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. Landlords 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. Renters 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. Photo via Unsplash
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 Image via Pexels 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 carefullyThe 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. Final advice 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!
Picture Links: https://unsplash.com/photos/2ZwFL6lObw8 https://unsplash.com/photos/cIOwoljvd_Q https://unsplash.com/photos/EXf5DjXytZE https://unsplash.com/photos/v4IJJu1Qa0U 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! There are many reasons why someone would consider hiring a property manager. There are also many reasons why people rent storage. Both of these options come with numerous benefits. However, not many people consider that a property manager can benefit from a storage solution, too. To understand how, we will first go over why people hire property management services and how property owners take advantage of self-storage options. Why hire property management services?Owning a rental property comes with many responsibilities. Sometimes, property owners don't have sufficient time to handle them all themselves due to their work and family obligations. Moreover, if they own multiple rental properties, managing them all successfully becomes downright impossible. Here are some of the most significant benefits of hiring a property manager:
Why rent a storage unit? Renting storage is most often a solution to the lack of space in your home. You can rent a storage unit for various reasons, depending on what is going on in your life. Below are some of the most common reasons why people need storage solutions, be it long-term or short-term:
A property manager can benefit from a storage solution too You may wonder how a property manager can benefit from a storage solution when the property they manage is not theirs. So, if there's anything to be placed in storage, it's upon the owner to do it. Also, if a property manager rents a unit for personal reasons, it's not like they benefit from it as a professional. Well, you will be surprised that, indeed, a property manager can take advantage of some extra storage space. Storing large machinery As a property manager, owning some large machinery that has no place in an office may be necessary. It could be a professional vacuum, a lawnmower, or some tools. If such items were in your office, you would seem unprofessional. Moreover, jumping over such equipment can be hazardous. You have an option to rent a bigger office space that has a storage room, but it would be much more affordable to rent a storage unit. Many storage units are accessible non-stop You never know when a tenant will need your assistance or when a landscaping or cleaning team will need to access the equipment. If you have a viewing scheduled in the morning, your teams can pick up the equipment whenever is convenient and prepare the property before potential tenants arrive. Tenants may not need everything in the rental If a tenant brings their piece of furniture or wants to remove something from the rental, you have a solution to offer. Also, when tenants move out, they may leave some of their bulkier pieces behind. Your option may be to donate these items, but you can put them in storage for a while as well. Keeping items safe while maintenance works are underway Sometimes, a rental property will have to be repainted, some repairs will have to be done, or even some remodeling. Then, the best option is to keep all the furniture and appliances safe from harm. Keeping spare items You may want to have spare doorknobs, locks, faucets, or similar items in store if you need to replace them quickly. Buying such items in bulk can be a budget-friendly solution because you will be able to get them at a discounted price. Moreover, you can keep leftover paint and other materials until you need them for the next project. Conclusion A property manager can benefit from a storage solution like any other person. Having extra space at your disposal for unexpected circumstances or storing bulky equipment is always advantageous. Ultimately, it can make property managers seem more professional and allow them to react swiftly in case of any trouble. All this can help property managers establish a great relationship with their clients and ensure long-term cooperation.
Hiring a professional to manage your investment property can take a considerable burden off your shoulders. You can still collect a profit from the rent without having to deal with the tenants or their issues. However, for things to run smoothly, it’s still important that you get along with the person managing your property. In this article, we will explain how to build a positive relationship with your property manager. Talk About Everything in Advance It’s very important to talk about and accurately define your expectations upfront so that there are no misunderstandings. In every human interaction, it’s very common for people to have unspoken expectations or take something for granted. However, when entering a professional relationship, it can be a huge mistake to leave any important topics unaddressed. Try to get everything in writing. The basis of any professional relationship is a signed contract. A legal document can help you outline the duties and responsibilities of the involved parties. The contract with your property manager will detail the fees you are obliged to pay the manager, as well as the exact services they will be providing for your Reno investment property. After the paperwork is out of the way, you can continue to build a positive relationship with your property manager, as neither of you will have to worry about the legal aspect of your professional interaction. Communication Is Key Some landlords don’t want to deal with their property at all, and that’s probably the main reason they hired a property manager in the first place. On the other hand, there are landlords who want to have a hands-on approach and constantly be kept in the loop about what’s going on with their property. While discussing how communication will function, you can also agree on how it will happen – are you going to talk over the phone or just through emails. Have a Plan to Deal With EmergenciesIt’s easy to build a positive relationship with your property manager when things are going fine. When there is no stress on the horizon, people generally tend to be relaxed, happy, and accommodating. However, in order to keep the relationship with your property manager functioning, you also need to have a protocol for dealing with stressful situations. Have a plan for dealing with:
