blackrockpropertymanagement

30 SUMMER HOME MAINTENANCE TIPS

Thu, 08 Aug 2019 07:00:00 GMT

Ah, summer is here. The temperatures are soaring, the rain is pounding, and the sun is blazing. It’s important that you take the time to maintain your home this summer and to prepare it for the extreme heat that you could be facing. Check out our ultimate checklist of summer home maintenance tips to help you give your home some TLC.

Indoor summer home maintenance:

1. Do a test of your smoke detectors and your carbon monoxide detectors. Replace the batteries if needed.

2. Get your cooling system ready.

Consider getting your air-conditioning system serviced. Proper air conditioner maintenance can help your AC last longer and prevent air conditioner fires . This one is especially important for summer home maintenance since you don’t want to be stuck without air conditioning when the temperature starts climbing.

3. Dust the ceiling fan bla des and check that the fan is balanced and working properly.

Attach a dryer sheet to a paint roller so you can reach easily and dust away.

5. Clean or replace your showerheads.

6. Clean bathroom drains.

7. Reverse the direction of your ceiling fans.

If your fans spin counterclockwise, they’ll push the air straight down to your home will stay nice and cool. To do this, turn off the fan, wait for it to stop, and find the direction switch and check that your fans are spinning counterclockwise.

8. Clean the baseboards of your home. Use a damp cloth and wipe away all the dust and grime.

9. Check your attic and basement.

In your attic, look for signs of dampness, mildew, leaks, holes in the roof, and pests.
In the basement, check for leaks, pests, mold, and mildew.

10. Clean the vents of your bathroom fans.

11. Clean the dryer vent and exhaust duct.

Clean out all of the dust and lint trapped in the vent and exhaust duct. Call in a professional to clean and service your washer and dryer if needed. Clothes dryers can be a fire hazard if they’re not cleaned and maintained.

12. Change the filter in the air conditioner.

Outdoor summer home maintenance:

13. Clean your grill to prep for summer barbequing .

Charcoal grills: Empty the grill and wipe away any dust or residue. Use hot water, dish soap, and a scrub brush or sponge to clean both the outside and inside of the grill. Be sure to let your grill dry off before using it next.
Gas grills: Close the lid, turn the heat up high, and let the grill cook for about half an hour. Let the grill cool. Use a grill brush to sweep the grill. Wipe down the outside with a sponge and cleaner. Then clean out all of the drip trays.

14. Wash down your porch. You should sweep the porch thoroughly, then wash it with a cleaner. Remove any embedded dirt by scrubbing with soap and water.

15. Give your deck a once-over. This is a summer home maintenance must.

Check your deck to see if there are any boards that look like they’re rotting. Have them replaced.
Hammer any nails that are loose.
You can also check if your deck needs to be resealed by pouring a little water on it. If the water beads into little puddles, you’re good. If it sinks into the wood, you should get your deck resealed against water.

16. Wash the windows. Why not? Clean windows are nice. Use warm water and soap to get those windows sparkling.

17. Wash or change your window screens.

Use hot soapy water and a brush to gently wash your window screens.

18. Add a layer of mulch. If you have plants, the extra mulch will help fight off weeds and help your soil retain moisture during those scorching summer months.

19. Check for outdoor leaks. Go on a hunt for leaks by checking all outdoor faucets. Then look at your hose. You can waste a lot of water if there’s even a tiny hole in your hose. Use electrical tape to repair any small holes in your hose.

20. Check your outdoor play equipment. Make sure everything is still safe. Repair or replace anything that’s damaged or possibly hazardous and make sure that the structure is still sturdy and strong.

21. Protect your home against unwanted guests. Yes, unfortunately sometimes critters decide that your house is the place to be. From snakes to squirrels, take steps to close off your home to non-pet animals.

Cover any holes that are more than a quarter-inch wide.
Get your tree branches trimmed back so they don’t create a highway for squirrels – a squirrel-way if you will – to your attic. Branches should be at least 8 feet from your roof.
Make sure your outdoor trash bins are tightly sealed to prevent a buffet for pests.
Do away with yard debris. Leaves and twigs are a haven for animals that might decide to invade your home.
Tend to your lawn frequently by mowing.

22. Clean out the gutters and downspouts. You should clean the gutters at least once a year, perhaps twice if you have a lot of trees around your home.

23. Inspect the caulking around the windows and doors of your home. You can keep ants and bugs at bay in the kitchen by adding fresh caulking to your windows and doors.

24. Consider having your driveway and walkway pressure washed.

25. Repair cracks or holes in your driveway and front steps.

26. Trim bushes and plants. Pay special attention to the area around the AC unit.

27. Touch up the paint on the outside of your home.

28. Check over your fence. Have it repainted, resealed, or repaired as needed.

29. Look at the outside of your house. Check for rotted, dirty, or loose siding.

30. Consider getting your roof inspected.

So, there you have it – our summer home maintenance tips. The above thirty tips will help you clean up and take care of your home this summer. If you’ve got some time over the summer, tend to your home. Preventive home maintenance can even help you save money on home insurance.

Buying a house: The tax impact of your new home

Mon, 07 Jan 2019 08:00:00 GMT

If you’re a first-time homebuyer, you may be aware that it’s possible to deduct mortgage interest. But what about the tax impact of buying a house? What are the tax ramifications of the actual transaction?

Warm-weather months can be a great time to buy a home. But before you take the plunge for the first time, here are some things you should know about taxes and buying a home.

Sales tax? That’s a ‘no’

While the federal government doesn’t have a sales tax, most states do. In fact, Alaska, Delaware, Montana, New Hampshire and Oregon are currently the only states that don’t collect a statewide sales tax.

States that do have a statewide sales tax generally tax a range of purchases, and what’s taxed varies from state to state.

For example, California taxes retail sales of merchandise in the state, but not tickets to movie theaters or sporting events. While North Carolina’s sales tax doesapply to movie tickets (among other items), it excludes the purchase of lottery tickets. Additionally, counties and cities may charge their own sales taxes.

With so many types of purchases subject to sales tax, it may be surprising to learn that when you’re buying a house, some states don’t apply their sales tax to home purchases. However, states can have idiosyncrasies in their tax law. For example, California may charge sales and use tax if you buy a mobile home. So make sure to check your state and local sales taxes to get a better idea of the taxes you may be responsible for.

And, depending on the state in which you buy, you may face another kind of purchase-related tax — real estate transfer taxes.

Real estate transfer taxes

States, counties and municipalities can choose to levy taxes when a piece of real property — like your new home — changes hands, or when recording a mortgage. These taxes are often known as documentary or “stamp” taxes.

Many states that charge these taxes base the tax amount on a percentage of the purchase price of the property. Each state and its taxing body have different rules for how their real estate transfer taxes work.

Here’s an example of how state and local real estate transfer taxes can affect the ultimate cost of buying a house.

Colorado charges a transfer tax of .01%, which means you’ll owe the state a penny per $100 of the purchase price. What’s more, if your new home is in Telluride, Colorado, the town will tack on an extra 3% real estate transfer tax for any home purchase of more than $500. It’s up to the buyer to pay the town’s tax. So if you buy a $500,000 home there, you’ll owe a transfer tax of $5,000 to the state and another $15,000 to the town.

What part of your house payment can you deduct?Even states that don’t have sales tax can have real estate transfer taxes. In Delaware, where there’s no state sales tax, real estate transactions can be subject to a transfer tax of 3% of the property value. However, if you’re buying in a county or municipality that has its own real estate transfer tax, the state tax drops to 2.5%. And Delaware state law says the tax will be divided between buyers and sellers equally.

So in Delaware, your $500,000 home could come with transfer taxes of $15,000 (if you buy in a city without its own transfer tax) or up to $20,000 in state and local taxes . In either case, you’d split the tax with the seller, so your share as the buyer could range from $7,500 to $10,000, respectively.

A lot depends on where you buy

On its website, the National Conference of State Legislators provides a list of real estate transfer taxes that shows how widely such costs can vary from state to state.

For example, the list shows that 12 states — Alaska, Idaho, Indiana, Louisiana, Mississippi, Missouri, Montana, New Mexico, North Dakota, Texas, Utah and Wyoming — do not currently have real estate transfer taxes.

Others charge a single, simple transfer tax — for example, a $2 flat fee in Arizona and a 0.1% mortgage registration tax in Kansas.

And others have more complex transfer tax rules.

For example, Hawaii’s state conveyance tax increases as the property value increases, with the tax rate starting at 0.1% for properties valued at less than $600,000. New Jersey has multiple fees on top of the state and county fees, including additional fees for properties over a certain dollar amount.

Who’s gonna pay for all this?

Who’s responsible for transfer taxes when you buy a home? That depends.

Some taxing jurisdictions may specify whether the buyer or seller must pay transfer tax, or if both parties in the transaction must share it. Or you may be able to negotiate with the seller to pay transfer taxes as part of the sales contract for your new home.

If you end up paying transfer taxes as a buyer, you can’t deduct them from your federal income taxes the way you might deduct property taxes. However, you can include them in your cost basis, which is basically the value of a home for tax purposes. Down the road, if you sell your home, your cost basis will be a factor in figuring out your gain or loss on the sale. Your gain or loss in turn may affect how much (if any) tax you’ll owe on the money you receive from the sale.

Now for the good news …

Transfer taxes can be a painful part of an already-daunting process, but buying a home can deliver tax benefits as well.

Here are some deductions and credits you may qualify for as a homeowner.

