ByJack
Tips for Buying and Using Dehumidifiers
Save your sinuses, your home, and your money by controlling humidity levels with a dehumidifier
Ah, summer chores! There’s a lawn to mow, paint to touch up, a grill to clean. But there are summer maintenance concerns inside, too; namely, taming your home’s No. 1 enemy — moisture.
Summer’s higher temps raise humidity levels in your home, and all that moist air can wreak havoc on interior walls and flooring. Too-high humidity promotes the growth of mold, mildew, and other allergens that take a toll on homeowners, too — especially asthma and allergy sufferers.
How Do I Know If My Home is Too Humid?
The EPA recommends keeping your home’s humidity under 60% during the summer and between 25% to 40% in the winter. You can pick up a hygrometer at your local hardware store for less than $25; it’ll measure the air’s moisture content.
But your own comfort — or discomfort — is one of the best indicators of off-kilter humidity. Coughing, sneezing, and clammy hands can all be signs that the air is too humid.
Your home has a few ways of telling you, too:
- Wonky wood: Hard-to-open wooden window frames and creaky, buckling hardwood floors are signs of swollen wood caused by too much moisture in your home.
- Funky smells: A musty odor can indicate growth of moisture-loving mold and mildew.
- Damaged walls: Peeling wallpaper, blistering paint, and dark spots on walls or the ceiling are all symptoms of excess humidity.
- Constant condensation: Basic household activities like cooking and showering put moisture into the air, but if you’re seeing condensation on your windows long past bath time, your humidity level is probably too high.
What Are My Options for Dehumidifiers?
A dehumidifier pulls in wet air, removes moisture, and then exhausts the drier air back into your home.
There are two types of dehumidifiers: portable and whole-house. The type of dehumidifier that’s best for the job depends on the size of the space you want to dry out and how often you need to.
Portable Dehumidifiers
For one specific space, like a kitchen or a bedroom, a portable dehumidifier ($100 to $350) should do the trick. You can move it from room to room as needed during the months when moisture is a problem.
Some larger models (those with 30+ pint capacities) can be bulky to move, and with a portable you’ll have to empty the water tank each time it’s full. Fortunately, you don’t have to worry about overflow; most new models come with an automatic shutoff if the water tank gets full. Some units also have humidistats, timers, remote controls, and built-in wheels.
Tip: Use the greywater your dehumidifier collects to water your houseplants.
Operating a portable dehumidifier will add to your energy bill — about 160 kilowatt hours (kWh) per month, or roughly $19 per month. That’s more than your refrigerator uses, but less than the average air conditioner, which eats up about 300 kWh per month.
FYI: Speaking of your AC, yes, running your air conditioner can lower humidity in your home, but more effectively when temps are in the 80s or above. On days when the temps are in the 70s, your AC won’t be running enough to pull any significant amount of moisture out of the air. Without a dehumidifier, the air may still feel sticky even if temperature in your home is at a comfortable level.
This chart from the Association of Home Appliance Manufacturers (AHAM) can help you determine the size (pint capacity) of the dehumidifier you should use based on existing conditions and the size of the space. The values indicate the number of pints collected in a 24-hour period.
| Condition without dehumidification during warm and humid outdoor conditions | 500 sq. ft. | 1000 sq. ft. | 1500 sq. ft. | 2000 sq. ft. | 2500 sq. ft. |
| Moderately damp — Space always feels damp and has musty odor only in humid weather. | 10 | 14 | 18 | 22 | 26 |
| Very damp — Space always feels damp and has musty odor. Damp spots show on walls and floor. | 12 | 17 | 22 | 27 | 32 |
| Wet — Space feels and smells wet. Wall or floors sweat, or seepage is present. | 14 | 20 | 26 | 32 | 38 |
| Extremely wet — Laundry drying, wet floor, high load conditions. | 16 | 23 | 30 | 37 | 44 |
*Dehumidification variables also include such other factors as climate, laundry equipment, number of family members, number of doors and windows, and degree and intensity of area activity. Chart data via AHAM.