Find a Property Manager You Are Comfortable WithEven before you start looking for a property manager, you should go through a brainstorming process. First of all, try to think of what your deal-breakers are and what you will instantly say no to. Meet the property manager in person and see if you like their attitude and overall demeanor. You can ask them for their references and about their previous experience. Get a property manager who has a good reputation and comes with a recommendation. Inquire about their management style and how they handle various issues that can occur. Think up possible problematic scenarios and ask the property manager what they would do in that situation. The best way to build a positive relationship with your property manager is to find someone you think you’d like to work with. What if You Are Not Living Near Your PropertyIt’s common to hire someone to manage your Reno property if you aren’t living there yourself. If you are the owner of a remote property, it will probably be difficult for you to visit and inspect it often. Therefore, it’s essential to build a positive relationship with your property manager that is based on trust. On the other hand, you could choose to relocate to be closer to your investment property. For example, if you currently live in Vegas, you could leave Las Vegas for good and move to Reno. This way, you could live nearby and easily handle any emergencies with your property. Connect on a Personal LevelAlthough you are paying the property manager for their services, and your relationship is on a professional basis – it’s still okay to ask your property manager a few personal questions and learn their story. For starters, it’s the polite thing to do. Consequently, if business is all you ever talk about, building a positive relationship with your property manager will be tough. You can also congratulate them when they manage to quickly resolve a problematic situation. After all, giving credit where credit is due is normal for any professional relationship, so why would you treat your property manager any different? As you can see, there aren’t really any secrets or tricks that will help you to build a positive relationship with your property manager. Base your relationship on mutual trust and respect, and get everything important defined as soon as you start working together. Preparation and forethought can save you a lot of stress in the long run. If you set things up correctly from the start, you could have an excellent professional relationship with your property manager that can last for a long time.
Photos used: https://www.pexels.com/photo/crop-businesspeople-making-deal-during-workday-5668517/ https://pixabay.com/photos/man-talking-on-the-phone-smartphone-1582238/ https://pixabay.com/photos/laptop-office-hand-writing-3196481/ https://www.pexels.com/photo/landscape-man-people-street-6357619/ What goes up must come down. That adage is true when it comes to throwing a ball or hot air balloons, but what about rising prices? History tells a different story. You don't need to be an economist to know that prices for most products are more on a continuum trending upward with only slight and temporary dips. Inflation is a result of supply and demand. When there is greater demand than supply prices will increase. When there is a oversupply of products, the cost typically goes down albeit not necessarily lower than a previous average. Anyone that has filled their vehicle with gas over any period of time knows that gas prices fluctuate with the seasonal ups and downs directly related to usage by consumers and how much is available in the world. Inflation not only affects the price of gas and groceries, but also housing prices. The price of building a new home is related to the supply of construction materials. When the cost of building a new home is prohibitive, there is more demand for existing houses. Which, in turn drives up the sales price of an existing home. Other factors can contribute to home prices such as interest rates or the availability or affordability of low cost financing. Again, supply and demand is what pushes inflation to the record levels we've recently seen. Here is what many in government see as a benefit to inflation: The cost of paying back debt is actually lower when the debt was incurred prior to inflationary increases. If inflation devalues our money by say 10% it means that the debt represents a lower percentage of the income needed to repay it. If inflation pushes prices to 50 or even 100 percent, the pre-inflation debt seems insignificant. That is possibly one reason that many in congress don't seem to be concerned about inflation. One key to surviving inflation is to hold on to assets that rise in value with inflation. Cash is not a good hedge against inflation because it continually takes more of it to buy goods and services. Real Estate, precious metals, and durable goods that remain in demand in any economy historically provide protection better than most liquid assets. While high inflation rates may subside when demand and supply are corrected, prices typically level off but do not decline. That makes investing in real estate, for example, fairly safe. Landlords rarely lower the rents when inflation cools off. A shift to new construction could occur if materials become more readily available, but the existing homes hold their own. Understanding inflation can help you make better choices about what to invest in and how you can benefit from what can be negative affects.
