Our family, at Bev Roberts Rentals, established a driving force in the world of#Leasing and #PropertyManagement in the#Triangle Area! We broke the industry norm in order to serve our clients the best way possible. If you are looking for a refreshing approach to leasing and property management, our family is dedicated and knowledgeable. We are 100% focused on leasing and property management services, because that’s all we do. We don’t sell homes, meaning we are only focused on your investment property; not selling someone else’s.
If you own an investment property, you’ll understand how important it is to get everything you can out of it.
But when was the last time you reviewed your investment property?
It turns out, you could be overlooking details that could help give you a greater return.
Here’s three tips that can help you make the most of your investment property.
- Hire an agent to manage your rental property
Managing your own property can take up a lot of your time, and if time is money, then it might be more beneficial for you to pay a real estate agent to manage your rental. Sure, a property manager’s fees could be 5 to 10% of the income from your rental, but for that $20, $30 or even $50 a week you can have somebody that will deal with tenants for you and help you maximize your rental income.
2. Attract and maintain the best tenants you can find
Chances are if your property is attractive and well-maintained, you’re likely to attract more quality tenants. Keeping a quality tenant can save you money in the long run, especially because you won’t have to worry about trying to re-advertise a property when tenants leave. Keeping your tenants happy will make your job easier, they’ll be less likely to complain and they’ll stay longer. If you’ve got loyal tenants, try to keep the rent at a steady level and don’t set unreasonable conditions on them – sure an extra $20 or $50 a week in rent would be good – but it won’t be beneficial if you have a high turnover or vacancy rate in your rental.
3. Claim deductions while you renovate
Renovations can not only boost the value of your investment property and save you money on repairs and maintenance, they can also save you money at tax times. That’s right, renovating your investment property means you can claim valuable deductions on your tax returns. Not only can you claim the depreciation of items such as appliances, carpets and blinds, you can also claim 40 years worth of deductions on any construction costs. According to realestate.com.au if you invest $15,000 in a new kitchen and appliances, you could enjoy up to $5000 worth of deductions in the first five years alone. Before you renovate, it might pay to have a chat with a surveyor or another property expert about what can you can claim and estimate the value of your renovations. Don’t forget there’s also a thing call scrapping deductions, which allow you to claim an instant deduction on the value of household items you throw away while renovating – such as an old kitchen.
Do you have an investment property? Have you tried any of these tips to get the most of your investment?
Bed bugs are an exceptionally disliked pest and can be hard to get rid of, so renters might be frustrated to learn that their insurance doesn’t cover the insects.
Like cockroaches or rats, bed bugs are considered the responsibility of a tenant. When renters sign almost any lease, they agree to maintain the home they live in and that includes deterring and eliminating pests. This is the case for any type of rental unit, whether it be an apartment or a single-family home.
That means renters cannot file a renters insurance claim for the cost to exterminate bed bugs, damages caused by the insects or medical costs associated with them.
But there are two exceptions. Florida and Maine are the only states with laws mandating landlords and management companies exterminate bed bugs from a tenant’s residence as soon as they are made aware of them. In all other states, tenants are on their own when it comes to the pests because no such mandate exists. Having said that, most states have laws regarding bed bugs and commercial or state-owned properties, such as schools.
If you don’t live in Florida or Maine, there’s little a tenant can do if they think their landlord or company is at fault for them having bed bugs.
Firstly, bed bugs commonly latch onto luggage or clothes and can be easily brought into an apartment by a tenant. It’s highly unlikely a landlord or management company is to blame. But even in some rare cases when they are at fault, renters insurance still might not help you.
For example, a landlord or management company might neglect to keep common areas of an apartment building clear of things that might attract bed bugs. If an infestation ensues as a result and bugs are finding their way into a tenant’s apartment, then the landlord might be to blame. However, a renter probably wouldn’t be able to file a renters insurance claim for related damages or the cost to exterminate the bugs.
To recoup the costs they incur, the tenant might have to sue their landlord or management company – again, something that renters insurance might not cover. Remember, personal property protection doesn’t cover damages due to bed bugs and liability protection only covers expenses related to claims and lawsuits filed against the policyholder.
The best thing a tenant can do is be proactive in deterring bed bugs and, if they find them in their home, getting rid of them as soon as possible.
The easiest thing to do is to keep an eye out for them – bed bugs are brown, flat, oval-shaped insects about the size of an apple seed. They are usually in mattress seams, sheets and other areas near human hosts. But they might be on office chairs, pets or furniture and can latch onto and travel anywhere.
If you happen to find a bed bug, vacuuming and throwing them away in a tightly sealed bag then them washing bed sheets in hot water should get rid of them. In extreme cases, or if they persistently appear, you should call an exterminator.
When you reach the crossroads of whether to hire a property manager…