What Is The Role Of A Property Manager?

Property owners commonly hire property managers to tend to the daily work of the house, apartment complex or other building for rent.  Some property owners also serve as the property manager.  In general, property managers are tasked with maintaining the property being rented.  This individual is responsible for the daily operations at the property ranging from cleaning to maintenance, rent collection and beyond.  Let’s take a closer look at the role of the property manager.

 

 

What Property Managers Do: Rent Issues

Property manager roles differ based on the unique property, the terms of the management contract and their experience/pay rate.  Just about every property manger has rent responsibilities.   It is not enough to simply collect rent from tenants.  The property manager is tasked with setting rent to the current market rate to attract desirable tenants to the property.  Property managers typically rely on comparable properties in the neighborhood or city when setting rent.  These managers also adjust rent based on inflation, local taxes, property value alterations and other factors.  Finally, property managers collect the monthly rent, apply late fees, refund deposits and handle other property-related finances.

 

 

 

Handling Tenant Matters

It takes time, effort and patience to manage tenants.  Simply finding a qualified tenant for an available apartment can prove challenging.  Property managers must perform background checks, credit checks, employment verifications and other forms of vetting before clearing a prospective tenant to live at the property.  Property managers also have to keep the property in tip-top shape to attract high-quality tenants.

 

The property manager’s tenant responsibilities do not end when the lease is signed.  Tenants will inevitably have complaints, emergencies, requests and other pressing matters.  The property manager must also handle move-outs in which tenants exit the property, cover the cost of damages and return the keys.

 

 

The Financial Side of Property Management

Maintaining the property’s financial records and managing an ever-evolving budget chews up a considerable amount of time.  The property’s record management duties include accounting for signed leases, performing inspections, handling complaints, tabulating expenses/incomes, managing repair records and so on.  The property manager must account for property taxes.  Knowledge of tax regulations pertaining to investment properties will prove quite helpful.

 

 

 

Maintaining and Repairing the Property

The average property manager’s role extends to maintaining the property.  Though a maintenance man might be available to perform repairs, most property managers have a basic understanding of how to care for a property.  This individual is charged with keeping the property in a habitable and safe condition.  In particular, emergency repairs are especially important to ensure tenants are provided with a habitable living space at all times. 

 

In terms of ongoing maintenance, the best property managers are willing to check for leaks, remove snow, landscape the property, exterminate pests and perform trash removal.  If the property manager is unwilling to handle these responsibilities, he or she should hire someone who will take care of basic property maintenance needs.  Ideally, the property manager will have a network of local repairmen, plumbers, carpenters and electricians who can perform reasonably priced repairs in a moment’s notice.

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Are You Wasting Your Money When Renting?

Since the financial crisis of 2008, more and more Americans are buying homes. As the market recovers and homes become more affordable, this seems like a great trend at first glance. However, out of these growing trends towards buying property, renters often hear that they’re “throwing money away.”

 

Are renters really throwing money away when they choose to sign a lease instead of a mortgage agreement? This argument has been used time and time again when it comes to making the decision to buy a home or continue renting. Because of this mindset, there’s been an increase in pressure, especially on young people, to buy a home quickly to avoid throwing money away.

 

In reality, it’s not quite that black and white. There are, in fact, many situations where it makes more financial sense to continue renting than to buy. While purchasing a home might be a great decision that lowers the overall monthly expense, that doesn’t mean it isn’t also a huge financial commitment that’s not right for everyone. In this guide we’ll answer this big question once and for all: are you wasting your money when renting?

 

 

 

 

Is Buying or Renting More Affordable?

One of the primary arguments for buying over renting is that it’s more affordable. It’s true that monthly rent payments are on average notoriously higher than mortgage payments. The average cost nationally for a 1 bedroom rental is $946, with some states boasting prices as high as 2,016 (New York City, of course). At the same time, the average mortgage payment for a home in America is $1,030, and your money will get you a much larger space.

 

Using that logic, it makes more sense financially to buy a home than rent. Yet, that logic isn’t actually sound. The mortgage payment on its own isn’t an accurate way to estimate costs. Homeowners experience many “hidden” costs like property taxes, repairs, HOA fees, and more. As a renter, you aren’t likely to encounter nearly as many add-on costs.

