Suppose you've decided that this is the year to achieve your business dreams from your home because you realize all the benefits that come with doing what you do best as and when you see fit. But there's one glaringly obvious problem - your current home is too small. Here's how to make the necessary changes, so you can accommodate both.
If you're looking for a new home in the Reno/Sparks area, visit our Reno Property Management website.
Check if it is allowed
Before you even decide on a home where you can run your business, you'll first have to check if it is allowed. This would entail checking the rules of business zoning in your area to see if you can operate your business from your home premises. Furthermore, you may have to apply for a special license or permit depending on the type of industry you're in. So best to have these all checked out before you even resume operations so that you don't end up entangled in all sorts of red tape before you even begin.
Check your budget
Your budget will also have to be tailored to take into account your move, what with all the extra expenses that will be involved in moving your business and its belongings over with you. For example, you may need to take out extra insurance depending on the coverage provided by your moving company if the coverage they do provide is insufficient. Also, your budget is going to have to cover all the extra expenses associated with moving and if you're moving to a new state then the additional cost of living expenses will need to be taken into account too.
Finding a property that will meet all your requirements
Finding a property that is going to meet all your requirements is going to be something else to think about too. After all, it's going to have to be big enough to cater to both your business and your family. Furthermore, it may have to have additional rooms for a home office, for example, and it may also need to have ample parking space or access to ample parking space if you are going to have clients visiting every now and again.
Make sure you have all the basics covered
If you are planning on going full steam ahead with your business operations as soon as you're settled in, then you'll want to make sure you have all the basics covered as far as equipment and furniture goes. When thinking of choosing the right furniture for your home office, you should combine practicality with style to ensure that you are as productive as possible in your home office.
Then, you'll want to think about investing in the necessary software to run your business smoothly. You will require an easy to use bookkeeping system to ensure your accounting efforts are up-to-date at all times. Here, we're referring to accounting software that allows you to store and organize your receipts adequately so that you can benefit from tax savings down the line whilst adhering to the applicable tax legislation. It should also provide you with the tools to manage your cash flow better so that you stay on top of incoming and outgoing expenses.
These are just a few of the major deliberations that need to be had before you think about up and moving everything somewhere new. But it's vital that you do to ensure you have the wherewithal to not only cope but thrive during this new transition.
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Learn about the questions to ask when viewing a rental property so you can ensure that you rent the best possible home for you and your family!
Finding a home is a tiring and challenging task. Even if you rent a property, it is still a place where you will spend a part of your life. So, naturally, you want it to be perfect for your wants and needs. To help you find one such place, here are some questions to ask when viewing a rental property.
How and when should I pay rent?
Different landlords have different preferences when it comes to paying rent. This is why one of the most important questions to ask a prospective landlord is how they expect you to pay and when. After all, it makes a difference. If your landlord expects the rent on the fifth of every month, it will affect how you budget your money until the end of the month. If you need to pay your rent around the thirtieth, when you typically have the least amount of cash on hand, you have to plan before it. Similarly, some landlords like to get cash in person and might visit or require you to visit them. While some prefer you transfer the money to them online.
Can I expect the rent to change?
Asking whether the rent will change in the future is essential, especially if you plan to live somewhere long-term. Living in a 'perfect' apartment for a couple of months only to have your rent nearly double all of a sudden is the worst. If you can't afford the new price, you might need to move out in a hurry. This is why a wise sub-question is: Will you inform me at least a month or two of your decision before you change the rent?
How much are the utilities?
Sometimes, you come across a place for rent that seems like it’s come straight out of your dreams. The property is beautiful, the rooms amazingly organized, and the furniture and appliances in top condition. Even the rent might be low! You rent it out quickly and live your life in bliss for a month. And then you get hit by the sky-high utility bills. Another intelligent question in the same vein is whether there are any outstanding utility debts because they can either land on your head or increase the cost of your utilities.
Will you help with any repairs?
Knowing who is responsible for what is critical when trying to find your ideal rental. If an appliance breaks down, can you count on your landlord to replace it? What about if a leak suddenly pops up in your bathroom? Or if there is a problem with the roof? If you do not clarify such things beforehand, you might have to spend a lot more money than you originally planned to.