Mortgage interest deduction

If you’ll be taking out a new mortgage to buy a house this year, you might be able to take a mortgage interest deduction on your 2018 federal income tax return provided …

You itemize your deductions
Your mortgage is for your principal residence or one other qualified residence
You paid or accrued the interest during 2018
You used the loan proceeds to buy the home that secured the mortgage
Your total mortgage debt (including home equity) was $1 million or less – or $500,000 or less if you were married but filing separate returns

If you’re buying your home in 2018 (or later), the maximum amount of mortgage debt for which you can claim an interest deduction is $750,000 if you’re married filing jointly or $375,000 if you’re married filing separately. That means if you’re married filing jointly and your mortgage is for $1 million, you won’t be able to claim a mortgage interest deduction for $250,000 of your principal.

State and local property tax deduction

Every year, you’ll pay any property taxes on your home to your state and local governments. Whether you pay your property taxes directly or do so through an escrow account with your lender. Beginning with the 2018 tax year, you may be able to deduct up to $10,000 ($5,000 if you’re married filing separately) of your property taxes, plus state and local income taxes combined. Or, you could choose to use sales tax instead of income tax. This is known as the SALT deduction. For example, if you paid $5,000 in property tax and $7,0000 in state and income tax, you can only take a $10,000 deduction toward that total $12,000 cost.

Can you defray the loss of SALT deduction? You’ll need to itemize your deductions on Schedule A to take this deduction, and you’ll have to decide which taxes you want to deduct – property and income taxes or property and sales taxes.

If you live in a state with high property taxes, your property tax bill could account for all your allowed SALT deduction, leaving you no room to deduct income or sales tax. Or if your property taxes are lower, there may be money left in the deduction limit to deduct some state income or sales taxes as well.

Deducting points

Buying a house can involve paying “points” — charges you pay to obtain a mortgage. Your lender may also refer to points as loan-origination fees, maximum loan charges, a loan discount or discount points.

You may be able to deduct the full amount of points you paid in the same year you paid them if …

The mortgage is secured by your main home (your main home is generally defined as where you live most of the time)
Paying points is common in the area where the loan was made and you didn’t pay more than the going rate for points in that area
You report income the year you receive it and deduct expenses in the year you pay them (known as the cash method of accounting)
The points didn’t replace other fees that normally appear separately on a settlement statement, like appraisal fees, title company fees, attorney fees and property taxes
The cash you paid at or before closing on your house for costs like a down payment or earnest money, plus any points the seller paid, were at least equal to the points charged (you can’t have borrowed this money)
You used the loan to buy or build your main home
The lender computed your points as a percentage of your mortgage principal
Your settlement statement clearly shows the points charged for the mortgage

If you don’t meet all these criteria, you’ll have to deduct your points over the life of the mortgage as prepaid interest.

Mortgage interest credit

If you’re a homebuyer making a lower annual income, you may be able to qualify for the mortgage interest credit.

Before you get a mortgage, contact the state or local government for your area to find out if you can qualify for a Mortgage Credit Certificate. The IRS requires you to have an MCC to be eligible for the credit.

If you qualify for an MCC and are eligible for the credit, it’s a dollar-for-dollar reduction in the amount of tax you owe. Your credit will be based on the certificate credit rate on your MCC (10%–50%), and you’ll need to calculate the actual credit amount on Form 8396. Credit Karma Tax® supports this form, and you can e-file it when you file your federal 1040 using the free tax-preparation service.

You can still take a mortgage interest deduction if you also qualify for a mortgage interest credit. However, if you itemize your deductions you’ll have to reduce your home mortgage interest deduction by the amount of the mortgage interest credit you claim, even if that amount is partially carried forward.

Each state or agency can have different rules for MCCs, so it’s important to find out exactly what the qualifications are for your area.

State and local tax breaks

Property taxes can be a huge cost of homeownership. States, counties and municipalities may offer tax breaks that can help defray this cost. Eligibility can be based on factors such as income, whether you’re a veteran or a disabled veteran, where you live in the state, or whether you’re retired or disabled.

For example, Washington state offers deferral programs for qualifying applicants to help with their property taxes. Homeowners with household disposable income of $57,000 or less may be able to qualify to defer some property tax payment, although they’ll owe interest on the deferred amount.

In Georgia, homeowners may be able to get a standard homestead exemption of $2,000 off their county and school taxes ($4,000 if they’re 65 and older), as long as they actually live in their home and it’s their legal residence, subject to some exceptions.

Contact your state’s taxing authority or department of revenue to find out about any state or local tax breaks that might be available to you.

Bottom line

Depending on the state where you’re buying a house, real estate transfer fees can be complicated and costly. You could find yourself wishing your home purchase was subject to something as simple to understand as a basic sales tax.

However, tax implications shouldn’t necessarily be the driving factor in any financial decision, including where you live. Fortunately, qualifying for federal-level tax breaks like the mortgage interest deduction can help reduce your tax burden.

If you’ll be buying a home this year, be sure to keep all important purchase-related documents organized in one place. Having your home purchase information on hand when it’s time to file your 2018 income taxes in 2019 can help ensure you make the most of every home-related credit or deduction you’re eligible for.

SEVEN THINGS TO CONSIDER WHEN BUYING AN INVESTMENT RENTAL PROPERTY

Wed, 28 Nov 2018 08:00:00 GMT

1. Condition Of The House

There’s nothing wrong with buying a fixer-upper, but you need to be realistic about the time and money it’ll take to make an ugly duckling shine again.

After receiving a thorough inspection by a qualified professional, ask yourself how many of the repairs you can do on your own, and how many would require outside contractors. Get estimates for any major jobs that you would have to pay someone else to do.

You’ll want to make sure that you fix all serious issues before anyone moves in, as an unsafe house can lead to grave consequences if tenants become hurt or sick.

Calculate how long the repairs should take. If the house needs to be vacant for months while renovations take place, it may not be worth it. After all, there’s nothing more discouraging to landlords than an empty house that isn’t bringing in any income.

2. The 1% Rule

Every investor has their own goals when it comes to returns, but most will agree that the income from an investment property needs to abide by the 1% rule.

3. Property Taxes

You should always consider property taxes when buying an investment property. High taxes will eat into your profits, while low taxes will allow you to keep a larger amount of your rental income each month.

As a general rule, expect to find higher property taxes in metropolitan areas, and lower taxes in more rural places.

Some locations charge investors at a higher rate than owner-occupants, so it’s worth calling your local tax assessor to determine whether this is the case.

Be sure to remember that even if you find the perfect house in the perfect neighborhood, high property taxes could make it a poor investment choice.

4. Insurance Costs

Just like property taxes, insurance costs can eat into your profits, so be sure to do your due diligence.

The first step is to decide what kind of coverage you want for the investment property. Do you want to pay a smaller premium each month but be faced with a higher deductible when you make a claim? Do you want to provide coverage for tenants’ personal property?

Secondly, you should determine whether the area you’re interested in has higher insurance premiums due to its vulnerability to floods, sinkholes, tornadoes, hurricanes, earthquakes or other natural disasters. If this is the case, the house may not be worth it.

Once you’re ready to proceed, start comparing insurance rates. Many companies offer an online calculator, but calling a customer service number can often allow you to create a more customized policy based on your needs.

5. Neighborhood

The location of a house is just as important as the house itself. You need to choose an area wisely, making sure it’s a place where tenants will want to live.

The most important factor to consider is safety, making sure the neighborhood’s crime rates are not too high. Curb appeal is also a major factor, as tenants will be more eager to live on a street with well-manicured lawns and nicely painted homes.

If you’re hoping to rent to families, you’ll also want to have a look at the local school district. Parents are more likely to choose areas that have well-ranked schools.

Buying a home near a university can be an excellent way to enter a strong rental market, although many investors are wary of renting to partying college students.

6. Property Management

Being a landlord can be a headache at times, so you should consider whether you’re willing to deal with 3 a.m. phone calls when there’s a plumbing disaster.

Many investors choose to hire a property management company to take care of everything for them. Most companies charge around 10% of the monthly rent, as well as a fee for procuring tenants. Some also charge to supervise maintenance repairs from outside vendors.

Some landlords believe the management fee is well worth it, while others choose to save money and deal with problems on their own. This decision is purely a personal one, but one you should carefully consider.

7. Unexpected Costs

While the primary objective of purchasing an income property is to make money, you should prepare for unexpected expenses.

Calculate the amount of money it would take to replace major parts of the house, including the roof, HVAC system and water heater. Throw in a sizable amount of extra cash as a cushion. Always keep that amount of money available, whether on a credit card or in a savings account.

7 SMART STEPS EVERY NEW HOMEOWNER SHOULD TAKE

Thu, 13 Sep 2018 07:00:00 GMT

Turning the key in a lock that no landlord has access to, reading in a hammock in your own backyard and painting your dining room bright red – what could be more exciting than making the leap from renter to first-time homeowner? Getting swept up in all the excitement is a wonderful feeling, but some first-time homeowners lose their heads and make mistakes that can jeopardize everything they’ve worked so hard to earn.

Don’t be one of those people; take a few moments to ponder these seven practical concerns that will help ensure that your first home becomes the place of luxury and financial freedom you’ve anticipated.

Don’t Overspend on Furniture and Remodeling

You’ve just handed over a large portion of your life savings for a down payment, closing costs and moving expenses. Money is tight for most first-time homeowners. Not only are their savings depleted, their monthly expenses are often higher as well, thanks to the new expenses that come with home ownership, such as water and trash bills, and extra insurance.

Everyone wants to personalize a new home and upgrade what may have been temporary apartment furniture for something nicer, but don’t go on a massive spending spree to improve everything all at once. Just as important as getting your first home is staying in it, and as nice as solid maple kitchen cabinets might be, they aren’t worth jeopardizing your new status as a homeowner. Give yourself time to adjust to the expenses of home ownership and rebuild your savings – the cabinets will still be waiting for you when you can more comfortably afford them. (For further reading, see To Rent Or Buy? The Financial Issues.)

