Archive for November, 2009

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How To Decorate Apartments

November 30th, 2009

Whether you are in your first apartment or your umpteenth, how you decorate your apartment is a big deal. Interior design and decor are a huge statement that you make to visitors on who exactly you are and what you like. Beyond that of course, how you decorate your apartment has a huge impact on your mood and your emotions. Here are some apartment decorating ideas to create a home out of a rental unit.

First of all, knowing that you are dealing with temporary housing is one of the most important apartment decorating ideas. Yes, you have signed a one year lease or have plans to stay in your apartment for years, but the truth is you are limited to some degree as to what your apartment decorating ideas can be in terms of permanence. A perfect example of this is wall treatment. You might have your heart set on a certain color for your bedroom – but you need to check with your landlord before making such a choice. In some cases, the landlord will allow you to paint, especially if it is an independent owner, so long as you paint it back to an off-white when you leave.

The point is, though, that apartment decorating ideas need to be simple, and relatively small. Again, even if you plan on staying in your apartment for a long period of time, it is entirely possible that things will occur, a relationship becomes serious or a great job offer in another city, and you will have to move. For that reason, one of the best apartment decorating ideas I can offer is to think mobile. Yes, that antique dresser might be beautiful, but what a pain to carry it out when you move. Since you have no idea really how long you might stay in any apartment, having lightweight furniture can be one of the best apartment decorating ideas you can have.

For that same reason, I recommend that you not spend a lot of money on your apartment decorating ideas. Of course, I am not suggesting that you go cheap on your home decor, but instead consider that even if you do move, it might be in your best interest to leave stuff behind. In which case, you will almost certainly not get full value for used furniture and might even not find a buyer. Donations are a great way to pass your furniture along and if you spent little on it, it won’t feel like such a hit to your wallet.

Apartment decorating ideas are tricky because you are only renting the apartment, as opposed to buying a condo or house. For this reason, you should consider lightweight and inexpensive furniture that you can move easily or get rid of quickly to move to your next apartment.

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How the Policy From The FSA May Help Those Considering Sell And Rent Back Deals

November 30th, 2009

There has been a huge deal of argument over companies presenting sell rent back deals to homeowners who are struggling with debts and mortgage repayments.

For those who have missed this, controversy cropped up when the Office of Fair Trading investigated sell and rent back companies and found that some companies were handing out what amounted to false promises on their advertisements. These advertisements came by way of TV, company websites and leaflets dropped through letterboxes. Homeowners were led to believe they could sell for cash and then stay on in the property for as long as they wanted by paying rent that was affordable. However, generally when selling this way there is no guarantee of being able to rent back over the long term. Following the investigation the Financial Services Authority will now regulate the sell and rent back sector to ensure that homeowners get a fairer deal.

A typical sell and rent back deal would come with the company offering to pay between 80% and 90% of the true value of the property. However, it has been revealed that there are companies out there who offer just 60% of the value of the property. Any company who wishes to continue offering sell and rent back deals will now have to agree to regulation by the FSA. This means they will have to follow certain rules and will have to succumb to checks on funding and ownership. This should lead to homeowners considering selling this way to getting fairer and more transparent valuations on their homes.

With lesser firms and process jumping onto the sell, rent back bandwagon during the recession, and targeting homeowners who have lost their jobs and who are faced with losing their homes, the regulations cannot get nearer soon enough.

One of the problems with the smaller companies buying homes and renting back is that they lack funding. They buy properties and then act as agents by selling on the property to landlords who buy to let. If the landlord struggles themselves to continue meeting mortgage repayments, then of course those paying rent to remain in the home are again faced with eviction.

Reports of a huge increase in rent after a period of time has also come to light, which has left those with the promise of being able to stay in the property by paying “affordable” rent struggling to meet their rent and again falling behind and being evicted.

Fortunately, there are companies out there who do have the clients best comfort at heart when they present sell rent back deals. These companies do not delude the homeowner and offer all the information essential for the homeowner to build the assessment of whether to sell this way or not. In various cases, it is not the companies who are totally to blame, but homeowners who run into selling their home without reading the agreement over with awareness from back to front. If you are in view of selling your home and renting back to evade repossession then make sure you sell to a regulated company and study the agreement watchfully.

There has been a great deal of argument over companies offering sell and rent back deals to homeowners who are struggling with debts and mortgage repayments.

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How to choose Affordable Singapore Dream Property

November 30th, 2009

How do you think about buying your first home, and always in self-evaluation, what property you can afford and what property you want. If the answer to the first question refers to the orientation of the shopping and then start the search, the closer you are planning on moving your dream home.

