouse has given to the other. The jewelry is the property of the person to whom it was given, plain and simple. Likewise, if one party receives an inheritance during the marriage, it is solely the recipients separate property.

As far as the community property is concerned, your divorce lawyer in San Diego will help you with all facets in its regards. In California, when a couple elects to dissolve their marriage, the court is going to take on the duty of determining the value of all of the community property, and it will divide it equally. Not every state is a community state, but in California it would really do you well to hire a divorce lawyer in San Diego to assist you with the matter of property.

To learn more about divorce lawyer San Diego, please visit our website.

Sell Property Fast Tips: Hallway & Living Room

If you would like to sell house fast you may wish to consider whether it is worthwhile making some improvements to property. A good hall presents the scene for entire property and people make their instant buying decision based on your decor.

Sell Property Fast Presentation Tip #1

Hide the clutter!

· Put all coats, shoes and bikes into the cloakroom, out of sight!

· If you can get rid of excessive storage items in the hall, it will make it more welcoming.

· Is your hallway too narrow? Why not remove any furniture and put extra furniture into storage space?

· Your visitors should be able to move freely without dodgy objects.

· If you do not know what to do with furniture in hall then you can either put it away into a storage unit or consider selling it if it does not carry a lot of sentimental value.

Sell Property Fast Presentation Tip #2

Lighten up!

Often without a window to let in natural light, the hall can be one of the darkest places in a house.

Make the hall lighter and brighter by:

· Consider repainting the walls with neutral colours.

· Replace lights bulbs to halogens.

· Put a large mirror in the hall at a prominent place.

Sell Property Fast Presentation Tip #3

Is the flooring right?

To sell your property fast everything needs to clean and tidy including your flooring. If the floors look tired and dated and beyond repairs then consider replacing it. If the carpets are stained then either get them cleaned professionally or have them replaced with brand new carpets. Remember to keep them clean during the sale of your property.

· Using same flooring from living room into hall and dining room gives a sense of space.

· Use natural wooden flooring with hardwearing such as sea grass, coir or sisal.

Sell Property Fast Presentation Tip #4

Final Touches!

There is no need to go over the top when it comes to decorating your hall however; introducing some flowers will give it a sense of colour and personality. Unless you have cast-iron radiators, exposed radiators can look like an eyesore. You may therefore, consider installing a decorative cover. A good non-slip and durable front door mat is also essential feature in any property.

We can buy your house fast, for a quick sale click on to sell house quickly. Our 24 hour UK Call Centre is ready to take your call www.sellinghousequickly.com or click here sell house quick.

How to Buy Investment Property ? 5 Top Tips!

Are you interested in learning real estate investment success as to buy one? This article provides tips on investment will help the top five, successful and earn money from your property.

insert ‘s just arrived in these tips will help you.

Do your research first. If you buy an apartment in the hope of becoming a landlord then be sure to review potential areas of rental and make sure that the types of properties that are purchased are planningthose applying to tenants. If you are going to feature on the mirrors, make sure you buy a property that is desired by home buyers.

According to “Do not blindly trust what someone says. These so called experts. Speak with several professionals to search for a different property with a balanced view of things, such as:

– From real estate to invest in that type

– What site

– What kind of target for tenants

Sometimes it is only after a numberto express different opinions, I really write your strategy with confidence and with good reason, because you think you do what you are planning.

Investment property loans

Take the third comparative data for everything. comparable rental, sales comparison – all you can do. Make sure that the data can be compared like for like. For example: if you rent an apartment with two bedrooms near a train station, then try to get the rental comparison of the two other bedrooms apartments near the same roadStation.

If you have an apartment with two bedrooms, one mile from the station in half, then your comparison is probably gone. ½ mile is a long way, if you feel desirable from that part of town towards the rough side of drug trafficking.

Investment property loans

Get your finances in fourth place. This is a good thing to do before you start looking to buy properties. If you have resolved your finances before you start, such as investment in real estate to buy, yourather the purpose and with confidence because we know a lot, if you find that deal in real estate you have the finances were made to do already.

But if you could not on your finances in order, there is no doubt in your mind if you are a business, even if it is, in turn, may themselves be sabotaging all the operations you see, even before making a case finance offer a.

Fifth Employ experts to the right if the workers, lawyers, namely,Contractor or someone else, according to employ qualified persons to do a job properly can cost much more money than you expect. Just because someone is cheap does not mean they do a good job and just because someone looks expensive, does not mean they do a better job than someone who is cheaper to do.

The only way to find out is sure to check references and their qualifications for the job. Try talking to real people, preferably face to face, who workedwith the first.

http://www.investmentpropertyloans.goodarticlesite.com/how-to-buy-investment-property-5-top-tips/

Cheap French Property – A French Tip To Save You Money!

