Blog Posts By Date: May 2020
05/29/2020
10 Very Common Rental Property Repairs
As a Property Owner, one of your most significant responsibilities is to keep up the property and repair things when they break. Although this can be high-priced and stressful if you budget and successfully plan for maintenance, you will have funds saved to handle these issues. Repairs tend to scare new landlords, but most maintenance issues are typically simple to repair. Even though you will rarely foresee when these issues happen, you can predict that they certainly will.
1. Appliances Not Working
Appliances have a lot of moving parts, and as such, tend to break down fairly often. Although the landlord can fix some issues, many problems will require a professional appliance repair representative. Unless a new appliance is needed, the typical cost to fix is between $50 and $100 per hour, and most repairs take about an hour. Used appliance stores exist in almost every town, and especially in the case of stoves, can be just as good as new. more...
Buying a home is one of the most significant financial decisions you’ll make in your life. Although, on occasion, it can be one of the largest sources of stress for many first-time buyers is the financing process. Unless you’ve planned thoroughly and dedicated time for research, receiving a mortgage can feel complicated and overwhelming. Luckily, you could learn from these common mistakes first-time homebuyers make to have a less stressful experience:
1. Not realizing the full cost of homeownership:
Being a first-time homebuyer involves much more than the monthly cost of renting, which usually includes your rent payment, some of the utilities, your internet, and cable bills. As a homeowner, you’ll be responsible for the additional monthly costs that may have been covered by your landlord. That includes the following expenses: Water, sewer and garbage, monthly HOA fees, landscaping, property taxes, and homeowners insurance. All of that is in addition to maintenance costs, which you should set aside 1-3 percent of the purchase price of the home annually to cover repairs and maintenance. more...
While the spring market would usually be running at full power now, COVID-19 has put an impermanent stop to most real estate transactions. However, that does not imply that you cannot set aside the effort to prepare your home to be listed and available to be purchased once we flatten the curve. In light of that, here are four recommendations on things you can do to prepare your home to hit the market after stay-at-home orders have been relieved:
1. Address any minor repairs:
Even the most meticulous homeowners typically have a list of home repairs that they mean to fix when they have time. Whatever fixes may be on your to-do list, it's imperative to deal with them before you list your home available for sale. While these fixes usually won't require a ton of effort on your part, they will go a long way towards improving the opinions of the overall condition of the home, which can lead to higher-priced offers. more...
Almost 75% of Realtors report that their sellers have not reduced their listing prices down to draw new buyers amid this pandemic, announced by the National Association of REALTORS. That indicates the amount of precaution home sellers consider to avoid feeling pressured to sell quickly during COVID-19.
"The housing market faced an inventory shortage before the pandemic. Given that there are even fewer new listings during the pandemic, the home sellers are taking a calm approach and appear unwilling to lower prices to attract buyers during the temporary disruptions to the economy" says NAR Chief Economist Lawrence Yun more...
Imagine, you get up in the middle of the night to use the restroom or grab a beverage, and you bump into your nightstand or stub a toe on your dresser. We've all been there: Just as you probably are aware of the design of your room, an abundance of furniture can obstruct the flow of your room, along with its aesthetic.
Large, ornate bed frames:
Grand four-poster beds with canopies and frilly bed skirts are now a remnant of the past. People are looking to create space while implementing modern elements in their bedrooms. In most cases, bed skirts aren't necessarily a vital part of most bedroom layouts. more...