Sometimes it is difficult to choose between staying put as lessee, and the decision to buy. Fortunately, there are indicators that you can check to see if you are really willing to leave that all important decisions.

If you are young and fairly new in the work force, you will, of course, look for a mortgage to help fund this purchase. So it makes sense to compare mortgage rates and opt for the more appealing lender’s term. You will need to know the basic costs involved in buying a house. This way, you will make sure that the property you are eyeing is definitely within your reach.

First-time homebuyers tend to the first request for a minimum of potential depreciation in the value of the insurance ignore at home, and transaction costs associated with domestic acquisitions. Other things that often reflects the cost of living in the house can be used for the maintenance, relocation and sale of, get a lot of accessories.

After you have sorted out on the financial aspect of your home acquisition plan, then think about owning a previously occupied home or a brand new one. There is no right or wrong answer, so long you think it works for you, then just go for it.

You will be enticed by the slick furniture, state-of-art amenities and freshly painted rooms bundled in the new built home. On the other side of the coin, tastefully done home additions and good neighborhood would add value to the existing homes.

It is never just another day in the office.For example you don’t want to fall behind on your mortgage payments as the huge debt would place severe stress on you.There are going to be simply too many questions in tackling this task. If not handled correctly, it may lead to dire financial situation.

Purchase and possess a new home can be a lengthy process. Because of this constantly working on their finances, and also, you will be impressed with the repair and maintenance. You must learn to live cautiously, to earn their money should not be overly taxed.

Taking care of the long term housing need for yourself and your family is obviously noble, and it should be one of the more important priorities in you to ensure a peaceful, normal family life. But always remember to gauge your next home according to its affordability, and not judge it on what you want. Instead you should pick a dream house among those that carry affordable price tags lest it won’t upset your family’s finances.

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Why is there a need for tenant screening in every landlord?

November 30th, 2009

Tenant Screening has real advantages for landlords. From reducing your risk to and tenant turnover, to improving everything from cash flow, profits, and your chances of sleeping at night ” tenant screening has become an integral component of smart landlords standard procedures.

Why Prescreen Tenants?

You are putting yourself in a great danger and even a financial risk if you would just lease your property to a complete stranger. There is a need to know your prospective tenants which includes their previous rental, credit and job history, thus this is essential in determining if there are good when you’re taking a risk.

Landlord Risks

Your new tenant could pay rent late”or not at all. They might steal or damage your property. They could abandon your rental unit with no notice, owing you back rent. Weve all heard stories of bad tenants taking appliances and light fixtures when they move out”you dont want that to happen to you!

And there is risk to surrounding neighbours, as well. Being unaware of a person’s criminal history before placing them in your rental property is just not a good idea. Not only are neighbouring adults and children at risk of being harmed, but you, as the landlord, could be held liable for your tenant’s actions. In a litigious society, mitigating your chances of being sued is absolutely necessary.

What Landlords Need to Know

Is the prospective tenant employed? If so, how long have they been with their employer? Job stability is a favorable sign. How strong is the tenants credit history? Are there liens and judgments against them? What about previous evictions and other legal problems? Has the prospective tenant been convicted of any crimes”and if so, what was the offense?

What a Tenant Screening Report will Reveal

You need to pre-screen your tenants to show that they have an approving history, thus you know their previous landlords, so that you may also assess if they have a history of late payments or evictions.

Is the potential tenant employed? If yes, how long have they been with their boss? Having a job is a positive sign. How well-built is the tenant’s credit history? Are there liens and judgments against them? What about prior evictions and other legal problems? Has the prospective tenant been convicted of any crimes and if so, what was that all about?

To ensure that you have the prospective tenant’s information you must have a criminal background check, thus, you will be able to know the precise name, Social Security Number and current address. It will also ponder you about his criminal record in state, country and national level (subject to state law)

You’ll know whether the applicant has been convicted of a crime or not, along with the type of offense, date, and locality. Sex offenses are also reported, but information varies by state. Finally, tenant background checks reveal any aliases used incarcerations, and whether the potential tenant has been placed on federal terrorist watch lists or is listed as an international narcotics trafficker.

Things to Remember

You must obtain the applicants permission to conduct a tenant background check”which can be a standard part of your application procedure. The notification must be a separate document, however. Also, all information you learn from a credit report must be held in strictest confidence, and never shared with third parties. Your applicant may have a right to the report”check your states guidelines and the Fair Credit Reporting Act (FCRA) to be sure you are compliant. If you reject an applicant for credit reasons, you must advise them in writing. E-Renter can handle your background screening to ensure you are within the guidelines of the FCRA.