 

According to Nerdwallet, in all 50 states and Washington, D.C, it’s still less expensive to rent than to own a home. While it’s possible to find a great deal on a property or to live in a booming housing market, this isn’t the case in most cities. Owning a home is expensive. Maintenance, repairs, and taxes cost an arm and a leg and require a lot of ongoing work.

 

 

 

The Benefits of Renting

Aside from the lower expense of renting, there are a lot of other perks that make it so worthwhile for many people today. These are both financial and non-financial benefits, and they are what makes renting such an ideal housing solution for most modern workers today.

• Flexibility – When you rent, you’re free to move whenever you wish. Most leases are only a year long, and that means you can just pick up and move if you don’t like where you are.
• No Maintenance – The landlord is generally responsible for most expensive, ongoing maintenance. Having someone to call when the refrigerator breaks is a godsend!
• No Risk – When you own a home, you risk losing home value over time if the market fails. This isn’t true when renting. You’re free to move to a new market without worrying about your assets.
• Amenities – Luxurious, extra amenities are increasingly common in rental communities. Better yet, you don’t have to pay to install or maintain these benefits.
• No Down Payment – Finally, you don’t need to save a percentage of the cost of a home in order to move in. While you will likely need to pay a deposit, these rarely are more than a month’s rent.

 

 

As you can see, there’s a long list of reasons why renting isn’t a waste of money. Not only do you have the freedom to choose a property that’s right for you, but you don’t have to plan for any unexpected fees or maintenance costs.

 

Owning a home is a great goal, and one many Americans still have. That being said, unless you plan to stay in a single place for a long time or have the funds for a large down payment, it’s worth renting in the meantime. Don’t believe the hype about how renting isn’t a smart financial choice. It’s a much more secure, safe investment than it sounds!

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Will A Vacation Home Work As A Retirement Home?

It seems like a great idea, buy a vacation home that you can later turn into your primary home once you retire and sell your previous home. However, there are some factors to keep in mind before you make a decision like that.

 

 

 

The Positives

First, if you have the capital to spend on a vacation home then that’s something to celebrate. Now, what are your long term goals? Owning a vacation home is a great conversation starter but if you don’t utilize it then what’s the point. Let’s go through some awesome benefits of owning a vacation home.

 

It’s an awesome place to create memories. Here you can have a place to gather the family and have an amazing time together. No matter what age the family can come together and create awesome moments. Just make sure it’s a vacation home that the family enjoys. If they hate cold weather avoid the mountains maybe.

 

It’s great for your mind and body. Being able to have a location where you can rest and relax is essential for your long term health. Getting away from the stress that work and life brings can and will add to your life span.

 

It’s also awesome that you don’t have to pay rent.  Now you have the freedom to go there whenever you like. With or without the family it is yours to do with as you please.

Can rent it out. Before you make your vacation home your actual home you have the option to rent it out. This is a great way to earn some money or at least pay the mortgage on your home.

 

 

 

The Negatives

A negative outcome can happen. They won’t always happen but it’s important to know so that when you take the risk you are aware of what you’re risking.

 

The town. Be sure you have confidence in where you invest. The town you buy in might show signs of running down and after waiting ten years to move into your new home it’s become a ghost town. Do some research on this so that you can avoid it.

 

Moving away from where you’ve been. This might be a positive for you but maybe your family still lives in the town you’re in now or all your friends are there. They won’t be gone if you leave but it’s important to think about how important it is to you to be close by.

 

You’re now committed to a new location. The home might have been amazing when it was just for a vacation but now it’s your home. It’s not a special occasion anymore it’s now become your everyday. Before moving in start staying there for extended periods of time longer than you were before to test out how well you mesh with actually living there.

 

 

Will Your Vacation Home Work As A Retirement Home?

Yes, it’s a great option for the future. It’s a great alternative to moving into a new home and just choosing the one you already own. It’s also a great option for the family to have and they’ll love to come to visit you since it’s their vacation home too. Just make sure you know what you’re investing in and that you can handle the budget, location, and all the seasons. 