Don’t Ignore Important Maintenance Items

One of the new expenses that accompanies home ownership is making repairs. There’s no landlord to call if your roof is leaking or your toilet is clogged (on the plus side, there’s also no rent increase notice taped to your door on a random Friday afternoon when you were looking forward to a nice weekend full of naps). While you should exercise restraint in purchasing the nonessentials, you shouldn’t neglect any problem that puts you in danger or could get worse over time, turning a relatively small problem into a much larger and costlier one.

Hire Qualified Contractors

Don’t try to save money by making improvements and repairs yourself that you aren’t qualified to make. This may seem to contradict the first point slightly, but it really doesn’t. Your home is both the place where you live and an investment, and it deserves the same level of care and attention you would give to anything else you value highly. There’s nothing wrong with painting the walls yourself, but if there’s no wiring for an electric opener in your garage, don’t cut a hole in the wall and start playing with copper. Hiring professionals to do work you don’t know how to do is the best way to keep your home in top condition and avoid injuring – or even killing – yourself.

Get Help with Your Tax Return

Even if you hate the thought of spending money on an accountant when you normally do your returns yourself, and even if you’re already feeling broke from buying that house, hiring an accountant to make sure you complete your return correctly and maximize your refund is a good idea. Home ownership significantly changes most people’s tax situations and the deductions they are eligible to claim. Just getting your taxes professionally done for one year can give you a template to use in future years if you want to continue doing your taxes yourself.

Keep Receipts for Home Improvements

When you sell your home, you can use these costs to increase your home’s basis, which can help you to maximize your tax-free earnings on the sale of your home. In 2008, you could have earned up to $250,000 tax free from the sale of your home if it was your primary residence and you had lived there for at least two of five years before you sold it. This assumes that you owned the home alone – if you owned it jointly with a spouse, you could each have gotten the $250,000 exemption.

Let’s say you purchased your home for $150,000 and were able to sell it for $450,000. You’ve also made $20,000 in home improvements over the years you’ve lived in the home. If you haven’t saved your receipts, your basis in the home, or the amount you originally paid for your investment, is $150,000. You take your $250,000 exemption on the proceeds and are left with $50,000 of taxable income on the sale of your home. However, if you saved all $20,000 of your receipts, your basis would be $170,000 and you would only pay taxes on $30,000. That’s a huge savings: in this case, it would be $5,000 if your marginal tax rate is 25%.

Don’t Confuse a Repair with an Improvement

Unfortunately, not all home expenses are treated equally for the purpose of determining your home’s basis. The IRS considers repairs to be part and parcel of home ownership -something that preserves the home’s original value, but does not enhance its value. This may not always seem true. For example, if you bought a foreclosure and had to fix a lot of broken stuff, the home is obviously worth more after you fix those items, but the IRS doesn’t care – you did get a discount on the purchase price because of those unmade repairs, after all. It’s only improvements, like replacing the roof or adding central air conditioning, which will help decrease your future tax bill when you sell your home.

For gray areas (like remodeling your bathroom because you had to bust open the wall to repair some old, failed plumbing), consult IRS Publication 530 and/or your accountant. And on a non-tax-related note, don’t trick yourself into thinking it’s OK to spend money on something because it’s a necessary “repair” when in truth it’s really a fun improvement. That isn’t good for your finances.

Get Properly Insured

Your mortgage lender requires you not only to purchase homeowners insurance, but also to purchase enough to fully replace the property in the event of a total loss. But that’s not the only insurance coverage you need as a homeowner. If you share your home with anyone who relies on your income to help pay the mortgage, whether it’s a girlfriend or a child, you’ll need life insurance with that person named as a beneficiary so he or she won’t lose the house if you die unexpectedly. Similarly, you’ll want to have disability-income insurance to replace your income if you become so disabled that you can’t work.

Also, once you own a home, you have more to lose in the event of a lawsuit, so you’ll want to make sure you have excellent car insurance coverage. If you are self-employed as a sole proprietor, you may want to consider forming a corporation for greater legal protection of your assets. You may also want to purchase an umbrella policy that picks up where your other policies leave off. If you are found at fault in a car accident with a judgment of $1 million against you and your car insurance only covers the first $250,000, an umbrella policy can pick up the rest of the slack. These policies are usually issued in the millions.

Bottom Line

With the great freedom of owning your own home comes great responsibilities. You must manage your finances well enough to keep the home and maintain the home’s condition well enough to protect your investment and keep your family safe. Don’t let the excitement of being a new homeowner lead you to bad decisions or oversights that jeopardize your financial or physical security.

SUMMER MAINTENANCE TIPS FOR HOMEOWNERS

Tue, 24 Jul 2018 07:00:00 GMT

There are always a number of tasks for homeowners to complete to properly maintain their home. Here’s a summer maintenance checklist from BlackRock to you.

Air Conditioning Tune-Up

During the hot summer heat, it’s important to stay cool. To prevent unwanted problems, a regular inspection is a smart idea. This will save money in the future. Also, if your AC is running efficiently, your energy bills will be much lower. Experts advice changing out air filters once a month when using your unit everyday.

Check Your Roof

Roof inspections are simple to perform, but safest is done by a professional. The best time to do so is before and after a rainy season. This will often prevent water damage and leaks.

Gutter Cleaning

Prevent clogged gutters and pesky leaks by cleaning your gutters. This particular chore she be performed every season, but during the summer and fall is most crucial.

Window Inspection

If you don’t want your energy bills to skyrocket during the summer, check your window to make sure the hot air isn’t entering. Routinely check the sealants by ensuring both the inside and the outside are completely sealed. If you find any open areas, caulking is a quick fix.

Exterior Pressure Wash

During the summer, it’s likely you’re spending some free time outside. Keep your home looking fresh and spotless with a quick power wash! This process will help remove concrete stains, dirt and mildew. You’ll be surprised what a difference this makes!

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Top 10 real estate tips for the fall

Thu, 21 Dec 2017 08:00:00 GMT

High demand and low interest rates continue to drive housing sales this month.

While home prices for starter-to-midrange homes are pushing upward toward pre-recession peaks, especially in secondary markets, they’re stabilizing in higher-priced areas.

Prognosticators see the robust markets of Seattle, Portland and Denver as this year’s top performers, with 10 percent to 11 percent price growth. If mortgage rates rise modestly as expected in 2017, sales elsewhere may normalize with smaller price appreciation, especially as housing starts rise to fill the inventory breach, but recently, rates have been on the decline.

Here are 10 tips to adapt to the latest market conditions.

1. First-time homebuyers: Get that starter home now

And we mean now! More than half of the home sales (52 percent) in 2017 are expected to be to first-time buyers , and mostly to the millennial set (19 to 34 years old), many moving from urban rentals, research by the National Association of Realtors shows. That means competition — and bidding wars — could become fierce through the rest of the year for such “starters” in desirable areas.

While there’ll be less inventory this winter, there’ll also be less competition per unit and a higher percent of motivated sellers.

2. Sellers: Hire the right agent

Oftentimes, the best investment a seller can make is time spent researching agents. A bad hire can cost sellers tens of thousands of dollars and months of worried waiting.

First, look at an agent’s online marketing material and listings. Is there good photography or video? Does it “pop”? Are descriptions accurate and complimentary without seeming exaggerated?

Then, look at profiles of the agents on LinkedIn, Facebook and other social media; and be sure to read web reviews. What kind of vibe is an agent sending out?

Narrow your search to three agents and interview each, ideally in person. Ask for sales-activity reports, existing listings and time-on-the-market averages, plus the requisite local comps.

A seasoned listing agent also will know the best times for open houses and how to initiate a price war if the market allows. Never consent to a listing contract of longer than 90 days in a seller’s market. You can always extend later.

3. Buyers: There’s more loan money out there

Those who couldn’t get mortgages during the downturn because they didn’t have 20 percent to put down can find affordable financing again.

Borrowers with FICO scores as low as 690 are now getting conforming mortgage loans (those under $417,000).

One telling sign: About two-thirds of mortgage refinancers were getting approved in the fourth quarter of 2016 compared to just one-half of those at the end of 2014.

However, borrowers without a 20 percent down payment will still pay private mortgage insurance, or PMI, until they hit the 20 percent to 25 percent equity mark.

The best rates go to those with 800-plus credit scores, though 750-plussers are getting virtually the same terms.

Unfortunately, those seductive interest-only loans are also on the menu again. Avoid them. They’re affordable at first since you’re not paying principal, but then years later, well … see the Great Recession of 2008.

4. Sellers: It may be a seller’s market but …

Home sellers can do several simple things to enhance appearance, increase buyer interest and boost their home’s profile:

Renew selectively: Instead of wholesale renovations from which sellers recoup maybe 60 percent on investment, do light makeovers everywhere, with an eye on the kitchen and bathrooms. They’re far more cost-effective.
Clean, clean and clean some more: It’s hard for buyers to picture themselves living in a dirty house. Scrub floors, baths, kitchens, windows and walls, and be sure to clean, vacuum and deodorize rugs. This is simple but effective.
Depersonalize, declutter: Show the space, not the contents. Box up family photos, kids’ school papers and excess art, and store bulky and worn furniture. Organize your closets to make them look half empty.
Illuminate: Think bright and cheery. Open drapes and add brighter light bulbs in dark areas. Repaint where needed but use neutral colors.

5. Renters: It might be time to buy

In many cases, rents are rising faster than home values, yet mortgage rates remain low. That, and the fact that renters now account for 37 percent of households (the highest level in 50 years), seem to indicate an imminent coming-out party for renters-turned-buyers, especially if they plan to stay put for five to 10 years after buying.

6. If you’re a buyer, don’t believe the house is yours

Don’t bank on a done deal or other verbal promises from listing agents until you sign a contract.

In heated markets across the country, sales agents are giving buyers false hope and using their offers to bid up the price for preferred buyers who they think can pay more and close faster. Have other homes in mind.