Tenant Screening has become an essential component of smart landlords’ standard procedures.

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How To Own And Manage Commercial Property

November 29th, 2009

If you own multiple residential properties, you may feel that you’re well versed in property management. However, with larger commercial properties, this simply is not the case. The formula that you used to be effective with residential property is not the only thing that you need when a owning commercial property. Some of the topics that a commercial property manager covers that a residential property manager does not are:

Renting strategies Maintenance needs Legality and leasing Understanding advanced business strategies learned in graduate school

Short Description Of Residential Property Managers

A manager for a typical apartment property understands the basics of a typical business operation. In some instances, this manager may even live on site. Their general work duties include gathering rent checks, deciding whether to call a plumber or handyman, getting the lease signed, and some basic yard maintenance. If the apartment complex is larger, there may also be a number of contracted staff that this manager supervises. However, they’re not going to draw up long-term business plans and strategize between an insurance company and a corporation. This is more of an area for commercial property management.

Tasks of both commercial and residential property managers

Leasing agents and any maintenance workers will typically follow the orders of a residential or commercial property manager. Some residential properties are so small that one person can manage and do the maintenance. However, this is unheard of with commercial property managers. The job is simply too large for one person to do it all. Services that are needed for any commercial property include cleaning, landscaping, and basic repairs. There are certain repairs that are needed that will require a professional. Payment and supervision of the projects will be handled by the managers. Some of the general areas covered by hired professionals are installing air conditioning, repairing drywall, and reconditioning floors.

Commercial Property Management Promote Good Service

Regardless of whether or not the property is residential or commercial, a property manager must be able to deal with tenants in a professional and courteous way. Of course, there is no perfect tenant. However, customer satisfaction is the ultimate goal. After all, if you need to have your tenants happy in order for your lease to be renewed year after year. A good commercial property manager that understands good service will know how to communicate with even the worst client. Much of this begins with the understanding the services that can be provided and at what additional cost.

More on commercial office property management and the commercial property management job.

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Recruiting Preparation Should Be a Part of Your Daily Management Routine

November 28th, 2009

If you find your company in a position to hire someone quickly due to an unexpected resignation, you will find recruiting someone to be more challenging. With that in mind, recruiting should be a daily responsibility. This quick reflex to hire a candidate immediately might cause you to hire more out of desperation. The potential employee might lack the necessary skills required to fill the position.

The best recruits will be acknowledged and found through constant and diligent efforts. Only recruiting when it’s a necessity will create a “knee-jerk” response and the outcome could have a negative reaction. Consider recruiting daily and possibly hiring on a monthly basis. Even if you don’t hire, this will give you a great database of future candidates.

There are many avenues to take when recruiting. Don’t depend on a single approach. A few ads in the Sunday newspaper will not be effective. To obtain quality candidates, use all the available resources at your disposal. The way we market is changing and we have to change as well. You want to be able to “touch” as many prospects as possible.

In-house employees, job fairs, word of mouth and Internet sites are just a few of the tools at our disposal. Take full opportunity to utilize these resources.

With the current market, companies are always in completion for the best employees. Their “first impression” of you is just as important. Be professional, well-organized, receptive and courteous to their time and interests. Try to stay on schedule and do what you say you will do. If this could be a model employee we want them to stay with the company after we hire them.

If you have found a good candidate and decide they are perfect for job, it’s always a possibility they could turn down the offer. Don’t take it to heart. Definitely don’t take it personally. If the candidate turned down the position because of another opportunity, it is very likely they might realize a mistake has been made and reconsider. Continue to follow up with the individual as their reconsideration could be very favorable in the near future.

In certain sales industries such as real estate, it might behoove you to consider overstaffing when appropriate. Good people are always an asset. Having trained real estate agents or sales professionals in reserve who understand the company and its philosophy, will give you greater flexibility in expanding your team or in replacing a marginal performer.

Management’s duty is to delegate responsibility. Recruiting is one area that might be better off left in the hands of management. Inexperienced recruiting tactics could be detrimental to your organization, not to mention the cost and ramifications that could be caused by hiring the wrong individual. The initial interview is of the utmost importance as is the final determination.

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Property Investment – Apartments

November 28th, 2009

Renting out houses as investments make pretty good financial sense over the long term (house prices tend to double in price every 8 to 10 years) but what about Apartments?

Firstly you have to ask yourself, what am I investing for? Is it long term capital growth or short term income from rent? Generally speaking older people invest for short term income rather than long term growth, fotr obvious reasons!

