Top House-Hunting Mistakes

Buying a new house is a very memorable and emotional transaction. Do not let the emotions come into your way while buying a home otherwise you can take a bad decision.In that manner you can make some mistakes while hunting a new house for you. But, you have to avoid such mistakes that are mentioned below.


Falling for a House You Can’t Afford

Never fall in love with a house. Once you have fallen in love, it would be difficult for you to go back.Do not make clouds or bubbles in your mind. If you do this, you may buy an expensive house or you may crack a bad deal.Do not make a fascinating world.  Specially, if you cannot afford that house that would give a bad impact on your emotions. The best decision is always looking for a home which is in your price range. Do not visit any house which is out of your budget. If you avoid this mistake, you will be able to buy a wonderful house.

Assuming this House is the Last Option

When you are in the process of house hunting, visit multiple houses. If you find a home, you like, but the price of the house is out of your range, do not stick with that house. You can find some other identical houses, which would be in your price range. So not assume this is the last option for you. I know house hunting is a hectic process, but a little pain will benefit you later. If you will make a spontaneous decision, this will be regretful later.

Getting Desperate

When you are in the process of house hunting and you do not find any appropriate house, it is an obvious thing that you will get desperate. Getting desperate can lead you to a big mistake. To avoid such mistakes in house hunting you have to keep your passions level high. Or even you like a house and you show your desperation to buy that house can be a big mistake. You can take many wrong decisions in your desperation zone.

Try to Avoid some Flaws

The other mistake that can be done by you in house hunting would be overlooking all the flaws in the house. Nothing is perfect in this world. There would be some flaws in the house. So, try to avoid some small or less important flaws. Do not seek for perfection. If you want to buy a flawless or perfect home, this would be expensive or impossible challenge for you.

Do Not Get Hurry in Making an Offer

When you hunt houses, you may get tired.Then, you find a house you like and want to buy it.So, you quickly make an offer. This would be your one mistake in buying houses. Do not hurry in making an offer for the house you like. In a hurry, you can neglect some important steps like you can make an expensive deal, you can choose a bad neighborhood or a bad decision with location.So, first think and then take a decision.

Careless Decision
As I mentioned above, house hunting is a hectic process. So, you get tired by visiting houses on a daily basis. But it does not mean you will take a careless decision. It is a long-life decision so, you have to pay keen attention. Keep in mind every prospective of the house. Your careless decision will throw you in a worst situation. Take your time before making a deal. But keep in mind, do not take too long to make it. It will require your energy and time. But, a careful decision will give you the best and economical results.

What to Do When Your Tenant Gives You Notice to Vacate

The tenant will give you written notice if he wants to vacate.  When you receive the notice the first thing you have to do is withdraw the lease. Review the contract keenly. There will be some important points you need to keenly observe when you receive the notice from tenant to vacate.

Time Duration of Written Notice.

The time duration of the notice may vary in every state. In some states common requirement of the time duration is 20 to 30 days prior notice before ending up the rental agreement or vacating the apartment. Before getting into rental contract you need to check up what rules applies in your state regarding prior notice of vacating the apartment. The notice period is to be mentioned in rental contract. If we talk about the State of Washington 20 days prior notice before ending up the rental contract is required to be given by tenant to landlord.

The 20 days prior written notice should be given at the start of the month in which the contract likely to be end.So, if your tenant gives you written notice at the 2nd of the month in which the contract is going to be end that is the best thing. But in case he gives you written notice at 24th of the month and he plan to move 31st of the following month then the tenant is responsible for paying rent through the fulfillment of the lease.


In this case when the tenant does not give you a sufficient notice of vacating the apartment. Two options for them are:

  1. You can stay here for one more month.
  2. They have to pay obligations and they can move according to their plan.

By choosing option 2 they have to pay rent but in case we find new tenant then they will receive a prorated refund on rent from the day the new tenant moves in.

Expiry of lease.

Find out the expiry date of lease. It is very important in order to check whether they are breaking the lease or not. Means they are moving in the middle of the lease or not. If yes, they are breaking the lease then let them know what the obligations they have to pay for it.

There is a one exception of the notice is: if the tenant is military person then he is allowed to break the rental lease. Just because they may get any reassignment or deployment order any time. It is a tiny price for us to pay for those serving in our Military.

Their Deposit Money.

It is important to know how much your vacating tenant’s deposit is. So, you can be prepared to personally cover any overages. Of course, your tenant is still responsible for all charges associated with returning their apartment to rent-ready condition. Let me be honest, it will be a while before that your tenant pays for any overages above and beyond their deposit money.