Ten years ago cheap French property brought a lot of people to the country. New air routes were opening up and with the associated cheap flights it became much easier to get here. As a result, prices increased more or less everywhere and finding cheap property in France isn’t as easy as it was. They are still out there though, and I have an extra little tip that the French use that could save you eight or nine per cent of the price if you buy your French house from the right place!

The price of the property you are looking for will, of course, depend a great deal on location. A flat in Paris or Cannes is never going to be cheap. On the other hand a French farmhouse in need of renovation at the eastern end of the Loire valley can still be had remarkably cheaply. The cost of renovation is another matter and will depend to a large extent on whether you want to get your hands dirty or if you have the necessary skills.

Whether you think something qualifies as cheap French property will also depend on your budget and the kind of house you are looking for. The French tend to prefer to buy new so renovation properties remain affordable. On the other hand coastal properties, like in most other countries, command a premium. If you’re not concerned about fast international travel then you will find prices cheaper away from the airports and main cities. The center of France (a big rural area of farms and forests) is least expensive, with properties in the “Indre” region probably the cheapest of all.

But what about that saving I mentioned? Getting your dream home for six, seven, eight or even nine per cent less may not be exactly cheap French property but it’s nice not to have to pay it!

The trick is to avoid the real estate agents (called “immobiliers”) and look for the “notaires”. Notaires are the people who do the conveyancing. You need one to handle your French property purchase by law. It’s not something you can avoid but you shouldn’t be at all concerned about it. Charges are fixed by the French government and notaires are highly qualified. The interesting thing a lot of people don’t know is that notaires can also offer houses for sale.

What difference will that make? Well a French real estate agent will charge you somewhere between five and ten per cent on top of the asking price of the property. In France, the buyer pays that fee so it’s common practice – and sensible – to allow ten per cent on top of the advertised price to cover all eventualities. On the other hand your notaire normally wants much less – they make their money on the paperwork so they don’t need to make it on the actual house sale!

It’s true that perhaps you don’t get the same level of help from a notaire that you might from a good agent. Not all agents are good though! If your command of French is reasonable (most won’t speak much English) then you could save yourself thousands!

Although the rules may differ slightly the housing market in France is like any other. Cheap French property is still out there if you know where to look and are prepared to compromise. Take your time, learn some French and have a good look in the notaire’s wndow!

More about French property and all things French at Frenchlife4real.com. If you can’t find what you’re looking for just ask – it won’t cost you a thing!

Tips to help property owners make the most of the New year bookings rush

Be bold, be distinct and be ready to attempt something new. That’s the message from holiday leasing expert and author, Wendy Shand, who is advising property owners to do some last minute ‘holiday lettings housekeeping’ in readiness for the January holiday bookings rush.

“It’s a tough economic environment out there with many property owners vying for the same customers. If home owners want to ensure a steady pipeline of bookings for 2011, they should invest a bit of time now to ensure they stand out from the crowd,” says Wendy.

She advises that all holiday home owners run through this pre-booking season checklist:

1. Who’s your target market? – Do you know what type of renter you want to attract? Is it families, yoga enthusiasts or walkers? Niche marketing is easier than trying to appeal to everyone. Once have established what your main market is, be fearless in saying so.

2. Does it meet your customers’s needs? Saying you have a specialized holiday property for yoga enthusiasts will only work if you are genuinely able to offer what ramblers need. Think about what they’d want and add that to your ammenities.

3. Evaluate your existing marketing – are you advertising in the right place for the type of people that you want to attract? Make sure you spend your marketing budget on the methods most relevant to your target market.

4. Reread your current listings – alter or amend anything that is out of date, doesn’t read well or is incorrect. Will it resonate with your target customers? Emphasise the important selling points that make it appropriate for a particular audience.

5. Revisit your photos – replace any that are out of date or do not do your property justice. Add new photos, particularly of the nearby area and your house looking its greatest. If you’ve chosen to niche market, ensure your pictures depict that niche.

6. Check out your competition – what are they doing well/badly/could improve on. How does your real estate compare? If you are doing something better, make a point of emphasising that aspect. If you’re not, make changes to ensure you are on par.

7. Try something new – If you continue doing the same thing then the results will be the same, so try presenting something different. What about presenting little added extras that will make you stand out – like offering ramblers loaned GPS devices, local geocaching sites and packed lunches?

8. Pricing – Revisit your pricing. Is there any way that you can increase your prices by delivering added value? Instead of lowering your price to secure more bookings, try adding appealing extras allowing you to charge a premium.