Can I freely decorate?
Everyone wants to feel at home in the place they're renting, and there are many things to do after moving that can help them feel that way, from unpacking and cleaning to decorating. It's important to focus on these steps and make your rental feel like home, but be careful with decorating. Some landlords do not like it when you make too many changes. So, make sure to clarify how far you can go.
Do you allow pets?
Do not assume that just because your landlord hasn't explicitly told you that you couldn't keep a pet, you can do it. The subject might not even come up unless you bring a pet to viewing. And if you get a pet or already own one, you may be in trouble if you haven't discussed it with your landlord. If you want to find the best possible rental property for you, one of the most important questions to ask when viewing a rental property is whether or not pets are allowed.
How often will you visit?
Some landlords like to make sure their property is well looked after. Some, however, take this too far and pop in to check on you every other week. If this is something that would make you uncomfortable, then you need to check with your potential landlord and figure out how often they are planning to make visits.
Have you had infestations before?
Among questions to ask when viewing a rental property, asking about previous infestations in a rental is often overlooked. This is a mistake, especially if you are looking for an apartment. Just because you've called in exterminators in apartment buildings doesn't mean your neighbors have. And if they have declined to do it, the infestation will repeat itself frequently. Not to mention that taking care of an infestation might require you to move out and take your things with you temporarily. Disassembling furniture when moving to make it easier to transport is a hassle. Let alone finding a temporary place to stay. So, it may be best to pass up on such apartments.
How new are the appliances?
You might think it's not polite to ask about the age of appliances in a furnished apartment viewing. However, this is a crucial question if your landlord has made it clear that you will need to take care of replacements or repairs. Even if the landlord pays, it will still be a pain if things break down often.
Have neighbors caused problems before?
If there is one thing that can make life a living hell, it's terrible neighbors. One of the important questions to ask when viewing a rental property is whether there have been problems with the neighbors in the past. If the landlord admits to having had problems, or if they get dodgy with their answers, pass up the property. Of course, the landlord, not living on the property themselves, might not know enough to comment on this. So, one of the things to remember when moving out of your rental apartment, if you want to be extra nice, is to leave your contact info so prospective tenants can consult you about your experiences.
Now that you are familiar with the questions to ask when viewing a rental property, the only thing left is to be patient. Never rush into renting a place because it seems nice or because it’s cheap. Sometimes, paying a little more is worth it in the long run. And even the prettiest of rentals might be hiding serious problems.
Investing in Reno real estate and renting it is a great business opportunity. However, you should know that being a landlord doesn’t just entail collecting the rent at the end of the month. If you want to make a profit and find quality tenants, you have to put in some work. Specifically, you have to invest and take care of your rental property. And this means both the inside and the outside of the house. This is essential both for finding the right tenants and for keeping them happy. And since many landlords ignore the outside, here are 7 easy landscaping tips for your rental property.
No. 1 One of the easiest landscaping tips for your rental property is to hire help
As previously mentioned, being a landlord involves some work. And this can be hard to accomplish if you don’t live close to the rental property. It can also be very time-consuming. Therefore, it can be particularly challenging if you have a full-time job and a family to take care of.
So, the easiest solution is to hire a property manager. This professional will take care of everything for you. So, you can just lay back and collect your rent. However, if you can’t afford this or want to make sure the property manager doesn’t skip anything, you should continue reading.
No. 2 Use clever alternatives
Having a lawn is essential for the landscape of a house. However, grass can be hard to maintain, particularly during the hot season. Usually, you need large volumes of water to keep the grass looking nice and green. And this can be expensive. Not to mention the fact that you should water it daily, in the mornings during the summer months. And that can be hard to schedule when you also have to go to work.
So, to avoid some of this nuisance, you can choose some smart alternatives to grass. And one such example is using artificial grass. However, don’t fool yourself into thinking that this solves everything. Even this turf needs so maintenance. Rainwater is not enough to clean fallen leaves, pet poop, and muddy patches. But experts can help with this. So, you can just search for some turf cleaning services in your area.