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Why You Should Never Buy the First Home You See

Congratulations on making the decision to buy a home! This is an exciting time, and you’re likely anxious to find your dream home and start the process. You’ll be in your new place sooner than you think, but are you sure you’re home search is moving at the right pace?

 

In a perfect world, the first house you see in person will be your dream place. It’ll check all of your boxes, be in perfect condition, and be priced just right. Unfortunately, this is rarely the case. In fact, even if it is the case, you should still take the time to visit more properties before making a decision.

 

According to Realtor.com, the average home buyer visits 10 homes over a period of 10 weeks before they find that perfect place. While you don’t need to stick with 10 as a hard-and-fast number, there is an argument to be made for taking your time and seeing a few places. This is a big decision you don’t want to enter lightly.

 

 

 

Marathon Not a Sprint

Many first-time homebuyers feel like they have to jump right into a purchase. They’re excited to have their mortgage pre-approval. They have a vision of the market moving rapidly with other buyers snagging the best homes every few minutes. While it’s true some markets move quickly, it likely doesn’t move as fast as you think.

 

While you certainly don’t want to search for the right home for years without making a decision, it’s worth touring a few properties. In an average market, a real estate agent shows a buyer up to 7 homes a day. This might sound like a high number, but you’ll quickly realize you get a sense for recognizing the right properties.

 

Buying a home is a huge financial decision. This isn’t something you should take lightly. When you purchase a car, vacation, or any other large purchase, you’re likely to do some shopping around. You check out alternatives, different prices, and benefits of multiple options. Why shouldn’t it be the same with your home buying process?

 

 

A Realistic Perspective

The first home you see will be clouded by excitement. You’re so thrilled to finally be taking action towards buying a home that you overlook a few things. You don’t worry about that extra long commute to work. Or you think the chipped paint on the exterior adds charm. These small things are easy to overlook because you don’t have anything to compare them with.

 

When you tour several homes, you get a better eye for perspective. You know what a safe neighborhood looks like. You know what you want from a property, and you know exactly what your dealbreakers are. This positions you in the right place to make a smart decision.

 

 

Finding the One

When do you know that you’ve found “the one?” How do you know if you’re standing in front of your dream house? First, you’ll need to visit your top picks more than once. Not only should you visit both during the day and at night, but you should also look at the property more critically.

 

Bring a camera to each home showing so you’re able to take note of specific details that you like or dislike. This makes comparing different homes much simpler. Rate each home on a scale of 1-10 after each visit while the home is still fresh in your mind. Don’t be afraid to take notes.

 

If you’ve seen a few different properties, there might not be a clear choice. You might have a few options you think are a good fit for you. It’s okay to weigh the pros and cons and go with the best property on paper. It’s also okay to choose the one that feels right to you.

 

 

 

Buying a Home Carefully

Ultimately, you want to be careful with your purchase when buying a home. This is somewhere you plan to live for a while. Whether this is your first home purchase or you’re an experienced buyer, make sure you know what you’re getting into.

 

Don’t fall for the first home you see. Even if it is the right home for you, it’s worth looking at a few other properties to make sure you’re confident in that decision. The perfect home for you is out there, but you need to be ready to look for it.

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source https://nationalcashoffer.com/why-you-should-never-buy-the-first-home-you-see/

How To Prevent Outside Faucets From Freezing in Your Home

Frozen outdoor pipes are the last thing you want to find after a cold winter night.  If water is allowed to remain in your home’s pipes, it will expand while freezing to the point that it is large enough to break right on through the pipe.  You will save a lot of time, money and frustration by winterizing these outdoor faucets to prevent water damage.  Here’s how to do it.

 

 

Start by Disconnecting the Hoses in Autumn

Do not forget to disconnect the hoses before winter starts.  Connected hoses retain water even when the faucet is off.  Water freezes within the hose as temperatures drop, causing the pipe to burst.  It is quite possible the pipe will break in the winter yet you might not know about it until spring when you attempt to use your outdoor faucet.  The location of the break determines whether water will spray along your home’s exterior or interior.