Strategies such as preapproval (versus prequalification), proof of funding, closing flexibility and the always-risky practice of waiving inspection and repair contingencies can help sway buyers.

For added clout, tell sellers you’re willing to “escalate,” or exceed all offers to a certain limit. Some agents even advise buyers to write so-called “love letters” to sellers, telling them how much the home will mean to their families.

7. Sellers: The grass is always greener …

… in yards with a “sold” sign. Major presale upgrades typically aren’t needed, but a little greening outdoors is a must.

Surveys show that strong curb appeal can increase prices by 10 percent or more. Greener grass, whether derived from new sod or fertilizer and water, is a must.

New shrubs, plantings and flowers also project a welcoming feel. Sellers typically enjoy a 100 percent return on the money they put into curb appeal.

Another form of green, sustainable landscaping has become a value-add for buyers. Native plants, native grasses and perennials that require less water and attention fill that bill.

Do some local research or ask your local home-and-garden pro for simple “greening” tips.

8. Sellers and buyers: Know the state of your market

A balanced housing market is defined as one with an average inventory of 6.5 months, according to Texas A&M University Real Estate Center research. When inventory remains below equilibrium, sellers enjoy more control over prices and terms, and the area becomes a seller’s market.

When inventory lingers well above stasis, you have a buyer’s market where sellers must get more serious about price reductions, credits and throw-ins. Of course, these averages don’t necessarily reflect demand in certain desirable and undesirable submarkets.

Go to Realtor.org for such market home sales data by state or to a local agent, business journal and daily newspaper you can read online. In 2016, the U.S. housing inventory average was under five months.

9. Sellers: House going on sale in the spring?

Do some prep work now. First, grab your camera or smartphone and do an exterior autumn photo shoot, with the leaves changing colors.

It’s a much better way to showcase your home than to wait until late winter when everything is still dead and brown and mucky. Also take some landscape shots after the first snow, ideally on a sunny day, to show how cozy your place looks in winter.

Take a preliminary inventory, too. Look through your attic, closets, basement and garage to see what stored items you’ll want to keep, give away or sell in the spring. This will help you determine whether you’ll need a storage unit when your home is on the market and if there are any problem areas that need repairs or attention.

It’s also a good time to start discussing financing options with a local lender and interview prospective listing agents who also might provide additional preparation tips.

10. Buyers: Relocating near a waterfront?

You’d best consider weather and insurance realities. Major hurricanes and floods of the past dozen years have pushed the National Flood Insurance Program into a $23 billion hole, forcing flood-insurance rates to spiral.

FEMA flood-map changes are aggressively expanding flood zones, especially along the East Coast and Gulf Coast, forcing hundreds of thousands of homeowners to buy flood insurance for the first time and others to pay thousands more annually.

Parts of Florida saw 20 percent increases in 2016 and will likely see similar hikes through the end of 2017. Insurers also are imposing coverage caps so there’s no guarantee you’ll be made whole post-catastrophe.

Some home sellers and their agents are conveniently not disclosing these realities, so buyers will have to ask pointed questions and do their own research. Go to FEMA.gov for more info.

7 Smart Steps Every New Homeowner Should Take

Sat, 15 Jul 2017 07:00:00 GMT

TUTORIAL: How To Buy Your First Home

1. Don’t Overspend on Furniture and Remodeling

You’ve just handed over a large portion of your life savings for a down payment , closing costs and moving expenses . Money is tight for most first-time homeowners – not only are their savings depleted, their monthly expenses are often higher as well, thanks to the new expenses that come with home ownership, such as water and trash bills, and extra insurance.

2. Don’t Ignore Important Maintenance Items

One of the new expenses that accompanies home ownership is making repairs. There is no landlord to call if your roof is leaking or your toilet is clogged (on the plus side, there is also no rent increase notice taped to your door on a random Friday afternoon when you were looking forward to a nice weekend). While you should exercise restraint in purchasing the nonessentials, you shouldn’t neglect any problem that puts you in danger or could get worse over time, turning a relatively small problem into a much larger and costlier one. (For tips on how to spot problems with a potential home before you buy it, see Do You Need A Home Inspector? )

3. Hire Qualified Contractors

4. Get Help with Your Tax Return

5. Keep Receipts for Home Improvements

6. Don’t Confuse a Repair with an Improvement

Unfortunately, not all home expenses are treated equally for the purpose of determining your home’s basis . The IRS considers repairs to be part and parcel of home ownership -something that preserves the home’s original value, but does not enhance its value. This may not always seem true. For example, if you bought a foreclosure and had to fix a lot of broken stuff, the home is obviously worth more after you fix those items, but the IRS doesn’t care – you did get a discount on the purchase price because of those unmade repairs, after all. It’s only improvements, like replacing the roof or adding central air conditioning, which will help decrease your future tax bill when you sell your home.

7. Get Properly Insured

Your mortgage lender requires you not only to purchase homeowners insurance , but also to purchase enough to fully replace the property in the event of a total loss. But that’s not the only insurance coverage you need as a homeowner. If you share your home with anyone who relies on your income to help pay the mortgage, whether it’s a girlfriend or a child, you’ll need life insurance with that person named as a beneficiary so he or she won’t lose the house if you die unexpectedly. Similarly, you’ll want to have disability-income insurance to replace your income if you become so disabled that you can’t work. (For ideas on how to save money on your home insurance, read Insurance Tips For Homeowners .)

Also, once you own a home, you have more to lose in the event of a lawsuit, so you’ll want to make sure you have excellent car insurance coverage. If you are self-employed as a sole proprietor , you may want to consider forming a corporation for greater legal protection of your assets. You may also want to purchase an umbrella policy that picks up where your other policies leave off. If you are found at fault in a car accident with a judgment of $1 million against you and your car insurance only covers the first $250,000, an umbrella policy can pick up the rest of the slack. These policies are usually issued in the millions. (For more on car insurance, see Shopping For Car Insurance .)

Bottom Line

20 Creative DIY Project Ideas

Wed, 14 Jun 2017 07:00:00 GMT

We all have many old and unused items lying around in our homes or garages waiting to be thrown away. I don’t know if you’ve noticed, but there’s a great feeling of liberation that comes after shedding old stuff.

However, before you start cleaning your home, we want to show you 20 incredibly creative Do It Yourself projects that may change your mind. You’ll learn that a lot of useless items can be transformed into wonderful creations.

You can turn an old glove into a cute chipmunk toy, toilet paper rolls into a beautiful floral wall art, plastic bottle into a broom and many more.

We’ve been working on this list for a long time, but I’m sure there are many more awesome DIY ideas that we’ve missed. So if you know one or have done a cool DIY project yourself, feel free to share it in the comments!

1. Pop Tabs Bag

More info: here | Buy: here

2. DIY Windshield Rainbow

More info: here

3. DIY Spoon Lamp

More info: here

4. DIY Missioni Shoes

More info: here

5. Turn a Glove into a Chipmunk

More info: here

6. Dried Pineapple Flowers

More info: here

7. Rosy Stationery

More info: here

8. Maple Leaf Roses

More info: here

9. Easter Eggs

More info: here

10. Toilet Paper Roll Wall Art

More info: here

11. Lace Lamp

More info: here

12. Cherry Blossom Art from a Recycled Soda Bottle

More info: Alpha Mom

13. Recycled Bottle Broom

More info: here

14. Solar Bottle Bulb

More info: here

15. Plastic Spoon Rose

More info: here

16. Cutting Board Bird Feeder

More info: here

17. DIY TetraBox Lamp

More info: here

18. Lightbulb Bud Vase

More info: here

19. DIY Planter & Candle Holder

More info: here

20. DIY Clouds Night Light

The Questions to Ask Before Hiring a Property Manager

Mon, 29 May 2017 07:00:00 GMT

If you want to hire a property manager for your rental, the questions you ask during the interview are incredibly important. These questions will help you determine their actual skills and knowledge and whether they are the right fit for you and your rental property. The four areas you should focus on include their experience, their educational background, their knowledge of legal issues and their actual results as a property manager.

Interview Questions About Property Managers Experience:

These types of questions will give you information about the property managers background. You will learn if their experience is the right fit for your needs as an investor.

How long have you been a property manager/management company?
What types of properties have you managed?
Have you had experience dealing with *insert the type of property you own*?- If you own a 10 unit building and the manager has only had experience with single families, they may be too inexperienced for your specific needs.
How many properties are you currently managing?- You don’t want your property to get lost in the shuffle.
Do you have the time and resources to successfully add my property(ies) to your workload?

Interview Questions About Education:

Questions about college degrees and higher education learning are important, but your focus here is to learn about their education as a property manager.

You want to know if they have acquired the knowledge and training necessary to obtain the proper certification.

Do you have your real estate broker’s or property management license?– Most states require property managers to have a license so they can show apartments.
Do you have any type of certification?- Trade organizations such as IREM, NAA, NARPM and CAI offer education and training courses and provide certification after completion.

Interview Questions About Knowledge of Landlord-Tenant Law:

A property manager with an extensive knowledge of landlord tenant law is non-negotiable. Since they are representing you, any missteps could result in lawsuits against you and your property.

Do you understand the city, state and federal laws for property managementand dealing with tenants?
Do you have knowledge of the federal fair housing laws?
Do you know the steps to properly evict a tenant?
What are the safety codes for my type of property(ies)?- How many smoke detectors are needed? Do they have to be hard wired? Do you need window guards on second floor windows?
Do you know the rules for collecting and storing security deposits?
What to include in a pet policy and the list of dangerous dog breeds?
How to terminate a lease?

Interview Questions About Filling Vacancies/Retaining Tenants:

These questions will give you an idea if they are any good at their job. If the property manager has a high tenant turnover rate or a tough time filling vacancies, they are probably not the right person for the job.