Utilizing the Deposit as Final Month’s Rent.

Many of the tenants want their deposit should be used as last and final month’s rent. Do not let it happen. It is totally understandable that they want to use their deposit money as last month’s rent as saving up for their new place. But this is not good for you. Make sure your lease agreement should have the clause that clearly mention that the deposit amount could not be use as last month’s rent.

The deposit amount that held by landlord is to encourage positive behavior of the tenant. In case they want to move out without leaving your home in its original condition then you can utilize the deposit amount for paying off the cleaning bills, for fixing the damages, or may be something worst then this. Even if they do not pay the last month rent then you can use that deposit amount. So, always remember do not use deposit amount at any time as rent.

 

 

Some Pros and Cons of Buying Property Next to a School

The biggest challenge can be finding the best place to live.  Some people are specified about neighborhood, looks around and the new area. If you are that type of a person who has some specified criteria about surrounding than I have a solution for you to find place for your living. Living next to a school would be the best choice. Specially if you have kids. You may find some best possibilities finding property next to school, if your kids are school going, college students, and deal breakers. Let me show you some pros and cons of buying property next to a school.


First have a look on some pros:

Affordable.
You may find affordable living places near school and colleges. You might think why the places near to school, colleges and universities are low in cost. I can answer your question, it is just because near to places like school and college students used to live. They want some affordable places which must be low in cost. You can easily find place to live nearby schools and colleges at very low cost. If you want to cut down your expenses and planning to save some money for future this is the best decision you can take on for living and cutting down.It might be more affordable as compare to finding home somewhere else.

Close to playground.
The incredible thing you can have when you choose your home near by school is playground. Choosing home near to school will amaze you with some enjoyable things, one can be a playground. You can go out with your kids in every evening or whenever you urge for a trip. This would be very convenient and trouble-free for you as you do not need to pack your bags and make a drive for some wanderlust. You may enjoy there in every evening and your all stress and tension can vanish away. The other ease would be you might be able to send your kids alone to play. At the same time, you can keep a safeguard eye on your kids. Even you can go on morning walk every day and do exercise. You can enjoy good health and nature at the same time.

Increased the value of property.
Buyers have some eager interest in buying homes near to schools and colleges. The reason is they can easily rent out these homes and can enjoy some plentiful profit. The other point is they can easily resale it at good amount. Eventually for these reasons your property’s value get increases day by day.

Now it is time to have a look on some cons.

Traffic noise.
You would have been bothered by traffic noise.The two timings of school that is morning and closing time school can make a lot of noise and disturbance. You may run into jampacked roads which can bother you. The inflow of the traffic may be very high depending upon the size of the school. But the tension is for only morning and closing time. Else time would be easy and peaceful.

Noisy neighbor.

I can say it is good but not so good. I am talking about the noise of kids. The area surrounded by kids cause a lot of noise that may bother you. The chirping of kids may sound sweet and cherish able but at the same time cause noise and disturbance. This place is not for you if you are suffering some kind of illness honestly.

Time for decision making.

You are your own boss in taking decisions. It is an entire your decision what you want to choose. All these pros and cons may help you in making decision whether tobuy or rent out the home or not near to a school.

The Three Major Benefits of a Highly Organized Land Lording Business

The major question is why organization plays a vital role in real estate business.
Here are the three major reasons to clarify:

Freedom and peace like a Calm Lake.
Everyone wants his mind should relax like a clam lake. No one wants to get into any dilemma at work. Relaxation at work is one of the biggest tool your mind wants to grab. No one wants to come across any tension.Yes, its freedom at work you want to avail. You want freedom at your work place. You want peace of mind like a calm lake. Being organized is a key to avail peace of mind like a calm lake. It is not just about rules and regulations it is something beyond it that is none other, but peace of mind and freedom at work place. When you are having a still mind like a calm lake you are able to enjoy your work. Eventually the key is being organized for having enjoyable work and peace like a calm lake. Planning and placing is behind minimizing your stress level and being organized.


When you organized and plan your work you can easily manage:
Have the bill payed yet?
How much money is bringing in by rental?
Did I need to call my tenant back ever?
You would not need to take any tension about such type of questions.