No. 3 Reduce the paved areas
As you’ve seen, maintaining a lawn is not a piece of cake. Nevertheless, this doesn’t mean you should pave the entire area. While this might seem like the easiest solution, it might be the worst. Tenants search for rental properties that have a lot of green spaces. This makes the outside of the house look better and more inviting. Plus, it’s great for kids, pets, and barbeques. So, you should only use pavement where it’s practical. For example, you can create paths leading to the house and a paved sitting area.
No. 4 Use the right plants
One of the easiest landscaping tips for your rental property is choosing native plants. This is a good idea because native plants are used to the local climate and soil. This means that they don’t require so much maintenance. Moreover, you shouldn’t go overboard with all sorts of flower arrangements because your taste might not match that of the tenants. So, stick with neutral, local flora that will appeal to more tenants.
No. 5 Keep pets in mind
If your rental property allows pets, you should keep this in mind when designing the landscape. A good solution would be to create a dedicated pet area. This way, you will make sure that pests won’t ruin the rest of the lawn. You can separate this section using a fence or by creating a rock garden. And you should also consider using pebbles or pea gravel in this area since pets will use it as their toilet.
No. 6 Protect the outside of your rental
Landlords often focus on protecting the inside of the rental but forget about the outside. However, just like you can have pest infestations indoors, you can have bird infestations outdoors. Yes, there is such a thing as bird infestation. The main problem with birds is that they create nests in unwanted places. You might consider this harmless, but it’s not. They can make a lot of mess and noise. Plus, their acidic poop can even damage solar panels. Therefore, the advisors at peakservices.com recommend having a proactive bird control plan.
No. 7 Set clear rules
When it comes to taking care of your rental property’s landscape, you must set some clear rules. On the one hand, you can choose to hire a property manager who will be responsible for this, amongst other things. On the other hand, you can make your tenants responsible for the landscape maintenance. In such a case, it’s mandatory that you include this in the lease and that you properly inform your tenants.
However, if neither of these solutions is right for you, you still have one option. You can hire a specialist to take care of the outside of your rental. This will ensure that the landscape is properly looked after. And you can simply add these costs to the monthly rent. However, if you choose to do this, you must disclose it in the lease.
A piece of advice
One of the most important landscaping tips for your rental property is doing some prior research. Before you start designing and changing things up, you must be aware of the local regulations. This way, you can make sure that your rental’s landscape doesn’t violate any green space rules. For example, you should find out if there’s a list of prohibited grasses and plants in your area.
Being a landlord can be great for your future finances. But to find quality tenants and make a profit, you have to invest time and money in your rental. And you should remember that you need to take care of both the inside and the outside of the property. So, apply these 7 easy landscaping tips for your rental property. This will help you attract tenants and keep them happy afterward.
Join us in congratulating Cork for having just received his 750 hour pin from the Department of Veterans Affairs in Reno, NV! He reaches this amazing milestone with over 800 hours volunteered in service to our Veterans. That's equivalent to more than 33 full 24-hour days! Way to go, Cork!
Homesteads throughout Nevada have a lot of potential opportunities. The state’s primary cash crop is alfalfa hay. However, various other crops also grow well where irrigated, despite Nevada’s arid climate. These include potatoes, barley, winter and spring wheat, corn, oats, onions, garlic and honey. Raising livestock, however, is the primary way homesteaders and farmers can sustain themselves.
But what if you wanted to go beyond personal sustainability and create an income from your family homestead? The good news is that this is possible with a little hard work and determination. Clark Real Estate shares some insights.
Legally Set Yourself Up for Business
It isn't enough to want to create an income; you'll need to set yourself up for business legally. You may consider forming a limited liability company, which allows for several advantages when compared to other business types. Although you could use a lawyer, they come with a hefty price tag. Consider saving money by filing yourself or using a formation service. Each region has its own rules regarding the formation of a limited liability company, so be sure to research the regulations in your area before moving forward.
Secure Funding for Expansion and Marketing
There are a few options for funding your business. For example, you could take out a business loan, borrow from your personal savings, or ask for help from friends and family. If you plan on getting a loan, make sure your credit history is in order. However, one of the best ways to secure funding for your new agricultural business is through grants. Finding a grant you qualify for can be challenging and take time, but it's well worth it.