Whole-House Systems
If you live in a climate where controlling humidity levels is a year-round battle, or you find yourself using multiple portable units, it may be time to install a whole-house system ($1,500 to $2,800), which can be integrated right into your HVAC.
“While a portable dehumidifier can be effective in certain areas, its range is very limited. A whole-house system utilizes a home’s existing duct system for heating and cooling to treat the entire house,” says Andrew Parra, a consultant at Deljo Heating and Cooling in Chicago.
Plus, there’s no tank to empty; a plastic tube and a run of PVC pipe carries water into a basement drain. No basement? A condensate pump will route water outside or to another drain, often in a laundry room or bathroom. You’ll need a pro to install a whole-house dehumidifier.
Parra recommends installing the system’s humidistat on a central, inside wall of your home, away from doors and windows, to ensure a more accurate read.
Low-Tech DIY Options to Dehumidify
Or maybe you want to DIY — dry-it-yourself. You can dehumidify with some common household items, including:
- Chalk
- Kitty litter
- Charcoal briquettes
- Rock salt
These DIY solutions work best in small spots like closets or crawlspaces. Some do double duty, removing funky odors in addition to moisture.
By: Libby Walker
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ByJack
When to Repair or Replace Your Appliance
Consider age, repair cost, pricing, energy efficiency, and whether to modify your kitchen to accommodate a new unit.
When an appliance is old and isn’t working efficiently, it’s easy to decide to replace rather than repair the machine — may it rest in peace.
But appliances often break before their time, making the repair-or-replace decision harder.
If money is tight, you may have to repair the appliance and hope for the best. But if you’ve got some coin, then replacing with a new, energy-efficient model often is the better way to go.
That’s a lot of ifs, and the repair-or-replace dilemma often is hard to resolve. Here are some guidelines that will help you decide.
Is It Really Broken?
When appliances stop working, we get so rattled that the obvious escapes us. Before you panic, make sure:
- The appliance is plugged in.
- Circuit breakers haven’t tripped. (I once replaced a blender only to discover that the circuit needed resetting.)
- Flooring hasn’t become uneven, which can stop some appliances from turning on.
- Vents and filters aren’t clogged with lint and dust.
Related: How to Help Your Appliances Last Longer
Is It Still Under Warranty?
Check your owner’s manual or records to see if the sick appliance is still under warranty. Most warranties on major appliances cover labor and parts for a year; some extend coverage of parts for two years. If it’s still covered, schedule a service call.
Related: Is an Extended Warranty Right for You?
Is It Truly at the End of Its Useful Life?
Appliances have an average useful life — the typical lifespan after which the machine is running on borrowed time. The closer your appliance is to its hypothetical past due date, the wiser it is to replace, rather than repair.
Here are the typical lifespans of major appliances.
| Appliance | Average Lifespan (Years) |
| Compactor | 6 |
| Dishwasher | 9 |
| Disposal | 12 |
| Dryer | 13 |
| Exhaust Fan | 10 |
| Freezer | 11 |
| Microwave | 9 |
| Range, electric | 13 |
| Range, gas | 15 |
| Range/oven hood | 14 |
| Refrigerator | 13 |
| Washer | 10 |
How to Follow the 50% Rule
In 2014, the average cost to repair an appliance was $254 to $275. Should you pay it?
If an appliance is more than 50% through its lifespan, and if the cost of one repair is more than 50% of the cost of buying new, then you should replace rather than repair.
To do the math, you’ll have to know the typical lifespan (see above), and get a repair estimate. Most service companies charge a “trip charge” to diagnose the problem. These charges vary widely, so be sure to ask when you arrange the appointment. If the company repairs the appliance, the trip charge typically is waived.
DIY Whenever Possible
If you know your way around a socket wrench, you may be able to make simple appliance repairs yourself and save labor fees. YouTube has lots of DIY repair videos, and user manuals can help you troubleshoot.