As the moving day comes closer, there's a lot to plan and prepare. You need to find a new home, pack all your belongings and deal with the necessary paperwork. Additionally, you need to arrange everything with various service providers and update your new address. With all of this on your plate, staying calm and organized can be pretty challenging. And when you're moving out of a rental, there are some extra steps you should take to ensure everything goes as smoothly as possible. The main question, of course, is should you move yourself or hire movers? Before you make this vital decision, take a look at the advantages and disadvantages of both options! Why do people opt for a DIY move?We often underestimate the number of household items we have. When everything is in its place, it may seem like packing all your belongings will be a breeze. However, looks may be deceiving. Even if you prefer a minimalistic lifestyle, you'll be surprised by how much there is to pack! Never underestimate the amount of time and effort that relocation requires. Most people opt for a DIY move simply because of money. Hiring expert movers can be pretty expensive. Of course, the costs will depend on many factors - distance, size of your home, services you choose, etc. What are the risks?While moving by yourself may seem more affordable, it often turns out more expensive. If you're inexperienced in lifting and moving heavy furniture and boxes, you might easily drop and break something. And the last thing any tenant wants is to accidentally damage the rental when moving out - that won't help you get your deposit back! Additionally, there is a greater risk of injuries. Even if you have reliable friends willing to lend you a hand, it will still be quite an exhausting task, especially if there's a lot of heavy lifting to be done or a lot of stairs to deal with. Lastly, renting a moving truck is one thing, but driving it fully loaded from point A to point B is another. If you don't feel comfortable with the ride, hiring a professional moving company is a much safer choice. When is moving yourself the right option?On the other hand, there are circumstances when a DIY move is the best option:
What are the benefits of hiring professional movers?Experts agree that in most cases, hiring movers is the best option. Naturally, finding a reliable moving company is crucial. Unlicensed, amateur movers are more likely to add to your difficulties instead of removing the burden from your shoulders. Therefore, make sure to find the right experts for the job. Hire professionals with an outstanding reputation and several years of experience. Here's why expert movers are an excellent choice for a hassle-free, smooth relocation. They save your energyPacking and moving are not only physically exhausting. They'll also require a lot of energy and planning. There's a lot to consider, from getting packing materials, decluttering, securing the boxes, to loading the truck. All of this is likely to give you a headache at some point. Luckily, expert movers will take care of most of these tasks, so you can relax and enjoy a stress-free move. They ensure everything is properly packedIf you're still wondering what's better, to move yourself or hire movers, here's another advantage of the latter. Many moving companies offer additional services such as dismantling the furniture and packing. Not only will they ensure every item is safe and well protected, but they'll also provide all the packing materials you need! You're not sure how to pack that delicate antique lamp? Or how many boxes you'll need to pack the kitchen? Then, hiring experts might be the right choice for you. You’ll avoid causing damage to the property on the moving dayWhen you're leaving a rental, moving can be additionally stressful. Atop of all you need to do, you must ensure your soon-to-be-old home is in good condition. That means putting everything back the way it was on the day you moved in. The last thing you want is to accidentally scratch a door or damage the floors. They will save you timeIf you're upgrading from tenant to homeowner, you're likely to be short on time. After all, you need to find your new home, close the sale, and get everything ready for moving in. Not to mention ending your lease and all related issues. With juggling all of these tasks, planning and preparing for the upcoming relocation is an additional burden. Luckily, when you hire reputable movers, you can sit back and relax. They'll arrive on time and take care of everything efficiently and professionally. The right help will enable you to focus on more important matters and make a smooth transition. Fast and safe delivery to your new addressAs we've mentioned before, loading the truck and driving it is more complicated than it seems. Packing items properly and loading them requires some experience and care. That's another reason why hiring movers is always a good idea. After all, you don't want your precious belongings to suffer any damage during the transport. How to find the best movers?If you're unsure where to start your search, a moving company database such as usamovingreviews.com is a good choice. Here you can look for first-hand experiences and reviews and find a company that best suits your needs. The bottom lineSo, when it comes to leaving your rental, one of the essential questions to answer is: Should you move yourself or hire movers? Hiring experts is a more secure and efficient option in most cases. However, it all depends on your particular circumstances and preferences. A DIY move might save you some money, but hiring movers will make for a stress-free, efficient relocation. Not to mention you'll have valuable time and energy to devote to more important matters! Photos used: https://unsplash.com/photos/FwdWO5yEo5s https://www.pexels.com/photo/family-unpacking-after-moving-4569340/ https://www.pexels.com/photo/man-in-blue-denim-jacket-and-blue-denim-jeans-standing-beside-green-couch-7464662/ https://www.pexels.com/photo/black-handled-key-on-key-hole-101808/ Are you moving to Reno, NV?Renting comes with many advantages, but the freedom to customize your