A few tips to help you on your grant-funding journey include:
Market to Attract Customers
Marketing your products to customers is crucial. It doesn't matter how great your local, organic honey or grass-fed beef is if nobody knows it exists. Take time developing a marketing strategy with a high return on investment (ROI) that doesn't stretch your resources too thin.
If you're adding images to your marketing materials or communicating with a designer, consider compressing your JPG files to make them easier to email. However, be wary of compressors that degrade the quality of your files. Instead, use a JPG-to-PDF converter that will preserve your image's quality and allow you to convert several at once.
Outsource Relevant Tasks to Save Time
Numerous small businesses have turned to outsourcing certain tasks. It can be more affordable than hiring a part or full-time employee in some situations. Running a homestead and selling your agricultural products is a very hands-on business that doesn't seem to leave much room for remote workers.
However, there are several tasks you could outsource. For example, you could outsource your website design, marketing, and content creation. You could even hire a virtual personal assistant to help organize and handle your online business. You can find freelancers for these positions on sites like Upwork and Freelancer.
You Can Create an Income From Your Homestead
If you want to go beyond self-sustainability and create an income from your homestead, it's possible. You just have to take the necessary steps to market your agricultural products and legally set yourself up for business.
If you’re searching for a homestead property in the Reno area, reach out to the professionals at Clark Real Estate for all your real estate needs today!
Both tenants and landlords should ensure they secure a smooth rental relationship. Read on to get familiar with the elements every tenancy agreement should have.
Before you prepare your application as a renter, you need to learn what tenant screening includes on time. And if you're a landlord, you must get familiar with the most important elements every tenancy agreement should have, as it befalls you to prepare the rental contract. However, both parties should agree on this practical, legal document that comprises the basic rules of the tenancy. For everything else you might have forgotten, there's always an annex.
An agreement starts with identifying contract parties and property for lease
Most importantly, a contract must enlist the names and addresses of all tenants older than 18 and a landlord themselves. The tenant's address is, of course, the full address of the rental property.
This part of the agreement should state occupancy limits and assures the landlord that all tenants are personally approved. Any abuse of this element gives the landlord the right to evict tenants, e.g. if the renters sublease the property to a third party or bring friends or family members to live with them.
The property ID includes its name, if it has one, and address details, including the house number, street name, apartment number, and town, state, and postal code. Once it's clearly stated who signs the tenancy agreement for which rental property, it's time for other details.
1. Determining the rental period
The rental period specifies the validity of the contract. This is why it is of utmost importance to state the dates clearly, without any ambiguity. The best form is the simplest one, where you declare the day, month, and year the rental starts and the day, month, and year it ends.
Avoid phrasing such as a year from now or for the next six months, even if the date of the signing is mentioned. After the original annual or semiannual rental agreement expires, it can become a month-to-month lease. Once again, stating the precise rental period is key.
2. Defining rent amount, its due date, and late rent charges
Rent detail is one of the most significant elements every tenancy agreement should have. Namely, this part of the rental contract describes how much and when the rent is due and what happens if the rent is late. Additionally, it can even define acceptable payment methods.
Ideally, the contract should specify the whole rent amount for the entire rental period and then break it down into monthly installments. It is vital to document additional points such as grace period and late rent fee. Moreover, in the event the rent check bounces, a tenant is subject to a nonsufficient funds fee.
3. Listing tenant's and landlord's obligations and restrictions
It is difficult to find two identical rental properties, and the same goes for rental agreements. The element where they differ the most is the part enlisting the renter's and landlord's obligations and limitations.
The most notable restriction concerning landlords regards the right to access the property and upfront notification requirements. If overlooked, it may violate the tenant's privacy rights and lead to a lawsuit.
Equally important, landlords must comply with anti-discrimination laws and health and safety codes and respect the security deposit limits determined by the state. Sometimes, landlords and renters need to consider disability-related modifications to the rental unit and incorporate the terms into the tenancy agreement.
Tenants can expect a larger portion of rules and regulations to comply with on their plate. Most significantly, these concern the rules on keeping pets, prohibition of disturbing behavior, and illegal activities as well as maintenance and repair works. For example:
As expected, a landlord should plainly state their expectations on all points.