Can’t find your manual? Search online for “manual” along with your appliance brand and model number. Most manufacturers provide free downloadable PDFs of appliance manuals, and there are several online sites that specialize in nothing but manuals.
However, there is a downside to repairing appliances yourself.
- Many electrical replacement parts are non-refundable, so if you misdiagnose the problem, you’ve wasted money.
- Large appliances are heavy and bulky. You risk injury if you don’t know how to move, open, and lift the machine property.
- Some appliance warranties are voided when you mess with the machine yourself.
- If you forget to unplug the machine before making repairs, you can electrocute yourself (making the money you save a moot point).
How to Calculate Whether Energy Efficiency is Cost Effective
New water-saving and energy-efficient appliances can be cost effective: A modern refrigerator, for instance, uses roughly half the electricity of one built 20 years ago.
But replacing energy clunkers that still have miles left on them may not be a money-wise move. You might spend thousands on an appliance in order to save hundreds (if you’re lucky) on your energy bill.
Jill A. Notini of the Association of Home Appliance Manufacturers says if you’re planning on staying in your home for 10 to 15 years, upgrading appliances is a good idea. However, if you’re planning on moving soon, you’ll save money by keeping your older appliances, and letting the new owners upgrade to energy-efficient models.
Are There Hidden Costs When Replacing Old Appliances?
The cost of replacing an appliance may include more than just the price of the machine. In fact, the price tag could be the least of the money you’ll spend to upgrade an appliance.
- A new refrigerator may not fit in the old spot. You could have to modify cabinetry to fit the new appliance (be sure to measure accurately).
- Gas ovens and ranges will save money only if your home already has gas connections. If not, you could spend thousands bringing a gas line into your home or hundreds rerouting the lines you already have.
- Upgrading from a simple gas range to one with all the bells and whistles may require upgrading or adding electrical wiring and circuits.
By: Douglas Trattner
ByJack
6 Things Everyone Should Do When Moving Into a New House
Moving into your first home is exciting! But it also means you’ve got work to do.
When I bought my first house, my timing couldn’t have been better: The house closing was two weeks before the lease was up on my apartment. That meant I could take my time packing and moving, and I could get to know the new place before moving in.
I recruited family and friends to help me move (in exchange for a beer-and-pizza picnic on the floor) and, as a bonus, I got to pick their brains about what first-time homeowners should know.
Their help was one of the best housewarming presents I could have gotten. And thanks to their expertise and a little Googling, here’s what I learned about what to do before moving in.
1. Change the locks. You really don’t know who else has keys to your home, so change the locks. That ensures you’re the only person who has access. Install new deadbolts yourself for as little as $10 per lock, or call a locksmith — if you supply the new locks, they typically charge about $20 to $30 per lock for labor.
2. Check for plumbing leaks. Your home inspector should do this for you before closing, but it never hurts to double-check. I didn’t have any leaks to fix, but when checking my kitchen sink, I did discover the sink sprayer was broken. I replaced it for under $20.
Keep an eye out for dripping faucets and running toilets, and check your water heater for signs of a leak.
Here’s a neat trick: Check your water meter at the beginning and end of a two-hour window in which no water is being used in your house. If the reading is different, you have a leak.
3. Steam clean carpets. Do this before you move your furniture in, and your new home life will be off to a fresh start. You can pay a professional carpet cleaning service — you’ll pay about $50 per room; most services require a minimum of about $100 before they’ll come out — or you can rent a steam cleaner for about $30 per day and do the work yourself. I was able to save some money by borrowing a steam cleaner from a friend.
4. Wipe out your cabinets. Another no-brainer before you move in your dishes and bathroom supplies. Make sure to wipe inside and out, preferably with a non-toxic cleaner, and replace contact paper if necessary.
When I cleaned my kitchen cabinets, I found an unpleasant surprise: Mouse poop. Which leads me to my next tip . . .