living space according to your needs and preferences certainly isn't one of them. When a hefty safety deposit and a strict lease agreement are watching your every move, turning a rental into a home becomes a much more daunting task. Still, there is no reason to despair, even if you are still not ready to upgrade from tenant to homeowner. There are many budget-friendly ways to personalize your rental home that won't aggravate your landlord or your wallet. Stay tuned to see what they are. Add some color to the walls A fresh coat of paint can do wonders for transforming your living space. Owners typically opt for white or other neutral shades because they are universal and easy to paint over in between tenants. If this is too dull for your taste, you can always kindly ask your landlord to switch things up. If they are not too keen on the idea, offer to repaint the walls in the original color before the time comes to move out. Yes, this will be an extra expense you will need to account for, but since there are moving services for different needs and budgets available, you should be able to make an affordable plan without sacrificing anything. Create an accent wall with removable wallpaper This list of budget-friendly ways to personalize your rental home can't go without wallpaper. Removable wallpaper is a fantastic way to bring some color and style into your living space. There is a variety of colors, patterns, and even textures to choose from, so finding something that matches your taste shouldn't be an issue. You can even use it to upgrade the bathroom! Just be very careful when removing it if you want to get your security deposit back. If you chip or damage the walls, end-of-tenancy cleaning won't be your only issue when you decide to move. Upgrade the lighting Lighting plays an essential role in interior design. However, rentals usually cover only the bare necessities when it comes to illumination, be it natural or artificial. Luckily, addressing this issue is neither hard nor expensive. You can find beautiful lamps and lighting fixtures on various online marketplaces and thrift stores for ridiculously low amounts of money. LED strip lights are an excellent solution for task lighting in the kitchen or bathroom. When it comes to wall and ceiling fixtures, you can opt for pendant lights that you can customize and arrange according to your liking if you are not allowed to install more. Additionally, make sure to remove or replace your blinds and add airy curtains that will allow more sunlight into your living space. Replace the hardware Door knobs and cabinet pulls might seem insignificant, but they can really help you personalize your rental home. You can find cheap hardware online. The fact that replacing it requires minimal effort makes this trick even more attractive. Just make sure to store the original knobs, handles, and pulls in a safe place to avoid losing them. Add a removable backsplash to your kitchen Rarely will you find a rental with a kitchen backsplash that is just according to your liking. Luckily, you can easily address this with a removable backsplash. It will protect the walls from accidental spills and splashes and make the move-out cleaning significantly more manageable. Moreover, since it is so cheap, you can simply replace it once you get bored of the pattern. Upgrade appliances and cabinets with contact paper While there probably isn't much you can do about the appliances and cabinets in your rental, there are ways to make them look a bit more presentable. Contact paper! Simply clean and dry the surface you want to cover and carefully stick the paper to avoid air bubbles and creases. If you take your time with this, you might even convince your friends that you finally got that expensive stainless-steel fridge! When the time comes to move, simply remove the contact paper and no one will ever know. Cover ugly flooring with area rugs Since flooring isn't exactly cheap or easy to fix or replace, landlords typically don't address them unless absolutely necessary. As a result, many rentals have less than stellar floors that really affect the home's vibe. If this is the case with your apartment - there is no reason to panic! Area rugs can be a cheap and easy fix for this issue. Layer different sizes, colors, and shapes to cover the ugly spots and add a dose of coziness to your living space. Personalize your rental home with plants When it comes to home decor, plants are always an excellent choice. They are affordable, versatile, and capable of brightening up even the dreariest of places. If you don't have much experience keeping them alive, know that many low-maintenance options thrive on neglect. Make sure to choose the plants that can survive with the conditions you will provide them. This means that succulents are probably not an ideal choice if your rental doesn't get much sunlight. Additionally, put your green friends in some cool planters, and place them on your shelves, hang them, or even use them to cover up the eyesores. Don’t assume you can’t change anything
While there are many budget-friendly ways to personalize your rental home, they might not be enough for you. If you have more complex ideas in mind, don't just assume that you can do nothing about them. It's true that most landlords aren't big on allowing their tenants to make significant changes, but that might not be the case with your landlord. A kind approach, alongside responsible tenant behavior, could be enough to persuade the owner to loosen up the rules. Remember to be realistic about your demands and always offer to return the property to its previous condition. However, if your landlord won't budge and you simply don't feel at home in the rental - don't despair. There are many properties out there, and, with a bit of help, you will surely manage to find something that satisfies your needs and wishes. Photos used: https://unsplash.com/photos/85pCvDWDMmI https://unsplash.com/photos/mDOGXiuVb4M https://unsplash.com/photos/rSGdLWXpKzk https://unsplash.com/photos/4Vg6ez9jaec |
Clark Real Estate
305 W. Moana Ste C Reno, NV 89509 (775) 828-3355 Reno Property Management
All
|