Simply being organized is the incredible thing that can vanished away all your worries. It can bring peace of mind and you can enjoy peacefulness like a calm lake. The purpose of this blog is to emphasize on being organized which is getting things done. Here I want to you that your goal must be to organize your property management system. You must use computerize system for filing properly, use software and spreadsheet for your property. Only in that manner you can organize your work properly and enjoy ample of peace and your mind would be like a calm lake.

Legalize.

The other significant point is to legalize your organization. It will help you out in minimizing your stress level and maintaining your peace of mind. The internal revenue service requires some important and accurate information. The compulsory thing is to report accurate facts and figures regarding expenses and income that is occurring during a period.This is the most vital point that you have keep into your head to record each and every expense and income. You may think these things are insignificant but to legalize and record everything will blow away your stress. I must tell you that to record accurate reports on your property and to manage it internal revenue service is very important. Legalizing is simple to record every fact and figure about each and every expense and income.

Profit.

Profit is a word everyone knows and want to grab. Ultimately, organizing is all about profit. Being planned and organized can make your organization able to earn more profit. When you organize your property expenses and incomes you can able to understand from where all the incomes are coming in and where all the expensesare going out. You can able to take accurate actions for lowering down your expenses and able to get significant points that would be, what should have done next to earn more profit. The whole picture of your business is now transparent to you which is very important.

Keep in mind the three points when you embark to set up your business. Are you close to your goals by the actions you are taking in your business? Are you able to improve them? Can you able to differentiate your hobby and your goal? Always try to improve and being organized will help you out regarding this. When you set up the perfect system by organizing you can then enjoy your work and profit.

Why You Don’t Want to Be a Landlord

Some people think being a landlord is a great way to save money, but when it comes to multiple properties, it’s not fun, and it’s much less profitable than those who are in real estate make it out to be. While there are benefits to owning and investing in property, but self-managing can be a nightmare. Here are a few reasons why you shouldn’t be a landlord, especially if you value your time and your sanity.


First, as stated initially, if you’re going to self-manage, you can go ahead and kiss your free time goodbye. You can forget taking a vacation, weekends off, booking dates, and getting sleep. that’s because, tenant and renter inquiries will essentially come at all hours, and it’s quite a mess to deal with, that’s for sure.

It is also a huge job, and it’s essentially a full-time job. Despite it being mostly customer-service based, it actually involves marketing, leasing and screening, bookkeeping, doing some of the repairs and handy work, and even property management and inspection. Do you want six full-time jobs? Well, if you love yourself and your sanity, you don’t properly manage on your own.

Then, let’s talk about the mental draining, shall we? Being busy is one thing, though, in the job that you’re in, you’re going to deal with tons of stress. It doesn’t matter how good or how perfect the properties are, or even how good of a landlord you are, you’re going to get tenants that are demanding, and those with drama. There are a million reasons why some people can’t pay their rent, and it can be awful to deal with, and a total mental drain for yourself.

You also can’t be objective. When you’re that close to investment selection, supervising the rehabs and improvements, and accepting tenants and managing the properties, you’ll start to realize that emotions are there, and they come into play, and when you allow emotions to influence financial decisions, this does lead to a lot of risk in many cases, and it is a very risky thing. It’s better to just stick to looking at the numbers rather than looking at the property. One thing to always work to avoid is falling in solve with any property because this is how judgment gets clouded.

Finally, it’s super risky. that’s because of the fact that you’re going to be dealing with not just the physical aspects of job sites, but also dealing with tenants and collecting rents and dealing with tenants who are angry, and who might have dogs that are angry too. It’s something that really isn’t financially liable for those, and being a DIY landlord is super risky. If you want to put your life and limb in danger because of this, you should definitely consider it, and you should definitely put yourself there. But, if you love yourself and you don’t want to be a DIY landlord, you should definitely consider some alternatives.

Now, there are some great ways to get the benefits of real estate investment without having to be the landlord for the property. You can invest in funds, those the turnkey rental property investments, private lending, outsourcing the management, or partnering up with others who do the work. In reality, this can cost you some money, but if you learn how to become better at watching for this, and by smartly choosing who you’re going to let do the dirty work, it can make a world of a difference, and help you immensely.

When it comes to real estate investments and the like, you should make sure not to personally manage your properties. If you value your time, money, and personal sanity, you don’t do this, because let’s face it, dealing with the general populace is a nightmare. If you want it to be truly passive, you get out of this, and if you don’t want to have to put money into a potentially dangerous job, then you should make sure that you take the time that is necessary to prevent this from happening, and in turn, you should make sure that you’re smart about how you handle your properties.