5. Give critters the heave-ho. That includes mice, rats, bats, termites, roaches, and any other uninvited guests. There are any number of DIY ways to get rid of pests, but if you need to bring out the big guns, an initial visit from a pest removal service will run you $100 to $300, followed by monthly or quarterly visits at about $50 each time.
For my mousy enemies, I strategically placed poison packets around the kitchen, and I haven’t found any carcasses or any more poop, so the droppings I found must have been old. I might owe a debt of gratitude to the snake that lives under my back deck, but I prefer not to think about him.
6. Introduce yourself to your circuit breaker box and main water valve. My first experience with electrical wiring was replacing a broken light fixture in a bathroom. After locating the breaker box, which is in my garage, I turned off the power to that bathroom so I wouldn’t electrocute myself.
It’s a good idea to figure out which fuses control what parts of your house and label them accordingly. This will take two people: One to stand in the room where the power is supposed to go off, the other to trip the fuses and yell, “Did that work? How about now?”
You’ll want to know how to turn off your main water valve if you have a plumbing emergency, if a hurricane or tornado is headed your way, or if you’re going out of town. Just locate the valve — it could be inside or outside your house — and turn the knob until it’s off. Test it by turning on any faucet in the house; no water should come out.
By: Courtney Craig
Published: February 18, 2015
ByJack
Why Seller’s Remorse is Totally Common
Thinking of selling your home and worried you’ll regret it? Here’s how to cope.
Selling your house can be scary: It’s been your home, where you’ve lived and made memories. Chances are good it’s your most important asset and your biggest investment so far. Wrestling with the emotional heft of putting your home on the market is a difficult byproduct of real estate — but once a closing date has been set, the hard work is done. Right?
Actually, it’s not uncommon for sellers to feel pangs of regret when a buyer gets serious. If you’re feeling remorse for your soon-to-be-former home, don’t panic: You’re far from alone.
“When you’re selling a house, you’re not selling an object,” says Bill Primavera, a REALTOR® in Westchester County, N.Y., and “The Home Guru” blogger. “A house provides shelter and is probably the biggest thing we ever acquire, so it has a bigger impact on our life.”
The Origins of Seller’s Remorse
Moving is one of life’s biggest stressors. According to Daryl Cioffi, a Rhode Island counselor and co-owner of Polaris Counseling & Consulting, it’s one of the biggest instigators for depression.
“There’s a lot of latent stuff that happens when change occurs,” Cioffi says. Are you feeling insecure? Are you wondering if you made the right decision? Those feelings are normal reactions to change — but when they get tangled up with the sale of your biggest investment, they can be downright terrifying.
Here are some things you can do to help you manage the emotional roller coaster that comes with selling your home:
Do the Emotional Work Beforehand
Doing the emotional work before it’s time to sell is the best way to avoid regret.
“Look at the flaws of what makes it not the perfect home for you,” Cioffi says. Is it just too small for your family? Does your Great Dane need a bigger backyard? Ask yourself, “How can I close this chapter?”
That doesn’t mean you have to develop negative feelings toward your current home. You’re just trying to remind yourself of why you decided to move on.
“Begin the detachment process by saying: ‘This works for me now, but it won’t work for me forever,'” Cioffi says.
Once you’ve processed your reasons for selling the home, give yourself space to grieve the house you’ve loved and the memories you’ve made inside its walls. It’s okay to be sad you’ll never step inside your child’s first bedroom again; conversely, that’s not a reason to stay in a home forever. You can even have fun with your grief. Why not acknowledge your feelings by throwing a goodbye party for your house?
Focus On the Future
Working through your feelings early will make the selling process smoother, but even if you spent time grieving before putting your home on the market, it’s still normal to feel some pangs of sadness during closing. While it’s easy to tell yourself you’re overreacting, getting past remorse isn’t a simple process.
How can you do it? Say goodbye to your old home and prepare yourself for what’s next. If you’re still feeling remorse after the sale has gone through, don’t overthink it: Even if you did make the wrong decision — and chances are good you didn’t — it doesn’t matter. The deed is, quite literally, done.