9. Need additional ideas? – Order and read Holiday Lettings Expert, Wendy Shand’s free book ‘Empty Weeks, How to get more bookings and make more money from your holiday home’. Details below.

Wendy Shand advises parents looking for safe holidays with children and has sold over ?1.25 million worth of holidays in the last five years, and Wendy now advises property owners in the UK, France, Spain, Italy, Portugal and Asia. To receive your free copy of “Empty Weeks” visit http://www.freeholidayletsbook.co.uk/

Fort Tryon Real Estate – Some Helpful Tips For Finding A Rental Property

Fort Tyron real estate in NYC is known to be one of the best places to live in the city, Located in Manhattan, the area extends from St Nichols Avenue to the Amsterdam Avenue and from 140th to the 145th Street. Since Fort Tryon is located on one of the highest points in the city, it offers a scenic point from where the views of Hudson River can be enjoyed. The skyscrapers in the area as well as the apartments are much in demand because of their views as well as their proximity to the Heather Garden and several other noteworthy gardens in the area.

Finding a Rental Property Suitable for Your Needs

Fort Tryon real estate is much in demand and therefore you should expect high rental prices. For many people, these apartments may not be suitable for their budget. However, it is best to negotiate before you take an apartment on rent. Even though it may seem that negotiations may not help, if you have the help of an experienced agent it would be possible to get lower rates. Real estate agents who have been in the business for long would be able to negotiate on your behalf and offer you lower fees and rental prices.

Things to Take care of before Renting an Apartment

Before you consider Fort Tryon real estate, it would be advisable to research a little and learn more about the area. You should also research about the rental prices in the surrounding areas and learn a little about the negotiating process before you contact a real estate agency. If the agent thinks that you are aware about the rental rates in Fort Tryon and that you know a little about negotiating, he/she would be more willing to make deal with the landlord.

Basically there are two types of listings that the agents will deal with, closed listings and open listings. For open listings in Fort Tryon, the agents will want to make a deal for one of the apartments on behalf of the client. What this means that there are several people seeking the same apartment and there are several agents that are trying to settle a deal. For closed listings, there would only be one agent who would have the right to close the deal for that apartment. Open listings are normally easier to negotiate since the agents would be in a hurry to close the deal so that they can get a commission. If you push the agent a little, you would be able to get lower rental rates and a discount on the fees.

If you follow these tips, you would be able to get Fort Tryon real estate options with lower rental rates than you would have thought.

To know more about Fort Tryon real estate and other real estates in NYC, please visit http://www.domain-properties.com.

Important Tips For Choosing A Property Management Company In Baltimore

Managing property in Baltimore is a big deal. You cannot manage your property in right manner. You will need the help and assistance of property management company to manage all your properties. There are many property management companies in Baltimore. But hiring a right property manager company is not as easy as it sounds. Most of the Baltimore based companies provide renting service, leasing service, sale and purchase of properties. They deal with all types of properties like home, apartment, kothi, shop, office, store room, vacant space and every kind of properties. Here are some important tips to choose a property managing company.

Select a Property Management Company that has access to local market. The company should know the local market well. People prefer renting properties to known person. But you cannot know everybody in the surrounding. But the professional staffs of the company have good association with the local people who need space for dwelling or raising means of livelihood. They will find out a right renter or customer for you.

Set up a meeting with the Professional Property Management staffs to draft a plan for property managing. The plan should consider the goals to rent or sell property to right person. They should also make a proper budgeting to rent and sell the properties.

Ask for reference customers to whom they have rented the similar properties. Get to know about those people. You will get clear picture of the customers to whom the company will rent your properties. You can also ask for the reference of the owner whose properties they are dealing. Contact with those owner to know the reliability of the company.

Find an ideal company that is known for offering great customer services. The company should rent the property as soon as it is vacated at right monthly rentals. Maryland Home Rentals are very famous as it is crowded place and people are in constant search of comfortable home at different location in Maryland. So, your property manager should rent your homes as soon as they are vacated. The company should also look after the maintenance of the property time to time.

The property manager should have good relation with the tenants. They should knowledge of accounting.

These are the tips to find out right Property Management Baltimore Company. You can find a suitable property dealer and manager pro managing your valuable properties.

Author Bio:-

This article is written by Ramesh Boopathy an eminent author for business, real estate and property related topics. Currently he is rendering his services to a pioneer Property Management Company and Baltimore Property Manager firm located in USA (Maryland).

6 Essential Tips for Getting an Accurate Melbourne Property Valuation

Not too high, not too low … just right!