Apartments generally do not make good capital growth investments as historical property prices have in fact reflected the price of land and as an Apartment owner, this land price is not reflected in the value of the unit itself. Developers are using all sorts of tactics to sell apartments at present such as ‘rent guarantees’. It is worth thinking about what happens after the rent guarantee runs out and if the figures don’t add up then, they most likely won’t add up now. Also will the developer offering the guarantee be around to follow through on it? Most Real Estate agents know that these guarantees are a marketing trick and tend to reflect the flaw in the Apartment market as a whole. (Why offer something when you don’t need to?)

Also bear in mind that mortgage financing for Apartments is tricky with most Banks not going over 60 or 65%. That might be OK for you, but what about your potential buyer a few years from now?

Aside from not owning the property, another factor is the potential for oversupply. Developers can effortlessly put up a block of new Apartments, quickly and therefore further diluting the potential market. The old rule of supply and demand kicks in and as an individual you have very little control.

The above coupled with high Body Corp fee’s and maintenance issues means Apartment buyers need to think twice before making the move. In terms of rental return I would say around 7% warrants a house purchase but nearer 10% is needed for Apartments.

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Choose Lanzarote Villas and Apartments for the Best Holiday Experience

November 28th, 2009

More and more holiday travellers from the UK, Ireland, Spain, Germany and elsewhere are discovering the serene and dramatic beauty that forms a backdrop to the main resorts on Lanzarote. It is now the second most popular Canary Island island after Tenerife, which of course is much larger.

The most poular accommodation choice is self catering villas in Lanzarote, with villas in Playa Blanca especially popular. This also applies to Costa Teguise, which also has a good range of all inclusive hotels, and is also renowned for water sports. Costa Teguise is located very near to the capital, Arrecife, and the airport.

Apartments in Lanzarote are also a very popular type of accommodation, and there are many in Puerto del Carmen, also quite near to the airport. Puerto del Carmen is well known for it’s ‘strip’, the Avenida de las Playas, which is 6 kilometres long, and hosts a large number of bars, restaurants and night clubs where you can party until 6 am. Despite this, Puerto del Carmen is also very popular with families and older people – mind you, these days, they are sometimes the age group that party the most!

There are many attractions and places to visit all over Lanzarote, and all can be easily reached from your Lanzarote villa or apartment. The most famous is the Parque Nacional de Timanfaya, where the heat of the still-active (but dormant!) volcano is used to cook at the Restaurant that is at the heart of the visitor centre. You can take an escorted coach ride around the park, and enjoy a fascinating narration about the last eruption of the volcano in the 17th century.

For many it will be the beaches that attract people to Lanzarote. They are truly spectacular, especially around Papagayo and Playa Blanca in the South, and at Caleta de Famara, in the wider North west of the island. The main resort beaches at Puerto del Carmen and Playa Blanca are very safe for bathing.

For the best in villas in Lanzarote and apartments in Lanzarote, visit the All Things Lanzarote website, which is packed full of information about all the resorts referred to in this article, as well as places to go on the island.

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What to Look for When Living in a Hotel

November 27th, 2009

For one reason or another, you may find yourself living in a hotel for some time. For some, this is a permanent arrangement, as they are more comfortable in a temporary space, while others are there for only a month or two, while they find a house to purchase or while their home is being repaired, etc. The important thing is to find a place that works for you and is comfortable.

The Neighborhood The first thing to consider is where you’ll be living. Many live-in hotels have a bad reputation for being in the wrong part of town. If you’re new to town, take a look around before committing to one place. Choose a hotel that is in a decent area, where you won’t be afraid to look out the window at night.

You will also want to be near local transport such as the subway, if you don’t have a vehicle. Proximity to supermarkets, a place to do laundry and other conveniences is also a good idea. Some hotels may even provide a laundry room on site.

Choosing the Room Since you’ll be living in the one room or suite for a while, it’s a good idea to choose one that is comfortable, doesn’t have odd smells and which you feel comfortable in. Most people don’t need too much space, but it’s a good idea to have a dresser or closet to store your clothing. If you wish to cook, then look for a room that has a kitchenette where you can prepare your own meals, preferably with the basics, pots, pans, dishes, etc. already available. Some rooms will offer a table or desk where you can work, as well.

For anyone who is moving into a hotel with children, a suite with a separate room for the kids can be a huge blessing. You’ll be able to get them down at a decent hour and still enjoy some television or hanging out with your significant other or friends.