The next step is distraction. If you’ve already moved into your new home, throw yourself into fixing it up. Redo the shelving in the kitchen. Start a garden. Primavera recommends taking your mind off of homes completely by picking up a new hobby or exploring your new neighborhood to find fun activities, like yoga or pottery classes.
“Keep your mind focused on what’s ahead,” says Cioffi. “The fact is, it’s done. Now what? Look forward and focus on how you can make this new place something to be excited about.”
If you’re still having problems adjusting to your new life, your old home might just be a stand-in for bigger problems: Perhaps a depression worsened by moving, or it has triggered anxiety about your life in general. A long-term struggle to resolve your grief indicates you should speak with a professional counselor about your situation.
Cioffi says a good therapist will help you answer the questions, “What’s going on that you can’t let go?” and “What’s keeping you from moving forward?”
No matter how deep your seller’s remorse may be, uncovering the reasons behind it and focusing on the future are the best ways to let go of the stress of leaving a former home behind. Give yourself time to get used to the change and focus on creating new memories. After all, the happy life you had in the home you sold was the reason you loved it so much. Someday, with a new set of memories made, you’ll love your new home just as deeply.
By: Jamie Wiebe
ByJack
Shave Up to 15% Off Your Heating Bill with This Simple Tip
It’s easy to imagine your energy bill going sky-high when you hear your furnace fire up. That’s the reason so many people believe keeping a steady temperature of 68 degrees is the key to energy savings. But that’s a myth.
In fact, the lower the temperature, the slower your house loses the heat, according to energy.gov. And that keeps your hard-earned money from floating out the door.
So if you truly want to see your heating bill drop, you need to turn down the temperature another 10 or 15 degrees for eight-hour stretches on a regular basis — like when you’re at work, sleeping, or out of town.
When you return, turn it back up to 68 degrees. Or better yet, take advantage of what a programmable thermostat can do.
In the summer, just flip the strategy:
- Set your AC to 78 degrees when you’re home.
- When you leave, turn the AC off or set your thermostat to a much warmer temperature.
Here are some other misconceptions about and tips for reducing your heating and cooling costs.
Resist the Urge to Crank Up the Thermostat
Turning up the thermostat past your desired setting won’t speed heating. Your furnace works at the same pace regardless of temperature settings. That also applies to your AC; setting the thermostat to its coolest temperature won’t chill your home any faster.
A Programmable Thermostat Doesn’t Automatically Reduce Energy Use
Installing a programmable thermostat with factory settings isn’t going to do you much good. You can only reduce the amount of power your home consumes if you create a personalized heating and cooling program that makes the most of your own energy-saving opportunities.
Programmable thermostats come in four different pre-set schedule styles, so it’s important to pick one that’s in sync with your household’s scheduling needs:
- 7-day programming offers the most flexibility. It allows you to set a different heating and cooling schedule for each day of the week.
- 5-1-1 programming is a good choice if you have a predictable weekday schedule. It lets you set an identical heating and cooling plan Monday through Friday, and a different plan for Saturday and Sunday.
- 5-2 programming is similar to the 5-1-1 programming, except you can only program one heating and cooling schedule for both Saturday and Sunday.
- 1-week programming is a good choice if you stick to the same schedule every day of the week. It allows you to create a single heating and cooling plan that repeats daily.
- Bonus tip: When daylight savings comes around, remember to adjust your settings so your heating and cooling program isn’t off by an hour.
Some Smart Thermostats are a Lot Smarter Than Others; Choose Wisely
Smart thermostats aren’t all the same. Sure, all offer Internet connectivity for remote management using your mobile device. But each thermostat brand uses a different proprietary self-programming technology.
For example, Google’s Nest relies on sensors and a learning algorithm to manage your heating and cooling preferences. Honeywell’s Lyric uses GPS technology to trigger heating and cooling automatically via your smartphone.