In addition to that, tenants should generally ensure they maintain the furniture in good condition. Before signing an agreement, a tenant should make notes of all the damages and point them out to the landlord. This way there will be no confusion in the future. While renting, a tenant should always take care of the furniture, handle it with care and properly save from sanitary and other hazards and damages.
4. Every tenancy agreement should describe security deposit terms
Security deposit is the most common cause of disputes between tenants and landlords. Usually, it is because some terms are not clearly defined while others are entirely omitted. When it comes to one of the critical elements every tenancy agreement should have, it is wise to break down the security deposit clause into smaller parts to improve transparency. Specifically, the terms of the security deposit should include details on:
5. Landlord and tenant signatures
Finally, to make the agreement legally binding, both parties must sign it. More specifically, every adult tenant (persons over the age of 18) must sign the tenancy agreement. For clarity reasons, it is advised that the names are written first as printed names followed by handwritten signatures. Every signature should be dated. If you as a landlord opt for professional property management to handle lease agreements, they act and sign on your behalf.
What happens if the landlord's duties become too much?
Perhaps your job preoccupies you, or you wish to dedicate yourself more to your family. Maybe you've moved and can't manage your rental property from afar. Don't panic, as there is a safe and practical option that solves every landlord's concerns. A reputable property manager's assistance solves a plethora of common issues landlords face when management becomes too much.
The best part is that the professionals can handle tenant screening and regular communication, rent collections, property supervision, deposit settlements, maintenance tasks, advertising, evictions, and all emergencies. Finally, you can let your chosen agent deal with the elements every tenancy agreement should have and have your time freed to pursue your other goals and priorities.
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It’s always best to enlist the help of reputable real estate professionals like Clark Real Estate who are intimately familiar with the area you’re moving to, as they will be able to avoid any unforeseen pitfalls in the process.
Start by getting to know your credit score. A score of at least 620, coupled with a low debt-to-income ratio, will help you get a better interest rate on the home of your dreams. Yahoo.com explains that you also need to make sure that you have enough money for a down payment and to make trips back and forth if you wish to visit your new home before you settle in. If you’re looking to save some money, and find an “as is” property, which is a home or condominium that the seller will not make repairs to. This can be a great way to reduce your overall expenses, but you’ll need to pay close attention to land records and hire a property inspector and an attorney to help you through the process.
Know Your New Area
If you’re moving with business as your number one priority, you probably are already fully familiar with the professional environment or the market. However, there are other things to consider as you make a move. If you have yet to find a position in a new job, you’ll want to take care of a few essentials before getting your name out there. One such essential is creating a stellar and professional-looking resume by utilizing a free resume builder that can be found online. You can choose from a library of professionally designed resume templates, and then add your own copy, photos, colors, and images.
If you have kids, you’ll also want to research the school systems so you won’t run into any major snafus registering your children for classes. Also be aware of the housing market in the new area. The market in Northern Nevada and the Lake Tahoe area is quite competitive, and the Reno-Sparks Association of Realtors notes that it continues to be a strong seller’s market, so you’ll want to hit the ground running when you begin shopping for your new home.
Get the Right Help
In addition to having a realtor, you’ll also want to partner with a great moving company. Make sure you get plenty of quotes, and let your moving company know that you’re moving out of the country. You may get lucky and find someone offering discounts or special credits for people willing to move during the off-season. You’ll also want to partner with a property surveyor, which is especially important if your new home is outside of the planned residential neighborhood.
Move Your Business
When you find the perfect home in the perfect neighborhood, it’s time to ensure that your business can move seamlessly with you. The requirements for registering for an LLC varies state by state, so be sure to see what’s needed in Nevada. You can save on attorney fees by using a formation service online. You also want to make sure to update all of your contact information and, if applicable, physical location on your website and social media.
Moving for a job is exciting. After all, that’s one good indication that you’re experiencing growth and forward momentum. However, there are many moving parts throughout the process, especially when your relocation takes you across state or country lines. The above info is great insight to have, but don’t forget to partner with experts that can keep you in check throughout the process.