How long does it take you to fill a vacancy?- If it takes them longer than a month, what are you paying them for? Are they available to show apartments seven days a week? At what times? Where do they advertise to find tenants?
What is the average length of tenancy?- If they get tenants to sign long leases and actually stay for the duration of the lease, this will cut down on costs to fill vacancies — including advertising costs, apartment turnover costs, and lost rent.
How many tenants have you evicted over the past year?- This can help you determine if they are properly screening tenants. What is their process for screening tenants?
How do you set the right rent for the property?– How many comparable properties do they look at? How often do they adjust the rent?
How do you collect rent each month?- Do they allow tenants to use direct deposit? Do they only accept money orders or certified checks? Is there a set day each month? Is there a grace period ? Do they enforce late fees?

3 SUMMER HOME IMPROVEMENT PROJECT IDEAS YOU’LL LOVE

Tue, 16 May 2017 07:00:00 GMT

Nearly 60 percent of homeowners plan home improvement projects during the summer months, and for good reason: warm weather and longer daylight hours are a great opportunity to get outside and pull up your sleeves. Here are three great project ideas to consider this summer:

A New Porch or Patio

New porches and patios are a great home addition that will significantly add value to your home should you choose to eventually put it on the market. In the meantime, outdoor games, barbecues, and family events will be so much more enjoyable on a beautiful new porch.

Outdoor Spaces

Outdoor spaces with kitchens and custom wood-fire pizza ovens are one of our favorite new home improvement trends. With covered spaces and surrounding masonry, your reworked outdoor area might just be your new favorite spot on those cool summer evenings.

Improve Your Windows

Every home has dim and dark corners and rooms. Taking advantage of the balmy weather and opening up a section of your house for new, big windows can be a beautiful way to increase sun exposure and bring a little more light into your home.

Home improvement projects can be a fun way to spend the summer months, but only a professional construction company can provide a finished product that will impress your friends and neighbors. To get more project ideas, check out our Houzz profile or our projects page for a little inspiration. When you’re ready to sit down and discuss your remodel or home addition plans, give Vertical Construction Group a call .

How Your House Can Help Pay For Retirement

Mon, 24 Apr 2017 07:00:00 GMT

The baby boomer generation is facing a retirement income shortfall. This is no surprise if you take a look at how much money the average retiree has saved for retirement. According to U.S. census data, the average 65-year-old couple has about $100,000 saved for retirement. Applying the 4% withdrawal rule to this $100,000 of savings, the couple could only generate $4,000 a year safely over the course of their retirement. Well, $4,000 a year is not going to cut it. While this couple hopefully has Social Security, which will provide the majority of retiree income, they will likely need more income. This leaves the couple with two choices: continue to work or use their largest asset – their home.

Tapping into home equity to support retirement is easier said than done. One reason is because retirees still need a place to live, so it is hard to completely cash out of the home and tap into all the home equity. Additionally, many people have a strong sentimental attachment to the home that keeps them from being willing to let go of ownership, move, or strategically tap into their equity to support their retirement lifestyle. But Americans need to fundamentally change their behavior if they want a more secure financial future, as the average retiring American has roughly twice as much value in home equity ($200,000) as they do in their other savings.

So how can a retiree effectively use their home equity? According to Shelley Giordano, the Chair of the Funding Longevity Task Force, a coalition of retirement and housing thought-leaders, “more retirees could benefit from accessing home equity strategically through the use of a reverse mortgage.” Furthermore, Shelley notes that many of the negative perceptions that people have about reverse mortgages no longer hold true, as the program has been significantly overhauled in the last five years. For instance, according to a recent American College of Financial Services survey, most Americans believe you give up ownership of your home if you enter into a reverse mortgage. However, the opposite is true; you maintain ownership of the home just like you do with any other mortgage. The home is used as the collateral for any money you borrow, just like with a traditional mortgage. The one big difference between a traditional forward mortgage and a reverse mortgage is that you do not have to make monthly mortgage payments, but instead can let the debt grow until you die or move out of the house. Furthermore, you cannot owe more than the value of your home, even if the debt surpasses your home value.

A reverse mortgage can be effectively used in a number of strategic ways. First, a reverse mortgage can be used to help pay for unexpected expenses. For example, if the roof starts to leak and the homeowner needs to make a repair, a reverse mortgage might be appropriate. It would also be appropriate to look at a home equity line of credit at that time and do a comparison. Second, a reverse mortgage can be used to create a monthly flow of income for as long as the person lives in the home, basically annuitizing the home value over the course of retirement. Third, a reverse mortgage can be used as a non-market correlated asset. By setting up a reverse mortgage line of credit, a homeowner could take withdrawals from home equity to offset bad market years. For example, everyone knows that in 2008 when the market crashed, the last thing a retiree wanted to do was sell their stock investments to meet their income needs. Instead, borrow from your home after bad market years. Research from financial planning renowned experts like Dr. John Salter, Dr. Barry Sacks, and Dr. Wade Pfau, has shown that this strategy can significantly improve the longevity of a retiree’s portfolio. A fourth strategy is to flip an existing traditional mortgage to a reverse mortgage at retirement. This can help free up cash flow for the retiree by removing the requirement that monthly mortgage payments be made. However, a retiree can continue to make the same payments on the reverse mortgage that they were making on the traditional mortgage. But if you have a tough month, you can choose not to make that monthly payment with no threat of missed payments or default. It really can add flexibility to the retiree’s situation.

Reverse mortgages can be an effective tool for some retirees, but they are not for everyone. Other people might benefit more from downsizing. By selling the home and moving into a smaller or less expensive home, the retiree could cut housing costs by being in a smaller home or free up equity by buying a less expensive home. Both options can work for a retiree who is willing to relocate. However, most retirees show a strong desire to age in place in their current home throughout retirement. This means many people are just unwilling to relocate in retirement, and this desire to age in place only grows as the individual ages. The older a retiree is, the less likely it is that they will want to willingly relocate.

Downsizing and reverse mortgages are not mutually exclusive according to Alex Pistone, President of Retirement Funding Solutions. “A reverse mortgage can actually be used to purchase a home in retirement. This is a relatively new feature of the program, where a 62+ homebuyer makes a 30%-50% down payment and never has to make a mortgage payment again.” By using a HECM for purchase, the homeowner can relocate to a smaller home, free up some equity, and still turn off the monthly outflow of mortgage payments.

While there is no one housing strategy that works for every retiree, more attention needs to be paid to home equity as a potential retirement income source. Retirees need more money, but they are ignoring their largest asset. On its face, that should strike you as a misstep. That does not mean you need to use a reverse mortgage, downsize, or set up a line of credit, but you should consider the strategic financial potential of your home. For some, the risks and costs associated with borrowing from the home might feel like too much to handle. For others, the home might be their legacy asset they want to leave to their children. Even further, many want to leave their home to help cover long-term care costs at the end of life. All of those are legitimate strategies where the home is being strategically used. So if you do own your home, make sure you think about all the value you have saved in it over the years and how you want to use that value.

10 Reasons to Hire a Property Manager

Tue, 18 Apr 2017 07:00:00 GMT

If you’ve owned income property for any length of time, you know that managing a rental can be financially rewarding. At the same time, you’ve also likely discovered that property management requires a large commitment of time and effort.

While it may make sense to take the do-it-yourself approach if you’re a handy person, live close to your property, and don’t mind devoting several hours per month to the task, in many cases this just isn’t practical—especially if you hope to expand your business. With this in mind, here are some critical tasks a property manager can help you with:

Setting the right rental rates: While looking through the classifieds to see what other landlords are charging for similar properties is a fine way to ballpark your rent price, a good property management company will conduct a thorough market study in order to set a rental price for your property, ensuring that you achieve the perfect balance between maximizing monthly income and maintaining a low vacancy rate.

Collecting and depositing monthly rent payments on time: If you’ve ever worked in a billing department, you know that securing payment from clients can be difficult, not to mention awkward. Property management companies have efficient, tried-and-true systems in place to effectively collect rent and maintain on-time payments. You’ll find this particularly important if you have a limited number of properties, and collecting payments on time is crucial to maintaining your cash flow.

Marketing and advertising your property: Through long experience, a property manager will know exactly where to market your property and how to craft compelling advertising materials—a significant advantage when it comes to filling your properties quickly and avoiding long vacancies.

Finding the right tenants: Experienced property managers are experts at finding good tenants, and will take care of all the details, including the securing all criminal background and security checks, running credit reports, verifying employment, and collecting previous landlord references.

Managing tenants : In addition to finding good tenants, a property management company will manage all aspects of the tenant-landlord relationship. The property manager will handle both routine and emergency maintenance, take care of routine inspections, and manage any situations where conflict resolution is required.

Managing vendor relationships: Property management companies have relationships with maintenance workers, tradesmen, contractors, suppliers, and vendors that it’s almost impossible for an independent landlord to duplicate. Not only will your property manager get you the best work for the best price, they’ll oversee any necessary maintenance projects.

Ensuring that you’re in compliance with housing regulations and property laws: There is a multitude of applicable laws and regulations to abide by when renting and maintaining your rental property. These include local, state and federal regulations, as well as fair housing regulations (such as the ADA). A property manager can help you avoid lawsuits by keeping your property up-to-date and in compliance with these regulations.

Enabling you to invest in geographically distant properties: If you manage your own properties, you’re pretty much limited to investment opportunities within a tight radius of your own home. By hiring a property manager, you can take advantage of investment deals in any location you wish.

Maximizing the profitability of your time: By having a property manager take care of the day-to-day aspects of running your income property, your free to spend your time identifying further investment opportunities or otherwise furthering your career.

Maximizing the profitability of your money: Most property managers charge a percentage of your property’s monthly rental rate in exchange for their services. The rate typically runs anywhere from 6-10%, which is generally less than the money you save by hiring a professional to take care of your property.