But here’s the kicker: Just like manual or programmable thermostats, it’s up to the user to set preferences that enable energy savings. And for those of you who still believe a smart thermostat can shave 30% of your utility bills, here’s a reality check: A study conducted by Nest revealed its users can only save up to 12% on heating costs.
Don’t assume every smart thermostat is user friendly. A recent study on thermostat usability by the Sacramento Municipal Utility District revealed that the ballyhooed Nest thermostat isn’t all that user friendly. The Nest was tested against a mix of 11 smart and programmable thermostats for ease of use without using a manual. It received the second-worst rating.
Which thermostat came out on top? One by a company with a century of cooling experience: the Carrier ComfortChoice Touch. The study participants also selected it as their preferred choice for purchase out of the models they tested.
Bonus tip: Avoid those wireless apps that let you control the thermostat remotely. A study on Wi-Fi enabled thermostats says that using them remotely can boost energy use. This is because they allow users to crank up the heat or AC remotely before they return home.
By: Deirdre Sullivan
Think you’re saving on your heating bill by keeping it at a constant 68 degrees? You’re not, and here’s why.
ByJack
What Are The Benefits of Using a Property Management Company?
A competent property manager can add significant value to your investment, which is why many seasoned real estate investors will tell you that a good management company is worth their weight in gold. Here are a few ways that a good property manager earns their keep:
Higher Quality Tenants
Think of tenant screening as the moat and draw bridge around your castle. It is certainly possible to get a bad tenant out of your home once they are in, but it’s a real hassle and you are so much better off never accepting them in the first place. A thorough screening process results in reliable tenants that:
- Pay on time
- Rent longer
- Put less wear and tear on the unit
- Generally cause less problems
An experienced property management company has seen thousands of applications and knows how to quickly dig for the real facts about candidates and analyze that information for warning signs. By allowing a management company to handle the screening, you will also be shielding yourself from rental scams directed at owners, and discrimination lawsuits resulting from an inconsistent screening process. This kind of experience takes time, and insomuch as it means avoiding bad tenants, scams and lawsuits it is arguably one of the most significant benefits a property management company will provide.
Fewer costly and time consuming legal problems
Veteran landlords know it only takes one troublesome tenant to cause significant legal and financial headaches. A good property manager is armed with the knowledge of the latest landlord-tenant laws and will ensure that you are not leaving yourself vulnerable to a potential law suit. Each state and municipality have their own laws, these plus federal law cover a number of areas including but not limited to:
Tenant screening
- Safety and property conditions of the property
- Evictions
- Inspections
- Lease addendums
- Terminating leases
- Handling security deposits
- Rent collection
Avoiding a single law suit can more than pay for the property management fees, and spare you time and anguish.
Shorter vacancy cycles
A property manager will help you perform three critical tasks that affect how long it takes to fill your vacancies:
- Improve and prepare the property for rent – A property manager will suggest and oversee cosmetic improvements that maximize revenue.
- Determine the best rent rate – Too high and you are stuck waiting, to low and you’re losing money every month the tenant is in the unit. Determining the optimal price requires knowledge of the local market, data on recently sold comparables, and access to rental rate tools.
- Effectively market your property – An experienced property management company has written hundreds of ads and understands what to say and where advertise in order to get a larger pool of candidates in a shorter period of time. Additionally because of their volume they can usually negotiate cheaper advertising rates both online and offline. Lastly, they are familiar with sales and know how to close when they field calls from prospects and take them on showings.
Better tenant retention
While its easy to see the effects of lost rent, there are other equally serious problems with a high tenant turnover rate. The turnover process involves a thorough cleaning, changing the locks, painting the walls and possibly new carpet or small repairs, not to mention all the effort associated with marketing, showing , screening and settling in a new tenant. This is a time-consuming and expensive process that can often be averted by keeping tenants happy and well cared for.
A good property management company will have a time-tested tenant retention policy that ensures happy tenants with lengthy stays in your properties. These kinds of programs require a consistent, systematic approach, which is where a good property management company will shine.
