Real Estate | Timeshare Estate

What to Look for in a Renter

?Due to the recent economic downturn and the collapse of the American housing market, many homeowners are considering how best to ride out the crisis. One way of keeping up with the mortgage on an uninhabited home is to rent it out to another person or family. The amount you receive in monthly rent should be enough to cover your mortgage payment with money set aside to pay for taxes, insurance and upkeep.

If you are thinking about renting your home out, you will need to define the type of renter that you are looking for. Some residential areas are best suited for mature couples, and some are more welcoming to families with young children with nearby parks and recreation. Other areas are most appropriate for young people. While there are laws about discrimination in housing, you must be sure to accurately describe the property area to potential renters. This will help make sure that those who choose to apply will be happy and fit into the community.

The most important considerations in choosing a renter are the tenant’s rental and credit history. You don’t want to rent to someone who lacks a verifiable income, nor do you want a renter whose previous landlords had complaints about noise or property damage. Make sure you have applicants sign a release allowing you to check their credit and call their references. Once you have identified the perfect renter, you can look forward to a mutually profitable relationship until you are prepared to sell.

Filed Under: Real Estate Tagged With: Home insurance, rent, United States

House or Condo?

Image via Wikipedia

When you’re ready to buy your first home, you have one major choice to make: Should you buy a house or a condo? Here are some things to consider that will help you decide.

The Case for Houses

One of the major considerations is whether you have kids. Children need space to run around — especially outside. Having a yard is a big advantage when you have children and living in a suburban neighborhood is a benefit too. Being able to say, “Go play outside,” can be a big stress relief to parents. It also helps to have other kids in the neighborhood for your children to play with.

You may also prefer a house if you don’t like have neighbors close by. In condos, you share walls with your neighbors which can be problematic if they like to have parties or are night owls. Single family homes, especially ones that are well insulated, decrease this issue. Many people enjoy gardening, whether it’s growing their own vegetables or having beautiful flowers. This isn’t possible with condos. You also get more space for the price with houses.

The Case for Condos

On the other hand, it might be nice to have a condo. For one, no yard maintenance. If you work in a big city, you might also like living right in the middle of things — restaurants, nightlife, work, etc. You might even be able to get away with not having a car, which can save you a lot of money. Realize, though, the homes in the city or more expensive.

When it comes to buying, choose wisely!

Filed Under: Architecture/Constructio, Real Estate Tagged With: Condominium, House, Single-family detached home

Why Choose to Rent?

Image via Wikipedia

For many, home ownership is an inevitability. It’s believed that if you’re renting, it’s only because you are to the point where you can afford a home. That’s not always the case; there are many out there that choose to rent. Although it’s believed that renting is throwing away money, many believe it’s actually a wise financial decision. Here are a couple reasons why you may choose to rent instead of buy:

Renting Is Flexible

One of the main reasons why renting is preferable is that it’s flexible. Unlike home ownership, which involves a huge process to find someone to buy your home so you can afford a different place and can move, renters often have leases that only require a 30-day notice to the landlord in order to move. This is very helpful when you’re looking for a new job because you’re able to move anywhere instead of feeling like you must find a job in that area so you don’t have to move.

Renting Costs Less per Month

In many cases, the cost of rent and utilities is less than a comparable home if you owned it. For example, if you rent, what you pay often covers water, sewer, and garbage pickup. You don’t have to upkeep the place (i.e. fixing and repairing items) or take care of the lawn or garden. You also don’t pay property taxes or for insurance.

The main thing when it comes to buying a home is to be sure you are not purchasing more house than you can afford. If you want to buy a nice house, wait till you can afford it.

Filed Under: Finance, Location, Real Estate Tagged With: Landlord, Owner-occupier, rent

Finding the Right Apartment

When looking for an apartment, it’s sometimes hard to know how much you can afford and what amenities you should look for. Here are some ideas you can use in deciding what apartment you should look for in rent.

How Much Should I Pay?

When it comes to housing costs, one rule of thumb is to get a place that costs about 25 to 30 percent of your monthly income. If it’s above this, you will likely have problems paying the rent that is required every month along with your other bills. When looking, consider whether anything will likely change your income in the next couple of years as well. For example, if you and your wife are planning on having kids and your wife will be staying home once the baby arrives, find a place according to your income alone instead of you and your wife’s income combined.

Finding an Apartment

Once you’ve decided how much you can pay, the next thing you’ll want to do is figure out what place you want to live in. It’s a good idea to go look at a ton of places to get an idea of what apartments fall within your price range. Then according to that range, make a list of things that you want in your apartment that you can reasonably expect. This could include a yard, a single-family home (versus an apartment complex or duplex), a large kitchen, a dishwasher, or laundry hookups. Make a list of essentials, preferred items, and would-be-nice items. As you look for your apartment, check these things off the list. Choose the apartment that has the most checks.

Filed Under: Location, Real Estate Tagged With: Apartment, Bedroom, rent