Let Clark Real Estate build and manage your Reno real estate portfolio. Team up with the Clark brothers today! (775) 828-3355
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If you are looking to find new tenants for your property, it is only wise to increase its appeal by presenting it through a virtual tour. So, we are here to help you make this possible with our guide on how to create a virtual tour for your rental property.
Depersonalize your home
The first step of trying to make a virtual tour of your rental property the right way belongs to depersonalization. Walking into a rental property can often feel like you are intruding into someone’s home. You do not want potential tenants to feel this way because this may turn them away from renting your property. In addition, there is a real possibility that they might not like the property simply because of the style of furniture and decorations you have put in. This makes it even more vital to pick out a neutral look for your rental. This way, even if it does seem a little bland, it will make it easier for potential tenants to imagine themselves living in the space. And you will minimize the chances of someone giving up on renting the space simply because they dislike the interior design.
Stage each room carefully
The next step, of course, is to make sure that each room is presented in the best possible light. To create elegant and well-put-together rooms, you want to organize the furniture and decorations you have carefully picked out. Naturally, this also means going through your rental property and ensuring there is nothing to fix or touch up. Note that it is crucial to perform at least some renovation if the need exists, which means that recognizing the differences between normal wear and tear vs. property damage is very important. The former can still be allowed if it is not excessive. However, if you want your property to appeal to the tenants on the lookout for a new home to rent, you must eliminate the latter
Mark out a planned route
You should already have a route in mind while staging your home. This can be as simple as what angle you want the room to be viewed from at the onset. After all, there are always flattering viewpoints and some which are best avoided. However, once the staging is done, you should finalize your route. You may even want to mark out places where you plan to pause and the ways you will be taking between those points. This should be done to maximize the effectiveness of your virtual tour, thus allowing you to show off each part of your rental property fully. For example, without much forethought, you might not be able to show off your efforts to create additional storage space in your home so your tenants can have room for everything. People love to know that they will have enough space for all the things they own. Make sure your camera catches all of the great storage areas in your home
Look into the right software
You do not precisely need professional recording and editing software. That can get very expensive very quickly. But, you do want to have a solid option that lets you do everything you need to. It would help if you had the software with at least basic functionality. And preferably, which allows you to do some editing if you need to delete or touch up parts of your recording. However, note that if you want to create a virtual tour for your rental property that feels seamless, you will likely want to avoid deleting chunks of your footage. Still, playing with the lighting and other options can enhance your results
Choose your ideal equipment
Again, to make a virtual tour for your rental home, you don’t need the best or the most expensive equipment. You need something serviceable. That isn’t to say that you can’t use top-tier tech. There is always the option of renting equipment for a day or two if you’re confident that you can get things done quickly. But you don’t want to risk the chance of not knowing how to properly use all the bells and whistles on the top-notch equipment. Some such devices require at least some know-how to handle properly. But, if you are switching your tenants often, as is frequently the case in college towns, or have recognized the signs it’s time to sell your rental property and buy a new one, then it can be helpful to have your own equipment for when you need a new virtual tour.
Get set up the right way
Note that you will need some experience with setting up your filming equipment. You will need a tripod, for example, since it will keep your camera level and stable throughout the recording. This will ensure that the virtual tour you make feels smooth and immersive. Similarly, the experts from USA Moving Reviews who have experience with frequent switching of homes point out that people are often turned away by virtual tours that do not have proper lighting, so you may want to get one or two backlights for your recording.
Find a good platform to share your tour
The final step in trying to make a virtual tour of your rental home is finding a way to get it to as wide an audience as you can. You can try and find a site that offers hosting services. You can publish the tour yourself on a social media platform. Or, you can find yourself the best possible property manager and leave them in charge of publicizing your virtual tour. If you opt for the latter choice, you will often get at least some advice on the best way to approach the process of creating a tour. So, it might be wise to consider the question of publishing your virtual tour before you start planning.
Now that you know how to create a virtual tour for your rental property, you can slowly work towards making one yourself. Remember to give each step of the process its due consideration and not rush through things!