Tighter rent collection process
The way you handle rent collection and late payments can be the difference between success and failure as a landlord. Collecting rent on time every month is the only way to maintain consistent cash-flow, and your tenants need to understand this is not negotiable. By hiring a property manager, you put a buffer between yourself and the tenant, and allow them to be the bad guy who has to listen to excuses, chase down rent, and when necessary, evict the person living in your property.
If you let them, your tenants will walk all over you. They have to be trained to follow every part of the lease or deal with the consequences. Property managers have an advantage because tenants realize that they, unlike the owner, are only doing their job and are obligated to enforce the lease terms. Many property managers will tell you that it is considerably easier to manage other people’s units rather than their own for this reason.
Regarding evictions, there are strict laws concerning the eviction process, and doing it wrong, or trying to evict a “professional tenant” can be a MAJOR fiasco. A good property management firm knows the law and has a good process for obtaining the best possible outcome given the circumstances. Never having to handle another eviction can be a compelling reason to consider hiring a property management company.
Assistance with taxes
A property management company can help you understand which deductions you can claim, as well as organize the necessary forms and documentation to make those claims. Additionally, the property management fees themselves are also tax deductible.
Lower maintenance and repair costs
Good maintenance and repairs keep tenants happy and preserve the value of your investment which make them a very important part of land-lording. By hiring a management firm you gain access to both their in-house maintenance staff, as well as their network of licensed, bonded and insured contractors who have already been vetted for good pricing and quality work. This can translate into significant savings compared to going through the yellow pages and hiring a handyman yourself. Not only is the firm able to get volume discounts on the work, they also know the contractors and understand maintenance issues such that they are capable of intelligently supervising the work.
Increase the value of the investment
Preventative maintenance is achieved through putting systems in place that catch and deal with maintenance and repair issues early on, before they grow into larger more costly problems. This requires a written maintenance check program, detailed maintenance documentation and regular maintenance visits. The management firm can also offer you suggestions and feedback on upgrades and modifications, both how they will affect the rent you can charge, as well as their impact on maintenance and insurance.
Personal benefits for owners
- Less stress – Avoid having to deal with middle of the night emergencies, chasing down rent, evicting people from your property, tenants who wreck your property, rental scams, lousy vendors, piles of paperwork.
- More freedom – Live and invest wherever you want with the constraint of needing to be near your properties. Additionally you can live and travel without the requirement of always being available in the event that your tenants have a need you have to tend to. Once you have found a good management company, it doesn’t matter if you live in the same state. Some landlords live in other countries and simply collect their check every month without ever seeing the property.
- Free up more of your time – Time is money, and for many investors, their time can be more profitably spent in areas other than servicing their properties. When you focus on asset management you’re working ON your business, when you manage your own properties you work IN it. Additionally you have more time to spend with family or friends doing things you enjoy.
A final thought
Of course, this is an ideal scenario. These results can only be expected if a management company is competent, trustworthy and a good fit for your property. A poor choice of a management company can produce many headaches of its own.
Posted by Jordan Muela in Property Management Articles
ByJack
Common Mistakes of First Time Renters
Getting your first place can be a very exciting and overwhelming experience! Make sure everything goes well without a hitch by making sure to not make these mistakes!
Understanding your Needs versus your Wants
Considering that you are more than likely going to be signing a lease for about a year, it is very important that your new home is going to work well for you on many levels! Take some time to really evaluate what amenities are important to you and then from there determine what is truly a need. As an example for someone without a vehicle, a dishwasher is a want, close proximity to a bus line would be a need. Finding a rental unit can be tough because they all offer different amenities. Finding one that matches your priorities is key. Weigh your options thoroughly and make sure you are not trading a home you want for one that you need. Try to be flexible and remember that you are simply renting the home, not buying it and are only bound to it for the terms of the lease.