7 Smart Steps Every Hawaii Homeowner Should Take

Wed, 12 Apr 2017 07:00:00 GMT

5 Things Every Homeowner Should Know How to Do

Mon, 10 Apr 2017 07:00:00 GMT

You don’t have to be a professional handyman to tackle every little thing that goes wrong at home. Here are some simple fixes for five of the most common household problems.

Photo: townplumbing.net

While many of us would be fearful of repairing a roof or installing an electrical outlet, there are plenty of things that the average homeowner can—and should—know how to do. Here are five projects that will boost your handyman (or handywoman) confidence and save you money by not having to call in a pro.

1. CLOGGED TOILET

There’s a pretty good chance that at some point in your home-owning lifespan you will need to deal with a clogged toilet . Don’t panic! You can more often than not resolve the problem yourself with a little plunger know-how. First off, a toilet plunger is not the same as a kitchen sink plunger; a toilet plunger has a higher rounded dome with an extended flange on the underside that fits into the toilet bowl drain. Before you begin, you’ll want to make sure there is enough water in the bowl to cover the rubber top of the plunger. If there isn’t enough water, don’t flush the toilet—it will overflow. Instead, collect some water from the tub faucet in a bucket, and use that to fill the bowl. Place the plunger over the drain in the bottom of the toilet and, with a downward thrust, invert the rubber cap to force air into the drain. When released, the plunger will create a vacuum, sucking up air and water with it. If a single plunge doesn’t work, try it again—and again. If the problem persists, you may need to pick up an auger, a snake-like device that can be threaded through the drain by a crank handle to loosen the blockage.

6 DIY Projects You Should Never Do Yourself

Tue, 04 Apr 2017 07:00:00 GMT

sturti/iStock

Whether you’re addicted to watching HGTV or “This Old House,” home improvement shows always make everything look so easy. But before you pick up the drill and sledgehammer, please pause for this public service announcement. “Those TV shows don’t show about 90% of what happens to complete a project,” says Arthur Sadura, owner of T&A Carpentry and Home Renovations.

As contractors know all too well, home improvement shows are more about people than projects; in their pursuit of drama and a compelling narrative, they bypass a whole lot of details about how repairs and renovations actually get done.

So for inspiration, TV or YouTube is a fine start. But beyond that, a little knowledge can be a dangerous thing. Certain jobs are too dangerous, others too complicated, and some too pricey as the equipment will cost as much as hiring a contractor.

“If you don’t know/own 90% of the tools and accessories you need for a project, then pro it,” recommends MyFixItUPLife‘s Mark Clement.

To help you avoid a ton of headaches or worse, here are six DIY projects to avoid like a misfiring nail gun.

Molding

How many inspiring episodes have you seen where a quick addition of crown molding classes up a room? But heed a word of caution here: “No walls in a house are perfectly straight, not even in new houses,” says Sadura. And no amount of caulk will smooth over these imperfections, either. In fact, Sadura says experts who do molding use various techniques such as scribing, which is painstakingly shaping your material with tools so it fits flush, to ensure your moldings are aligned and stay that way. All in all, it’s not for the amateur DIYer.

Floor refinishing

Renting equipment to refinish your hardwood floors sounds reasonable enough at first glance—after all, you’re just sanding off the top layer of wood. How hard can it be? Yet Sadura, a carpenter by trade, won’t even sand his own floors. Why? Because sanding machines require what he calls, “the right touch” by someone who does this day in and day out.

“No matter how many times you watch the video, you won’t get the feel for the machine unless you do it a bunch.” Sanding one spot a few seconds too long could result in drum marks on the floor that will be extremely difficult to cover up. And you thought you were saving money…

Electrical work

My spouse is actually quite handy. After watching electricians install dimmer switches in our old apartment, he was able to do it in subsequent homes—but it turns out he was lucky he didn’t blow up the place or electrocute himself. Sadura urges homeowners to steer clear of all electric except changing a light bulb.

“You shouldn’t fool around with electric,” says Sadura. If you do want to DIY a dimmer switch, “YouTube is a good source of electrical tutorials,” he admits. “But a good rule of thumb is if your wires look different from what you are watching, abandon the project to avoid having to guess.”

With more than 400 deaths per year resulting from faulty electricity, according to the Electrical Safety Foundation, this isn’t worth the risk.

Tiling

This one is not an absolute don’t, but a great-looking tile job does require a lot more planning than just slapping squares on the floor or wall, then admiring your work. Even if you lay out the tile, measure and measure again, you will need to cut edges and around things such as faucets—and prepare to scale a steep learning curve cutting tile. Glass mosaic tiles are among the toughest to cut. You’re probably thinking, I’ll get big tiles so there are fewer to install. Not so fast: Large format tiles are even harder to cut than tiny glass mosaic ones, according to Sadura, and there’s lots of waste. Which is why it pays to save yourself the trouble and hire a professional already.

Roofing

Both Clement and Sadura agree: Steer clear of the roof. Did you get that?

“It’s not that roofing is too hard,” explains Clement. “Often it’s just a matter of scale.” And something else: danger. In fact, Sadura goes further, recommending that regular folk avoid any exterior projects that involve scaffolding “for obvious reasons.”

According to the National Safety Council, more than 6,000 Americans die each year from falls, mostly from roofs or ladders while cleaning gutters or fixing roofing.

‘Permit needed’ work

If you don’t really understand how to get the permit—or if or why you need one in the first place—avoid the project. You need to fully understand what’s entailed in a DIY that requires getting a permit in the first place. Many DIYers skip permits altogether, but they risk being shut down if spotted by an inspector or if a neighbor seeking revenge narcs on them.

“But you also risk something worse than inconvenience,” says Clement. “Namely, problems selling the house.” Why? Because you must disclose unpermitted work when selling. This causes a chain reaction, because buyers might be unwilling to take on a home rife with potentially dangerous work. And they might have trouble financing due to the unlawful alterations to the home.

You want a general rule of thumb? Typically, painting, built-ins, or simple projects such as adding a chandelier don’t require permits. Once your’e changing the footprint of a house, updating wiring, and adding fences (because municipalities usually have height restrictions), you need a permit—which mans you should probably call a contractor pronto.

Home Improvements: Under $100

Thu, 30 Mar 2017 07:00:00 GMT

Tip 1: Spend an hour with a pro.

Invite a realtor or interior designer over to check out your home. Many realtors will do this as a courtesy, but you will probably have to pay a consultation fee to a designer. Check with several designers in your area; a standard hourly fee is normally less than $100, and in an hour they can give you lots of ideas for needed improvements. Even small suggested improvements, such as paint colors or furniture placement, can go a long way toward improving the look and feel of your home.

America’s 20 Hottest Real Estate Markets in March 2017

Thu, 30 Mar 2017 07:00:00 GMT

SerrNovik/iStock

College students may be flocking to Cancun, Mexico, or Panama City Beach, FL, but a look at preliminary realtor.com® data for March makes it clear that there’s no spring break anywhere on the horizon for the real estate market.

Instead, the buying season’s annual spring jump-start came about a month earlier than usual, with homes expected to hop off the market 22 days faster than last month, or 69 days. That’s eight days faster than last year. And that’s a lot.

“Calendars might say this is the first week of spring, but we’re already right in the thick of the most frenzied spring home-buying season on record,” said Javier Vivas, manager of economic research at realtor.com.

With the ranks of would-be newbie buyers adding to those who have been frustrated in their search so far, for-sale housing inventory in the U.S. has dropped to record low levels.

March continues the sharp double-digit decline observed since October. And although total inventory has increased over last month, it remains substantially lower than one year ago. While nearly 492,000 new listings will enter the market in March, the added inventory continues to fall short of buyer demand.

“While the story keeps revolving around low inventory, prices are now also taking center stage, reaching all-time highs and keeping waves of buyers at bay,” Vivas said.

The median list price has pushed above $250,000, where it has hovered since May 2016. The median list price, now $260,000, is 8% higher than it was one year ago.

The realtor.com economic data team analyzed our data for the country’s largest metropolitan markets to find those where buyers are clicking up a storm on our listings and where homes are speeding off the market like they’re late for a flight to the islands. These markets may seem like a tough nut to crack for buyers, but homes there are likely to be a good investment.

Maintaining its perch atop the ranking for the second month in a row is the San Francisco Bay Area city of Vallejo, followed by San Francisco itself. Mind you, when we talk about these metropolitan markets, they typically include other satellite cities—the San Francisco market encompasses Oakland and Hayward, and No. 3 Dallas includes Fort Worth and Arlington.

New to the top 20 in March were Santa Cruz, CA; Fort Wayne, IN; and Grand Rapids and Ann Arbor in Michigan. Let’s check out the rest!

The hot list

Rank (March) 20 Hottest Markets Rank (February) Rank Change

1 Vallejo, CA 1 0

2 San Francisco, CA 2 0

3 Dallas, TX 3 0

4 Denver, CO 4 0

5 San Jose, CA 5 0

6 Sacramento, CA 7 1

7 Colorado Springs, CO 9 2

8 San Diego, CA 6 -2

9 Santa Cruz, CA 24 15

10 Boston, MA 18 8

11 Santa Rosa, CA 19 8

12 Columbus, OH 16 4

13 Stockton, CA 8 -5

14 Fort Wayne, IN 26 12

15 Grand Rapids, MI 34 19

16 Modesto, CA 11 -5

17 Ann Arbor, MI 22 5

18 Midland, TX 12 -6

19 Detroit, MI 13 -6

20 Oxnard, CA 14 -6

Honolulu, Hawaii & Oahu Property Management. Property Managers on Oahu. Property Manager Oahu. Property Manager Hawaii

DIY HOME DECOR PROJECTS FOR A PRETTIER SPACE

Thu, 30 Mar 2017 07:00:00 GMT

Hand-Dyed Napkins

Dress up plain white dishes the easy way with ombre linens. The faded hues look fresh as napkins, but can double as placemats too.