With age come issues. That's just how it is, in life in general. However, it also applies to properties. You can expect that the place you once rented out to tenants won't end up looking the same following their departure. Minor repairs are invariably required, even if the property has been regularly taken care of. Damages, however, should in no way be a part of the deal. Still, you may be struggling to determine what's considered a sign of aging and what occurred due to tenant negligence. Lucky enough, we've taken the time to point out the difference between normal wear and tear vs. property damage. Once you've determined what case your rental is falling into, you'll be able to act accordingly.
Normal Wear and Tear vs. Property Damage: The Difference and the GiveawaysThe majority of state laws suggest that your tenants aren't liable for the wear and tear that occurs due to everyday use. They are, however, held accountable for any damage that's a result of their carelessness. This could easily end up costing them their security deposit, at the very least. A notice to vacate and eviction are not off the table, either.
What Is Considered "Normal Wear and Tear"?
Issues caused by daily use and can't be avoided typically fall into the regular wear and tear category. Everything has a life span, and when someone's living on the premises long enough, certain things will require upgrading - or even full-on replacing after some time. The typical examples of normal deterioration are:
What Is Considered "Damage"?
While there's little to be done about wear and tear, damage, however, is undoubtedly preventable. It's the result of none other than absolute negligence or even misuse. It's often expensive to deal with, causing extreme losses for property owners, and thus, it might even earn tenants an eviction notice.
At times, damage can occur after tenants' departure, or rather, during their moving process. In most cases, the professional movers are in charge of relocations. When damages result from their work, it might be possible to get compensated if the company has general liability insurance. It's important to react on time - have the previous residents file a claim as soon as you've noticed the problem.
Identifying damage is difficult but not impossible. Here are a couple of examples:
How to Care For Your Rental Property and Address Damage?
Now that you are familiar with the notion of normal wear and tear vs. damage, it's time to discuss caring for a property. It's necessary to stay on top of the maintenance, as, down the line, it might prevent things from going south. Or, at the very least, it might prevent things from deteriorating any further.
The first step towards ensuring your property remains in the best condition possible is to screen the tenants before they sign a lease. Tenant frauds aren't uncommon, so taking an extra measure to protect your rental is absolutely warranted.
Create a Maintenance Plan
It's essential to keep up with regular maintenance while the tenants live on the premises. Talk to them about creating a maintenance plan. Have them inform you of anything that requires addressing promptly. If, for instance, appliances are reaching the end of their lifespan, replace them with new ones. Have the HVAC regularly maintained, as well. If you can't physically keep up with these tasks for whatever reason, it might be a smart idea to hire a property manager. They can keep in touch with your tenants. Furthermore, handling maintenance requests is what they excel at.
Have the Place Inspected Properly
We recommend documenting the condition of your rental both before the tenants' arrival and after their departure. Create an inspection checklist that a series of photos should preferably accompany. That way, should any issues occur, you'll have the necessary proof to handle them in an appropriate manner. Also, you could have future occupiers sign the checklist, too, for added protection.
Create a List of Charges
Hopefully, no damage has occurred on the premises. But if it has, once you have done a walkthrough of the property or had somebody professionally inspect the place, it's crucial to create a charge list to be sent to the previous renters. The list should include all damages explained in detail, along with the costs of repair. As an owner, you are required by law to send the list if the plan is to withhold the security deposit. Depending on the damage score, tenants could expect to lose either a part of their deposit or their entire deposit.
If you aren't quite sure about the costs of repair/replacement, it's necessary to contact someone capable of giving you an estimate. That someone may be a cleaner or a contractor. If it's the furniture or appliances that have suffered in the process, then calculate how much it will cost you to replace them.
The security deposit might not be able to cover the costs. In that case, you could take the case to court to get matters settled. Alternatively, mediation might help resolve the dispute.
Normal wear and tear vs. property damage – what is it and who's to blame?
Hopefully, you'll have managed to determine normal wear and tear vs. property damage difference by now. While there's not much to be done but tackle repairs yourself in the first case, the law is undoubtedly on your side as far as the second is concerned.
Buying an investment property in Nevada is a financially wise decision. And not only because it's a valuable asset that can provide you with a significant passive income. On top of that, it can be a stress-free occupation. You can run a rental business any way that suits you. However, to ensure everything goes smoothly, it's better to choose the location carefully. Both local and long-distance landlords face different challenges and enjoy different benefits. Before you decide, it's best to consider both options. With that in mind, we've decided to examine both possibilities and help you make the right choice. So, local vs. long-distance investing: which is better for Nevada landlords?