 

Draining the hose line will go a long way in preventing the pipes from freezing when the temperatures dip low in the winter.  Pinpoint the water flow valve that controls the flow of water to outdoor faucets.  In most homes, this valve is positioned in the basement.  Turn the valve to the off position.  Open all of the outdoor faucets to ensure the water can drain.  Ideally, there won’t be any water in the line so there is no potential for it to freeze.

 

 

 

Apply a Faucet Cover

Disconnecting your outdoor hose is not the sole means of preventing the faucet from freezing and water from bursting in the pipe.  Be sure to apply an outdoor faucet cover.  The average hardware store has affordable Styrofoam faucet covers that will isolate and safeguard the faucet from winter’s wrath.  Follow the instructions as detailed by the manufacturer when adding the faucet cover to your outdoor faucet.  Make sure the faucet cover is tightly secured.

 

 

Add a Frost-Free Faucet

Those who have already had problems with their outdoor faucet are undoubtedly in search of a permanent solution.  It might be possible to replace the current outdoor faucet with a frost-free faucet.  The frost-free version is engineered to function in the freezing cold.  Just be sure to disconnect the hose once winter rolls around.  Homeowners should also know it is possible for frost-free spigots to break when the hose is connected as water remains trapped within the pipe and faucet head.

 

 

 

How to Determine if Your Outdoor Faucet is Frost-free

In general, faucets with knobs that are perpendicular to the home are frost-free.  The purpose of the knob is to turn a lengthy stem that closes the valve in the home where temperatures are more tolerable.  For the most part, knobs that are positioned at a 45 degree angle are not frost-free and will require winterization.

 

 

Consider Adding Insulation

The addition of insulation is another helpful preventive measure as it protects outdoor faucets against the harsh winter conditions.  Ideally, homeowners will add insulation to every outdoor faucet before the start of each winter.  Consider adding a cloth faucet sack/sock to hook over your outdoor faucet for protection throughout the entirety of winter.  Faucet socks trap the heat that radiates through the water pipe from indoors yet they do not significantly increase the faucet temperature as no heat is generated. However, even the relatively modest additional protection against freezing can prove quite helpful.

 

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 appeared first on National Cash Offer.

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How To Compare Bids for Remodeling Your Home

You’re thinking of remodeling your home, but you’re not sure how to choose the best bid. When you’re soliciting quotes for a home improvement project, you might be surprised with the variety in your proposals. You might think it’s best to choose the lowest bid, but this might not actually be what you’re looking for.

 

In reality, it’s all about the details. There’s a science to reviewing these bids for remodeling your home. Without the right understanding about the scope of the project as well as what’s being offered, you can’t make a smart choice. Here’s how to compare bids for remodeling your home.

 

 

Start By Preparing for Bids

Your first step will be to prepare for your bids. You’ll need to visit your property with potential contractors in order for them to give an accurate quote. As expected, this could be a time-consuming process, especially if you have a large remodeling project.

 

Because you don’t want to waste your time or your contractors’ time, start by talking to a few contractors on the phone. Talk to them about your project ideas, budget, and time frame. This is the best way to learn if you’re even on the same page in the first place. If they sound promising, move forward with a property visit to get an accurate bid.

 

 

 

Know What’s in the Contract

Now that you have a number of bids to choose from, it’s time to look closely at each contract. What’s included in the contracts exactly? This needs to be specific. If you’re planning to remodel your kitchen, for example, and you’ll be replacing the cabinets, the contract might read: “Replace all cabinets.” However, this isn’t a very clear specification. Will the contractor remove the original cabinets? If so, will they dispose of them?

 

You want the contract to be as specific as possible to avoid surprises. If you’re not sure what’s included, ask. Have a detailed description of the entire process from start to finish, including any specifications needed for your property.

 

 

Be Cautious of Low Bids

Low bids might seem like they’re offering a great value, but this isn’t always the case. Many times contractors will try to win your business by offering the lowest price, but this comes with a high level of risk. If they’re using the lowest price, they likely also have low overhead and will need a large down payment to even get started.