DIY HOME DECOR PROJECTS FOR A PRETTIER SPACE

Thu, 30 Mar 2017 07:00:00 GMT

Shutter Side Table

Skip painting and embrace a weathered finish for this tiny table. A set of rustic shutters provides the perfect base for a potted plant or a vase of blooms.

YOU CAN NEVER HAVE ENOUGH WAYS TO MAKE YOUR HOME MORE EFFICIENT.

Mon, 17 Oct 2016 07:00:00 GMT

If your bathroom doesn’t have a towel rack, you use door knobs just as well.

The body content of your post goes here. To edit this text, click on it and delete this default text and start typing your own or paste your own from a different source.

25 Clever Tricks To Make Your Home Feel Larger Than It Is

Tue, 04 Oct 2016 07:00:00 GMT

Your place may be small especially in Honolulu, but you don’t have to feel cooped up. Here are some brilliant ways to work with the space you have so you can get more breathing room.

1. Here’s a handy DIY for halving a table to increase the space of your home’s entrance area.

Hawaii Property Management

2. Sliding walls provide better breathing room unlike standard walls and doors.

Via Dwell

3. Need more floor space? Open more up by hanging your laundry bag.

Oahu Property Management

4. If you creatively place mirrors or metallic tiles , you can give the appearance of a larger room.

Via Decor Pad

5. Here’s another trick using reflective surfaces that will brighten and open up your kitchen space.

Via Dwell

6. Custom shelving and hanging areas can be placed anywhere your imagination can conceive. The same approach can be used with under stair storage.

Honolulu Property Management

7. Get those pots and pans on a clever pan holder like this. And for more amazing ideas to add storage to your kitchen, check this out.

Via Pinterest

8. Installing your own micro shelving to free up a lot of primary shelving space in your pantry.

Via Family Handyman

9. Pamper your baby with a murphy-style changing table. Or perhaps, a murphy bed (here’s a DIY).

Property Manager in Hawaii

10. Place your baby’s crib in a closet not only frees up space, but let’s them know the dreaded closet monster doesn’t exist. Here are some good tips for planning a tiny nursery.

Via rebekahgough.blogspot.ca

11. Putting walls up is often bulky. If space is a serious issue, use basic room dividers instead.

Via Pinterest

12. If room dividers won’t work, curtains are a great second choice.

13. Having open storage can also help increase the appearance of space. Just be sure your items are well organized (and appropriate) for display.

Via Pinterest

14. Using a dresser for your TV stand is a great way to consolidate storage and TV support

Via Twotwentyone.net

15. The lower your furniture sits, the higher a ceiling will seem.

Via Pinterest

16. You can add more closet space by hanging some of your clothes in one of your room’s corners.

Via Pinterest

17. The right color choices make all of the difference in opening up your space visually. Here are some ways to make it work.

Via Homedit

18. Make use of those thin areas around your door by putting up some shelving. Be aware that this may limit how far the door can open.

Via Pinterest

19. Want to free up some counter space? Installing sliding shelves in a pantry is a great way for using and storing small appliances.

Via Tiny House Design

20. Hidden shelves are a space-saving win in any room.

Via Better Homes and Gardens

21. Who needs a coffee table in the middle of the room when you can use a sturdy arm table?

Via Etsy

22. A window mounted bar can make having breakfast simple and scenic. Here’s the DIY.

Via Offbeatandinspired.com

23. Does your knife collection take up a lot of space, or intimidate your guests? Here’s a clever way to keep them organized and out of sight.

Via Popular Woodworking

24. It may not be great for lounging, but a small tub is still a tub.

Via Mydecolove.com

25. Of course, nothing creates the feeling of open space like white paint.

5 BACKYARD IDEAS TO IMPROVE YOUR OUTDOOR SPACE

Sun, 18 Sep 2016 07:00:00 GMT

When the weather is just right for enjoying your outdoor space, you want to be sure that space is perfect for you. In this post you will learn about 5 easy DIY backyard ideas to improve your outdoor space, including

Adding outdoor lighting
Adding a porch enclosure or sunroom
Creating a garden area
Adding a seating area
How to improve landscaping

Life seems just a bit sweeter when you can hang out in your backyard and enjoy the beauty of your outdoor space. Whether your backyard is large or small, there are multiple ways to improve its general appeal with items and solutions derived from nature, accessory stores and any other place where beauty may be found or created. Any DIY backyard guidebook can give you some insights to outdoor beauty. Here are 5 DIY backyard ideas to get you started:

1. Adding Outdoor Pendants and Votive Candles to Light Up your Patio

Consider adding lighting in your backyard. It will improve the clarity of the outdoor space and enhance its aesthetic appeal. Ordinary bulbs may brighten up the space, but other options offer more. One DIY backyard idea is to use outdoor pendants and votive candles to create the perfect ambience. Choose the types and colors of lights that blend easily with your outdoor space. Some homeowners prefer modest lighting for the patio rather than extreme brightness. Choose your pendants and candles based on utility and beauty.

2. The Benefits of Adding a Porch Enclosure or Sunroom

Sometimes you want to sit on the patio and enjoy the outdoors without bugs and direct sunlight. An easy way to change your outdoor space is to add an enclosure. This is one of the most effective ways to improve the appearance of the patio while offering greater privacy. When adding a porch enclosure, you have many options ranging from ascreen room to a four-season sunroom. The room type you select for your addition depends on how you will use the room. A screen room allows you to enjoy the natural breeze every time you’re in the room, but in most climates, you can only use this room from late spring to early fall. A four-season sunroom can be enjoyed all year long and is a true extension of your home. Either option will allow you to get greater enjoyment from your outdoor space and keep the insects out while allowing the fresh air and natural light to come in as you enjoy your new room.

3. Creating a Garden Area

It is possible to create a visually attractive perimeter around your patio by using potted plants. A group of plants can be arranged in a unique order around the patio to achieve the double advantages of order and beauty in this DIY backyard idea. For maximum effect, the plants can be comprised of a variety of different blooms. If carefully and creatively selected, the perimeter can become an amazing focal point of the patio. In addition, the arrangement can be changed regularly to accommodate other creative ideas and avoid monotony.

4. Adding a Seating Area

With all of these beautiful additions to your backyard, you’ll need somewhere to sit and enjoy them. Seating can be added to your backyard in a variety of ways, from a beautiful set of table and chairs to a backyard gazebo. Gazebos can be a great addition to your outdoor space and a rather easy DIY idea. They are attractive and have a variety of design and utility merits. Seating areas can be used for dining, socializing or simply relaxing. For extra appeal, add a beautiful winding path of decorated gravel or marble that leads to your seating area.

5. Improve the Landscaping

Every once in a while, it’s a good idea to take a look at your overall landscaping and see what needs improvement or what you might want to add or change. Add some gorgeous greenery and vivid colors with plants and flowers. Go with your perennial favorites or try new things. If you’re not sure what types of plants thrive in your environment, consult your local nursery, and they’ll be able to tell you what your geographic region favors. If you’re not sure about what type of landscape design to use, do some research online and look at pictures of well-designed yards. Remove any dead plants or shrubs and replace them with new greenery. You may even want to consider adding a pond or waterfall for a beautiful focal point. Your landscaping potential is limited only by your creativity.

Combining the beauty of nature with yard decor is just one way of elevating any outdoor area. There are no set standards for creating a beautiful outdoor space that works for you. Take a look at DIY ideas, narrow your choices down to one and get started. After all, DIY backyard projects can be a great activity for you and your family.

10 TIPS TO INCREASE YOUR HOME’S VALUE

Tue, 16 Aug 2016 07:00:00 GMT

Plan your remodel.

Whether you just bought a house or you have lived there for a while, the fastest way to increase your home’s value is by making a plan.

You will fare better if upgrades are made intentionally and not on impulse. Home improvement projects cost about 20 to 25 cents on the dollar. The other 75 to 80 cents spent go directly back into the home through increased value.

Start slowly. It’s a marathon, not a sprint. If your home is new, get to know it. If you have already been there a while, get started. List the things you want to change and the updates you would like to make. Don’t worry about organization, just write it all down. Take a guess on how long you may want to live in the house. If you’re planning on selling, talk to your realtor and make a selling plan.

Take the list and categorize by how much it may cost, including your time and money. Be realistic. It’s OK to list an outdoor pool with a waterfall, but keep your financial picture in mind.

Once you have a categorized list, take a look and prioritize what is a real “must have” and what is more of a dream. See if you can come away with a reasonable balance.

Once you have made a plan, do research or talk to a realtor to see what sort of return those improvements may bring. Some improvements will add considerably more value to your home than others.

Tackle one room at a time.

How can you harness the energy that comes from new ideas and still be smart when you make those improvements? Make the commitment to tackle one room at a time. Whether it’s a simple coat of paint or knocking down a wall, by tackling one room at a time you keep projects achievable.

Make a list of all the things you dream about doing, break your list down into categories based on cost and write down how much time each project may take. What this does is help you get results. If you only have a day or a weekend, choose a project that fits within your timeframe, comfort level and financial commitment.

If you set out to paint a living room wall on Saturday and you know what it will cost in time and money, it gets done. By the end of the day, you have a stylish upgrade that will add value to your home. By strategizing, you will see your dreams take shape as you transform each room before moving on to the next.

Small improvements can really pay off.

Are you torn between improving your home’s decor, versus making upgrades you know will increase your home’s resale value? Many homeowners are surprised to hear that doing a little bit of both will actually pay off.

Start by making two lists — upgrades for your home value and upgrades just for you. Upgrades for your home may consist of replacing old faucets, permanent lighting and doors. Upgrades for you are furniture, artwork and window treatments. Gone is the dartboard approach to picking projects and wondering if what you are doing is really making a difference. With this plan, you will see real progress.