How to make the right decision?
Firstly, before you start searching for the right property, you need to ask yourself a few questions. Knowing the answers will help you make up your mind and make a sound decision. So, ask yourself the following questions:
So, what are your financial goals? Do you want to get out of debt, gain independence, or accumulate wealth? To answer this question, you need to first assess your current finances. Then visualize where you want to be in the next five, ten, or twenty years. Knowing this will help you focus your investing in the right direction.
Choose the right market
Next, you need to decide on the right market. For example, you might want to have a high rent-to-value ratio. In that case, you should choose a cash-flow market that will provide you with valuable income. Or, if generating the cash flow isn't your priority, you might want to choose a market with a potential for long-term appreciation. Lastly, hybrid markets offer a mix of both options. Of course, what you decide on depends on your long-term goals.
Self-management or using property management?
To determine your real estate strategy, you need to answer this question. Maintaining the property and dealing with tenants can be pretty overwhelming at times. From the potential renovation of the property to tenants losing their keys for the n-th time, self-managing demands a lot of effort and work.
However, some landowners prefer to be in charge and gladly take on these responsibilities. If that is the case with you, there is no dilemma. In local vs. long-distance, local investment property is a clear winner.
On the other hand, if you'd rather hire a third party to manage your property, both options may work for you. In that case, the key is to find an experienced property management company you can rely on. Whether you choose a local or long-distance property, you'll be able to save both time and effort while they manage your rental business for you.
Local investment property
Now, let's have a closer look at what you can expect from buying a local investment property.
Familiarity with the market
The first and most obvious advantage is that you're more likely to be familiar with the market when you're investing locally. Every local market is unique, and knowing little flows and trends can help you invest in the right property. You'll know all the local attractions and amenities that are likely to attract tenants. However, doing proper research is still a must.
You'll have more control
This is crucial for many landlords in the local vs. long-distance dilemma. While it's not impossible to manage your property long-distance by yourself, it's certainly more demanding. On the other hand, you can choose a more hands-on approach as a local landlord. For example, you can meet with your tenants when necessary, show your property in person, and perform an inspection of the property.
You can hire local contractors when necessary
When you delve into investing in real estate, you're bound to need contractors at some point. Whether you want to remodel that fixer-upper or need some repairs, finding the right contractors locally is much more manageable. Firstly, you can choose them yourself and ensure they're suitable for the task. Secondly, they're less likely to try and take advantage of your absence.
Long-distance investment property
However, long-distance investments also come with their own set of advantages and drawbacks. Let's have a proper look.
A wider range of investment opportunities
Depending on where you live, your local market might not be able to offer you what you want. What if you need cash flow but live in an appreciation market? On the other hand, if you don't limit yourself, you can opt for a more profitable market with a higher return on investment.
If you find the right property in other parts of Nevada, you might even want to relocate there! If the business proves very lucrative, this might be an excellent idea. However, if you want to live nearby, ensure you plan your long-distance relocation with care. From packing your belongings to hiring trustworthy movers - many tasks will require your attention!
Use a property management company
Of course, you can do this on a local level, too. However, limiting yourself may lead to losing some excellent opportunities. And if you plan to hire property managers in either case, a long-distance investment can be a better choice. There are many reasons to hire property managers! Although it may seem a more expensive option at first, it can save you money in the long run. Especially if you don't have a lot of experience - they'll ensure your tenants are satisfied and your property in good condition.
You can use your property for a variety of purposes
While your goal is mainly to rent your property to tenants, you can also use it as a vacation home in between. Or, your kids can use it when they start college - no accommodation worries! And lastly, you might choose to relocate or retire there someday.
The bottom line
As you may see, there are many things landlords should consider when it comes to local vs. long-distance investing. Both options come with their unique advantages and issues. However, once you know your long-term goals and preferences, you'll be able to make the right choice.
Meta description: Buying the right investment property is not an easy task. Find out which is better for landlords - local vs. long-distance investing!
Clark Real Estate
305 W. Moana Ste C
Reno, NV 89509