 

More importantly, a low bid usually indicates this contractor is working without insurance or a contractor’s license. This poses a big risk to the homeowner, and it’s not usually worth it. Unless the contractor works with a reputable company or has a reference list and proof of insurance, don’t fall for the lowest price.

 

 

 

Be Wary of High Bids

On the same wavelength, don’t assume the highest bid is the best quality. There are a lot of ways to be economical with your bids. For instance, higher bidding contractors might be willing to lower their rate if you choose to purchase materials through them or extend the length of your contract. Similarly, you can often lower the cost by purchasing materials on your own.

 

You really do get what you pay for. Oftentimes the higher bids give you access to quality craftsmanship and higher-quality products and materials. Depending on what you need for your renovation, the right contractor will likely be priced somewhere in the middle of the spectrum of your bids.

 

 

Choosing the Right Contractor

Your home remodel depends on the right contractor. Hiring the wrong one might leave you at risk of wasting money or facing a liability problem. You want to make sure you know just what you’re getting into.

 

If you’re planning on hiring a contractor for your home renovation, take the bidding process seriously. Make sure you know exactly what’s offered and what your quote gets you. From there, keep your hired contractor accountable throughout the process.

The post How To Compare Bids for Remodeling Your Home appeared first on National Cash Offer.

source https://nationalcashoffer.com/how-to-compare-bids-for-remodeling-your-home/

What To Do If Your Close To Eviction

If you find yourself near eviction then this must be a very scary time for you and your family. The stress can seem overwhelming but we’re here to tell you that it’s going to be okay. Many people have been in your situations and made it through them. It’s not going to be easy but that’s where we come in to make the hard times a little less difficult.

 

 

Notice The Notice

The type of eviction that’s occurring to you depends on the type of notice before getting evicted. Knowing the type is important so that you are ready for any actions the landlord might take. This also helps you prepare any defense you need to make as well as how much time you have. Make sure you take any notice you receive seriously and check to make sure it’s legit.

 

 

 

Types Of Notices

Notice to Pay Rent or Quit.  For nonpayment of rent evictions, Nevada law requires a five-day notice to the tenant that tells the tenant to either pay the rent or “quit” (vacate) the premises.

 

Notice to Quit for Nuisance, Waste, Assigning/Subletting, Unlawful Business, or Drug Violation. Evictions for nuisance, waste, improper assignment/subletting, unlawful business, or Drug Violation require a three-day notice to the tenant that describes the alleged nuisance, improper assignment/sublet, or unlawful business, or the like, followed by a five-day notice that tells the tenant to leave because tenant’s presence is now unlawful.

 

Notice to Perform Lease Condition or Quit.   Lease violation evictions require a five-day notice to the tenant that describes the lease violation and directs the tenant to either “cure” (fix or correct) the violation or leave, followed by a second five-day notice that tells the tenant to leave because retaining possession of the premises is now unlawful.

 

Notice to Quit for Tenancy-at-Will.   Tenancy-at-will evictions require a five-day notice to the tenant that says the tenancy-at-will is terminating and the tenant must leave, followed by a second five-day notice instructing the tenant to leave because tenant’s presence on the property is now unlawful.

 

Seven-Day or Thirty-Day “No Cause” Notice to Quit. No-cause evictions require a thirty-day notice to the tenant (or a seven-day notice if the tenant pays rent weekly), followed by a five-day notice instructing the tenant to leave because retaining possession of the premises is now unlawful.

 

 

 

Time To Take Action

Take a careful look through your notice to see how long you have to take action and if you even want to take action. If you believe you can challenge the notice then go for it but make sure you go through the process as peacefully as possible because no matter what if you end up staying you’ll have the same landlord.

 

 

Prepare For The Worst

Don’t let the gloom and doom become you in this situation. You can handle it and also prepare for the worst case scenario. Have a backup place for you and your family to temporarily stay just in case. If the place you’re staying now isn’t someplace you want to stay at anyway start to make plans for a new location.

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source https://nationalcashoffer.com/what-to-do-if-your-close-to-eviction/