Property valuation is far more of a science than an art … however there are certainly ways that you can help ensure that the scientific analysis proceeds as accurately as possible! There are quite a few factors that can muddy the waters when your property valuer is creating a hypothesis on the market value of a house and land … today we check out some good laboratory practices for Melbourne property valuations and Geelong property valuations!

1. Always get a ‘full’ valuation

You may be given the option of getting a kerbside valuation or a desktop valuation; kerbside valuations involve a drive-by inspection only, while desktop valuations don’t involve any personal inspection. These are obviously cheaper, but given that any prospective buyers will certainly not evaluate the house this way, the figures really aren’t useful.

2. Have your improvements completed

Property valuers are duty- and law- bound to provide an accurate assessment of your property’s value. It is possible to provide alternative value figures based on prospective improvements – but the property valuation firm will need full construction and material details. Even then, you should remember that if it takes 2 months to complete the improvements, the Melbourne property valuation cannot be truly accurate.

3. Provide your preferred/tolerated sales times

Real estate markets change daily, just as stock markets do (though on a smaller scale!). The time it takes to sell your house will have a major impact on the valuation – if you don’t want to wait the 6 months that it can take to sell a house in some country areas, the valuation of your Melbourne or Geelong property will necessarily be lower to reflect the lower tolerated sales period. The opposite is also true.

4. Don’t try to ‘sell’ the property to the valuer

Many owners feel the need to speak to the property valuer as they are inspecting the house, pointing out every different feature. This can bias the valuation – either distracting your specialist and causing an inaccurate view, or creating an unwarranted overvaluation. Neither is ideal!

5. Ask how many years of experience the property valuer has

Every person undertaking property valuations in Australia is legally required to have tertiary qualifications relating to it. However, experience levels do differ and can impact slightly on the value given for your property. Go with a firm where the valuers have plenty of experience for your Melbourne or Geelong property valuation.

6. Be available at appraisal time

Your valuer may have questions about the ages of some aspects of your home, materials used or prior history. If you’re on site to answer them at the time of the valuation, you can expect a more accurate final figure.

Property valuations are best when they are completely neutral and totally accurate … for all parties involved! Higher-than-market value estimations mean your house will stay on the market longer than necessary (and may ultimately lose value); lower-than-market-value estimations instantly lose you cash. These tips provide a great base for getting the most accurate property valuations possible.

For regional advice and assistance with property valuations Melbourne or other metropolitan and regional centres, contact WBP; Top property valuers Geelong.

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Great tips to help you choose the best property at Onyx on the Bay Condo

A well-informed seller who takes a detailed look at the present conditions of the Miami housing market by finding out what is selling, what is not and why, is in a better position to grab a satisfactory deal. High expectations would not get anyone far, especially not in a cooling market such as the Miami housing market.

We have over 1 million properties on FINDIRE.COM from around the world our network covers three million international real estate agents. If you need professional help let us know and we will find someone to help where ever in the world it may be. When you start looking for new home in Miami, you should always look for places that offer you the best features possible. One of the best options that most people look for is places which offer them a variety of real estate properties to select from. One such place is Miami offering a range of properties to select from. This beach city of United States has everything that makes the hot favorite amongst most people looking to start life afresh in a new environment.

Make sure that your agent includes a proper understanding of the real estate properties. Miami Homes can be of different types and it will be very essential on the part of the realtor to know what kind of property you are searching for. Your service provider should have a great understanding of the market situation and makes it certain to show you a range of homes.

In fact Florida property is exploding and it will continue to do so for more than 20 years. You will be surprised to know that the population of Florida is expected to increase by 35,000 people per month, for the next 30 years. People pouring into the state are seen as a testimony to the fact that property in Florida is booming.

So, if you are a big real estate man, then invest your money on land and sit on it for years and one day you will find yourself among the billionaires. Investors should start “land banking”. The reasons for investing in lands are many. The first benefit you will derive if you keep your land with you for some years is increase in the value of land. Then you can construct condos apartment and then sell it off. The reasons for making profits in property come from the fact that Florida has 300 plus day of sunshine in a year.

Renters will pay any price that you will ask them for as long as they are convenient and comfortable with the quality of service that they can get out of your condo. If you want your Condos in Miami Beach to be profitable, you have to choose those near to the seashore properties and those that are near to the different recreational and entertainment facilities. Keep in mind that location plays an important role when investing. You have to consider the needs and wants of potential renters so that you will be able to pick the right location of the condo that you are planning to invest.

Click Here For: Onyx on the Bay Condo

Real estate professional with 15 years experience in the Global market property for sale. We have over 1 million properties on the site from 158 countries translated into 20 languages. No matter what type of property or where it is located we will have something for you.