Pricing Your best bet when it comes to renting a hotel is to look for a short term rental option. Hotels that offer this will give you a better deal for staying a week, a month, or longer. This is often a considerable discount on the nightly price, so it’s worth looking into. Also, hotels that offer these rates are comfortable with having longer term guests and probably already have some. You will be able to talk to other residents and get a feel for the place.

Many people find that short term rentals are ideal for those shorter stays. Whatever your reason for needing a place to stay for a month or two, you can also opt to rent a house or furnished apartment for such a short length of time.

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Effectively Managing Rental Properties

November 27th, 2009

Lear as much as you can about your rental market. The number one key to managing rental properties is to know your market place. What is your property worth as a rental? How nice is your rental versus others in the community? What types of extras are standard? Knowing the answers to these questions is usually the difference between renting your unit in 2 weeks or 6 months. The easiest way to find the answers to these questions is to call other rentals in your area and schedule a showing. Many times other land lords will help you, especially if you want to rent to better tenants. You want to view as many apartments near your property as you can so that you have information on the market that you are competing in.

Get to know the applicable landlord tenant laws in your area. This is very important. Not much more to say. Get the laws. Read the laws. Follow the laws. If you don’t, you could lose a lot of money.

Advertise in the right places. For the past 2 years, I have put zero “FOR RENT” signs in my front yards. I advertise on free websites like Craigslist, Plugged-In, and other local websites that cater to renters. (This is another reason you want to know the marketplace.) These websites typically attract a higher quality tenant. This tenant is not a life time renter, but a young professional needing a nice place to live. In this case, if you make your place nice, you can often get a higher rent. Why would anyone pay for an ad in a local paper? These websites work and they are free.

Offer a referral program. I have a policy that if you refer a friend and that friend signs a 1-year lease, I will give you 1/2 off next months rent. This is a great program! My best advertisers are my current tenants. I make my places nice and I stay on top of problems that arise quickly and in a friendly manner. This makes my tenants happy to refer their friends and family to my rental units.

Do a brief background check. No one is perfect. With today’s economy being what it is, I am very understanding when it comes to poor credit. I am more concerned with evictions on a background check. An eviction is a last resort measure. This means the landlord tried everything they could to make it work. To me if someone has been evicted, they were real bad tenants. I don’t want problems, I want income.

Many people buy a lease from an office supply store, these are cookie cutter contracts that may not fit your situation. I also think they send the wrong message to a Judge if you have a problem (which is the law was an after thought when we signed the lease.) Find a local attorney who has experience in residential real estate. Plus they may help refer you some business.

Be flexible on your rent. When it comes to rent, I am flexible. Let’s say I want $900 per month for rent, but a tenant offers to pay $850 per month. If I wait I may be able to get more rent from someone else. If however, I don’t rent it this month, I just lost $850! It will take me 17 month at $900 to recover the lost rent. If I don’t rent it for 2 months, it will take me 34 months to make up that lost rent. This is where I think a bird in the hand is worth three in the bush. If I take a lower rent lower rent, I expect something in return, like the tenant agreeing to yard work or snow removal.

Hire a handyman. I can fix just about any small problem that arises in my rentals, and I don’t pay myself a dime. However, I have 3 guys who work part time for me as handymen. Why? So I am not inconvenienced by evening calls, late night calls, early morning calls, or weekend calls. Why do I have 3 of them? In case I can’t get a hold of the first 2. My tenants are very important to me, but so is my family. So that I don’t have to make a choice between them, I call my handymen. Everyone is happy, most importantly me!

The most common complaint from tenants is that their land lords are not responsive to problems that arise in their apartments. No one cares if the kitchen sink is clogged, just as long as it is fixed it in a timely manner. Leave it clogged, and they will move out. I tell my tenants that all maintenance calls will be answered in person within 24 hours (see “Hire a Handyman.”) Honor that commitment and your renters will be happy.

Become a friend and your tenant will want to take care of your property. Thank your customers (your tenants). If I were selling copiers or pharmaceuticals this would be obvious. Why is renting an apartment any different? Sending a holiday card, or congratulating a tenant on the birth of a new child, you may be viewed as more of a friend than a landlord. Become a friend and your tenant will communicate problems to you rather than just moving out. Become a friend and your tenants will refer their friends to you.

Erin Cureton is the managing partner of Cureton Property Alliance. Erin Cureton Flips and rents houses in Lakewood and Akron, OH. Erin Recommends Solid Ground Construction for Kitchen Remodeling Avon Lake and Co-Op Optic for eye glasses Stow Ohio.

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