If you have spent a bundle on making an upgrade you can make small changes for the next couple of months. Upgrade a couple of electric plugs or buy a small lamp. Stick to one upgrade per month and you will be happy with what you see.

Clean your house now for profits later.

If your house is on the market, a bright and sparkly home can attract buyers like a magnet. A house can never be too clean. If you were a buyer, would you choose the house that is slightly dingy or the home down the street that is clean and welcoming?

By making a clean house a priority, you do several things at once. First, you stay on top of maintenance issues, spotting potential problems before they become expensive ones. Secondly, you don’t allow dirt and junk to build up over time. Things like mold can become a nuisance if allowed to spread unchecked. Finally, a clean house is healthier for you and your family.

Remember, de-cluttering is a form of cleaning. Just as dirt builds up, so does clutter. Don’t waste money moving your junk around. Get rid of it now. When it’s time to sell you will feel confident about what you are presenting to the buyer.

Curb appeal counts.

Want a fresh perspective on the value of your home? Walk across the street, turn around and ask yourself, “Does my house have curb appeal?” Does your home look attractive, welcoming and structurally sound at first glance?

Make a list of ways to enhance the positive and eliminate the negative. If you have a nice curvy walkway, accentuate it with flowers or lanterns. If the first thing a visitor sees is your big wide garage, try to guide their eyes into a beautiful front yard, or paint your front door red to guide the eye there. These things add value.

Take a digital photo and look at your home in black and white. When the color is removed, the truth comes out. That is where you see the cracks in the walls and the glaring flaws.

Keep things clean and tidy. Talk to your neighbors because this affects them too. Curb appeal doesn’t stop at your property line. Your home will be more valuable if you live in a place where everyone pays attention to appearance.

Host a neighborhood cleanup party. Team up with neighbors to mow lawns and trim hedges. See who wants to go in on a few flats of border flowers. By adding curb appeal to your entire neighborhood, you will all boost your home values.

When you’re looking at your curb appeal, don’t forget the side and rear views. Buyers walk around and peek over fences.

Upgrade the kitchen.

Ask any real estate expert what the No. 1 upgrade with the greatest return is, and the answer will be the kitchen.

Do a mini-remodel. Change the paint. It sounds simple, but it works. You can also paint a faux-wood finish onto your cabinets. This looks just like cherry.
Add a splash of color with a new backsplash. New tile is attractive. Home improvement stores teach classes on this.
Go stainless steel. The cold feel of steel is a hot ticket item for buyers. Transition your appliances as they wear out and go with a similar metallic look in your light switches.
Make your kitchen rock with a rolling island.
Hang a pot rack with fresh new pots, pans and a hanging wine bottle holder. With the rolling island, your kitchen will catch every buyer’s eye. You can take some of these things with you to your new home.

Beautify your bathroom.

Of all the rooms in your house, the bathroom is the workhorse. There is lots of wear and tear, so you want to keep it functioning well and make good looking upgrades along the way.

Focus on your faucet. Bathrooms are not utilitarian anymore. People like to feel relaxed, like they are in a spa. Drop-sinks are old news, people want the under-mount sinks.
Go granite or marble with your countertops. If you are toying with the granite idea, your bathroom counter is most likely smaller than your kitchen counter and less expensive. This is a great place to start your first granite project.
Nix the overhead lighting in favor of wall mounts to add warmth and value to your bathroom. Make sure that around your mirror you have even lighting with no side shadows.
Heated floors attract buyers like bees to honey.
Upgrade your bath area. With an 85 percent return, install a shower with body sprays and stone surround tile. If you are not selling right away, you will feel like you are in a Zen garden every time you step into your bathroom.
Keep it clean. Dirt and grime can become embedded in bathroom surfaces very quickly. Freshen it up with new grout.

Weigh the benefits of upgrading versus selling.

Should I stay or should I go? It’s a question staring many homeowners in the face. Here is how to tell if there is more value for you in fixing up, or moving on.

First, estimate your costs to buy a new home. Add up the realtor and home selling costs (packing, moving and the new loan financing). Don’t forget hidden items. The buyer may ask you to replace the carpet before you sell. Or, what if you have to replace appliances? Make your best effort to include everything it will cost in time and money to sell your home and buy a new place. Then, estimate what you may get for your house and how much cash you will leave with to put down on a new home.

If you like your neighbors and your school district, consider remodeling. You can get exactly the home you want and you won’t risk any buyer’s remorse. Estimate the cost of making the most crucial renovations needed for you to stay. Decide what you would like to do and go price shopping at your home improvement store. Call contractors and get estimates. This is especially important if you need to add on extra square footage.

Look at what it would cost to move, then what it would cost to remodel. Add in the X-factors such as friends, schools and neighbors. When all is said and done, you may find you get more equity by staying in your home and remodeling.

Hire a certified home inspector.

You go to the doctor for physical exams and take your car in for checkups. Why not do the same for your house? A home inspection can be a valuable thing, whether you are selling or not.

If you are selling, get your own inspector before you put your home on the market. The last thing you want is to have a contract on the table, only to hear the inspector has found dry rot. If you know in advance, you can take care of it. If a home inspection turns out well, it is likely the buyers will feel good about their purchase and not ask for costly fixes or concessions.

Why bother having an inspection if you’re not worried about selling? Keep those records to show buyers you have maintained your house all along. Also, time is on your side. You can fix problems on your terms for far less than you will likely spend if you wait. Think of it like a physical that will only keep your home healthy and more valuable.

If you get a clean bill of health, it helps you make decisions. You can pick your home projects and spend your money with confidence.

Pay down the principal on your loan.

As you make all those home improvements, don’t forget the cash. Your financial strategy can boost your home value in a big way. Many different loan features can be added together to give someone a loan that is comfortable for them; give them an opportunity to do home improvements and to invest in their future.

Don’t overdo your down payment. If you spend all your money in a down payment, you may not have enough to do the improvements you want. The rule of thumb is if you are moving into a fixer upper, go for 10 percent down.Don’t rush into your home loan, as there are dozens of types. The strategy that you develop for the type of loan you want depends on where you see yourself in five or 10 years. Managing your debt payment with an interest-only payment will give you an opportunity to save that money for retirement or save it for a college fund.

Refinancing is a chance to switch up your loan and try something new. Avoid using refinancing as a financial crutch. Are you doing it to lower your interest rate, or are you doing it because you want cash? If you are moving in a year, refinancing probably isn’t a good idea, as it costs between $1,900 and $2,600.

10 REASONS TO HIRE A PROPERTY MANAGER

Tue, 16 Aug 2016 07:00:00 GMT

Setting the right rental rates: While looking through the classifieds to see what other landlords are charging for similar properties is a fine way to ballpark your rent price, a good property management company will conduct a thorough market study in order to set a rental price for your property, ensuring that you achieve the perfect balance between maximizing monthly income and maintaining a low vacancy rate.

Collecting and depositing monthly rent payments on time: If you’ve ever worked in a billing department, you know that securing payment from clients can be difficult, not to mention awkward. Property management companies have efficient, tried-and-true systems in place to effectively collect rent and maintain on-time payments. You’ll find this particularly important if you have a limited number of properties, and collecting payments on time is crucial to maintaining your cash flow.

Marketing and advertising your property: Through long experience, a property manager will know exactly where to market your property and how to craft compelling advertising materials—a significant advantage when it comes to filling your properties quickly and avoiding long vacancies.

Finding the right tenants: Experienced property managers are experts at finding good tenants, and will take care of all the details, including the securing all criminal background and security checks, running credit reports, verifying employment, and collecting previous landlord references.

Managing tenants: In addition to finding good tenants, a property management company will manage all aspects of the tenant-landlord relationship. The property manager will handle both routine and emergency maintenance, take care of routine inspections, and manage any situations where conflict resolution is required.

Managing vendor relationships: Property management companies have relationships with maintenance workers, tradesmen, contractors, suppliers, and vendors that it’s almost impossible for an independent landlord to duplicate. Not only will your property manager get you the best work for the best price, they’ll oversee any necessary maintenance projects.

Ensuring that you’re in compliance with housing regulations and property laws: There is a multitude of applicable laws and regulations to abide by when renting and maintaining your rental property. These include local, state and federal regulations, as well as fair housing regulations (such as the ADA). A property manager can help you avoid lawsuits by keeping your property up-to-date and in compliance with these regulations.

Enabling you to invest in geographically distant properties: If you manage your own properties, you’re pretty much limited to investment opportunities within a tight radius of your own home. By hiring a property manager, you can take advantage of investment deals in any location you wish.

Maximizing the profitability of your time: By having a property manager take care of the day-to-day aspects of running your income property, your free to spend your time identifying further investment opportunities or otherwise furthering your career.

Maximizing the profitability of your money: Most property managers charge a percentage of your property’s monthly rental rate in exchange for their services. The rate typically runs anywhere from 6-10%, which is generally less than the money you save by hiring a professional to take care of your property.

Honolulu, Hawaii & Oahu Property Management. Property Managers on Oahu. Property Manager Oahu. Property Manager Hawaii

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America’s 20 Hottest Real Estate Markets in March 2017

DIY HOME DECOR PROJECTS FOR A PRETTIER SPACE

DIY HOME DECOR PROJECTS FOR A PRETTIER SPACE

YOU CAN NEVER HAVE ENOUGH WAYS TO MAKE YOUR HOME MORE EFFICIENT.

25 Clever Tricks To Make Your Home Feel Larger Than It Is

5 BACKYARD IDEAS TO IMPROVE YOUR OUTDOOR SPACE

10 TIPS TO INCREASE YOUR HOME’S VALUE

10 REASONS TO HIRE A PROPERTY MANAGER