Timing
Make sure your timing is spot on when looking for a new place. Unless you are looking strictly at apartment complexes and student housing, you should wait until about 6-4 weeks before your ideal to really start looking for a new place. Starting too late is a red flag and can make you look irresponsible. Make sure you have enough money to secure your perfect home by placing a security deposit. If you really find the perfect unit and someone else snags it before you, it will be VERY hard to find anything else you like nearly as much! Giving yourself enough time will help ensure a smooth move!
Skipping the Details
When viewing a potential home or apartment, make sure you are checking for the things you need. It is very easy to get distracted by your wants and totally forget the things you’ve decided are needs. Make sure you physically view the potential units. If you truly can’t, get someone you trust to view it on your behalf! Of course anyone marketing the home online is only going to use the most flattering properties. Get inside and truly get a feel for the space. Really picture you and your furniture there.
Ask yourself a lot of questions! Take all the time you need to really make a sound decision, but also remember that time is of the essence because there are other people in the market.
Under Budgeting
Moving is expensive. Seriously, it is. The vast majority of situations require that you pay your first months rent and a security deposit before you move in. Generally that equates to be two months of rent. On top of this, many utility companies require deposits, especially for people who have never had utilities in their name. You also have to physically move your belongings, which will usually entail renting a moving truck. You may also need to purchase some last minute things for your new place including toiletries, trash cans, cleaning supplies and a shower curtain! Budget accordingly. It is much better to over save than to come up short.
Not Reading and/or Understanding the Terms of the Lease
I am not a lawyer, but it goes without saying, it is not smart to blindly sign any legal document. A lease is a legally binding agreement. Make sure you read and understand the entire lease. There may be a few things that you would have never considered a violation. Each landlord has different preferences, so no two leases are the same. It is important that you understand exactly what is expected of you.
ByJack
Unexpected Costs of Moving
Moving can be a very stressful time for anyone! Moving your entire life is definitely a big deal. There are so many details that it is easy to miss everything. Don’t make these unexpected moving costs an oversight!
Deposits and Fees
You’ll encounter many deposits… Security Deposits, Utility Deposits, Transfer Fees, Service Activation fees and of course the Moving Truck Deposit.
Packaging Supplies
Boxes, Tape and Packing Material!
Cleaning Supplies
You’re going to need plenty of cleaning supplies to clean your old place. Don’t forget to stock up on your cleaning basics for the new place: Sponges, dish soap, Trash bags, Paper Towels, a new Broom and Dust Pan, etc..
Food
Depending on the size of your move, it may be a few days before you will get your kitchen squared away. Plus, who feels like cooking after a long day of moving? You are likely going to be ordering in, or going out for your meals. Budget a little extra for some warm meals!
Window Treatments
Titan Management provides blinds, but not every Property Management company or landlord will provide this convenience.
Appliances
Did your old place have a built in microwave and the new one doesn’t? You may have to purchase some of the appliances that won’t be furnished. Don’t forget to leave room in your budget for these little conveniences.
ByJack
Best Ways to Keep Deposit
Our company loves to give back security deposits! Seriously, we save a lot of time and resources if we do so because it means you returned the property in good condition and followed the terms of the lease. So what causes the problems for both sides:
- You leave behind your personal belongings – it costs us a lot of time to hire and tow away your belongings. It costs to dispose them too. Take them all, and we are happy
- You don’t clean – You’ve lived in your place for over a year, give yourself time to really clean the place. Don’t forget the oven, refrigerator, tub and toilet. If you have no time to clean, higher a cleaning professional.
- You break contract/Not giving notice – everyone likes to know where one stands, so do we. Your contract requires you to give us a moving out notice which we use to market a property to the next renter. We are happy if we know how much time we have so we can facilitate the change in a very organized way.
These three simple steps are written into our contract, because they are important to us. If you work with us to ensure all of them are in good order, we are happy to return the deposit, give you the best references, and welcome you back at any time. So please respect our needs, and we will go out of our way to provide you with your housing needs.